Invest in a Recession-proof Business
For brothers and sister Andy, Matt and Jane, operating a Cash Generator franchise enables them to fulfil their ambitions to work for themselves and build a profitable business that they can pass down to their children
Eager to take control of their destinies, siblings Andy and Matt Smith and Jane Broadley decided to invest in the Cash Generator franchise together and have their sights set on building a multi-unit business by 2010. 'We are a very close family so going into business together was a logical step,' enthuses Andy. 'Before we joined Cash Generator I owned a taxi firm with a friend and my brother worked for me as a driver, while my sister Jane worked in retail. We were all looking for a new challenge and wanted to invest in a recession-proof business model. Cash Generator ticked all the right boxes.'
Andy was first drawn to Cash Generator's variety of income streams, which include buying and selling pre-owned goods, cheque cashing, pawn broking, payday loans, currency exchange and Western Union international money transfers. He discussed the investment opportunity with his brother and sister who both expressed interest.
While working with family is not for everyone, Andy, Jane and Matt work well together because they divide the workload and have designated roles within the business. 'I am the manager of the store while Matt is the assistant manager and Jane takes care of the jewellery and foreign exchange side,' explains Andy. 'It makes sense to work with family members who have a vested interest in the business as they are prepared to do whatever it takes to make it a success.'
Andy, Jane and Matt launched their Blackpool-based franchise in December after undergoing an eight-week NVQ-approved training course. 'The training was brilliant,' continues Andy. 'We were taught everything from how to buy and sell stock to management, the computer systems and recruitment. The activities were both classroom and shop floor based. After the training we chose to work for three months in an existing store to gain experience while our store was being fitted. The support has also been great - if we have any problems we have constant contact to our Area Support Manager for advice and guidance or head office at any time.'
The siblings anticipate their store turning over in excess of £10,000 a week by the end of 2009 and hope to open a store each within the next 18 months. Andy's daughter is also now involved and keen to follow in her father's footsteps. 'When I retire I plan to hand over the reins to my daughter and let her help Jane and Matt drive the business to ongoing success,' Andy explains. 'All three of us really enjoy running the business and are pleased we decided to invest because every day is a fresh challenge.'
Reported by Jess Sturman