Congressman Gregory W. Meeks Leads Discussion On African Americans And Franchising

(WASHINGTON, DC)–Today, Congressman Gregory W. Meeks, D-NY, a member of the House Financial Services Committee, hosted a forum on "Franchise and Finance – How to Choose and Fund Your Franchise" during the Congressional Black Caucus Foundation's (CBC) 37th Annual Legislative Conference ( ALC ).

There are 760,000 franchised businesses in the United States representing a $1.5 trillion industry. According to the Small Business Administration (SBA), minorities account for 18% of all businesses in the United States, yet the African American buying power is estimated at $650 billion. Congressman Meeks' goal for this forum is to provide potential franchise owners an opportunity to inform educate and increase the involvement of minorities in business ownership and wealth creation in the black community.

Meeks was joined by a distinguished group of successful black franchisors, franchisees and suppliers who shared their knowledge of researching, opening and operating a franchise business. Participants included: Miriam L. Brewer, Director of Diversity, International Franchise Association (IFA); Kendal Tyre, Partner, Nixon Peabody, LLP; Keith A. Singletary, Owner/Operator Chick-fil-A; Lloyd Grant, Kip Communications, Co-Founder of the Minority Franchise Buyer's Conference; David French, Vice President, Government Relations, International Franchise Association and Don Graves, Partner, Franchise Diversity and Development Initiative.

Points discussed included:

•Fundamentals of Franchising
•Understand the basic legal considerations in franchising, including the UFOC and Franchise Agreement
•Comprehend the steps to evaluating a franchised business
•Identify financing options
•Recognize available resources from the International Franchise Association (IFA) and other organizations

"Today, panelist provided a road map on what franchising is, how to evaluate and investigate a franchise, and sign a franchise agreement," stated Meeks. "Our distinguished guests were open and honest in sharing their experiences and advice on what it is like to be a franchisee. The great benefit of franchising is that you can go into a business that already has a name brand and has a winning business plan, two key factors for success. It is my hope that many of you have not only opened up businesses in your neighborhoods, but have expanded to other neighborhoods, so we can bring some of those funds back to our communities.”