Small Business Franchising: An Overview of the Industry, SBA's Role, and Legislative Proposals (Senate Small Business Committee hearing, March 16, 2022)
Summary
The Senate Committee on Small Business and Entrepreneurship, chaired by Benjamin L. Cardin, met on March 16, 2022 (S. Hrg. 117–242) on the franchising business model, the SBA's role in helping entrepreneurs open franchises and its role in protecting them from deceptive marketing and bad actors. Senator Catherine Cortez Masto testified on legislation to improve how the SBA supports franchisees, saying a report on the franchise industry indicates that franchise loans make up 13 percent of SBA's total loan portfolio and that Nevadans have reported losing retirement funds, life savings and homes trying to repay loans on unprofitable businesses. The second panel was Robert W. Emerson of the University of Florida, Aaron Yelowitz of the University of Kentucky and Cato Institute, Leanne Stapf of The Cleaning Authority and Bryan Tipton of Tipton Investments.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
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“Small Business Franchising: An Overview of the Industry, SBA's Role, and Legislative Proposals (Senate Small Business Committee hearing, March 16, 2022).”
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S. HRG. 117–242
SMALL BUSINESS FRANCHISING:
AN OVERVIEW OF THE INDUSTRY,
SBA’S ROLE, AND LEGISLATIVE PROPOSALS
HEARING
BEFORE THE
COMMITTEE ON SMALL BUSINESS
AND ENTREPRENEURSHIP
OF THE
UNITED STATES SENATE
ONE HUNDRED SEVENTEENTH CONGRESS
SECOND SESSION
MARCH 16, 2022
Printed for the Committee on Small Business and Entrepreneurship
(
Available via the World Wide Web: http://www.govinfo.gov
U.S. GOVERNMENT PUBLISHING OFFICE
47–361 PDF WASHINGTON : 2022
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COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP
ONE HUNDRED SEVENTEENTH CONGRESS
BENJAMIN L. CARDIN, Maryland, Chairman
RAND PAUL, Kentucky, Ranking Member
MARIA CANTWELL, Washington MARCO RUBIO, Florida
JEANNE SHAHEEN, New Hampshire JAMES E. RISCH, Idaho
EDWARD J. MARKEY, Massachusetts TIM SCOTT, South Carolina
CORY A. BOOKER, New Jersey JONI ERNST, Iowa
CHRISTOPHER A. COONS, Delaware JAMES M. INHOFE, Oklahoma
MAZIE HIRONO, Hawaii TODD YOUNG, Indiana
TAMMY DUCKWORTH, Illinois JOHN KENNEDY, Louisiana
JACKY ROSEN, Nevada JOSH HAWLEY, Missouri
JOHN HICKENLOOPER, Colorado ROGER MARSHALL, Kansas
SEAN MOORE, Democratic Staff Director
WILLIAM HENDERSON, Republican Staff Director
(II)
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C O N T E N T S
OPENING STATEMENTS
Page
Cardin, Hon. Benjamin L., Chairman, a U.S. Senator from Maryland .............. 1
Paul, Hon. Rand, Ranking Member, a U.S. Senator from Kentucky .................. 2
WITNESSES
Panel 1
Cortez Masto, Hon. Catherine, United States Senate, Washington, DC ............ 14
Panel 2
Emerson, Mr. Robert W., Huber Hurst Professor of Business Law, University
of Florida, Gainesville, FL ................................................................................... 19
Yelowitz, Dr. Aaron, Professor of Economics, University of Kentucky, Senior
Fellow, Cato Institute, Lexington, KY ................................................................ 31
Stapf, Ms. Leanne, Chief Operating Officer, The Cleaning Authority, Colum-
bia, MD ................................................................................................................. 40
Tipton, Mr. Bryan, Owner, Tipton Investments, Nicholasville, KY .................... 52
ALPHABETICAL LISTING AND APPENDIX MATERIAL SUBMITTED
American Association of Franchisees and Dealers
Letter dated March 11, 2022 ........................................................................... 66
American Hotel and Lodging Association
Letter dated March 14, 2022 ........................................................................... 68
Asian American Hotel Owners Association
Letter dated March 10, 2022 ........................................................................... 69
Cardin, Hon. Benjamin L.
Opening statement ........................................................................................... 1
Clark, Patrick
Bloomberg article dated May 14, 2015 ‘‘Franchise Loans Keep Blowing
Up, and the Government Keeps Backing Them’’ ....................................... 70
Coalition of Franchisees Association
Letter dated March 15, 2022 ........................................................................... 74
Cortez Masto, Catherine, United States Senate
Testimony .......................................................................................................... 14
Prepared statement .......................................................................................... 16
Report dated April 2021 ‘‘Strategies to Improve the Franchise Model:
Preventing Unfair and Deceptive Franchise Practices’’ ............................. 75
Letter dated April 13, 2021 ............................................................................. 162
Cortez Masto, Catherine, United States Senate and Warren, Elizabeth,
United States Senate
Letter dated March 1, 2022 ............................................................................. 164
Dental Fix RX
Letter dated March 13, 2022 ........................................................................... 168
Emerson, Mr. Robert W.
