Sometimes a major franchise finance issue can cause a chain to close up shop, though this has only been a temporary hurdle for select organizations. Finding a way to rise from the ashes, Jack Crawford of Ground Round is one of several franchise CEOs now looking to restart from scratch in an effort to get back to business.
Retaining business relationships
Crawford understands the rigors of the franchise finance industry. As head of the National Restaurant Association, he's been through a painful bankruptcy and is bouncing back based on the strong relationship the company has forged with its operators and the effective system it has created.
"People see us as small, but put us up next to the big guys in casual dining, and we beat them in sales," Crawford said in an interview with Entrepreneur magazine. "Our system averages $1.7 million [per year]."
"Restaurant operators reported positive same-store sales the 11th consecutive season," said Hudson Riehle of RPI's Research and Knowledge group. "A majority of them expect business to continue to improve in the months ahead."
Restaurants need to be aware that consumers in a slightly slumped economy may not be dining out as much and therefore operators need to make their franchise locations as appealing as possible. Last month's Restaurant Performance Index (RPI) found a slight decline in the percentage of Americans dining out on a regular basis, while the industry saw a minimal confidence loss of 0.6 percent. If you're looking for a franchise loan right now to improve your interior decor and draw a bigger percentage of the dining market, an online marketplace like Boefly can help you quickly file a loan application so you can get back to working on your aesthetics.