FranchiseNow Eliminated an 8-10 Week Lending Delay For a New OhDEER Franchise Candidate
ohdeer franchise case study
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Nothing is more demoralizing than watching a qualified candidate slip through your fingers because the funding didn’t come through in a timely manner.
There used to be no solution. You just did everything in your power to keep the candidate engaged while you waited it out, which was really frustrating.
– Jereme Shelton, VP of Franchise Development at OhDEER Franchise
In this case study, we demonstrate how the FranchiseNow platform and its DreamStart™ Funding Program work together to transform the franchise development journey. FranchiseNow streamlines qualification, development, and funding through greater accountability, control, and transparency, while DreamStart accelerates the process by advancing the initial franchise fee for eligible candidates upon execution of the franchise agreement. Each is designed to move candidates forward faster.
As with other FranchiseNow case studies, you can follow along as the candidate moves through the accelerated process that allows newly minted franchisees to begin their comprehensive training programs quicker, speeding up the onboarding process so these motivated entrepreneurs can ramp up and launch their operation up to 60-120 days sooner than the traditional funding process. Just the same, you’ll see how franchisors also benefit from this accelerated process, allowing them to increase conversions, improve the candidate experience, and expedite receipt of royalty payments.
Introduction
Jereme registered the candidate on FranchiseNow’s platform, granting him full access to the innovative tools and resources of the DreamStart™ program. Because the candidate initially had some questions, a FranchiseNow representative reached out to provide answers and alleviate any concerns.
Now ready to move forward with confidence, the candidate entered his prequalification information and the specific funding requirements needed to become an ohDEER franchisee. Just hours later, FranchiseNow had expedited the process, and the candidate was fully approved for funding.
With his funding prequalification complete, the candidate was able to confidently move through the remaining approval process and sign his Franchise Agreement. Once the agreement was executed, FranchiseNow advanced the initial franchise fee through the DreamStart™ Funding Program, allowing him to immediately begin training and other opening preparations with the franchisor.
While those activities were underway, he continued through FranchiseNow's simple, transparent funding process toward loan closing, with every milestone clearly defined and all parties aligned on the next steps. Instead of waiting 8 to 10 weeks for financing before getting started, he maintained momentum from day one, accelerating his path to opening by months.
The Process
Over the past six months, FranchiseNow has conducted a soft launch of its DreamStart™ Funding Program, collaborating with franchisors like ohDEER, a brand specializing in effective, eco-friendly pest control. Working directly with VP of Franchise Development Jereme Shelton, we had the opportunity to step up and play the role of hero for a frustrated candidate.
Though this candidate was anxious to sign his franchise agreement and get started with the onboarding process, the initial lender he was working with told him it could take eight to ten weeks before he could sign his franchise agreement. Seeing his hopes for a quick start dashed, Jereme stepped in and suggested FranchiseNow as an alternative.
The Client Challenge
Now I know that FranchiseNow is the solution! It eliminates the roadblocks, secures the approvals, and fronts the franchise fee so that candidates are no longer beholden to an outdated system.
They have a platform and a business model that replaces the traditional lending process. In the end, we're all happy campers!
– Jereme Shelton, VP of Franchise Development at OhDEER Franchise
Taking advantage of the platform’s accelerated funding process, the candidate was able to execute his signed franchise agreement in just a fraction of the time the original lender had proposed. In today’s fast-paced world, where we’re constantly reminded that time is money, who in their right mind would want to wait around eight to ten weeks before they can sign a franchise agreement? Not this particular candidate. Which is why Jereme Shelton’s suggestion that he contact FranchiseNow was so serendipitous. The candidate was told his funding would take months. We did it in days. And ohDEER secured their franchise fee months ahead of schedule. From where we stand, that looks like a win-win-win.
The main takeaway here comes down to a simple premise – you no longer have to put up with the old way of doing business when it comes to funding your entrepreneurial dreams. When the traditional lending process no longer fits your timetable for launching a business, we’re not just an alternative; we’re the solution.