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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Franchise Today · Franchise Finance 2012 - Version 3.0 [REPLAY] · 19 Jul 2012 podcast

Well, sure.

On a program, if I'm only going to lend to one franchisee, I don't need to do the level of diligence that

need to do if I'm going to lend to 50 franchisees.

Sure.

You know, the program lenders will do a much deeper dive, and they probably have a portfolio of loans in that brand already that they can measure their performance on as well.

So we really focus more on the program and less on the transaction in our company.

And we've got 25 brands that we've got $500 million available to.

So it's really worked out very well.

Well, first thing they need to do is take stock of where their unit economics are.

And they have to tell their story through their unit-level economics because the lender doesn't care if the franchisor is widely profitable, if the franchisees are not.

So you really have to start at the grassroots unit economic level

Are my units profitable?

If they're profitable, you start from there, and that's how you tell your story.

You should lend to my brand because my franchisees make enough money to feed their families and pay the bank back.

And you can't do that through an FDD.

It's impossible to do that through an FDD.

You need some other document.

And bankers are very happy to sign nondisclosure agreements, and bankers aren't protected by the FTC rules the way a prospective franchisee would be

So you need to tell your story that way.

The best way to do that, in my opinion, again, is the bank credit report or an addendum to the bank credit report, or you just put together your own lender's addendum that you can share with banks to disclose to the bank why they should make that loan to your brand.

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