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.
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.”
