DESCRIPTION:
John Hayes, host of Franchise Hot Seat, interviews Shay Kleinschmidt, Vice President
of Funding at Fran Fund, a company based in Fort Worth, Texas, that provides
funding solutions to franchisees nationwide. Kleinschmidt discusses the changing
franchising landscape, stressing the importance of early and tailored funding
strategies. She also highlights the role of AI in enhancing lending processes,
including a lender match system that matches client profiles with appropriate
lenders. The discussion encompasses various funding products such as SBA loans,
the rollover 401k program (ROBS), and traditional non-SBA loans. Kleinschmidt
outlines the process of obtaining an SBA loan, indicating that approval typically
takes between 30 and 120 days depending on the type of business. She emphasizes
the need for potential investors to understand the franchise disclosure document
(FDD) and supports calls with existing franchisees. The episode highlights Fran
Fund's role in helping clients navigate the complexities of securing franchise
funding.
- With Shay Kleinschmidt.
TIMESTAMPS:
00:59 How tech changed franchise lending?
01:59 When to start funding talks?
03:02 Most popular loan products?
05:35 Best alternative lending options?
12:33 Typical borrowing costs/fees?
15:47 How economy impacts franchising?
20:51 SBA franchise approval process?
24:41 Hottest franchise categories now?
30:35 Best advice for new franchisees?
LINKS:
WEBSITE: http://franchisehotseats.com/
LinkedIn: https://www.linkedin.com/in/drjohnhayes/
Twitter: https://twitter.com/drjohnhayes
YouTube: https://www.youtube.com/c/Howtobuyafranchise
Instagram: https://www.instagram.com/hayesjph/
TikTok: https://www.tiktok.com/@johnphayesfranchise
Pinterest: https://www.pinterest.com/DrJohnHayes/
Facebook: https://www.facebook.com/franchisehotseatpodcast
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