Veterans in Franchising December 2015 4#2

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Veterans in FranchisingDECEMBER 2015

SOLDIERFIT building the american dream

Veteran discounts in the Franchise

industry

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V E T E R A N S I N F R A N C H I S I N g S U P P L E M E N TD E C E M B E R 2 0 1 5

Our Veterans in Franchising special supplement has become

a regular feature of Franchising USA.

TO SHARE YOUR STORY in the next issue, please contact

Vikki Bradbury, Publisher

Phone: 778 426 2446

Email: [email protected]

contentsNews & Expert Advice32 Franchise Facts and Figures – Veterans Discounts in the Franchising Industry Franchise grade

36 The Lucky Ones Jim Mingey, Founder and Managing Director, Veterans Business Services (VBS)

38 Funding a New Business Venture Darcella K. Craven and Damon Chaffin, Veterans Business Resource Center

On the CoverSOLDIERFIT: Co-founders Dave Posin and Danny Farrar (military veteran)

Cover Story30 SOLDIERFIT: Building the American Dream

Profile34 7 Eleven

Cover Stor y - SoLDIerFIt

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there are those who would have you believe that the American dream is dead, or, at the very least, on life support. But two young entrepreneurs in maryland know that the dream of America still beats strong. They aim to use their fitness franchise company, SOLDIERFIT – which has grown to be something so much more than a workout facility – to remind their fellow Americans just how great that dream is.

SOLDIERFIT founders Danny Farrar and Dave Posin met while working at a local fitness chain in Maryland. Posin was a fresh college graduate where he majored in business and wreaked havoc on the football field. Farrar was fresh out of his

first tour in the Army where he served as an infantry paratrooper and in the “Old Guard.”

The two founders are the quintessential business odd couple. Farrar is covered in tattoos, rides a Harley, and loves being in the country. Posin is a nice, quiet Jewish boy from Potomac. Regardless of what their differences may be, the bond that holds them together is stronger than any of that.

“What makes us such a great team is that at our core we both want to do the exact same thing,” Farrar says during an interview from SOLDIERFIT’s Gaithersburg, Maryland, headquarters. “Simply put, Dave and I want to help people.”

It all started with Posin helping Farrar first. Farrar came in to the friendship with a bag of emotions. He was adopted, molested as kid, barely graduated high school and enrolled in the Army shortly thereafter. He took the first team into

the Pentagon on 9/11 to remove remains, and, later, participated in a combat tour in Iraq. Like so many other veterans, Farrar struggled with the jarring transition to civilian life. In 2007, he was fired from his sales position while Posin was promoted to general manager of the health club he worked at. The emotional struggle of losing his job almost became too much for Farrar; he ended up homeless and eventually attempted suicide. Who knows if that’s where his story would have ended if not for Posin.

Instead of turning away from his friend, Posin offered Farrar a helping hand. He would call around and find couches for his homeless friend to crash on until they were finally able to find someone to take Farrar on as a roommate. Meanwhile, the two of them began developing a concept called SOLDIERFIT, a military inspired fitness training program to help people feel confident, build character, create camaraderie – all while getting into shape. They were renting space in gyms, making ends meet. Still, Farrar had his demons to battle and he convinced his friend to start Mixed Martial Arts training with him at Evolve Academy in Gaithersburg. That fateful decision would lead them into an opportunity of a lifetime.

Posin and Farrar competed in an MMA fight on the same night. Posin would go on to win his fight handedly, but Farrar was matched up with a gentleman who lied about his experience. Even though the coaches advised him not to take the fight, he did and was beat from pillar to post by the much better fighter. However, with all those he loved in attendance, Farrar

with military iNsPired fitNess fraNchise

BuiLding the aMerican dreaM

Franchising USA

refused to quit and continued fighting. In the end, the tide turned and he won the fight by a rear-naked choke. Afterwards, Master Mike Moses, owner of Evolve Academy, approached Farrar and Posin saying: ‘You won’t quit. How would you like to bring your program into my facility?’ And with that, SOLDIERFIT was truly born.

