The hunt for financing is one of the most difficult things that entrepreneurs must reckon with when they’re searching for franchise funding. Simply put – bank don’t have as much to lend as they might have a decade ago. But the wheels of entrepreneurial invention don’t simply stop turning and franchises and franchisees alike have had to think of new ways to get the capital that does exist out there into the hands of the best possible franchise candidates.
Boefly is one of the really interesting innovations to come around in recent times. They’re like a dating site for prospective franchisees and the people who finance franchise investments. If you’d like to find out how their business works we recommend you read this article from Northjersey.com that details one man’s experience with the website.
Lawyer Robert Gallo helped find the $430,000 he needed to launch his own Salad Works franchise via Boefly.
"Without BoeFly and without that support system, I never would have been in touch with the bank in Pennsylvania," Gallo told the website.
CFO Michael Rozman provided some more information on how the site worked.
"There are companies that are professional brokers that will use some mix of technology, but those are probably meaningfully different because they take a brokering fee," Rozman said. "Particularly brokers that they don't have a relationship with, as having a financial incentive to hide blemishes on deals. So by our decision to not be a broker, to not price like a broker, allows us to have an array of lenders that we wouldn't have otherwise."