Testimony .......................................................................................................... 19
Prepared statement .......................................................................................... 21
Responses to questions submitted by Chairman Cardin and Senator Mar-
shall ................................................................................................................ 207
Franchisee Advocacy Consulting
Letter dated March 24, 2022 ........................................................................... 181
(III)
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Page
Galatte, Michael
Statement dated March 6, 2022 ...................................................................... 191
International Franchise Association
Statement dated March 16, 2022 .................................................................... 4
Malik, Junaid
Letter dated March 14, 2022 ........................................................................... 193
Maze, Jonathan
Restaurant Business article dated February 10, 2022 ‘‘Burgerim’s Growth
Had a Notable Enabler: the SBA’’ ............................................................... 194
North American Securities Administrators Association, Inc.
Letter dated March 14, 2022 ........................................................................... 11
Paul, Hon. Rand
Opening statement ........................................................................................... 2
Stapf, Ms. Leanne
Testimony .......................................................................................................... 40
Prepared statement .......................................................................................... 42
Responses to questions submitted by Chairman Cardin and Senators
Inhofe, Young and Marshall ........................................................................ 202
Tipton, Mr. Bryan
Testimony .......................................................................................................... 52
Prepared statement .......................................................................................... 54
Yelowitz, Dr. Aaron
Testimony .......................................................................................................... 31
Prepared statement .......................................................................................... 33
Responses to questions submitted by Senator Young and Senator Mar-
shall ................................................................................................................ 199
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SMALL BUSINESS FRANCHISING:
AN OVERVIEW OF THE INDUSTRY,
SBA’S ROLE, AND LEGISLATIVE PROPOSALS
WEDNESDAY, MARCH 16, 2022
UNITED STATES SENATE,
COMMITTEE ON SMALL BUSINESS
AND ENTREPRENEURSHIP,
Washington, DC.
The Committee met, pursuant to notice, at 2:32 p.m., via WebEx
in Room 301, Russell Senate Office Building, Hon. Benjamin L.
Cardin, Chairman of the Committee, presiding.
Present: Senators Cardin, Cantwell, Booker, Rosen,
Hickenlooper, Paul, Scott, Ernst, Young, Hawley, and Marshall.
OPENING STATEMENT OF HON. BENJAMIN L. CARDIN,
CHAIRMAN, A U.S. SENATOR FROM MARYLAND
Chairman CARDIN. The Small Business and Entrepreneurship
Committee will come to order.
I want to welcome all of our witnesses that are with us today as
we take up the franchising business model. I particularly want to
welcome our colleague, Senator Catherine Cortez Masto, to the
Committee. We will hear from her shortly.
Today’s hearing will examine the franchising business model, the
small business it creates, the role of the Small Business Adminis-
tration in helping entrepreneurs open franchises, as well as the
Agency’s role in protecting entrepreneurs from deceptive marketing
and bad actors. I also want to thank Senator Cortez Masto for join-
ing us today to discuss legislation that she has proposed to improve
how the SBA supports franchisees.
The most common franchise business model is when a franchisor,
usually a large or growing corporation, provides a business system,
training, products, and branding to a franchisee, usually an entre-
preneur or an established small business, in exchange for a fee and
ongoing royalties. The business model is well known and is prac-
ticed by some of the largest companies in the world, including
McDonald’s, Subway, and UPS Store.
When done well, the franchising business model is beneficial for
the franchisor, the franchisee, and consumers. Franchisors are able
to create efficient and cost effective supply chains while leaving
day-to-day operations to the franchisee.
The franchising business model can also be used to fuel the ex-
pansion of growing businesses. The franchisee is able to skip the
startup phase of a small business, such as conducting market re-
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search and product development, by buying an established brand
and concept. The franchisee is also able to focus on the daily oper-
ations of the business while leaving the marketing, advertising,
and supply chain management to the franchisor. The consumer
gets predictability and guaranteed quality in the products and
services they purchase at locations around the world.
The benefits of the franchising model are many, but the model
has its risks, with the disproportionate amount falling on the
franchisee. For example, the franchisor is in control of all relevant
information a franchisee needs to access the historical performance
and financial strength of the franchise to make informed decisions.
This information asymmetry inherent in the relationship can lead
itself to bad actors.
Recently, I think it was last—a few months ago, Senator Cortez
Masto released a report detailing issues in the franchise industry
and recommendations for transparency and outcomes for
franchisees. As a result, she introduced two bills, S. 1120 and
S. 2162. The Small Business Administration Franchise Loan
Transparency Act would require the prospective franchise owner to
receive accurate historical revenue and store closure information.
