They Struck It Rich After 50 -- Can You?

May 20, 2010 — -- He was 66 and almost broke after a new highway drove traffic away from his once-successful Corbin, Kentucky, restaurant.

But Harland Sanders didn't give up. Instead, he worked on putting together a franchise business on the strength of a fried chicken recipe he'd spent years perfecting. That business became known as KFC and in 1964, Sanders -- also known as Col. Sanders -- sold his stake in the company for $2 million. By then, he was in his 70s.

While Sanders, who died in 1980, may be the ultimate example of an older entrepreneur who struck it rich, Ken Budd, the executive editor of AARP, the magazine, says that seeking business success in one's golden years is especially common among today's Baby Boomer generation.

"They're focusing on possibilities and opportunities and redefining what it means to be old," Budd said.

Nearly one in three business owners are older than 55, according to a 2006 U.S. Census Bureau survey.

"The idea that you're just going to retire at 65 is becoming an outdated notion," Budd said. "It's more that time when people say, 'I'm going to do that thing I've always dreamed about.'"

Following their dreams, he said, gives older entrepreneurs a passion for their business that helps them succeed -- though not everyone becomes self-employed by choice. Budd said that layoffs during this last recession has forced many older, newly jobless Americans to reinvent their careers, including, in some cases, starting their own companies.

Fortunately, those with years of experience often find they have strong networks and skills that can help get their businesses off the ground. That was true of Sanders, Budd said.

"Here was a guy who clearly knew what he was doing and how to market himself," he said.

Below, ABCNews.com takes a look at other older entrepreneurs who are following Sanders' lead. They may not be as famous as Sanders, but they've already gotten their fair share of attention: several have been profiled in Entrepreneur Magazine as well as other publications.