The stall in the credit markets has affected every sector of franchising, and has prevented hundreds of Americans from opening the franchise of their dreams. Sadly, it seems that many top minority franchisee candidates have not been able to tap franchise funding, which slows slightly the coming wave of great minority franchisees.
The IFA's director of education and diversity Miriam Brewer spoke about the things that franchises can do to attract more minority candidates at times where credit markets are tight to QSR magazine. She spoke of the need for innovation for franchisors.
When you surround yourself with individuals that come from diverse backgrounds, you get the best of everything. The idea that great minds think alike is so old.”
The story sites the interesting case of Jonathan Fornaci, Straw Hat Pizza CEO, who let new minority franchisees purchase used equipment via Craigslist, instead of through suppliers. It's a simple initiative like that which makes it that little bit easier to attract minority talent.
Brewer also noted that franchises stopped trying to attract minority candidates during the dregs of the recession. The credit markets may be unfavorable, but the argument for attracting minorities to your franchise goes beyond public service. Minorites can bring so much to a franchise that franchisors need to consider every option in trying to discover new talent.
As Gerry Fernandez, head of the Multicultural Foodservice & Hospitality Alliance said in the story: "Store operators from within those communities know better how to successfully operate those businesses, find talent, and understand cultural norms."