29: A Deep Dive into Financing a Franchise with Geoff Seiber

<p>Financing a franchise is one of the things you need to consider early on in the purchasing process. Finding sufficient funds is daunting and complicated—unless you have the right people guiding you through the process. This is where something like FranFund comes into play. Geoff Seiber from FranFund is here to walk us through the options available in this episode of Franchise Secrets.</p> <p>Geoff Seiber has worked in franchising his entire life. He started from the ground up, working his way from delivery driver to a franchisee with Dominoes. He also helped build the Great Clips Empire. Geoff co-founded FranChoice with Jeff Elgin twenty years ago and is now the CEO of FranFund. Listen as Geoff and I take a deep-dive into the world of lending. </p> <h2>Outline of This Episode</h2> <ul> <li>[1:55] Geoff Seiber’s Story</li> <li>[3:40] From pizza delivery to a franchisee</li> <li>[7:55] The state of lending and franchising</li> <li>[11:35] What is high-risk lending?</li> <li>[14:15] Working with FranFund vs. a bank </li> <li>[18:15] A word of Caution about banks</li> <li>[19:55] The nuances of the SBA</li> <li>[21:50] A loan approval is not a done deal</li> <li>[25:25] Life-curve in buying a franchise</li> <li>[27:40] The complexity of the 401k</li> <li>[33:00] Final words of wisdom</li> </ul> <h2>The politics involved in the financing world</h2> <p>When elections come around, the banking industry tends to feel some anxiety. Every time a new person with a new platform is elected to office, it could mean significant change—<em>positive or negative</em>. The Obama administration was headed towards more stringent regulations with the Small Business Administration (SBA). </p> <p>The Trump administration has eased off on some of those regulations that fell under the “excess paperwork” realm. Geoff believes they are holding banks to higher standards and keeping them accountable. If you aren’t immersed in the world of banking and financing you’re not necessarily going to be aware of the impact electing Democrats or Repu