Coping with a bad economy is like dealing with a hangover — sometimes you simply have to wait it out.
But franchise businesses tend to weather recessions better than other companies, according to the International Franchise Association, which is optimistic that growth will occur once the economy improves.
“Historically, franchising has done well in down economies,” said Alisa Harrison, the IFA’s vice president of communications, which sponsored a three-day exposition in Washington D.C. this month.
According to Harrison, franchise businesses produce $2.3 billion in economic output and provide around 21 million jobs.
“We do expect some modest declines this year due to the lack of available credit,” Harrison said. “But we do expect franchises to outpace individual businesses once we come out of this recession.”
One of the Berkshires best-known franchisers is equally optimistic about the future.
Faisal Ali, 62, owner of the Angelina’s submarine sandwich chain started more than 50 years ago by his parents, Dorothy and Isa, said his business has done well despite the current recession.
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