BoeFly has introduced a new tool, bQual, which should transform the franchise development process by giving financial confidence to franchisees and prospects during the research and discovery period. bQual provides borrowers with key financial details, such as the SBSS by FICO (business credit score), FICO score, and financial assessment.
“When we built bQual, it was with the idea that a lot of prospective franchise owners didn’t know a lot about securing finances,” said Mike Rozman, the chief executive officer for BoeFly. “We believed that if we could give them clean and objective information on what their finances would look like, it would give them the confidence to move forward with their franchise brand.”
The article goes on to compare the process of buying a home and pre-qualifying before going house hunting in order for the homeowner to understand what they can afford. bQual is very similar in which it allows a franchisee or independent borrower to be educated about business financing. In fact, many leading franchise brands, such as Papa Murphy’s, Wayback Burgers, and Jamba Juice are requiring their franchise candidates to use bQual. In turn, Papa Murphy’s has seen a 14-times higher conversion rate of candidates that received a bQual report.
What is clear is that BoeFly is continuously innovating to make the process of financing and lead conversion simpler. BoeFly recently partnered with FranConnect, a software solution company that focuses on simplifying brand operations and outreach. bQual is fully integrated into the FranConnect portal so that brands can effectively market to franchisees once they have completed a bQual.
“The goal of our company has always been to make successful franchising easier,” said Keith Gerson, president of global operations at FranConnect. “This partnership will ensure a faster opening for franchisees and quickly allow the franchisor to eliminate financially unqualified candidates sooner, freeing up time to work with more qualified prospects.”
Click here to read the full article in 1851 Magazine