And the second bill, the SBA Franchise Loan Default Disclosure
Act, requires the Small Business Administration to publish default
rates for the past decade for each of the franchise brands.
Senator Cortez Masto, we look forward to hearing your expla-
nation of these bills and what brought you to these conclusions,
and our Committee is very much looking forward to hearing from
you in regards to that legislation.
I also want to welcome the other witnesses that we have on the
second panel. I think this can be an extremely important hearing.
For many small business owners, franchising has been a path to
the middle class and financial security. For many others, opening
a franchise has led to a financial ruin. So I am hopeful to learn
from all the witnesses about what Congress can do to maintain and
improve this successful business model while increasing trans-
parency and protect entrepreneurs chasing the American dream
from bad actors and fraudsters.
With that, let me turn it over to Senator Paul for his opening
comments.
OPENING STATEMENT OF HON. RAND PAUL,
A U.S. SENATOR FROM KENTUCKY
Senator PAUL. After borrowing nearly $6 trillion in the last 2
years, is any serious person the least bit surprised that inflation
has reached a 40-year high, that gas prices are higher than they
have ever been, and that supply chain disruptions persist?
You might think that government would change course. You
might think that Congress would consider balancing its budget and
lowering taxes or repealing burdensome regulations. You might
even think that Congress would at least rule out adding more regu-
latory burdens on small business owners. But you would be wrong.
Not one of those things are under consideration today. Instead,
demonstrating a remarkable lack of creativity, the legislation
under consideration today proposes to solve a problem by spending
and regulation with even more spending and regulation.
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Unsurprisingly, small business owners believe the economy is on
the wrong track. The Job Creator Network’s monthly Small Busi-
ness Optimism Index found that small businesses have grown in-
creasingly pessimistic, increasingly pessimistic every month since
July 2021. I am sorry to say that they are not going to feel any
better after this hearing.
Today, this Committee focuses on threatening the franchise
model, which has often been credited as a business model that
spurs job creation, in fact, one of the more successful business mod-
els we have. If our goal is to create an environment where small
businesses can thrive, our focus should be cutting regulations and
barriers to entry. Rather, we are discussing ways to weaken a busi-
ness model that has been benefiting customers, workers, and entre-
preneurs alike across the country, with a great history.
The legislation being discussed today would add more regulations
to franchises seeking to obtain SBA loans. The International Fran-
chise Association has stated that these bills attempt to address a
problem that does not exist in franchising. Franchisee satisfaction
is at an all-time high coming out of the pandemic thanks to the
strength of the business model. Adding new government regula-
tions and new government mandates to franchises will, while ex-
cluding other types of businesses, arbitrarily pick winners and los-
ers.
I ask for unanimous consent to enter the full statement by the
IFA into the record.
Chairman CARDIN. Without objection.
[The information referred to follows:]
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Senator PAUL. In reality, no amount of regulations and disclo-
sures will eliminate the risk in SBA’s programs. The best way to
avoid risk to taxpayers is to stop forcing them to foot the bill for
SBA grants and defaulted loans. As Dr. Yelowitz stated in his writ-
ten testimony, the SBA’s guaranteed lending program cost the tax-
payer $25,000 per job. Another report from MIT found that the
PPP program cost the taxpayer $224,000 per job saved.
Rather than tweaking inefficient and bureaucratic SBA pro-
grams, I urge my colleagues to, for once, consider getting out of the
way and letting small business flourish. Thank you.
Chairman CARDIN. Before turning to Senator Cortez Masto, I
would ask consent that statements from the North American Secu-
rity Administrators Association and the International Franchise
Association be made part of our record. Without objection.
[The information referred to follows:]
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Chairman CARDIN. Senator Cortez Masto, I already mentioned
the work that you did leading up to the introduction of these two
bills. We thank you for your leadership on this issue and so many
other issues, and it is a real pleasure to have you before the Com-
mittee.
STATEMENT OF HON. CATHERINE CORTEZ MASTO,
A U.S. SENATOR FROM NEVADA
Senator Cortez Masto. Chairman Cardin, thank you; Ranking
Member Paul and to the distinguished members of the Committee,
thank you, for the invitation today to testify about the role the
Small Business Administration can play in protecting franchisee
borrowers from harmful practices in the franchise industry.
There are terrific franchise corporations out there that provide
opportunities for entrepreneurs to own successful businesses, but
there are also franchise corporations that treat entrepreneurs in-
credibly unfairly. Last year, I released a report detailing how the
franchise system has left some entrepreneurs financially dev-
astated. I have heard from Nevadans who have lost their retire-
ment funds, their life savings, and their homes trying to repay
loans on unprofitable businesses.
Our small business owners do not expect their businesses to be
risk-free, but if they purchase a franchise they absolutely deserve
to know what they are getting into. Right now, that is not always
the case, and the Small Business Administration can do more to fix
it.
The SBA is the go-to source of funding for many new franchises.