Moses opened his facility to the duo and they had an epiphany: Why not charge a low monthly rate, offer unlimited access to classes, and multiply the member experience and engagement. Many didn’t share their vision, going as far as laughing in their face when SOLDIERFIT started. Many thought they wouldn’t be able to make enough money to be profitable – but no one is laughing now.

SOLDIERFIT exploded in popularity. To put it into perspective, in 2011, Farrar and Posin had one sublet location, 30 classes per month and only 13 members. Today, they boast three standalone corporate locations with plans to open a fourth early next year, with more than 3,000 members and 50 employees. And, the SOLDIERFIT franchise program, launched just months ago, is moving fast. SOLDIERFIT recently awarded their first two franchises, one that will open in Northern Virginia and another in Pennsylvania in 2016.

“We are certain that what has spawned this rapid growth is our honest commitment to our vision,” Posin says. “Through the growth of SOLDIERFIT, we aim to revitalize the American dream by creating a culture of civic engagement, humility, and unyielding optimism for the future.” He adds that the “why of SOLDIERFIT” shapes every decision the company makes, which ultimately lead them to franchise and create opportunities for others to realize their dream.

“We want to give all Patriotic Americans a chance to do what we love doing – changing lives,” Farrar says. “Dave and I clearly see that franchise ownership is an effective pathway to accomplishing both our mission of revitalizing the American dream and changing lives on national scale. It just makes sense.”

With a brand like SOLDIERFIT, some may think this is primarily an opportunity for veteran entrepreneurs. While

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SOLDIERFIT welcomes military veterans – their newest franchisee is one – Posin and Farrar want any potential franchisee to know that this opportunity is first and foremost for Patriotic Americans.

“Our name and modality definitely resonates with the veteran community, but more than 85 percent of the staff – including myself – are not veterans,” Posin says. “You don’t need to be a vet or even have experience in the fitness industry to be a SOLDIERFIT owner. We’re really looking for passionate individuals who want to help people and make some real change in their community with a tremendous opportunity to build a lasting legacy.”

Through a series of forms, questionnaires, phone calls, and eventually a face to face meeting, the team at SOLDIERFIT really gets to know potential franchisees making sure their financial situation is in order, and giving them a chance to see the business up close so they can mutually make a decision to work together if it’s good fit.

Those who are in it for the long haul will then get assistance looking for a location, partaking in an extensive seven-day training course at the company’s headquarters. The training is split 50/50 between classroom and field training that covers everything involved in running

the business, including how to be a good Barrack’s Commander — what they call their managers — how to recruit and retain members, how to run the front desk, and how to teach a proper class with motivation and excitement.

The SOLDIERFIT team will guide them through conducting pre-opening sales, help them with their grand opening, provide templates for marketing materials, and be onsite for their grand opening to assure things run smoothly.

Once they’re up and running, the team continues to offer comprehensive ongoing support for franchisees.

When it is all said and done SOLDIERFIT aims to be a national company, but refuses to grow at the sake of its Ideals.

“At the end of the day we eat, sleep and breathe our vision statement,” Farrar says. “The most important first question a potential franchise should ask themselves: Does this concept resonate with you? We are more than just a work out -- We are a SOLDIERFIT. Are you?”

For more information about the SOLDIERFIT franchise, and to contact Farrar and Posin directly, visit soldierfitfranchise.com and fill out their home page contact form. Or, email

[email protected].

“through the growth of SoLDIerFIt, we aim to revitalize the American dream by creating a culture of civic engagement, humility, and

unyielding optimism for the future.” - Danny Farrar, Co-founder and Ceo

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www.soldierfitfranchise.com

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FranchiseGrade

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A franchise relationship represents a unique business model that occupies a place between starting your own business and managing a business for someone else.Veterans can represent ideal candidates for a franchise. Most veterans have leadership skills that are transferable to operating a franchise. They also understand the value of organizational structure and how it leads to effective results. For these reasons, a number of franchisors market directly to Veterans and provide various discounts and incentives.

