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
You're buying a brand, and more importantly, you're buying a system.
And if your system doesn't show that you can earn money, you won't get money.
I can tell you that I work with a couple of brands that have 20 and 30 units who have shown me that franchisees can make money, and we get loans done for those brands because I can show a banker that the franchisee has a chance to make money.
franchisors who, when they're starting up, create XYZ franchising, LLC, and say nothing about their company units anywhere in their FDD because their lawyers told them not to, and capitalize their franchisor with $100,000 in the bank.
And when a banker looks at the back of the FDD, at the financial statements of the franchisor, and sees that they have no sales and $100,000 in the bank,
How does that make the banker feel about lending money to that franchisee in that system?
It really comes down to common sense.
Bankers have a silly thing now.
The mirror and breath test doesn't work anymore.
Where you used to be, if you fogged the mirror, you got a loan.
Bankers really want to get repaid now.
And in order for them to get repaid, they need to know going in that they have a chance of getting repaid.
So a lot of it has to do with
Not just disclosure, but performance.
that make the money when that doesn't work are the lawyers.
That's what I always say.
Don't give the lawyers...
Give the lawyers your money up front and get the right lawyers and the right accountants up front.
And you're right, don't go to a document mill.
Go to a lawyer that understands franchising and will give you the quality document that you need or will say to you, more importantly, you're not ready.
Showing 1841–1860 of 3,922 · page 93 of 197
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