Expert Michael Minitelli Shares How Benetrends Helps Franchise Owners with Funding Options
Franchising continues to grow as an attractive option for aspiring business owners, offering a wide range of opportunities across industries. According to the International Franchise Association’s 2024 Economic Outlook report, this trend is expected to continue, with the overall number of franchise establishments projected to increase by more than 15,000 units in 2024.
In the interview below, Michael Minitelli, senior vice president of business development at Benetrends Financial, discusses the role of financing in supporting this growth. Benetrends Financial has been a leader in franchise funding, providing solutions like SBA loans, ROBS (Rollovers as Business Startups), and more. Minitelli shares how these funding options empower entrepreneurs to turn their dreams of franchise ownership into reality, helping them navigate the financial landscape and seize the growing opportunities in franchising.
Q&A: Michael Minitelli, Benetrends Financial
1. How has Benetrends Financial positioned itself as a leader in franchise financing?
At Benetrends Financial, we help aspiring entrepreneurs explore different funding strategies and prepare for the journey of business ownership. Our mission is to educate business owners, franchisees and franchisors about the funding and lending environments, presenting them with various financing options. As the pioneer of the ROBS plan, we’ve solidified our position as a leader in the industry. Many people are unaware that they can utilize retirement funds to start a business, and we’ve built an entire industry around this transaction. However, we also recognize the value of other funding strategies, which is why we continually adapt our approach to offer the best solutions for our clients.
2. What makes your approach unique in assisting individuals in securing funding for franchise investments?
Our approach is truly white-glove. We’re not just here to tell you what you need as an entrepreneur; we’re here to present all your options. Sometimes, those options might not even include Benetrends, and that’s OK because our focus is on building long-term partnerships and doing what’s right for our clients. Whether it’s an SBA loan or a rollover, we stay with our clients from start to finish, ensuring they never feel alone in the process.
3. How can owning a franchise lead to financial independence? What factors should potential franchisees consider?
Owning a franchise gives people control over their financial destiny. Many people’s assets are at the mercy of Wall Street or the stock market, where they have little control. Business ownership, especially in franchising, allows entrepreneurs to gain control over their financial freedom. With a ROBS plan, for example, you can operate a successful business without being dependent on a corporation. Diversification is key; people are now looking to diversify their income streams with business ownership and side hustles, which provide more control and freedom.
4. What are the most common financial challenges for prospective franchisees?
The biggest challenge is a lack of education about their options. Many people assume they need to borrow money without understanding what that entails. At Benetrends, we educate clients on their options and the prerequisites for lending. We walk them through funding strategies, from rollovers to home equity and beyond, ensuring they know they are not alone. We are partners in their funding journey.
5. What types of funding solutions does Benetrends offer?
Ultimately, the choice is always up to the client. With over 40 years of experience, we provide the information they need to make informed decisions. We help clients understand their net worth and long-term goals, creating an accurate representation of their fundability. This approach ensures that they have a clear head and all the necessary information to choose the best financing option for their family.
6. What is the most important financial advice you would give someone looking to buy a franchise today?
Find out your options early. The biggest mistake we see is people waiting to understand their funding options. Fear, often related to financial uncertainty, prevents many from purchasing a franchise. Understanding your financial options early makes the process safer, more comfortable and smoother, and it can help speed up the transaction.
7. What trends are you currently observing in franchise finance? How is Benetrends adapting to these changes?
We’re seeing a trend toward multi-unit and multi-territory growth, which requires a strategic long-term funding approach. Our second-generation ROBS+ plan supports this growth. Additionally, fleet financing for service-based concepts is surging, and we’ve incorporated this into our product portfolio to help clients finance vehicles and equipment. Unsecured funding is also an option for lower-cost franchises, providing more flexibility.
For more information, visit https://www.benetrends.com/.
