When Harland Sanders used $105 from his first Social Security check to start a business, people thought he was crazy. They ate their words – and his Kentucky Fried Chicken – soon thereafter. Way to go, Colonel, because people are still following your lead today: Maryland Entrepreneur Quarterly reported that while a CareerBuilder.com survey states 51 percent of workers age 50 or older plan to retire after age 65 and 16 percent will wait until after age 70, a large pool of seniors are still interested in continuing to work.
Take Rick Johnson. He retired from the Hagerstown Police Department at the rank of lieutenant after 26 years of service. Having experienced the darker side of life, he wanted to try a new line of work and, at the same time, make a positive difference in the community. Since his son, Matt, was a baseball player in college, they saw an opportunity to open an Extra Innings franchise in Hagerstown in December 2006. "I'm a 'type A' personality," said Rick, 55. "I feel I have to contribute to the community. Working with Matt and doing something I love has been great." Rick and Matt also have plans to open a second location in Frederick in a few years.
Horace Usry’s story is a similar one. After 17 years, Usry, left the investment banking profession in February 2007. He thought he could simply retire, but it wasn't to be. "I took a little over a year to sort things out, but I realized I needed a second career," explained Usry, 52. "I wanted to find a business where I can take advantage of my being a people person and my experience in financial markets." Usry and former business associate Carter Rise decided to purchase a franchise in Value Place. The partners are establishing three new properties in North Carolina and plan to open up their first of possibly five Value Place hotels in the Baltimore-Washington area in 2010. "I enjoy seeing a project to completion," said Usry. "From selecting a location, to obtaining the necessary titles, to building the hotel and hiring people, I feel a great sense of accomplishment."
Continuing this trend are Steve Bursten, 71, and Steve Wishnow, 64, who launched their second careers together. Bursten drew upon his nearly 50 years of experience in the home decorating industry to begin the endeavor – he had owned a number of businesses in the past, and had developed the original window coverings training program for the industry in 1969 – and Wishnow formerly managed a $141 million ad budget for Hecht's and had been recognized as the leading advertising executive in the window coverings industry. In 2004, they launched Exciting Windows! and have grown the company to more than 80 "members" (franchises) in 32 states, plus the Caribbean. Bursten and Wishnow expect to have at least 125 members by the end of 2009, with the majority of growth generated by franchising. "After three months [of retirement] my wife said, 'If you don't get a job, you have to get out of here,'" Wishnow said with a smile. But in actuality he was attracted to the challenge of building something from scratch - something meaningful. "I'm driven by the challenge and to learn new skills. But there is not a window of 30 years; you have to make it work in six or seven years." Bursten concurred, stating, "Once you decide to start a serious business, customers really don't care if you're 70 or 35. They want to be taken care of. It's more fun today than when I started because you have some capital, you have some stability and you have experience, and you know what you're doing."