S2: E3-Retire Early and Live Fully: How Franchising Can Unlock Your Purpose Driven Retirement

Are you dreaming of an early retirement but unsure how to make it a reality? In this episode of Retirement Without Numbers™, we dive into the transformative power of franchising as a pathway to financial freedom and a fulfilling retirement. 
Join us as we chat with Linda Belford, a former healthcare professional who made the leap from burnout to becoming a successful franchise owner. Linda shares her journey of retiring at 52 and how franchising not only provided her with financial security but also gave her the purpose and control she craved. 

Whether you’re considering a career shift, exploring franchise opportunities, or looking for ways to make your retirement more meaningful, this episode is packed with valuable insights and actionable advice. Tune in and get inspired to take control of your next chapter!

Entrepreneur Profile: :  www.frannet.com/lmbelford/cq

Link to get in touch with Linda:  https://linktr.ee/lmbelford
Visit us at www.myplankeeper.ai

Chapters

• 0:10 Designing Fulfilling Retirement Through Franchising
• 14:48 Exploring Retirement Franchise Opportunities
• 31:43 Creating a Fulfilling Retirement Life

Transcript

Speaker 1: 0:10

Have you ever seen someone work their whole life, save every penny and then retire, only to feel lost without a sense of purpose? Well, I've witnessed it too many times People who follow the traditional path, investing and saving for decades, only to enter a retirement feeling more burned out than ever, unsure of who they are or what they're supposed to do next. They really thought they were preparing for the future, but what they didn't realize is that, without a plan or for how you want to live your life, that future can feel pretty empty. If you've ever worried that this could be you, if you're wondering how to avoid that trap and create a retirement that's truly fulfilling, that doesn't have to start at age 65. You need to listen to this episode.

Speaker 1: 1:06

I'm talking with Linda Belfort, who made the bold move to go from healthcare to take control of her retirement and design a life that wasn't just about financial security, and she didn't wait until she was she hit that mark of retirement to do this. She focused on living fully. She's been where you might be headed, so she's got some real insights on how to make sure that your retirement is everything that you've hoped for through franchising. And if franchising was never on your radar. Just listen to what we have to say and take notes. So let's dive in. This is an episode that I recommend you take notes and it's going to open your mind. Linda actually went from the medical field to being a professor, to being a franchise owner when she retired to now. She changes lives of many retirees, one person at a time, with her consulting business and I am going to welcome her to retirement without numbers. Linda, so happy to have you here. Thank you, it's a pleasure to be here.

Speaker 2: 2:26

You were part of corporate like an organization, correct, I was a part of a healthcare system in Michigan and I started out there as a clinician and ended up as a service line administrator so kind of like corporate America and then as that administrator I was dealing with nursing staff, physicians, regulatory entities. I was just like losing my mind and that's how I it's kind of how I made the transition. It was during a time where hospitals were laying off a lot of people, but my reward for always getting things done and making sure we were accredited and having good relationships with third party payers and physicians, my reward for that was that every time someone was laid off, I got more responsibility.

Speaker 2: 3:13

So we've gotten to the point where I was covering my service line and two others with no additional pay, no additional compensation. Bonuses were slim at that time because health care was struggling and I was like I can't keep doing this. I was carrying, at that time, pagers. I was carrying three different pagers 24-7. Both of my parents were elderly and I'm just like I can't do this. I need more control, I need more time for myself and I need to get the heck out of health care because I was spending to become a franchise owner.

Speaker 2: 3:47

I have family members who own franchises. My sister and brother-in-law were in the McDonald's business and they have 11 McDonald's and I'm like I don't want to do that. So long story short, I ended up being one of the early on boarders to a franchise called Edible Arrangements, which a lot of people are familiar with, and I became a franchisee. I took an early retirement at the age of 52 and froze on my retirement benefits and I was vested in everything. So I retired and became a franchise owner, but then I also was teaching classes as a professor at a university, so I was keeping very busy.

Speaker 1: 4:44

I was keeping very busy. I was going to ask you what age were you. You went from burnout to your next venture.

Speaker 2: 4:51

Yes, I was 52. And then, about two years into owning the Edible Arrangements franchise, I was starting to get kind of antsy because it was kind of a semi-absentee opportunity, which we'll talk about later but I was getting kind of antsy so I started teaching classes at the University in Healthcare Administration. So I was wearing two hats at one time as a retiree with two encore careers. So that's how I went from healthcare to becoming a franchise owner and to getting where I am right now.

