Franchise Update Magazine Issue II, 2013 - Page 60

Grow Market Lead “If someone meets our financial criteria, they’re qualified. That’s another thing we provide in the process.” Papa Murphy’s has someone dedicated to this all-important facet of franchise sales. “We’ll put them in touch with the person in charge of franchise finance,” says Mellon. That typically involves a 45- to 60-minute conversation to evaluate the candidate’s financial position and goals, and to determine what type of funding to apply for. Preferred lenders include national banks, brokers, SBA lenders, and 401(k) rollover firms. “It’s a pretty broad list of folks we work with,” says Mellon. “Companies that aren’t doing this might be able to go out and get commitments for new stores, but without the funding piece, that commitment doesn’t translate into stores.” Matching lender requirements with franchisees is a huge advantage in completing the process with a signed agreement that translates into new units. “Are we putting the right people fo 'v&B