My report indicates that franchise loans make up 13 percent of
SBA’s total loan portfolio. In 2019 alone, SBA guaranteed more
than 7,000 loans to franchise owners. Yet, some franchise brands
consistently see high default rates, and the SBA Inspector General
has repeatedly raised concerns about these high-risk franchises.
This is why it matters. If a franchise owner gets an SBA loan
for a franchise business that is unprofitable, the franchise owner
will oftentimes have to repay the loan from personal assets. That
is their savings, their retirement funds, and their homes. If those
assets are not enough, the SBA then pays off the loan. This is the
guarantee that SBA provides lenders that loan to franchise owners.
Those repaid funds are paid for by other small borrowers and
sometimes taxpayers.
I recommend that the SBA require franchise corporations to
share historical financial performance data with the potential fran-
chise owners before the SBA guarantees the loan. It is a simple
step that could help investors avoid devastating defaults.
Now I have introduced, as the Chairman said, two bills that en-
sure franchisee borrowers have access to critical historical financial
information that they need before they make a decision to move
forward. The SBA Franchise Loan Default Disclosure Act requires
the SBA to publish default rates by franchise brand over the past
decade. Every lender reports to the SBA monthly on loan perform-
ance. The SBA can easily make default rates on loans it guarantees
publically accessible on its website. Publishing defaults by brand
gives entrepreneurs information about the risks that they might
face.
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The second bill I introduced, the SBA Franchise Loan Trans-
parency Act, requires franchise corporations to give accurate histor-
ical financial performance information to anyone applying for SBA
government-backed loans. Now when I talk with franchise owners,
they repeatedly tell me that they did the research before investing.
Yet, prospective franchise owners are not getting all of the histor-
ical financial performance data that they need to make a decision.
Any information they get in the franchise disclosure document is
required by law to be accurate, but because some franchise corpora-
tions know that everything in the FDD has to be accurate they can
leave out key pieces of financial performance information. Instead,
they may give that information to franchise owners outside the
FDD, and they can present it an overly rosy or an inaccurate way.
So my bill requires the franchise corporations to provide specific
historical performance data in the FDD so that borrowers can
make an informed decision about the risks that they face.
People buy franchises because they want to invest in a business
that has proven successful. You are going to hear that today from
one of your panelists. Only brands willing to share revenue data
on how their franchises have performed in the past should earn the
privilege of having their investors receive SBA guaranteed loans.
In that sense, my bills sets a standard for franchise corporations.
Now although I have introduced bills to make these changes, let
me make it very clear that the Small Business Administration has
the power to take these steps on its own. And so while franchises
are wonderful business opportunities for hardworking Nevadans
and they are wonderful business opportunities across the country,
we need to do more to ensure that all franchise owners have that
experience. The SBA should not be guaranteeing high risk loans.
So I want to thank the Committee for taking this subject up. I
look forward to working with the various members of the Com-
mittee and the Chair and Ranking Member and thank you again
for holding this hearing.
[The prepared statement of Senator Cortez Masto follows:]
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Chairman CARDIN. Well, Senator, thank you for your work on
this area and also for your testimony here today. It is hard to gen-
eralize. I agree that franchises are an extremely important part of
entrepreneurship and it has been a very successful model, business
model. It seems to me that the requirements in your two bills—if
we were to categorize those franchises that have been most suc-
cessful, they comply with those requirements. They are already
making that information available to potential franchisees.
So it seems to me what your bill is doing is establishing best
practices in the field in an effort to make sure that the concept of
franchising maintains a standard that will allow it to grow in the
future. So I applaud you and the legislation.
Are there any questions by members of the Committee for Sen-
ator Cortez Masto?
[No audible response.]
Chairman CARDIN. If not, thank you very much for your testi-
mony. Appreciate it.
Senator Cortez Masto. Thank you.
Chairman CARDIN. We will now go to our second panel. We have
testifying virtually, Professor Robert Emerson, and he is the Huber
Hurst Professor of Business Law at the University of Florida. He
has authored several business law textbooks and written several
dozen law journal articles, book chapters, and other works on fran-
chise law. He has led research symposia on franchising and taught
franchise and distribution law at universities and institutions
throughout North America and Europe.
We will then hear from Aaron Yelowitz. Dr. Aaron Yelowitz is a
professor in the Department of Economics at the University of Ken-
tucky, a senior fellow with the Cato Institute, and a research fellow
with the Institute of Labor Economics. He has taught graduate
classes in public economics and health economics and under-
graduate classes on health economics, labor economics, housing eco-
nomics, and poverty and welfare programs.
We will then hear from Leanne Stapf, Chief Operating Officer of
The Cleaning Authority, Columbia, Maryland. Leanne Stapf has
been the Chief Operating Officer of The Cleaning Authority since
2012, working to build and enhance the infrastructure to support
franchisees. She is also a franchisee of a location of The Cleaning
Authority in Harrisburg, Pennsylvania. The company’s franchises
provide regular cleaning services to over 100,000 customers.