Speaker 1: 5:22

So you definitely can attest the burnout is, and really no matter the industry Exactly. I commend you for at 52, saying enough. Unfortunately, many people wait and wait Right, and they don't freeze their benefits or they don't go for something else Right. I'm very, very big at promoting that. If you don't feel fulfilled and you're burned out, there's so many options, yes, and you can't wait to not have fear, because the fear will always be there.

Speaker 2: 5:55

Exactly, and I spent 27 years in health care, so you know I was there a really long time before I started to burn out.

Speaker 1: 6:02

I was there a long, long time long time before I started to burn out. I was there a long long time. Yeah, definitely, definitely. Well, this show is all about retirement wealth in the wellness area. It's removing the numbers so that we can focus on the other areas that are not planned for, on the traditional retirement planning, in your case, as many retirees continue to seek ways to generate income and, at the same time, have more flexibility, more lifestyle, I want to discuss what you do now in an aspect of how it fulfills the lifestyle portion and how, at the same time, it creates wealth in many areas, including income.

Speaker 1: 7:06

So if we can talk about that like what you do now, and also you know you come from owning a franchise, so you know what it takes- Right, exactly.

Speaker 2: 7:18

So what I do now? I actually own another franchise. I sold the Edible Arrangements franchise and I became a franchise owner of FranNet, and FranNet is a franchise consultancy, but it's also a franchise. So we have about oh, we've got more than a hundred franchisees and we are consultants. We are consultants and business owners. So I own a consultancy now and basically we work very much like executive recruiters, except we are executive recruiters for the franchise industry.

Speaker 2: 7:54

So we help the franchisors find individuals who are a good fit for their model, for their system, and, on the other hand, we help educate our clients. Most of the people who reach out to us are at a crossroads in their career. Many of them are retirees or pending retirement. Some of them have only been in their career for five, 10 years. But they have an itch to do more, an itch to have more control, an itch to have more flexibility, more fulfillment, and so we help those individuals understand their various options for owning a business.

Speaker 2: 8:37

Franchise ownership is only one of the options, but we help them determine if franchise ownership makes sense and, if so, we take them through a very defined scientific process of exploring what motivates them, what makes them tick, what their interests are, what their passions are, and we do a profile and from there we help match them with a franchise concept that aligns with all of their goals, their skill set etc.

Speaker 2: 9:07

And so that's basically what we do we educate and we advise. We don't sell. We don't try and sell any of our clients. In fact, many of our clients come to us and we'll be very honest and say you know what? You've got a great skill set, you've got some great networking skills, but I don't think owning a franchise is going to be right for you. And then we shake hands and they go on their way and I go on my way. And so we're honest. We want people to be successful in whatever that next step is, and sometimes franchising is the right direction and sometimes it's not, and so we pride ourselves on a very strict code of ethics in terms of impartial advisement and educating.

Speaker 1: 9:50

So hopefully that makes sense that's some executive leadership and it definitely it's more consulting and more strategic than what somebody will perceive.

Speaker 1: 10:05

That Exactly, you mentioned something about an itch and if we can talk about that itch because many people are experiencing that itch- and if they go from having the itch to getting burned out, to trying to find an easier way by changing companies or or just trying to work on the mindset, and then they get an itch again. How could you? You know, people want more control, people want more flexibility, more fulfillment, they want freedom but sometimes they don't.

Speaker 1: 10:44

even they the freedom might not equal what their true desires are. In your case, how would you think, like people can recognize that itch, or you know it's beyond the I don't like my job or beyond I'm tired. What are some things that you and I know? You and I share a passion for retirement wellness in coaching. How would you think? Like that itch? I like how you say that itch like that itch.

Speaker 2: 11:27

I like how you say that itch. Well, you know, I think people get to a point where they're not feeling fulfilled. It's not necessarily that they don't like their job, but I think people get to a point in their lives where, either one, they're just not feeling fulfilled, but also they're feeling that they need more control over their lives in terms of flexibility. I always like to tell people when you own your own business, you're not necessarily working less, but you have more control and more flexibility of when you work and how you work and as you scale that business, you can step back and step away from that. And so you know, when we talk about retirees, in particular people who are at that point, you know, as people who've worked throughout their adult life, they've gathered many, many transferable skills. You know things like leadership and marketing and a real, healthy network of people in the community and so much more.

Speaker 2: 12:22

So you know, many retirees are looking for a franchise or a business that feels fun and exciting.

Speaker 2: 12:30

And so we tell them look for something that feels fun and exciting, but also those skills that you'd like to transfer from your former career into your franchise ownership journey, and they need not be the focus of the franchise, but at least they can help understand what franchise ownership you know would be like.

