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Franchise Owner Shares Perspective of Corporate Parent and Franchisee

Podcast recorded: June 24, 2020

Scott Putman is a corporate controller – and franchisee – for Wetzel's Pretzels. After working on an SBA loan with Stearns Bank, he came back for help on a Paycheck Protection Program (PPP) loan when COVID-19 affected his franchise in Portland, Oregon. He then advised other franchisees to work with Stearns Bank on their PPP loans. Find out how Scott is adapting to remote work, his role in Wetzel's Pretzels corporate office, and his outlook for 2020.

Lessons Learned:

  • A good experience with a financial institution often leads to a long-term banking relationship – business and personal.
  • Some franchises are reopening gradually as states loosen restrictions and the COVID-19 pandemic continues.
  • Franchisees sometimes take a management role in the parent franchise company, investing in a brand they believe in.
  • Small businesses located in shopping malls haven’t been able to open as quickly as others, because they’re at the mercy of when those buildings are allowed to open.

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