Bob Coleman

speaker

955 appearances 2 recordings 1 series first heard Jan 2012 last heard Mar 2012

Bob Coleman’s voice in public audio — every appearance, attributed to the second.

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Franchise Today · Franchise and Small Business Lending · 26 Jan 2012 podcast

Now they want to know the subway information.

And what I call their loan underwriting the franchisor as well.

So you now have two hurdles.

You have to convince them that you're a good person, but you also have to convince the bank that the franchisor is a good person, good concept.

And I'll tell you one more thing, and this is key.

Lenders had a preconception 10, 15 years ago,

that franchisors were only in business to do one thing, and that was to sell sites to franchisees.

And a lot of lenders still had that preconception.

So one of the first things out of the box that the franchisor has to do to answer the character question is simply, hey, we're not in business of selling franchise systems.

Well, we want to do that.

But our commitment is to make sure that our people make money

and become solid citizens of the community.

And that seems simple, but you need to focus to make sure that you can get the banker over that

Are you asking me?

The answer is, unfortunately, I tend to talk

the people I talk to didn't do that up front, and now they have issues.

So every now and then I talk to a franchisee who has problems or whatever, and frankly, they didn't do their homework.

I would hope that they are doing that, but unfortunately, there are people who don't, and they don't do their homework, and they get involved in something that they shouldn't.

So that's my –

That's my little slice of the view of the world on that.

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