Based on 1,364 franchise systems, FranchiseGrade.com identified Initial Franchise Fee discounts offered to US Veterans.

As shown right, the Business and Commercial Services sectors account for the highest percentage of franchisors offering discounts to qualified Veterans. The franchise sector with the lowest percentage of franchisors providing discounts for Veterans is the Lodging sector.

The Automotive sector provides the highest percentage discount amount followed by QSR franchise concepts. A discount of 20% or higher can be

FRANCHISE FACTS AND FIgURES

Veteran discounts in the Franchise industry

considered fairly substantial depending upon the amount of the total investment.

VetFran is a program created in 1991, by the International Franchise Association to provide Veterans with professional skills and entrepreneurial knowledge to achieve ownership of a franchised business. Franchisors, participating in the VetFran program, offer financial

incentives by discounting the initial fee or other fees or by contributing to the franchisee’s initial cost of investment. Each franchisor must offer an incentive to veterans of no less than a 10% reduction on the initial franchise fee. Franchisors not participating in the VetFran program can still offer discounts and other financial incentives to Veterans.

“the Automotive sector provides the highest percentage discount amount followed by QSr

franchise concepts.”

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October 2015 Veteran Discounts 2

[email protected] 1 (800) 975 6101

A franchise relationship represents a unique business model that occupies a place between starting your own business and managing a business for someone else.

Veterans can represent ideal candidates for a franchise. Most veterans have leadership skills that are transferable to operating a franchise. They also understand the value of organizational structure and how it leads to effective results. For these reasons, a number of franchisors market directly to Veterans and provide various discounts and incentives.

Based on 1,364 franchise systems, FranchiseGrade.com identified Initial Franchise Fee discounts offered to US Veterans.

As shown below the Business and Commercial Services sectors account for the highest percentage of franchisors offering discounts to qualified Veterans. The franchise sector with the lowest percentage of franchisors providing discounts for Veterans is the Lodging sector.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Percentage of Systems with a Veteran DiscountPercentage of Systems with a Veteran Discount

FranchiseGrade.com is the leader in competitive market research and objective analysis for the franchise industry. We compare and grade franchise systems for their investment value. Our motivation is simple: we want to raise the bar in franchise industry market research and build a stronger franchise community in the process. By surveying as many as 18,000 franchisees and reviewing more than 2,400 Franchise Disclosure Documents every year we are able to maintain an extensive database of current franchising information for our industry leading research and analysis.

Our reports, reviews and assessment services are available to franchisees, franchisors and investors alike:

• System Report Cards

• Franchise Disclosure Documents

• Sector Reports

• FDD Competitive Assessments

• Franchise Buyer’s Package

• Enterprise Intelligence

For information, contact

[email protected] or

call 1 (800) 975 6101



The Automotive sector provides the highest percentage discount amount followed by QSR franchise concepts. A discount of 20% or higher can be considered fairly substantial depending upon the amount of the total investment.

0%5%

10%15%20%25%30%35%

Percentage of Max Initial Franchise Fee Offered as a Discount

Averge Median

$-

$5,000

$10,000

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$20,000

$25,000

Dollar Value of Veteran Discount on the Max Initial Franchise Fee

Average Median




The Automotive sector provides the highest percentage discount amount followed by QSR franchise concepts. A discount of 20% or higher can be considered fairly substantial depending upon the amount of the total investment.

0%5%

10%15%20%25%30%35%


Averge Median

$-

$5,000

$10,000

$15,000

$20,000

$25,000


Average Median


“A discount of 20% or higher can be considered fairly substantial depending upon the amount of

the total investment.”

Percentage of Veteran Discounts that Explicitly State the Franchisor is a Member of the Vetfran

Program



VetFran is a program created in 1991, by the International Franchise Association to provide Veterans with professional skills and entrepreneurial knowledge to achieve ownership of a franchised business. Franchisors, participating in the VetFran program, offer financial incentives by discounting the initial fee or other fees or by contributing to the franchisee’s initial cost of investment. Each franchisor must offer an incentive to veterans of no less than a 10% reduction on the initial franchise fee. Franchisors not participating in the VetFran program can still offer discounts and other financial incentives to Veterans.

