There was a great amount of speculation leading up to the Supreme Court’s decision on health care reform last week on whether or not the law would be struck down and the individual mandate be deemed unconstitutional. By now, we all know the outcome of the decision: The Court upheld most of the law by 5 to 4.
While this decision was being made public, I was at a client’s franchise convention, presenting an analysis of the health care reform act and how it would impact their business as franchise owners. We kept refreshing CNN and CNBC, and the first response we heard was that the individual mandate was struck down. Over 100 franchise owners cheered. A few minutes later, when it was confirmed that these first reports were incorrect and that the law had been deemed constitutional, their mood changed from relief to concern.
Many franchise owners are deeply concerned about how they are going to meet the requirements of this law, the cost to their business, and their ability to grow and add employees. It’s hard to get a group of people to agree on anything, but almost every franchise owner I’ve met is concerned, upset, and/or fearful of the how this law will impact their business. A recent CNBC article linked to from a recent IFA SmartBrief highlights this concern in more detail.
Regardless of your feelings on the health care ruling, it’s important to stay informed and find out exactly what the law required of you as a business owner in a franchise system.
We are looking for small businesses to grow again. They are the lifeblood of our economy, and with this decision, good or bad, behind us, hopefully we can find a way to get franchise businesses hiring again.