Entrepreneur

If You're in Franchising and Need a New Bank, Ask These Questions

Now more than ever, franchisors and franchisees alike need to work with a bank they can trust. Here's how to get the most of your financial partner.
Source: Talaj | Shutterstock
Talaj | Shutterstock

1. Start Out with the Smaller Banks

From Geoff Seiber, CEO, FranFund

You tend to get your first wherever you can. A lot of the time, that’s a bank that lends nationally, especially with franchises. But the real bank you want to use for your operations from that point forward is an entirely different bank. The, just like you would your or your lawyer. Don’t let the first time they see you be when you’re going in with a life-or-death need. What happened with the PPP is just one instance. A good banker can make you a lot of money, and not just on the finance side of it. They can make valuable introductions. But the key is building the relationship.”

Estás leyendo una vista previa, regístrate para leer más.

Más de Entrepreneur

Entrepreneur1 min. leídos
100 Powerful Women of 2020
This year is testing everyone's strength - but women never back down from a challenge. Meet the female leaders from 100 brands and businesses, all fighting for a better future.
Entrepreneur3 min. leídos
Before Launching a Business, Ask Yourself These 5 Questions
That’s a very important question. In fact, it might be the most important question — and many entrepreneurs bypass it on the road to independence. We’re so excited by our 2 a.m. epiphany that we don’t want to know the answer. We fear that this is our
Entrepreneur3 min. leídosGender Studies
To Help More Women Reach the Top, We Must First Help Those at the Bottom
These days, there's a lot of focus on adding women to corporate boards. That's good - but it doesn't solve a much deeper problem.