In this article published by Entrepreneur, iFranchise Group CEO Mark Siebert discusses how the franchising industry will be impacted, in a positive way, by the results of the 2020 elections.
Franchise companies and those looking to franchise can be optimistic, according to Siebert.
Why? Because, quite simply, as we continue to grapple with the COVID-19 pandemic, any President must and will make aid to small businesses like franchises a priority, whether through extensions of earlier PPP benefits and other measures, or via new small business relief grants, employee hiring and retention programs focused on safety, or tax credits for small and minority-owned businesses.
In addition, any significant changes to the approach to the joint employment issue in franchising are likely to not be seen at least through the end of 2021, as the current NLRB will remain in place until then. Yet even if the joint employer issue is revisited under a new administration, franchisors are better prepared with documentation and protections in place. In the end, it is clear that the economy needs franchised businesses to provide employment, so there is little motivation for an administration to put up additional hurdles.
Access to funding at low interest rates, bolstered retirement savings, and a growing pool of displaced executives could potentially make great franchise owners — which should mean increased sales opportunities for franchise systems.
All these factors, along with hopeful signs of vaccines and treatments for COVID-19, will provide the foundation and the stability needed for 2021 to be a banner year for franchising.