To the Rescue
Jack and Diane* aren't left to bail out their sinking land deal alone. Their franchisor throws them a lifesaver in the nick of time.
By Todd D. Maddocks •
Opinions expressed by Entrepreneur contributors are their own.
Last month, Jack was in trouble. a potential developer had pulled out of the deal to build a retail location for Jack's franchised oil-change center. The property was perfect, but funds were tight. It has been nearly a year since our franchisee met with his bank to gain pre-approval of a deal that's now beginning to seem hopeless. Jack is adrift in a sea of choices, and he needs help.
The moment Jack's potential developer pulled out, I counseled him to seek the guidance of his fellow franchisees so he could learn from their experience. Jack declined to do so. Instead, he made a bold move by writing a purchase offer for the land he so desperately wanted. Jack did so with the degree of optimism that leads many a naive entrepreneur into rocky shores. However, to stave off another potential purchaser, he felt a swift stroke of the pen was required. The offer was accepted, and Jack fortunately included a 60-day contingency period in his offer, which would permit him time to gain financing. Now the clock is ticking.
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