The Enterprise Center’s franchising workshop provided those who have considered purchasing a franchise or contracting out a business the opportunity to learn and discuss questions with industry experts.
The Nuts and Bolts of Franchising workshop was a two-hour interactive seminar designed to address questions and guide participants in the direction of opening and operating a successful franchise business in today’s economy. The event was held earlier today at the Enterprise Center located at 4548 Market St. in West Philadelphia.
A panel of experienced professionals explained all aspects of franchising. The panel included: Bernie Siegel, founder of Siegel Financial Group; Kevin Greenberg, business attorney; and Perry Shah, Dunkin’ Donuts franchisee.
Specific topics included Locating and evaluating a franchise, the decision-making and franchise-acquisition process, financing options, legal implications, franchise disclosure documents and the franchisor/franchisee relationship.
“It took me at least three years of trying to get into my first business,” Shah said. “I had $3,000 in my bank account and borrowed $60,000 from friends and relatives to buy my first store in 1991. Three years later, I owned 10 Dunkin’ Donut stores.”
Shah has relied on his faith and inspiration from his father. He credits numerous books as sources of motivation.
“I have always believed that if there is will, you will always find a way,” he said. “Treat everyone with fairness, respect and transparency. God help you with anything you take on. Also work hard and make sure you are surrounded by good people.”
A serial entrepreneur and self-proclaimed computer geek, Guy Dunn has turned his love of computers and being his own boss into a fruitful, rewarding and enjoyable career.
The largest African-American Geeks on Call franchise owner in the U.S., Dunn credits everything he has learned in business to his father.
Having worked in his family’s office cleaning business for many years from a very young age, Dunn quickly grasped his father’s belief that it was better to make money for yourself, than for an employer.
“I bought into the Geeks on Call franchise operations for $10,000 because it was a turnkey business and allowed me to do what I loved,” he said. Having an accounting and management consulting background aided Dunn in evaluating the potential.
A graduate of Morehouse College, Guy currently owns eight territories of the Geeks on Call franchise — one of the fastest growing on-site computer support franchises in the United States — covering the Philadelphia and New York City metro area.
I attribute my success to hard work,” Dunn said. “I get up and start my workday at 4 a.m. every day. I stay connected to my customers and my community, network all the time and keep positive. It is those of us who say, ‘failure is not an option’ — we are the ones still standing.”