Meet the Supplier: Benetrends Financial

Rocco Fiorentino, Benetrends Financial CEO, has had success at all levels of the franchising experience. His extensive background provides him with a relatable perspective on franchisees and franchisors, as he has once been in their shoes. This also allows him the ability to provide a level of care for his clients that other suppliers simply can’t match.

Benetrends Financial offers a variety of small business funding options to help entrepreneurs break into franchising and business ownership. Benetrends offers a range of financing solutions for business owners such as small business administration (SBA) loans, conventional business loans, term loans for funding growth, retirement plan design and equipment leasing.

The History of Benetrends Financial 

The history of Benetrends Financial starts with the history of Rocco Fiorentino.

Back in the 1980s, when Fiorenino was a mechanical contractor in Philadelphia, an elderly man approached him with a request to renovate his bagel shop. Partway through the project, that elderly owner passed away. 

“His wife came to me and said, 'I don't want the restaurant,’” recalled Fiorentino. “I can't pay you for the remodel. Just take the restaurant. Overnight, I was in the bagel business.”

Before long, he owned 85 units, which he eventually sold to a publicly traded company. 

"When I did sell to a publicly traded company, they asked me to stay on for three years, and I stayed on for five years, which is very rare,” explained Fiorentino. “Usually, it lasts around three months with new ownership or if you're acquired. But I did a lot of international stuff. We were in Dubai, and we were in Iceland. Then, the opportunity to become a large-area developer, a franchisee of Krispy Kreme, became available.” 

He took this opportunity and developed the franchise in Pennsylvania, New Jersey and Delaware for the next eight years. Eventually, he decided to sell it all back to Krispy Kreme corporate. 

After all of that, Fiorentino became a supplier. That’s the role he has remained in for 16 years now. 

“I've certainly experienced every leg of the stool: franchisee, franchisor and now supplier, and I use that experience every day because I feel for the franchisees who are direct clients,” said Fiorentino. “They're the ones borrowing the money to invest in these brands. I feel for the franchisors who are in a position where they're very competitive.”

What Sets Benetrends Financial Apart

Benetrends provides the opportunity for franchisors to fund their business and to pursue their dream, but it is Fiorentino's approach to franchising that sets this supplier apart: he puts franchise candidates and franchisors first. 

While he spends a lot of time with the brokers and the consultants — and he finds that insightful because they create entrepreneurs, which is exactly what Benetrends does — what he really loves most is getting to know potential franchisees and franchisors. 

“I really love talking to franchise candidates and talking to the franchisors because everyone has a story,” explained Fiorentino. 

Many franchisees don’t have a holistic view of franchising before they enter the process, which explains why the broker community has had the success that they've had. Fiorentino’s way of doing things sets him apart; he provides his franchisees with institutional knowledge and sets them up for success. 

Recently, Benetrends Financial took on a new brand as a franchisor client, but before making the final decision, Fiorentino decided to secretly shop the brand, with the CEO’s permission. By going through the development stages and speaking with franchisees, he was able to glean an understanding of the brand in a way that would allow him to more effectively manage his relationship. 

“When I understand as much as I can about the brand, their development schedule, their culture and how they really are successful, I can better serve them,” he said. 

Other funding sources don’t necessarily invest this much time or care into getting to know a brand, but it is this level of support that makes Benetrends Financial stand out.

Benetrends Financial’s Track Record of Success

Benetrends has funded many very successful franchises. Fiorentino contributes this to the supplier's ability to set clear expectations. When Benetrends receives a request for funding, the supplier is sure to explain the expectations and any potential pitfalls. 

“We're looking for longevity,” he said. “We want the franchisee to be successful. We want the franchisor to be successful. We want them to use us again, and more often than not, they do.”

To learn more and watch the full interview, click here.