Choose the right bank - one that can offer specialist advice as well as the best financial products
You need bankers with franchising knowledge that will understand the current climate and the dynamics that will affect your franchise as well as industry-specific business acumen to make the process smoother. There are other start up bonuses for dealing with finance specialists, such as at National Australia Bank where funding is available for accredited franchise systems for up to 70% of the business purchase cost without having to necessarily leverage your own assets.
Your banker should be able to help you work through and understand all the direct and indirect costs of financing your franchise, using a balance of your own equity and bank funding. Whilst finance is an essential ingredient to making your dream come true, ask your banker about other essential business services such as superannuation plans for staff, business insurance, and financial planning advice. You want your banker to be your business partner who can give you end to end financial, business and personal wealth advice, and not just a loan.
It is also important that you choose a bank that can help you achieve both your business and personal aspirations and establish an ongoing relationship with that in mind. Wealth creation should be looked at on a holistic level.
Business and personal financial goals shouldn't be separated as it's likely you can make them work for each other. Ideally your franchise business banker will have access to other specialists within the bank and deliver the right advice for you in the areas of specialised investments and financial planning.
You should also expect your franchise banker to:
- Have a thorough understanding of your franchise system.
- Visit you regularly at your premises.
- Undertake a thorough appraisal of your business vision for your franchise.
- Discuss with you how you want to manage the business, and balance it with your personal, family and lifestyle needs.
- Share their industry knowledge and experience gainedfrom a history in dealing with franchise customers.
- Recognise the value of your franchise so you don't necessarily have to borrow against your personal assets. Arrange a business valuation for you where required.
- Provide assistance with the cashflow needs of your business.
- Advise you on working capital solutions to make managing your cash easy.
- Introduce you to other bank specialists where required, such as Risk Management, Personal Wealth and Insurance.
- Help you to determine the right finance solutions for your franchise business.
FCA Member
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Contact National Australia Bank
Tel: 131 012
