He Poured His Retirement Savings into a Business — and It Failed Spectacularly: ‘I’m Working Harder Than Ever.’
He regrets losing the entirety of his $180,000 retirement savings in a failed business venture.
Bill Lewis, a 58-year-old former Wall Street broker, lost his $180,000 retirement savings after investing in a Nestlé Toll House franchise. The franchise's high operating costs in a mall location proved unsustainable despite strong year-over-year sales growth. Post his retirement fund depletion, Lewis resorted to driving for Uber and Lyft full-time in the Pocono Mountains, working up to 75 hours a week.
He credits his career as a Wall Street broker for his financial expertise, but regrets investing in the franchise, stating it's the reason he now works "harder than ever." Lewis earns around $75,000 a year from Uber and Lyft, thanks to an intensive schedule and selective ride acceptance strategy. Despite the rigors, he appreciates the flexibility that gig work offers.
He advises future entrepreneurs to consider franchise ownership by answering five simple questions to match their lifestyle, interests, and budget.
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