Cash Converters franchises – A pathway to generational wealth

There is no better way to build generational wealth than by owning a proven and scalable business – and this is what you get when you start a Cash Converters franchise.

This is according to Petunia Mokwena, Store Development Manager at Cash Converters, who explained that running a Cash Converters franchise lets you generate a stable and sustainable income while also taking control of your family’s financial future.

• Click here to learn more about becoming a Cash Converters franchise owner.

Over its 30+ year history, Cash Converters has seen many franchise owners who involve their families in running their businesses, eventually leading to their children taking over the franchise or becoming business partners.

“Entrepreneurship becomes an easier process when children come on board at a younger age,” said Mokwena.

“They can start learning important business skills sooner – preparing them to eventually take over the business in the future.”

Family collaboration

In many scenarios, families like the Lovells have progressed to running multiple Cash Converters franchises together, pooling different skillsets and specialities to optimise the management of several stores.

“As a supportive, interconnected family who love working together, being part of the CC brand has allowed us to involve different generations and arms of the family,” said the Lovells, who have been running Cash Converters franchises for nearly a decade.

“Each family member can then bring something unique to the table.”

“In this way, Cash Converters enables our broader family unit to build a legacy we are proud of.”

Generational business ownership

According to the Lovells, they plan to hand down the legacy of their Cash Converters franchises to future generations and other arms of their greater family.

What makes this such an attainable goal is the fact that the children of Cash Converters franchise owners grow up as part of the Cash Converters ecosystem.

This means they learn the different elements of running a Cash Converters franchise throughout their childhood – and by the time they are ready to enter the working world, they have most of the skills they need to contribute actively to the family business.

“We are intentionally coaching and mentoring our children into the family business as a way of preparing them to lead, innovate, and eventually take over,” said the Mhlanga family, who have been Cash Converters franchise owners for about three years.

“As a result, our daughter will have a deep understanding of both the operational and human sides of entrepreneurship.”

Cash Converters supports family businesses

Further education and support are then available through Cash Converters, which has worked with countless store owners to ensure an easy transition into franchise management.

“We offer training and on-site support to families to guide them towards taking the right steps as a family business,” said Mokwena.

This presents a much more accessible and reliable pathway to financial independence for children than spending a small fortune on tertiary studies or trying to enter the hugely competitive job market straight out of school.

“Families have stability knowing that they have built this business, raised their children in it, and their children can take over in the future and enjoy a reliable, self-generated income,” said Mokwena.

More than a family business

For many families, running Cash Converters stores becomes more than a business – it is a family bonding experience.

“For us, this is a shared legacy that brings our family together with a common purpose and pride,” said the Godfrey family.

The Godfrey family has run Cash Converters franchises since the early days of Cash Converters in South Africa – nearly 30 years ago.

They now operate multiple stores, which offers stability and structure to their family’s finances while also enabling each family member to contribute according to their strengths.

“Ultimately, this makes our stores better than they could be as single operator businesses,” said the Godfreys.

Begin your Cash Converters journey

Running a Cash Converters franchise is more than a financial decision – it is the best way to establish a financial legacy for your family.

“In South Africa, there is a lot of uncertainty around unemployment – even for people with qualifications,” said Mokwena.

“As a Cash Converters franchisee, not only are you securing an income – you are also protecting your family’s financial well-being for generations to come.”

Click here to learn more about becoming a Cash Converters franchise owner.