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Some Franchise Agreements Make Debt Recovery Tough

A Case Study of a Failed Franchisee


Submitted by Jim Herst on Fri, 2007/08/03 - 10:21.

But Wait. There's Hope. A Case Study of a Failed Franchisee

In a continuation of the opportunity to look at the financial frustrations of a failing or failed franchisee, I'm learning that all birds of a feather do in fact have different frailties. Yes, some franchise agreements are so very tough that the appearance of recovery of anything is dim. But wait. Having served tens of thousands of businesses, those franchisees served always had personal pressing obligations. Most had lease obligations, personally guaranteed. Many owed money to their ZOR. The majority had loan obligations to banks, family, or credit card debt. Vendors, other than ZOR were almost always owed some money. These liabilities appeared overwhelming, which they were.

Here's a true story: Though I can't use names.

A novelty retailer's sales dropped more than 50% in the three months following Big Box's opening two miles away. His shopping center location was tied to a lease having 4 more years to run. Debt to his ZOR was $38,354.00, loans were $78,000.00 and over $50,000.00 was due other vendors. Each creditor was approached. ZOR accepted a three-year payout at 60% of the owed debt. The lease was settled for 11.4%, that after the debtor's attorney had said it was bulletproof. Loans, including four credit cards, were closed at 56.8%, vendor's accepted, in aggregate, 28.6% of what was owed.
Miraculous? Not so. In essence, everything is negotiable.

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