The State of franchising during Covid-19 (as we see it so far)
We've helped three people become franchise owners this week (four total in the past 14 days).
A busy week for us under any circumstances.
Many of our peers, friends and family are surprised. And no doubt so were we, initially.
But once you peel back the layers you start to understand "why". During this time there is a lot to be worried about. Health, safety, job security, retirement savings, the stock market. The list goes on and on.
One thing everyone can agree on however is that this virus will run its course. This will not last forever and we will get back to work.
We don't know that we agree with a "V-Shaped" recovery but there will be a recovery nonetheless. And that's why our clients are so bullish. Not all of them, mind you. But a large portion of our existing clients who have the capital; see an opportunity to grow their financial portfolio, with funds that once were earmarked for real-estate or the stock market. Now, they are reallocating their funds into a business.
Businesses of all shapes and sizes are being awarded right now because, by the time they open in 3-6 months the consumer WILL be back. And during this time there will be unprecedented opportunities to seize real-estate, leases, terms, and build out deals like never before.
Not to mention SBA loans are essentially coming with the first 6 months free these days... a lot more detail on that program coming in the following days.
The point is... during this time of uncertainty:
People need something positive to focus on.
People need something they can control and give them hope.
And there is no better cure than the entrepreneurial spirit (in our opinion).
Stay safe. Stay Healthy. Stay Positive.
Jack and Jill