Now lastly, we will hear from Mr. Bryan Tipton, owner of Tipton
Investments in Nicholasville, Kentucky. He has been an Arby’s
franchisee since 2008 and also owns a residential rental company.
Mr. Tipton works in the operations of his restaurant. Mr. Tipton
grew up in Richmond, Kentucky, working in the fast food industry
and attended Eastern Kentucky University before pursuing res-
taurant management.
We will start first with Professor Emerson, virtually.
I would ask each of you to—your full statements will be made
part of our record. If you could summarize in about five minutes,
we would appreciate that.
Professor Emerson.
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STATEMENT OF ROBERT W. EMERSON, HUBER HURST PRO-
FESSOR OF BUSINESS LAW, UNIVERSITY OF FLORIDA,
GAINESVILLE, FL
Mr. EMERSON. Thank you. Chairman Cardin, Ranking Member
Paul, distinguished Committee members, I am honored to be in-
vited to this hearing. I grew up not far from the Capitol in Silver
Spring and wish I could be there in person.
This morning, I watched the incredibly moving speech before
Congress of President Zelenskyy, and I will be the first person to
acknowledge that my thoughts on franchising obviously do not mat-
ter much compared to something as epic as that. Still, as I thought
about Ukraine’s heroic fight for freedom and democracy, I thought
of how franchising is a kind of marketplace democracy.
As a model for business based on free choice, good governance,
transparency, and a certain measure of democratic norms, much
should be expected of franchising, and the best run franchisors gen-
erally do quite well, yet not at the expense of franchisees. They are
really all in it together.
Many franchisees have benefited very much from becoming part
of a franchise network family, but other franchisees have been hurt
tremendously. To some degree, these franchisees can, and no doubt
often do, blame themselves for not steering away from what turned
out to be a fateful choice to purchase a franchise, but those mis-
takes are so predictable. Just as we do not know who exactly will
be injured due to poor designs or manufacturing but we can predict
that there will be significant numbers who are injured, so we can
look at how some franchise systems operate and how some fran-
chise prospects will proceed, and it all so predictable that people
will be hurt.
So there are norms in that franchisees should have a number of
freedoms that a written term in a FDD or a franchise agreement
cannot deny, freedoms such as to go to court to assert a claim
based directly on the FTC rule, to freely associate and exchange in-
formation with other franchisees without any fear of retaliation, to
be able to introduce in court the statements made to them by
franchisor representatives despite a parol evidence rule or waivers
or nonreliance defenses.
A norm of good franchise system governance should be that
franchisors are bound by the reasonable expectations of all the par-
ties concerned, including franchisees, whenever operations manuals
may be used or require expensive changes to the system.
Perhaps most of all, and this is really more on regulators and the
franchising community as a whole, the mountain of information
that is available to prospective franchisees needs to be more readily
accessible, in a highly useful format, for easy tabulation and com-
parison of FDD data from various franchisors or even across indus-
tries.
In my research, I have gathered hundreds of FDDs and put them
in somewhat surgical files for my use. But when you need to put
in time to do that, well, it really does help to have tenure. Prospec-
tive franchisees do not have that time and may understandably feel
as if they are being hosed down by a fire hydrant of documents,
disclosures, and disclaimers. Exhaustion, information overload may
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lead them to decide to abstain from some choices that they really
should make.
So I do endorse S. 1120 and certainly agree with the motives be-
hind S. 2162, but the FTC, the SBA, the NASAA, the IFA, and
probably some other acronyms certainly could work to make the
data much more user-friendly. That would be good for everyone.
The data out there is really a set of collective experiences, and
when we look at those experiences, you could say that franchise
systems are all feeding off of experience, what a franchise network
builds upon. There is always more for us to learn, and thus, I hope
I am one person for whom the old quip does not apply: You can al-
ways tell a Harvard man, but you cannot tell him much.
[The prepared statement of Mr. Emerson follows:]
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Chairman CARDIN. Professor, thank you for your testimony. We
appreciate it very much.
Dr. Yelowitz.
STATEMENT OF AARON YELOWITZ, Ph.D., PROFESSOR OF ECO-
NOMICS, UNIVERSITY OF KENTUCKY, SENIOR FELLOW,
CATO INSTITUTE, LEXINGTON, KY
Dr. YELOWITZ. Chairman Cardin, Ranking Member Paul, and
members of the Committee, thank you for the honor of partici-
pating in today’s hearing. My name is Aaron Yelowitz, and I serve
as a Professor of Economics at University of Kentucky and a Senior
Fellow at Cato Institute.
The franchising model, which allows aspiring entrepreneurs to
adopt a proven business model while avoiding many of the mis-
takes associated with a new business, impacts 730,000 establish-
ments and 8.4 million workers in the United States. Although
many people associate franchising with fast food, there are thou-
sands of brands across 300 business lines.