Speaker 2: 12:53

You know, for example, you know I tell people, you know, suppose that you were in marketing and networking and you're really, really excellent at that, you know. In that case, you know that if you own a franchise, you can take on those responsibilities simply because you've already got that skill set, and then hire someone else or other people to do the other aspects of the job. So of the franchise, so you know again, people need to to to get to a place where they just want more control and more flexibility and oftentimes, again with retirees, they're looking for some residual income, you know, in addition to whatever else they might be getting, whether it's Social Security or whether it's a pension or a buyout. But they want some residual income in addition to, you know, feeling fulfilled and not just, you know, golfing every day and it sounds good at the beginning, but a lot of people they find after a month or two of that there's got to be more to retirement.

Speaker 1: 13:48

Yes, yes, and you know how you say this scaling part of it. This is what I, I, I tell my clients and I advocate for you, you, you have to have an open mind. Most people have the cookie cutter mostly on on a lot of things, on the planning they do, on the next steps and when it comes to something like this, to to start pivoting and trying to find alternatives to just retiring and having leisure time, it could also mean starting to explore your options when you're 10 years away from retirement or five years. I tell people you don't have to start planning a year away from retirement or when you turn that 65 age to really go and find out what am I going to do with my life. You can start 10 years before you can start five years before you can start at any time when you have the itch or you're burnt out.

Speaker 1: 14:48

There's a lot of things people can do. You've worked more than 15, 20 years, you're full of intellectual property, but in this case, when people think of owning a franchise, they quickly think of and again I'm not affiliated to anybody but owning a subway, owning McDonald's, owning a retail store. There's so much more. So perhaps, as you mentioned the scalability, there's the people that want to be a silent owner or they want to really be involved because they have a passion for pottery and they want to open a pottery franchise. But there's, there's options.

Speaker 1: 15:31

yes, in this case, if you can share with us for someone that it's considering creating a side exit strategy what are some, if you can give us an idea of what would be a franchise, that anybody or not, you don't have to say a name, but just like what you're doing right. Frannet, it's a consulting, but it's also a franchise. What is an example of something that I'm not going to say a lazy owner, but someone who really just wants a passive transition and they just don't want to be as involved.

Speaker 2: 16:05

I guess Exactly I know what you're saying. So we refer those to those models as semi-passive or semi-absentee executive models, and there are so many of them ranging anywhere from. There are so many of them ranging anywhere from pet care I'll use that for example. You know, 66% of the homes in America own a pet and there is such a demand and such a need. And when we talk about a pet franchise, we're not talking about PetSmart, a big brick and mortar store with thousands of items. We're talking about anything from mobile dog grooming to dog walking and dog sitting. There's franchises that do those that are purely, purely semi-absentee, that a lot of retirees are really, really enjoying and the revenue potential is really great if it's in the right area. We've got other things such as recycling. There's some recycling franchises that recycle goods and work really closely with schools and donations to sell and salvage textiles Totally semi-absentee.

Speaker 2: 17:19

I would say that's probably one of the ones that's almost absentee because the bins work for them. You have school fundraising concepts that are semi-absentee. You have fitness concepts. You have travel and cruise centers that are really very semi-absentee and they also have a perk of the owner getting to travel, you know, at reduced rates and then hiring travel consultants who work for them, either remotely or in a small brick and mortar.

Speaker 2: 17:52

There's a lot of retirees really get into some of the child enrichment franchises involving, you know, after school activities for children, enrichment activities for SAT prep and coding and robotics. I have a retired gym executive who, after 25 years with General Motors, just really always wanted to do something with children, so he and his wife opened up a Huntington Learning Center in Tennessee and they are loving every minute of working with kids after school, and you know so that that's another area. Then you have your home services, which, again a lot of those home service concepts don't require the investment in a building. You hire a good team, you hire a manager, two or three employees and you basically work on the business and not in the business. Real good franchises that a lot of our retirees enjoy because a lot of those businesses are looking for relationship builders, you know, building relationships with other businesses or people in the community, and so you know there's just so many.

Speaker 2: 19:14

I think I mentioned fitness. You know there's mental health franchises that provide mental health services. There's floor covering, there's food truck franchises and property management and home inspection, and I could just go on and on, but I think you get my gist, you know.

