Uncommon Currency
A New Focus
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When Allied Domecq QSR-the franchisor of Baskin-Robbins,
Dunkin' Donuts and Togo's-created its financing program,
the company was more interested in making the financing process
easier for all franchisees than in targeting a specific group. The
company selected three lenders from a group it had informal
relationships with and created a preferred lender program. Through
the program, the three preferred lenders-New York City-based CIT
Group Inc., Washington, DC-based National Cooperative Bank, and
Danbury, Connecticut-based QuesTech Financial LLC-have a shorter,
customized loan application for Allied Domecq franchisees. "Based on our experience and feedback from our franchisees,
we thought by focusing on a select few preferred lenders who wanted
our brands to be a core focus of their business, we could provide a
more consistent source of funds, a higher level of customer service
and competitive interest rates," explains Adrien Deberghes,
assistant treasurer for the franchisor. Carlos Teixeira is one franchisee of Allied Domecq who has
benefited from the preferred lender program. A franchisee since
1986, Teixeira owns eight Dunkin' Donuts franchises in New
York. "[The preferred lender program] specifically benefited
me, because QuesTech's offering was tailored [to Dunkin'
Donuts]. They knew and understood the business," the
45-year-old franchisee says. Content Continues Below
Such programs have opened doors for franchisees who otherwise
may not have been able to afford a franchise or qualify for
financing. But as with most franchisors offering financing
programs, Allied Domecq isn't content to gloat over prior
accomplishments-they're always interested in improving their
offering. "Considering how dynamic the industry and the
capital markets are, we're constantly looking at whether [the
program] is as effective as it can be," Deberghes says.
"We're happy with what it's doing now, but it can
always be better." | Next Step | | Continue
your franchise financing education. Read these articles: |
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Originally published in the June 2002 issue of Entrepreneur Magazine
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