From entry into markets to jobs and wages to the use of SBA
loans, emerging evidence shows that the conditions franchisees op-
erate under are not substantively different than small, independent
business owners. Singling out franchising for additional regulation
will make the franchising model less viable, in turn, leading to less
competition and higher consumer prices at a time when inflation
is already at 40-year highs. The degree to which the Federal Gov-
ernment should be involved in regulating private businesses and
subsidizing business loans is a legitimate question, especially with
high taxpayer costs per jobs created, but singling out franchises is
unwarranted.
Proposals to further regulate franchise disclosure that are solely
confined to the SBA are misplaced. Franchise sales and disclosure
is heavily regulated by the FTC, which administers the FTC Fran-
chise Rule requiring disclosure in 23 areas.
Given the paucity of data on franchising, Oxford Economics sur-
veyed more than 4,000 franchisees and published a comprehensive
study in 2021. Oxford found franchising offers a path to entrepre-
neurship but is especially valuable for new entrepreneurs, vet-
erans, minorities, and women.
Some popular books describe franchising as running a business
with training wheels. Franchisors provide training wheels to keep
new franchisees balanced until they can pedal on their own. This
view is confirmed in the study. Thirty-two percent of respondents
report they would not own a business without the franchising
model. Without this model, 223,000 establishments employing some
1.8 million workers would not exist. Franchisees value the
franchisors’ support in areas where an entrepreneur running a
small, independent business would likely make mistakes. Intu-
itively, many business owners would not have gone down that un-
certain path without such support.
Critics of franchising often focus on the wages and labor viola-
tions. Oxford compared wage levels and growth for new hires at
franchises and independent businesses. Wages and wage growth
were virtually the same for new hires with no more than a 13-cent
difference in any of the first 20 months of employment.
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SBA loans account for about 1 percent of all small business
loans. A recent study links SBA loans to businesses. The loans did
encourage job growth. However, the taxpayer costs from charge-offs
in administration range from $21,580 to $25,450 per job created
while the jobs themselves paid about $30,000 per year on average.
Business lending is important to franchisees. The Oxford study
finds that 21 percent of respondents report being capital con-
strained when starting their first franchise business.
Critics have expressed concern about default rates. I have ana-
lyzed SBA loans from fiscal year 2010 onward based on franchise
status, essentially a comparison of franchisees and independent
businesses. Among 7(a) and 504 loans, about 10 percent went to
franchisees. As time lapses from when a loan originates, charge-off
rates increase although the charge-off rate for 2020 through 2022
may be misleading because of debt relief forbearance from the
CARES Act.
In my view, there are very modest differences in charge-offs. In
most years, the difference in charge-offs between franchisees and
independent businesses is statistically insignificant. For example,
in fiscal year 2010, 7.8 percent of franchisees’ SBA 7(a) loans were
charged-off, slightly lower than the 8 percent for independent busi-
nesses. For the 504 loan program, charge-offs were nearly the same
after 2011. The SBA data does not support the characterization of
franchise loan charge-offs as anything out of the ordinary. Rather
than being squeezed by corporate franchisors to commit wage viola-
tions or default on loans, the data paints a picture of franchisees
performing much like small, independent businesses.
Small businesses promote competition. Some recent proposals
would impose new burdens on the franchisor-franchisee relation-
ship, which is private and voluntary. The proposed PRO Act will
codify an expanded joint employer standard. The so called ‘‘ABC
test’’ in the PRO Act could potentially classify franchisees as em-
ployees of their brand instead of small businesses, which in reality
they are. Both provisions would ultimately lead to fewer franchise
establishments in the marketplace. Such proposals that interfere
with the existing franchisor-franchisee relationship run the risk of
raising consumer prices even further.
Thank you.
[The prepared statement of Dr. Yelowitz follows:]
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Chairman CARDIN. Thank you very much for your testimony.
Leanne Stapf.
STATEMENT OF LEANNE STAPF, CHIEF OPERATING OFFICER,
THE CLEANING AUTHORITY, COLUMBIA, MD
Ms. STAPF. Chairman Cardin, Ranking Member Paul, and distin-
guished members of the Committee, my name is Leanne Stapf, and
I serve as Chief Operating Officer and franchise owner of The
Cleaning Authority, and I live in Columbia, Maryland. Thank you
so much for this invitation. I am really jazzed to be here.
I am both a franchisor and a franchisee, and I appear before you
today on behalf of the International Franchise Association. In our
view, at this stage of the economic recovery, the state of franchising
has never been stronger. While our businesses need more workers,
today franchisee satisfaction has never been higher. According to
Franchise Business Review, 88 percent of franchise owners say
they enjoy operating their business. Franchises have led the eco-
nomic recovery with the highest growth rate since we have been
tracking the data, reaching nearly 775,000 total franchise estab-
lishments in 2021 and achieving an astounding 16.3 percent
growth in output.
