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Key Takeaways Bill Lewis, 58, lost his $180,000 retirement savings after investing it in a Nestlé Toll House franchise that he operated for four years.
The franchise’s sales growth could not overcome the high costs of operating in a mall location.
Lewis now drives for Uber and Lyft in the Poconos and works roughly 75 hours a week.
Bill Lewis didn’t expect to be driving Uber and Lyft seven days a week. However, when the 58-year-old former Wall Street broker lost his entire $180,000 retirement fund after investing it in a franchise, he had no choice. He now drives up to 75 hours a week in Pennsylvania’s Pocono Mountains to make ends meet.
Lewis recently told Business Insider that he spent more than two decades working on Wall Street, starting as a runner at the American Stock Exchange in 1989 before eventually becoming a broker. His career came to an abrupt halt in 2013, when he was laid off from his job due to automation.
After Wall Street, Lewis decided to go into business for himself. At the time, he had accumulated $180,000 in a 401(k). Rather than seek another traditional financial services role, he decided to use the money to become an entrepreneur.
Lewis invested his retirement savings in a Nestlé Toll House franchise, a retail dessert bakery business. He believed the franchise model would offer a clearer path than building an independent company because it came with an established brand and operating structure.
“I didn’t know how to run a business and thought buying a franchise would help because I could rely on the company’s structure,” Lewis said.
Struggling to make a profit
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