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The Baby Boomer population just doesn’t want to quit working, and are changing their path by leaving their past positions to become entrepreneurs. According to the Small Business Survey, 84 percent of new businesses in America are opened by individuals who are considered part of the Baby Boomer generation. It’s no secret that investing in a franchise takes a substantial amount of money, but in reality, when a franchisee invests in a franchise, they are actually just reallocating their investments. The cost of a franchise can vary widely, ranging from below $10,000 to upwards of $5 million. Just how are these Baby Boomers affording to open their own business later in their lives?
The Baby Boomer population has gotten creative by using their well-developed 401Ks to invest in and finance their franchises. The Entrepreneur’s Source reviews the common tactic of investing an individual’s 401K in their franchise.