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<a href="https://www.boefly.com/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=how-boefly-is-disrupting-the-franchise-sales-process-by-accelerating-the-time-of-franchisee-approval-2710173" target="_blank" rel="nofollow" style="text-decoration-line:none" target="_blank">BoeFly</a>, the online loan marketplace that matches prospective and existing business owners with an array of participating banks and financing companies, has supported $6.7 billion worth of transactions since 2010. In recent years, the service has pivoted from solely focusing on helping franchisees access capital to also helping franchisors optimize franchise sales. It&rsquo;s no wonder BoeFly is seriously shaking up the franchise sales process. 

BoeFly&rsquo;s suite of three franchise sales and financing services includes bQual, which educates a franchisee on their financial status; bFinance, in which a dedicated expert delivers efficient, competitive financing for franchisees; and bVerify, an asset verification, background and credit check service that drastically accelerates applicant approval times&mdash;and therefore franchise sales and start-up times. 

&ldquo;BoeFly&rsquo;s core business is <a href="https://1851franchise.com/boefly/boefly-helps-couple-achieve-their-dream-of-business-ownership-8214#category" style="text-decoration-line:none" target="_blank">helping franchisees with financing</a>. Through seeing how the franchise sale process works firsthand, we learned how franchisors were vetting applicants, and decided they could use some help,&rdquo; explained Mike Rozman, CEO and co-founder of BoeFly. 

Through bVerify, industry leaders like Driven Brands, BrightStar Care and Checkers and Rally&rsquo;s have outsourced their new franchisee vetting processes to BoeFly. &ldquo;A client will send a new franchise applicant an introductory email that explains there&rsquo;s an important next step to move forward, which is the diligence process,&rdquo; explained Rozman. &ldquo;Then the franchisor sends the franchise applicant to us.&rdquo;

BoeFly takes on the responsibility of performing the background check and credit check, verifying liquidity and confirming the net worth of applicants. BoeFly then prepares a summary report for the franchisor.

&ldquo;The vetting process historically was done by someone at the brand in sales, finance, or legal&mdash;someone who honestly has better things to do with their time than chase down bank statements,&rdquo; said Rozman. &ldquo;This added efficiency in a crucial process unlocks a lot of value.&rdquo;

&ldquo;Checkers and Rally&rsquo;s has been a long-term fan of BoeFly. While we receive many inquiries from prospective franchisees, BoeFly has worked with us to offer efficiency,&rdquo; Jennifer Durham, Chief Development Officer at Checkers and Rally&rsquo;s wrote in an email. &ldquo;Our sales team can address questions rather than chasing applicant documents.&rdquo;

The results BoeFly provides franchise clients have been undeniable. 

&ldquo;Time kills deals. Since adopting BoeFly&rsquo;s diligence service, we&rsquo;ve cut weeks from the sales timeline,&rdquo; said Jon Gaiman, Chief Development Officer at Driven Brands. Before using BoeFly, Driven Brands would take an average of 62 days to approve franchisees; with BoeFly, the time was cut in half to 31 days. 

BoeFly&rsquo;s approach brings an elevated level of rigor to the vetting process. Through a partnership with the Customer Relationship Management (CRM) software <a href="https://1851franchise.com/franconnect" style="text-decoration-line:none" target="_blank">FranConnect</a>, bVerify folds convenient integration and data security into the diligence process. 

&ldquo;Too often, an applicant will email the franchise salesperson their bank statements,&rdquo; explained Rozman. &ldquo;That information may sit on the salesperson&rsquo;s hard drive, which is not a great place to store sensitive data. Because we believe that franchising is a multi-step process, BoeFly has invested a lot of careful attention into how the data flows and is stored.&rdquo;

&ldquo;BoeFly provides excellent data security and provides secure cloud-based storage which is designed to protect franchisee&#39;s sensitive asset statements through a secure upload link,&rdquo; added Durham. 

FranConnect also helps BoeFly keep information organized and compliant with all regulations. &ldquo;I worry that not enough brands are thinking about information security and privacy,&rdquo; said Rozman. &ldquo;The Fair Credit Reporting Act is a federal law, and it&rsquo;s a giant ball of wax. I can&rsquo;t tell you how many times I&rsquo;ve spoken with a franchisor who says they do a criminal background check on applicants in the same way as they do for new employees. But those two processes have two different sets of rules.&rdquo;

&ldquo;FranConnect has been very pleased with its successful strategic partnership with BoeFly,&rdquo; Keith Gerson, President of FranConnect wrote in an email. &ldquo;Our customers use FranConnect&rsquo;s automated workflows to execute bVerify, which our customers indicate helps achieve greater efficiencies and improved closing rates. We all know time kills deals, so having extremely fast financial pre-approval of applicants early in the sales process gives the prospect confidence that they can turn their hopes into reality, and the franchise sales team can be assured they aren&rsquo;t wasting time with someone who can&rsquo;t get over the finish line. And anything that frees up the sales team from having to chase applicants documents can allow more time for selling.&rdquo;

Because bVerify is compliant with regulations, saves time and resources, and results in faster sales, it also accelerates start-up periods thanks to BoeFly&rsquo;s integrated suite of <a href="https://1851franchise.com/boefly/launch-trampoline-franchisee-secures-sba-franchise-loan-through-boefly-2709601" style="text-decoration-line:none" target="_blank">financing services</a>. 

&ldquo;BoeFly provides quicker access to capital,&rdquo; wrote Durham. &ldquo;Through a quick bVerify process, powered by BoeFly, franchise prospects secure early-stage financing options.&rdquo;

&ldquo;We&rsquo;ve been able to, with the applicant&rsquo;s approval, take a completed diligence report and use it to accelerate financing offers for the franchise applicant,&rdquo; said Rozman. &ldquo;Our bVerify service answers the franchisor&rsquo;s internal questions about the applicant&rsquo;s wherewithal, and we can leverage the output to secure lender issued financing offers to speed up the sale process and the store opening.&rdquo;

On June 3, 2019,&nbsp;ConnectOne Bancorp, Inc. (Nasdaq: CNOB), parent to ConnectOne Bank, announced that it acquired BoeFly. ConnectOne Bank is a $6 billion bank&nbsp;offering a full suite of both commercial and consumer banking and lending products.&nbsp;ConnectOne sees BoeFly as important to their digital strategy. 

&ldquo;Similar to ConnectOne, BoeFly is built on a mission of offering frictionless, efficient solutions for small to midsized businesses, and this partnership represents a unique opportunity to leverage the digital foundation we have built,&rdquo; said Frank Sorrentino, ConnectOne&rsquo;s Chairman and Chief Executive Officer. 

&ldquo;The transaction with ConnectOne puts us in a meaningfully stronger position to serve our clients and to continue to develop client-centric solutions like bVerify,&rdquo; said Rozman.&nbsp;&nbsp;

How BoeFly is Disrupting the Franchise Sales Process by Accelerating the Time of Franchisee Approval

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