63%

37%

Percentage of Veteran Discounts that Explicitly State that the Franchisor is a Member of the

VetFran Program

VetFran Independent Discount

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Franchising USA

7-eleven®

7-eleven, Inc., ranked among top military and veteran-friendly companies, wants to provide more franchise opportunities to qualified men and women who have served in the U.S. Armed Forces. The retailer has set a goal of recruiting 100 veterans and providing $2 million in discounts by the end of 2016.

Launched in the summer of 2009, 7-Eleven’s program offers up to a 20% discount on the initial franchise fee for qualified veterans who become first-time 7-Eleven franchisees: a 20% discount for retired or separated military veterans who have been honorably discharged from the service within the past five years, and a 10% discount for qualified veterans who have been out of the military for more than 5 years. The discount ranges from $1,000 to approximately $35,000, depending on the store.

“What better time to announce our intent to continue providing more opportunities in the coming year for those who served our country than around Veterans Day,” said Greg Franks, 7-Eleven franchise systems vice president. “U.S. military

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veterans have the skills, focus and dedication to achieve great success as franchisees.”

Franks added, “We‘ve been successful in making it a little easier for veterans to achieve the American dream of owning their own business. In the past six years, 82 military vets have received $1.5 million in franchise-fee discounts. An additional 10 have started on the path to becoming franchisees.”

Just recently, 7-Eleven franchised stores to three winners in the company’s Operation: Take Command program. Some 1,700 military veterans competed for a franchise fee-free 7-Eleven store of their choice among available locations.

Mark Anthony Page assumed command of his Burleson, Texas, store in August; Salil Gautam franchised his pick in Norfolk, Va., in September, and Robert Kemna is expected to take control of a Miami 7-Eleven store in December.

7-Eleven has been recognized for its veteran-hiring practices and support of military families and was named among Top Military Friendly® Employers for

2016 by Victory Media and its G.I. Jobs magazine. The retailer also has supported military-assistance organizations including Hire Heroes USA, the USO, Reserve Aid, Warrior Gateway and Operation Mend. The company has military veterans serving in every level from top management to field staff to store sales associates. Nineteen of the veterans that have franchised with 7-Eleven own more than one store, and one currently operates five locations.

About 7 eleven, Inc.7 Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7 Eleven operates, franchises or licenses some 10,700 7 Eleven® stores in North America. Globally, there are more than 57,500 7 Eleven stores in 17 countries. 7 Eleven is franchising its stores in the U.S. and expanding through organic growth, acquisitions and its Business Conversion Program.

Find out more online at:

www.franchise.7-Eleven.com

7-eLeven® aiMs For 100 vets, $2 MiLLion in discounts FOR MILITARY VET FRANCHISE PROgRAM

“We‘ve been successful in making it a little easier for veterans to achieve the American

dream of owning their own business” - Greg Franks,

vice President, 7-eleven Franchise Systems

Franchising USA

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www.franguide.com

Franchising USA

the National veteran Small Business engagement (NvSBe) conference, sponsored by the veterans Administration, was held in Pittsburgh this year.

It showcased the VA’s ever evolving approach to providing every possible resource available to help Veterans capture business and/or learn how to access the relationships that can make things happen for Veterans.

In attendance were Veteran Entrepreneurs

from all over the country and from every modern war era, even a WW II Marine who came to work and help hawk products for the next generation of the family business. Purely and simply put, all these Veterans came to do business. And they were surely the Lucky Ones. Why Lucky? Because they got the benefit of face-to-face meetings with hundreds of VA Procurement Officers and other key players in major corporations who really want to business with Veterans.

