CFA adds two to double up
Two new members at the Coalition of Franchisee Associations pushes the number to 17, just more than double the eight members it had in January a year ago. The newcomers are the Edible Arrangements Independent Franchisee Association and the San Francisco-Monterey Bay 7-11 Franchise Owners Association.
They give the Washington, D.C., advocacy group, which represents franchisees only, critical mass, believes Keith Miller, CFA chairman. "Yes, we’re being noticed. It’s hard to get noticed, and it’s hard to get noticed, and it’s hard to get noticed—and then finally you get noticed," Miller said. He noted "a big shot in the arm" last spring when AAHOA joined the coalition, the Asian American Hotel Owners Association.
The growth follows a turbulent time in 2009, when the coalition’s founder left and the group canceled its annual meeting. But rather than disbanding, the group "re-set again," Miller said.
The CFA intends to continue its fight for what it calls "fair franchising," following the publication of its "Franchisee Bill of Rights" last year. Miller will keep repeating his message: "When politicians talk about small businesses, it’s the franchisee in each town across America with the jobs. And they vote."
Refinance oils Griffin
Griffin Fast Lube secured $3.5 million in financing to restructure debt at 27 of its existing Jiffy Lube units. The Utah-based outfit owns more than 50 Jiffy Lubes in Utah, Colorado and Nevada.
United Capital Business Lending is the source of the funds, the Hunt Valley, Maryland, firm that specializes in franchise finance. Lex Lane, vice president and business development officer, said many franchisees, like Griffin, are refinancing to take advantage of low interest rates.
Others that refinanced in earlier years are doing so again, Lane said, this time to free up enough cash to add a line of credit for opening new stores. He cited Jimmy John’s, Wingstop and Subway franchisees among those customers.
