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This is not mom & pop business, you can't hire illegals or day worker? They need proper documents to work here and they need to pay TAX. So the banks can be bailed out in the future.
At 52 now....If I had a half million dollars (tax free) I wouldn't necessarily BUY anything.....
I'd give three siblings 50-thou each, maybe pay off my house (150-thousand), and invest the rest -- along with the monthly mortgage payment that's now free for investment -- continue to work and live a mortgage free life...until retirement at 62.
If I don't pay off the house I'd invest the entire 350-thou. I'm in my forever (until retirement) house so I'd explore the pros and cons (if any) of paying off the house, and make the subsequent decisions based on that.
500,000 can make me quite happy without buying a franchise to have more headaches and responsibilities. Yes it might make me even richer, but I'd rather not work. Once I'm comfortable to my level of more than enough -- I personally wouldn't feel the need to work -- to have MORE than more than enough.
Unbeatable brand name, food that sells itself, and all marketing is handled on a national level so individual owners do not have to worry about that. I have rarely heard of unprofitable McDonald's - the average take home net profit per year for a franchise owner is $200,000. I wouldn't mind even working in the store itself as day manager, because it's different when it's your property and your profits.
The problem is you need at least $500,000 of NON-borrowed funds, and up to $1.4 million in certain high traffic locations.
Conversely, I could afford to buy a Chik-fil-A franchise right now for $5000 (that's really all you need), but I would never meet their ridiculous (read: religious, conservative) owner/operator requirements.
I know 500K isn't a luxury portfolio...but I'd rather buy a mutual fund like Vanguard Wellington or Vanguard Wellesley Income and live off the proceeds than buy myself an 80 hour per week job...which is what a franchise is.
I have a buddy that does laundromats. There is definitely a learning curve. He maintains the building/machines, the atmosphere and the amenities to attract the right clientèle. Very interesting.
After 3 years he's just starting to make a consistent income.
It would seem that you would want them in only good neighborhoods. You'd also need a full time attendant, no - to avoid drug taking late at night and the homeless trying to sleep there on cold nights. Also, people will try to dye clothes in the machines without paying for a complete cleaning cycle afterwards. One person, in an unattended laundromat, filled a machine with quick set concrete, set a cycle in motion, and left.
Unbeatable brand name, food that sells itself, and all marketing is handled on a national level so individual owners do not have to worry about that. I have rarely heard of unprofitable McDonald's - the average take home net profit per year for a franchise owner is $200,000. I wouldn't mind even working in the store itself as day manager, because it's different when it's your property and your profits.
The problem is you need at least $500,000 of NON-borrowed funds, and up to $1.4 million in certain high traffic locations.
Conversely, I could afford to buy a Chik-fil-A franchise right now for $5000 (that's really all you need), but I would never meet their ridiculous (read: religious, conservative) owner/operator requirements.
A "Subway" franchise would be easier. Less rent, fewer employees, and you can open them two miles apart and they would not steal business from each other.
This is not mom & pop business, you can't hire illegals or day worker? They need proper documents to work here and they need to pay TAX. So the banks can be bailed out in the future.
Illegals get fake Social Security numbers & documents all the time. Unless something like "e-verify" is used, employers don't catch the fakes. It's a "don't ask, don't tell" kind of situation. Unless your state requires use of the e-verify system, the laws are a joke.
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