The top eight things you probably didn’t need to know in franchising this week.
1. Frantastic: Sports fans may have a new reason to visit Buffalo Wild Wings — gambling. The franchise is considering incorporating sports betting into its restaurants, telling Nation’s Restaurant News, “As the largest sports bar in America, we believe Buffalo Wild Wings is uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests.” The possibility to add gambling in Buffalo Wild Wings restaurants comes after the U.S. Supreme Court struck down a 1992 law that prohibited sports gambling in most jurisdictions.
2. Franlebrity: Most investors expect to be vetted when applying for a loan. But what some investors don’t know is just how heavily lenders weigh the health of the brand when making their decision. Some lenders will even rule out certain franchise brands as a matter of course, regardless of the financial standing of the investor. In a new feature on 1851, we’re taking a look at how franchise lenders are choosing the brands they want to work with. That round-up includes insight from this week’s Franlebrity, Mike Rozman, CEO and co-founder of BoeFly.
3. Frash Money: There’s no shortage of aspiring entrepreneurs out there who are looking for the right bank or institution to loan them with the Frash Money they need to get started. So, how are franchise lenders competing for that business? That’s the question we’re asking in one of 1851’s latest features. As the franchise finance space continues to become increasingly competitive, head to 1851 to learn how six lenders are establishing an edge in a crowded marketplace.
4. Frant of the Week: For most of us, it’s scary to think about the end. But if you’re a business owner, you need to start with the end in mind. In his latest Frant, No Limit Agency CEO Nick Powills explains that there are three questions business owners should be asking themselves: what do you want to accomplish, do you see your business being handed down and how do you crush it every day? By asking these three questions from day one, business owners will be better set up for success.
5. Franch Forward: Like many brands in the restaurant space, Wendy’s is Franching Forward with the help of delivery. The brand has reported strong sales figures following the launch of its delivery initiatives, which is why Wendy’s is in the process of integrating DoorDash with its mobile app to better streamline the process. Right now, average check sizes have been 1.5 to two times higher on Wendy’s delivery orders.
6. Fran Funny: We know, we’ve been talking a lot about Papa John’s. But we’ve been so focused on our own Fran Funnies that we realized we never did a round-up of some of our favorite online reactions to the scandal. Check out this week’s episode of “The 8” for a few of our favorite Papa John’s related jokes that may (or may not) be better than ours.
7. Franspiration: “We look for good concepts, excellent management teams and opportunities that have meaningful upside and opportunity.” - Kevin Burke, Founder and Managing Director of Trinity Capital, on what he looks for when vetting franchise investors for financing.
8. Franemies vs. Frands: Papa John’s has made its fair share of Franemies over the past month since founder John Schnatter used a racial slur on a conference call, prompting him to step down. But now, the brand is taking active steps to repair relationships — and remain Frands — with its U.S. franchisees. Papa John’s announced an assistance program that will reduce royalties, food-service pricing and online fees through the end of 2018. The program will also provide franchisees with funds to support new marketing and re-imaging initiatives.