The Exciting Life of the Home Care Franchise Owner – 129

Helping with My Wife's Business

This week on the PNC podcast, I discuss the experience that I've had with my wife, Kay, pursuing home care franchise ownership as a nonclinical career option.

Kay was a working as a respiratory therapist when her mother became chronically ill with lung disease. While working as her primary caregiver, she realized how difficult providing 24/7 care is. And she recognized a passion for helping others with similar challenges. We signed on with Home Helpers in 2009 and have been franchise owners ever since.

Our Sponsor

We're proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country, with over 650 graduates. And, unlike other programs, which typically run 1 – 1/2 to 2 years, this program only takes a year to complete. Recently, Economist Magazine ranked the business school #1 in the world for the Most Relevant Executive MBA.

While in the program, you'll participate in a company project, thereby contributing to your organization. As a result, University of Tennessee PEMBA students bring exceptional value to their organizations.

Graduates have taken leadership positions at major healthcare organizations. And they've become entrepreneurs and business owners.

By joining the University of Tennessee physician executive MBA, you will develop the business and management skills needed to advance your career. To find out more, contact Dr. Kate Atchley’s office by calling (865) 974-6526 or go to vitalpe.net/physicianmba.

Franchise Ownership

When Kay and I became interested in purchasing a franchise, we visited the franchisor in Cincinnati, Ohio. There, we:

• learned how the company was founded and how a franchise works,
• met other potential franchise buyers,
• reviewed the fees and other upfront costs, and
• discovered the obligations of a franchise owner.

Once we were convinced this was a viable business, we also:

• Engaged our attorney to go through the Franchise Disclosure Document (the legal document that the Federal Trade Commission requires franchisors provide to their potential franchisees prior to selling a franchise to them);
• Asked our accountant to create financial projections, based on assumed expenses and projected growth, to predict the likelihood of our success.

We also had to jump one more unanticipated hurdle. Since the State of Illinois had just implemented a licensing requirement for Home Services Agencies, we spent several months preparing and applying for our license. My experiences with hospital and nursing home licensing as chief medial officer were helpful during this phase.

Franchise ownership is entrepreneurial. But there is a tradeoff. The additional safety and speed provided by a franchise's proven success come at the cost of the franchise fee, royalties and policies and procedures that must be followed. But Kay and I agree that the benefits have far outweighed the costs.