{"id":20870,"date":"2023-12-14T16:00:27","date_gmt":"2023-12-14T16:00:27","guid":{"rendered":"https:\/\/www.franchiselocal.co.uk\/news\/?p=20870"},"modified":"2023-12-14T15:25:09","modified_gmt":"2023-12-14T15:25:09","slug":"bank-of-mum-and-dad-turning-up-the-heat-on-their-kids-careers","status":"publish","type":"post","link":"https:\/\/www.franchiselocal.co.uk\/news\/bank-of-mum-and-dad-turning-up-the-heat-on-their-kids-careers\/","title":{"rendered":"Bank of Mum and Dad turning up the heat on their kids\u2019 careers"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

The Bank of Mum and Dad is expanding its portfolio from bricks and mortar to setting up their offspring in business, says experienced entrepreneur Rik Hellewell.<\/p>\n

Traditionally parents with savings gift or loan a lump sum to their adult children to give them a leg up onto the property ladder \u2013 but with soaring interest and mortgage rates many are instead considering investing in a successful and lucrative career instead.<\/p>\n

Rik, the founder and managing director of Ovenu \u2013 the UK\u2019s largest established oven cleaning franchise \u2013 has received more than a dozen calls over the past two months from parents interested in becoming \u2018angel investors\u2019.<\/p>\n

\u201cI\u2019ve never experienced anything like it before – parents calling me to inquire about setting their kids up with a franchised business; but they now seem to view it as a safer bet than helping them buy a home.<\/p>\n

\u201cThere are huge uncertainties around the property market, underlined by the fact that we\u2019ve seen the largest rise in mortgage defaults since 2009. The parents I\u2019ve spoken with are concerned that their hard-earned investment could be lost if their children can\u2019t afford those monthly mortgage payments on top of all the expense that goes with owning a home.<\/p>\n

\u201cThey are now looking to set their adult children with a turn-key business opportunity such as an Ovenu franchise that they believe will give them a bigger return on their investment.<\/p>\n

\u201cIt\u2019s a business they can easily grow, and with right commitment and necessary hard work they will be in a far better long term financial position to go out and buy their own home!\u201d<\/p>\n

Rik founded Ovenu in 1994 following a chance conversation with a colleague who had seen a mobile BBQ cleaning service while on holiday in New Zealand.<\/p>\n

Having perfected the business model and cleaning process, he created the franchise in 1999. Since then, the tried and tested brand has helped build successful businesses which regularly report profits in excess of \u00a360,000 per year \u2013 both in the UK and Australia.<\/p>\n

Rik added: \u201cCertainly investing in a franchise like Ovenu removes much of the risk associated with setting up an independent business. A franchisee receives extensive training and continue to receive ongoing support.<\/p>\n

\u201cI like to think that we provide them with all the ingredients for success and then after that it\u2019s down to them as to how much money they earn. For some franchisees, work life balance is important while others are focused on expanding their business by employing additional oven technicians and taking on additional territories.<\/p>\n

\u201cI think that the Bank of Mum and Dad is beginning to recognise that their hard-earned money may be better spent in enabling their adult children to become their own boss \u2013 something that allows them to take control of their career and life.\u201d<\/p>\n

A foundation Ovenu franchise costs \u00a312,400 while the foundation plus package, which includes larger territories, starts at \u00a317,400. However, a potential franchisee can get involved from \u00a37,400.<\/p>\n

The fees include a five day induction course and access to an exclusive trading territory with tens of thousands of potential clients. Ovenu also provides all the tools, equipment and work wear required to get started, including bespoke eco-friendly oven cleaning products to cover the first three months of trading.<\/p>\n

Ongoing support includes digital marketing, an optimised website page, public relations together with a bespoke Client Retention and Management software which automatically manages client data.<\/p>\n

For further information on becoming an Ovenu franchisee call us or visit our website.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Mum and Dad is expanding its portfolio from bricks and mortar to setting up their offspring in business, says experienced entrepreneur Rik Hellewell. Traditionally parents with savings gift or loan a lump sum to their adult children to give them a leg up onto the property ladder \u2013 but with soaring interest […]<\/p>\n","protected":false},"author":8,"featured_media":20872,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[78,37],"tags":[],"class_list":["post-20870","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ovenu","category-cleaning-franchises"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.franchiselocal.co.uk\/news\/wp-content\/uploads\/2023\/12\/Ovenu_009-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/20870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/comments?post=20870"}],"version-history":[{"count":0,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/posts\/20870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media\/20872"}],"wp:attachment":[{"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/media?parent=20870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/categories?post=20870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.franchiselocal.co.uk\/news\/wp-json\/wp\/v2\/tags?post=20870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}