The cohesiveness of the VA approach is improving every year. And their results still bear that out. Veteran and Service Disabled Veteran businesses working with the VA consistently gain a greater percentage of contracts than all other

Franchising USA

Jim Mingey, Founder & Managing Director, VBS’ Jim Mingey, Founder & Managing Director, VBS

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the LucKy ones ThOuSanDS OF vERy Lucky vETERan EnTREpREnEuRS

DEScEnDED On pITTSbuRgh, pEnnSyLvanIa TO LEaRn ThE cuRREnT “RuLES OF EngagEmEnT”

FOR vETERan buSInESSES

Federal Agencies every year.

The NVSBE franchising session was led by Cherylynn Sagester, who is the director of Old Dominion University’s Hampton Roads Veterans Business Outreach Center (VBOC). She aptly guided Veterans through the pluses and minuses of the franchise business model. Cherlynn pointed out the franchising as an industry is still in a positive growth mode per the International Franchise Association (IFA) in their most recent annual tracking. However she also pointed out that franchise fee discounts to Veterans aren’t a panacea and they should beware as many segments of the industry fluctuate in both demand and competition. The Veterans at the session were lucky because they learned how they could directly interact with her or representatives from the VBOC network across the country. A VBOC can help examine franchise opportunities from offices 15 different regions around the country. They are all no nonsense business people. Veterans looking for entitlements need not apply.

Other experienced VBOC Directors like Corinna Conley from California and Darcella Craven from Missouri were at

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(OSDBU), which oversees NVSBE every year – also greatly improved their matching making efforts working with major Corporations such as Boeing, Lockheed and many others.

Corporate Diversity Programs have been evolving for Veterans for several years but before a Veteran company might just be referred to a corporate website and feel they were merely sent into an abyss. Of course that can and will still happen, but many of the corporate attendees are now much better at communicating and fostering clear paths to contract opportunities. Veterans will still have to jump through the gatekeeping process but VA OSDBU through NVBSE did a good job at creating a climate to create more Corporate relationships to take Veteran businesses to next level.

Pay it forwardEveryone in attendance was indeed very

“veteran and Service Disabled veteran businesses working with the vA consistently

gain a greater percentage of contracts than all other Federal Agencies every year.”

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NVSBE as well and were quick to share their best practices and strategies that work for Veterans.

The Veteran Institute for Procurement (VIP) had a full complement of its members at NVSBE as well. VIP originally evolved as an elite group of 500 companies collaborating to take their businesses to the next level in Federal contracting. In 2016 they will open their program up to smaller Veteran companies including franchises interested in B2G opportunities. Barbara Ashe who started and now champions VIP recently negotiated a cooperative agreement with the SBA to expand the VIP effort for small businesses. Interested companies should go to: http://www.montgomerycountychamber.com/foundation/veteran-institute-procurement/vip-start.

The VA – through their Office of Small and Disabled Business Utilization

lucky and certainly got their money’s worth so definitely try to go next year. If you couldn’t go this year or can’t for any reason next, just reach out to a VBOC, they will share what they learned. And then you can too.

VBS’ Founder and Managing Director, Jim Mingey, is a decorated Vietnam Veteran raised from a proud military background. An entrepreneur for more than 35 years, Jim can relate on a personal level to the needs of the veteran small businessperson, and possesses the practical knowledge to implement his experience in today’s market. Jim participated in the EBV Program at Purdue University, is a graduate and former instructor at Boots to Business, is a mentor at American Corporate Partners, developed the first approved franchise training program for the Vocational Rehabilitation and Employment (VR&E) Program at Veterans Administration, and was instrumental in forming the first equity fund in the United States, The Veterans Opportunity Fund, exclusively for veteran owned small businesses and franchises.

For more information, contact:

[email protected] Phone: 202.349.0860 www.VeteransBusinessServices.us

James Mingey

Franchising USAFranchising USA

Jim Mingey, Founder & Managing Director, VBS’

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Darcella K. Craven and Damon Chaffin, Veterans Business Resource Center

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the excitement of going into business for yourself and being your own boss is often quieted by the realization that a great deal of work and resources need to be proffered before the dream can become reality.