Speaker 1: 19:34

I want everybody to close your eyes, because you want flexibility, you want control, you want fulfillment, you have values that you care deeply about, your family legacy, you want to be happy, you want to make impact. That is purpose. And if you can blend purpose with income and you can actually use those gifts and those talents that you were given to really fulfill a purpose, it can't get any easier than that. And you know travel hobbies, your hobbies, the things that you love, your knowledge that you have your gifts. She mentioned so many. I wonder if people's minds are just being open. It's all about having those aha moments or those epiphanies, yes, and knowing that there's so much more than the traditional asset allocation and the traditional. You know I have to save a certain amount of money every month so that then I can actually be free and retire. No, this is.

Speaker 1: 20:53

There's so much more to it and perhaps we can, we can talk about. Franchises are known for. You need to have a certain net worth, a certain amount of assets and we don't have to go through that. What are, in your experience, the lowest amount of savings and assets? And I will definitely discuss the funding with your retirement. We can discuss that briefly because that's an option but what type of cash or assets are needed? Okay, for for even going something, just to start right.

Speaker 2: 21:33

Well, franchises range, invest, total investment for a franchise can be as low as 50,000 and it can go into, you know, the millions. But I would say the average franchise that someone could get into would probably be between 100 and 150,000 initial investment and typically the individual would need 20% of that. So let's say, you know, if you're looking at a franchise, that's, you know, an $80,000 total investment, and there are some out there that are that low. So, in order to, you know, get, get approved by the franchisor, they would they. So, in order to, you know, get approved by the franchisor, they would want you to, you know, come forward with those $80,000 investment.

Speaker 2: 22:09

You know $160,000, I'm sorry, $60,000 to $20,000 would be 20% of the total investment. And then there's, you know, the balance would be through traditional SBA loans and with the, the balance would be through traditional SBA loans. And with the retiree population, there's funding through what we call a rollover, where you can basically invest access to your retirement funds but also funding their business without technically borrowing or cashing out their retirement account. And that has been a very, very positive experience for many of our clients, so that you're just rolling over your retirement funds for your own use, and so it's. You know it's something that's very much of an option, but I would say for people who are looking at a franchise, to just when you, when you see total investment, typically that total investment is not the capital required. Typically it's 20 to 25% capital required for that total investment and that's liquidity. So that makes sense.

Speaker 1: 23:29

If you have a purpose and you want to open a business, there are so many ways, yes, but when it comes to something like you're close to retirement, you have all this money and most people have it in pre-tax, which is they truly own a lot of taxes Everything that they take out is going to be taxed, but they are ways where they can actually use those retirement funds to create, to fund the business, without penalties, without taxes, all legally Right.

Speaker 1: 23:58

And you don't necessarily like back in the days. Oh, you have to have a minimum of $100,000 cash to get a franchise Right?

Speaker 2: 24:07

No, that's not the case anymore, in particular with retirees, who can tap into their IRA or 401, they're basically borrowing from themselves and you know, it's a really great way to fund a business. Yes, it's a really great way to fund a business.

Speaker 1: 24:22

Yes, and this is something that also there's mindset involved in it, because you've worked really hard, you saved this money, you followed everything your advisor said and in your mind you believe that that account, it's it. This is your only way. It's it, this is your only way, and perhaps even if you want to do something else, just the thought of using that money to do something else, there's a mental blockage and what I want people to understand is that retirement is 30 years at least, you know 20, 30, 40 years, and it's it's just the next chapter, filled with many chapters. And if you can actually use part of the money to grow personally, emotionally, financially, it's. There's a process for it and there's people like yourself, like myself, who can really sit down and determine what is the best process for it, and there's people like yourself, like myself, who can really sit down and determine what is the best strategy for you Right and and there are definitely pros and cons to deciding whether or not a ROB strategy is right.

Speaker 2: 25:32

You know again, you know, using a ROB means no debt, no interest payments on money that you invest. But there are some pros and cons and that's why we always recommend that someone wants to consider that that they work with you know, someone who is an expert to make sure that the qualifications are met and the steps in the process that must be followed to the letter of the law, literally, because compliance is really, really important when you, if you, opt to go through with a ROBS-funded business.

Speaker 1: 26:03

Just for the listeners that don't know ROBS, r-o-b-s it's Rollover Business, startup Right, which is done with your 401k. There's checkbook IRAs. There's a lot of options. Yes, definitely. Consult it with a financial professional or somebody like myself, like Linda. Linda, I have a question Is there a silent franchise? Is there a pool of like if somebody wants to invest and fund a franchise? Is there such program at all? Just curious for the people that really don't want to work but they want to have something. Just curious for the people that really don't want to work but they want to have something.

Speaker 2: 26:42

Well, you know, sometimes there are what everyone has heard of in angel investors. There's not an organization that I'm aware of, but you know there are angel investors out there, no particular place of finding them.

