Laid-Off Turn To Franchises

Cincinnati.com:

Downsized by the mortgage meltdown, Al Cooper suddenly was forced to find a new job.

Cooper, formerly vice president and director of operations at Fidelity Mortgage for five years, lost his job in November 2007 after the subprime debacle led to liquidation of the company. Cooper, a divorced dad with three boys, needed work and to stay here.

He used about $25,000 in savings last month to launch Caring Transitions, a home-based franchise that offers estate sales and other services for senior citizens and their families.

Cooper, 50, said he liked Caring Transitions because its business model was less risky than other companies and offered more potential growth with baby boomers aging.

“I also was concerned I would not be able to find another job in the corporate world due to my age and experience,” Cooper said.

Welcome to the franchising world in a sour economy. Cooper joins other former executives from around the country who have decided to become franchisees.

When you buy into a franchise business, you get marketing, advertising and training support you typically do not get with an independent business, said Alisa Harrison, spokeswoman at the International Franchise Association in Washington.

She said a franchised business allows an entrepreneur to take advantage of a proven business model and a proven brand.

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