Obtaining funding for the business is oftentimes the most frustrating of the steps needed to open up the business. We find entrepreneurs are especially frustrated when they go at this process with a “one size fits all” comprehension of getting their venture off the ground. There are many ways to gather the dollars you need to ensure your business starts off strong and has enough capital to keep it growing.

Damon Chaffin, Business Consultant ([email protected]) offers up a few things to consider when you are deciding on the direction you need to go for your small business needs.

Bank Financing: Whenever we think of financing, typically we think of going to a bank and borrowing the money. Since this is the most often used method, we will address it first. Banks want assurance of repayment by requiring personal guarantees and a secured interest on personal assets like your house. Interest rates can vary based on the size of the loan and status of your credit. The key is to shop around. Some banks get servicing fees from selling the guaranteed portion of the loan and may be willing to offer you a better rate.

Bootstrapping: Many entrepreneurs find a way to grow without external financing so that banks, partners, or other lending sources don’t control their destiny or control a large portion of the business.

Friends and Family Members: Friends and family members might be the most lenient investors you can find. You typically won’t have to pledge your house and the terms are usually less onerous than other sources. A word of caution, treat these interactions like business transactions not personal loans. We all want to have a nice time at family gatherings not avoid Uncle Joe like a bill collector over the holidays.

CrowdFunding: While this process has been around for several years now, it is still relatively new to funding franchising businesses. It is usually done via the Internet. Investment crowdfunding is where businesses seeking capital sell ownership stakes online in the form of equity or debt. In this model, individuals who fund become owners, shareholders, or debt holders. Reviewing past issues of this news format will help you to identify many funding options. Make a note, many of those online programs that were strong a year ago are no longer around. Do not get caught up on the hype of easy

Funding a new business

Venture

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Gmoney. Entrepreneurs need to practice due diligence in order to understand which platform is best for them.

Microlending: Recipients of these types of loans usually are looking at small amounts (typically under $10K with the average being around $5K). This financing is typically reserved for those with credit generally between 580 – 625, however you will need equity in personal assets in order to qualify. These loans typically come with higher interest rates and fees attached. Again, due diligence is the key.

With all financing sources you will need to provide a business plan that clearly states the business purpose, how you will make

money, your competitive advantage, and 3 years of projected financial statements. You will also want to include bios of yourself and all critical staff with an answer to why each of these people are qualified. Whenever a funding source is looking at a prospective applicant, they are asking themselves three questions: 1) How will the business make money; 2) How will they pay me back the money I’ve loaned them; 3) If they can’t pay me back, what are you willing to give me so I can get my money back? Seldom will they ask the questions that bluntly, but rest assured this is what they want to know.

In addition, all sources will run your credit history and score. Obviously, the

Darcella K. Craven

“Do not get caught up on the hype of easy money. entrepreneurs need to practice due

diligence in order to understand which platform is best for them.”

higher the better as this shows you have consistently paid your debts in the past in a timely fashion. Lastly, they will want a personal guarantee, equity, and an investment by you in the business (skin in the game).

One final note: Be sure to add in adequate working capital to your financing package. One of the top reasons for businesses failing is lack of working capital.

Feel free to contact our Center at www.vetbiz.com with questions on financing your business venture. Happy Holidays.

Darcella K Craven has over 20 years of experience in corporate, government, non-profit and military organizations. She is currently the Executive Director of the Veterans Business Resource Center, a non-profit organization dedicated to assisting Honorably Discharged Veterans, National Guard and Reservist and Active Duty personnel and their families with transitioning back into civilian life with starting and expanding businesses. An Army Veteran, she holds a Masters of Arts in Management from Webster University and is currently pursuing her Doctors of Management focusing on impact of military experience on small business decision making. Darcella has been featured in numerous articles for her transition from the military and the welfare system to an accomplished business woman and is actively involved in many civic organizations.

www.vetbiz.com

Funding a new business

Venture