The fossil fuel industry is going through a chaotic time, leaving many executives looking for an alternative stable investment.
Uneasiness in the industry is coming from many directions and has been for many years. Every year, the global demand decreases, resulting in lower prices for crude oil and natural gas. The latest precipitous decline in oil demand is thanks to the pandemic, which slashed fuel consumption considerably, especially at the height of the crisis when some three billion people were in some form of lockdown.
Before COVID-19, there are other factors that are contributing to the seismic shift in the fossil fuel industry — including the push for climate change policies, natural gas, solar power, and more energy-efficient electric cars; all things seen as more socially acceptable and responsible.
This makes for a case for a weak fossil fuel outlook for the foreseeable future.
So, where does this leave oil and gas executives who have built up successful careers in the industry?
Instead of waiting around on a full recovery, which is highly unlikely to happen anytime soon, many energy professionals are venturing outside of oil and gas and choose business ownership.
It was a position Adriano Pangelinan was in just two years ago.
He spent 27 years working in the oil and gas industry, most of them as a senior technical manager for one of the largest companies in the world. When the company started to reduce its workforce to cut costs, he saw an opportunity. Rather than try to get another job with another company in the industry, he took a buyout package and decided this would be the push he needed to finally take control of his future.
He and his wife, Sol, are the owners of American Family Care in Richmond, Texas. American Family Care (AFC), is the nation’s leading provider of franchised urgent care and accessible primary care.
“AFC was a way I could apply my leadership skills and my technical capabilities, says Pangelinan. “You do have to have an entrepreneurial spirit, however. If business ownership excites you rather than terrorizes you, you will be a great match.”
Pangelinan says most people in executive positions in the oil and gas industry were raised, so to speak, in a big corporate environment. It is a different world now. The days of a company putting 10 percent into a 401k and providing an excellent pension plan are disappearing. The higher you are on the food chain, the more likely you are to be cut.
“A typical oil and gas executive earns a lot of money, so the prospect of making a fraction of their salary is not appealing. I was able to replace the income I was accustomed to, and in fact, I’m making more money now that I did when I was a highly-paid professional in my former industry.”
For the Pangelinans, the decision to purchase an AFC franchise was much more than a return on their investment.
“We were looking at several other franchise opportunities when we stumbled upon urgent care. Looking at it from a societal perspective, not just a business perspective, we understood there was a need for affordable healthcare. We not only have an opportunity to grow a business but grow with an industry that is filling a need.”
Like the Pangelinans, there are plenty of people who will be in need of a career pivot — one that could be served by investing in an AFC franchise.
More than 100,000 jobs in the oil, natural gas, and chemicals industry in the United States were eliminated between March and August of this year. It is the fastest rate of layoffs in the industry’s history, according to a Deloitte report, which predicts 70 percent of those positions won’t be recovered.
“I have no doubt there will be more people like me entering into the healthcare industry through franchise ownership, especially those who are highly technical with senior management experience, adds Pangelinan.
AFC has the necessary infrastructure in place to make it easy for aspiring entrepreneurs of all backgrounds to transition into the urgent care industry. Many AFC franchisees, like the Pangelinans, opened their first locations without any prior experience.
“The AFC business model allowed us to operate our urgent care efficiently and successfully from day one, says Pangelinan. “They have an incredible training program and support system, which will make your franchise startup experience smooth and give you the confidence you need to succeed in your new career.
Reach out to us today to have a conversation about the opportunities in the urgent care industry with American Family Care.