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