Why Retire, When You Can Franchise?

SECOND ACTS | Instead of leaving the workforce, baby boomers are increasingly opening new kitchens. Here's why.

- CHLOE ARROJADO

Retirement. The word means different things to different people. For some, it's an idyllic lifestyle at the end of a long career. But for others, it's increasingly becoming a chance to hit refresh and try something new-without necessarily leaving the working world.

That second group is showing up in a big way. The U.S. Government's 2020-2021 Report on the Economic Well-Being of U.S. Households found that 45% of people retired because they reached normal retirement age, and an even larger percentage-48%retired because they wanted to do other things.

Where are many of them going? "We are seeing an increasing number of baby boomers looking strongly at food franchises," says Robin Gagnon, cofounder of We Sell Restaurants, a brokerage that specializes in food brands.

Gagnon says there are many reasons that food franchises appeal to an aging population.