Mr. Chairman, franchising remains the ultimate hybrid business
model between standalone small businesses and big corporations,
and this model continues to empower people from all backgrounds
to achieve their dream of business ownership more than any other
format in America. I have seen firsthand how franchising can
change lives and change communities. Franchising democratizes
business ownership for people of all backgrounds. To be clear, I
would not own a business if it were not for franchising, and accord-
ing to recent research by Oxford Economics, 32 percent of all fran-
chise owners report they would not own a business if they were not
a franchisee. This proportion is even greater among both female
owners and owners for whom a franchise was their first business.
Franchising also boasts a higher ownership rate by people of color
than among non-franchise businesses.
There are just so many of us that have that entrepreneurial spir-
it but do not necessarily have the expertise to really be efficient at
all aspects of running the business, and the franchise offers us
that. That structure, that framework, that is going to save us mas-
sive amounts of time, money, and frustration.
I came into franchising after starting my career in computer pro-
gramming. I was looking for the next step in my career and ready
for a lifestyle change that allowed me to be with my family more,
and I found a job description matching my technical expertise that
came up for The Cleaning Authority, and soon after I was hooked.
I am so proud of what The Cleaning Authority has accomplished
for more than 200 communities we operate in. Through our TCA
Cares—this was a program designed by franchise owners and fa-
cilitated by the franchisor—we have had 12 food drives, collecting
over 1 million pounds of food equal to 894,000 meals to over 600
food banks within our communities. Last year, our first coat and
outerwear drive, we saw almost 10,000 articles of clothing donated.
We also award ten $1,000 scholarships each year to employees and
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their dependents of The Cleaning Authority to align with our mis-
sion to positively impact the quality of life of the people we employ.
But our story is not unique. The Oxford Economics research ref-
erenced in the testimony showed that some 65 percent of franchise
owners gave to local charities and they donated a total of $1.5 bil-
lion to charities last year. In addition, franchise owners purchase
significant percentage of their inputs from local suppliers, thus con-
tributing to their local economies through their supply chains.
Without franchise small businesses, if franchises were replaced by
big corporations on Main Street, all of this community investment
goes away.
Chairman Cardin, thank you so much for holding today’s hear-
ing. I want to close by noting that IFA is very supportive of SBA
loan programs. These loan programs are essential to giving oppor-
tunity to those who may not have access to capital. IFA is also very
supportive of the FTC Franchise Rule, which provides the guide-
lines for the disclosure of the majority of data franchise brands pro-
vide to empower franchise owners.
And finally, you might have heard an old saying: If you want to
go fast, go alone. If you want to go far, go together.
So I believe America needs to go far, and I believe we need to
go together. And I believe we can do it by keeping franchising alive
and well.
We hope Senators will continue to support the franchise busi-
nesses in the State, and I would be happy to answer any questions
you may have. Thank you.
[The prepared statement of Ms. Stapf follows:]
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Chairman CARDIN. Well, thank you very much for your testi-
mony.
Mr. Tipton.
STATEMENT OF BRYAN TIPTON, OWNER, TIPTON
INVESTMENTS, NICHOLASVILLE, KY
Mr. TIPTON. Chairman Cardin, Ranking Member Paul, and mem-
bers of the Committee, I would like to thank you for having me
here today for this hearing. My name is Bryan Tipton, and I have
been in the restaurant and bar business my entire adult life. I am
now a proud fast food franchisee and I have been for many years.
I hope that my experience can be of benefit to this meeting today.
I would like to start by saying that when I pursued a franchise
I knew that before I ever opened the door of a restaurant that I
would have in my particular brand at least 50 years of experience
at my fingertips. As it turned out, I was right. I also knew that I
would have buying power and support that I would have never had
on my own. And as a group, we can advertise and promote our
company in ways otherwise unimaginable.
Even before the pandemic, the restaurant business has been a
very tough business. Everyone knows that lately it has been even
tougher since the pandemic. It is a retail business that in most
cases is over 16 hours a day with strict regulations, health codes
from every health department and city and county in America. As
a franchisee of a large restaurant group, I can tell you there is al-
ready a lot of oversight, paperwork, reporting, et cetera, required
to the franchisor, and my process with my franchisor was ex-
tremely transparent.
The legislation discussed today seems to be addressing a problem
that does not exist. I just cannot imagine adding more red tape to
it and with government regulations and oversight. It would only
add to the cost of franchising at a time when franchising is helping
navigate an already difficult business environment. I just do not
see the need.
I would also like to mention that in the beginning of the pan-
demic there was a lot of uncertainty. Many, if not all, business
owners were very scared and unaware of the future, especially res-
taurant businesses. A lot of restaurant owners took PPP assistance,
but I think now we are seeing terrible consequences of this pro-
gram and a lot of other government giveaways, and now what we
thought would help is hurting us in a big way. I did not take a sec-
ond PPP or a Restaurant Revitalization Grant, and if I had it to
do over again, I would not have taken PPP.
