Ron Feldman
speaker
3,922 appearances
11 recordings
1 series
first heard Jun 2010
last heard Dec 2020
Ron Feldman’s voice in public audio — every appearance, attributed to the second.
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Appearances
the P&Ls and the performance history of those corporate units, you shouldn't really expect your franchisees to be able to walk into a bank and get a loan based on your performance history of two units for eight months.
see that all the time with startup franchise companies.
If
franchise to somebody at that point, and I'm not going to debate whether you should be doing that or you shouldn't, they've really got to have the cash.
You can't expect any debt to happen.
But documenting the unit-level economics from day one is really, really important.
I was a franchisee years ago in the Goddard School system, and that's one of the things that they did right.
This is 19, think about this, 1995.
They were requiring full P&Ls monthly from every franchisee and were benchmarking franchisees against other franchisees.
That's 1990.
That's almost 20 years ago.
I can't tell you how many franchise companies still don't do that today.
Right.
So getting that information and, more importantly, communicating that information to lenders in such a way that you're not violating the FTC rule, and one of the best ways to do that, obviously, is through a bank credit report.
Go
a
I think if you're not doing that, you're doing a disservice to you and to your franchisees.
I think if you don't have a common chart of accounts that all of your franchisees are required to follow,
so that you can actually benchmark how they're performing with some certainty as to how different things are getting charged.
Steve Lefevre does an amazing job at Profit Mastery of doing that on an
Showing 1021–1040 of 3,922 · page 52 of 197
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