How to Talk to Lenders
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- Gabriel Cain
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1 How to Talk to Lenders Moderator Darrell Johnson President & CEO, Speakers: Reggie Heard President & CEO, Bankers One Capital Bob Rodi President, Mount Pleasant capital Corp. Franchising in a New Decade: Preparing Your System for Accessing Capital in 2010
2 The Perfect Lending Storm How to get access to capital when demand > supply? Understand What s s Happening Lender conservatism dominates Most lenders today are inexperienced franchise lenders Preferred lender model is a last decade concept Lenders are cherry-picking so look like cherries The Lending Paradigm From This Recession for Franchise Industry Franchise Lenders Non-Franchise Lenders National Lenders Local Lenders Non-Bank Lenders Depositary Banks Conventional Lenders SBA Lenders For the lenders that are still lending Pre-2000 lending was art 2000s lending became science We were wrong It s s both art and science Broader banking relationship desired
3 What Changes Mean For Franchising PERFORMANCE MATTERS A LOT System metrics Franchisor operational and financial metrics Unit performance metrics To Whom Performance Matters Franchisees due diligence ahead of emotional interest Lenders Less $$$ Less franchise familiarity More questions Why Performance Matters Without talking to you lenders have easy access to: System performance rumors SBA loan performance Registry status What people say What writers write The question is whether the information is misleading and/or wrong Judgments made about whether you re in top half or bottom half of franchise performers How are you dealing with this new world? Performance Matters The Lender s s Perspective
4 What to Show Lenders in This New Lending World Explain Performance in Lending Terms Focus on the 3 primary risk areas: 1. Franchisor Operational and Financial 2. Franchise System Unit Continuity and Stability 3. Franchise Unit Economics Use banking language and credit department format Put brand s s risks in context to appropriate peer group Prepare it objectively or use third party for credibility Address outlier risk issues in APPROPRIATE manner NOTE: FDD, SBA data probably aren t t your friends and your marketing materials aren t t of much value Franchisor Financial and Operational Risks Examples Franchisor Support Services Franchisor Debt to Equity Ratio Support A B C D E F G H Site Selection Pre-Opening Training Ongoing Training/Advisory Pre-Opening On-Site Support Post-Opening On-Site Support Phone Support Ad Fund Advisory Council/Association SBA Franchise Registry Franchise System Continuity and Stability Examples Unit Growth and Continuity SBA Loan Performance % of Units % of Discontinued Total Under the Brand Transfers Discontinued Units* Units Same Units Ownership A % 96.60% B % % D % 96.80% *Sum of "not renewed", "reacquired", "canceled", "other" SBA Loan Performance Data as of September 2008 Disburse Amount Charge Off Brand Failure % ments Disbursed % A 121 $24, % 1.71% B 67 $123, % 1.10% C 248 $542, % 3.40%
5 Franchised Unit Economics Examples Sales to Investment EBITDA as % of Sales Credit Department Approach in This New Lending World What do we know about franchising What do we know about your brand How do you screen your Applicants Do you have any idea why franchisees have failed in the past, i.e. undercapitalized, brand not developed in a new area, poor management skills, etc. Now let s s look at the loan application What Lenders Really Want To Know Applicants have sufficient Tangible Net Worth to Support the Loan Request The Applicant(s) Have Outside Income and Will Not Be Totally Dependent on the Start Up Business There Are No Undisclosed Partners Providing Equity. If There Are, They Need to Be On The Deal Applicants Are Stable and Well Established in the Their Operating Territory. The Brand is Well Established and the Applicant is not Opening a New Territory
6 What Lenders Don t t Want to Hear We Don t t Have a Presence in the Area Grandma and Uncle Charlie will Lend Him the Money The Applicant has a Lot of land and cash In Yemen, Korea, or Bangladesh The Applicant will be Getting a Green Card Shortly The Applicant Lives in Lake Tahoe but His Nephew, who lives in Peoria, Will Be the Operator When to Approach Lenders for Next Few Years Be prepared with the right information when franchisees need $ $ Local lenders do not have time for possibility of deals If franchisees don t t know local lenders find out which local lenders are active Whether on staff or with loan brokers you need people who speak the language Try to Understand the Lender s s perception of Risk in underwriting your Franchisees Other Enhancements for Capital Access Put Franchisor Balance Sheet to Work Pooled credit support for SBA/conventional loans such as UNL Program, Reserve Account Program. Internal financing program alternatives Company unit expansion & re-franchising Franchise equity & debt supporters Program term changes Leasing programs
7 Conclusions The New Normal is Years Long Performance Matters Capital Access is Your Problem
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