Speaker 1: 27:18

It's kind of by happenstance, but oftentimes, you know, angel investor can be someone as simple as getting a cash injection for a family member or a co. Lot of the baby boomer generation. There's the biggest wealth transfer happening in the history of the US history.

Speaker 1: 27:33

More than $65 trillion are being passed from the baby boomers, which are the wealthiest generation today to the hands of the next generation, and many people struggle with the type of legacy they're creating for their grandchildren, and this would be a great way for you to be able to not only leave a legacy like live the legacy, help them find something where they can be productive, where you might be involved as a mentorship and you might be able to fund their you know, their not career, but their next venture Right, and at the same time, you know, you see it come to life, versus leaving everything on a life insurance policy, for example, but just great ideas. Life insurance policy, for example, but just great ideas. There's, there's obviously a big world out there when it comes to retirement, retirement planning, and what would be the next like, let's say, for you, how can people reach out to you and discover if this is, if they already have it in their mind? There are.

Speaker 2: 28:41

I usually tell people there are a couple of questions. First, you know, ask yourself, you know, are you serious about finding the right business, the right franchise for themselves? And if so, if there is a franchise business out there that will give you what you want, you know, is it worth really looking for and doing your due diligence and speaking with the right people to get educated? And if that's so, I recommend that people invest time in completing what we call our entrepreneur profile, which is a self-assessment to help individuals determine their readiness to own a business. And so that, I think, would be the first step is to complete this profile and it's very similar to the Myers-Briggs personality inventory Just to kind of again tap into your readiness and what your skills and your motives really are from a real subject or a real objective viewpoint. That's really the first step.

Speaker 1: 29:39

Oh, I love that. Yes, is there a way for me to put a link at the podcast description, or is this something they have to go to your website?

Speaker 2: 29:47

No, I can give you a link to put at the. I mean it's kind of a long link, but I can give that to you.

Speaker 1: 29:54

Okay, well, I'll have a link for them to connect with you.

Speaker 2: 29:58

Yes, you can have a link for them to connect with me, but also I'll give them a direct link to that profile assessment and they can just complete that assessment if they prefer to do that before connecting with me. So I'll give you the both of those links, yeah.

Speaker 1: 30:11

Linda. Thank you so much. Anything else you want to share before we conclude?

Speaker 2: 30:15

No, I always just tell people, you know, my parting words are that you know, if something is worth reaching for and working for, then pursue it, Because if you don't follow your dreams, you'll end up working for someone who did follow their dreams.

Speaker 1: 30:39

I love that. I love that and, as you can see, I did not ask any questions about what type of income it's possible with this, because it should never be, and the income will come. Because you can open a franchise and just be terrible and it doesn't feel good and you're not going to make anything. Or you can open a franchise and do amazing. It feels so good and just triple what the neighbor did. So don't focus on the numbers.

Speaker 2: 31:14

Exactly. It can be a very rewarding experience post-retirement, you know, and when approached through the right lens and with consideration, you know, and when approached through the right lens and with consideration, you know, you can make a decision and further build up your nest egg and also possibly leave a legacy for your family and your children.

Speaker 1: 31:32

Wonderful, linda. Thank you so much. All right, thank you for having me. My pleasure, linda. Thank you so much. Thank you, my pleasure, linda, thank you so much. Thank you.

Speaker 1: 31:43

Linda's story is a powerful reminder that retirement isn't about having enough money. It's about living the life you love, designing the life you love. And too many people reach retirement only to realize that they haven't really planned for how they actually want to live. So don't let that happen to you. I like what Linda said If you don't follow your dreams, you will end up working for someone who did so.

Speaker 1: 32:15

As Linda said, if something is worth reading and researching further and it's worth pursuing, do it. Let that sink in. Life is too short to live in the shadow of what could have been, and I see this often with retirees. Don't let fear or uncertainty keep you from chasing the life that you've always wanted, no matter where you are in life. Now here's the thing Retirement isn't the end of your story.

Speaker 1: 32:49

It's the start of a new chapter, one that you get to write. You have the power to shape a future that's not just about financial security, but about true fulfillment. So don't wait until it's too late to pursue it. Financial security, but about true fulfillment, so don't wait until it's too late to pursue it. Ask yourself are you going to watch others live out their dreams or are you ready to step up and create a life that's reaching purpose and passion? The choice is yours. If this resonates with you, take the first step today. Now, don't forget to follow our show like comment, and let us know what's on your mind, so that we can bring the stories to you and just keep going. Start building a future that excites you, because you have earned it. Thank you, thank you.