Because of these programs, there are record levels of inflation
and the biggest labor problem in my career. Industrywide, in al-
most everywhere in this country, they have seen the same prob-
lems since the beginning of the pandemic—unemployment due to
stimulus. There have been good intentions, but I certainly do not
think that more government intervention is going to fix it now.
Restaurants have been resilient, and if they are not making it
now, there is likely other reasons for it. Additional grant funding
or government-backed loans will only further the inflation problem.
The government needs to get out of the way of business owners.
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At the same time, the taxpayers taking on risky business loans
is not an answer either. Most small business owners’ needs, includ-
ing my own, can be met in the private lending market. More red
tape to navigate, on the other hand, is the last thing that my busi-
ness or any other small business needs right now.
Thank you.
[The prepared statement of Mr. Tipton follows:]
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Senator PAUL [presiding]. Thank you all on the panel for your
testimony.
Professor Yelowitz, President Biden and others have argued that
corporate greed causes inflation. Biden quotes 17 economists to also
argue that Build Back Better, a couple trillion dollars’ worth of def-
icit spending, will reduce inflation. Speaker Pelosi recently blames
inflation on low unemployment. I was wondering if you could give
us a little review, a little Economics 101, on what actually causes
inflation.
Dr. YELOWITZ. Well, I am not a macroeconomist, so I will say
that off the bat. But basically, when supply and demand are out
of whack, then prices will adjust. And in the labor market, for ex-
ample, we see a worker shortage, wages are rising, businesses are
competing for workers, yet not being able to get them even without,
for example, higher minimum wages. And so in a sense, prices ad-
just. They are a market signal that basically says something about
scarcity, and that is likely what is going on now. We just have all
sorts of interruptions in the economy, and that probably is what is
causing the higher prices that we are seeing.
Senator PAUL. Do you think deficit spending, increasing deficit
spending, makes inflation less or more?
Dr. YELOWITZ. It certainly would increase it.
Senator PAUL. Mr. Tipton, we have been talking some about
business loans, government involvement, but there are many other
factors of life and what government either does to you, for you, or
against you that affects how your business—how well your busi-
ness succeeds. In 2017, we passed a tax reduction, letting business
owners keep more of what they earned. Did you see any effect in
your business? Did the tax rates allow you to expand any in your
business?
Mr. TIPTON. Yes. Obviously, when there is more going in the
pocket of the business owner, they have more capital to grow and
spend. In my company, we enjoyed that benefit then.
Senator PAUL. I have no further questions. I thought somebody
just came in, but, no. We will wait for one moment, and the Chair-
man will be back, and we will have some more questions in just
a moment.
[Pause.]
Senator PAUL. While we are waiting, I do have another question
for Mr. Tipton. Your experience as a franchisee and dealing with
a franchise, you know, with a parent company—do you see it in
your experience as being adversarial, or do you see that your inter-
ests are aligned between the franchisee and the franchisor, or do
you see it as a relationship that works or a relationship that needs
the government to be involved in a bigger way?
Mr. TIPTON. Well, certainly do not need the government involved.
My process with my franchisor was very transparent, and the rela-
tionship is very good. It was good then, and it is good now and al-
ways has been. I have been through the process with more than
one national brand, and it was the same. It was very good, very
transparent. As a matter of fact, both were so transparent that
there was a lot, a lot of information, a lot, a lot to take in. Nothing
was left out.
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Senator PAUL. So I guess you get the benefits of the name of the
restaurant chain that drives customers in. You get benefits of
cheaper cost of goods. I guess you get food and supplies for the res-
taurants come through a purchasing agreement with the parent
company. Is there also availability of credit through the company
as well as far as borrowing?
Mr. TIPTON. I am not sure. I have never used the company for
financing. I have always—that has always been done in private
banking industry. And if—in my opinion, if you are doing the right
stuff, that is not going to a problem.
Senator PAUL. So you did not utilize small business loans in
starting yours? You utilized just the private banks and banking
system?
Mr. TIPTON. No. And I do not understand why—I do not under-
stand why you would. If you are doing the right thing, the private
banking industry is going to be there.
Senator PAUL. Well, the difference also is that there is a feedback
loop. If you borrow from government and government puts out a
thousand bad loans, who is going to replace the people in govern-
ment and say they are not doing a good job?
If you live in Richmond, Kentucky, and your bank does a thou-
sand bad loans, my guess is that way before you get to a thousand
somebody loses their job or the bank goes out of business or you
have to have, you know, some sort of feedback loop.
And this is essentially the difference between government and
private sector and one reason why many of us will argue that the
private sector, unless it absolutely is not working, that we should
really try to do almost everything within the private sector because
you have that feedback loop that breeds excellence, and that is ba-
sically the profit motive.
Mr. TIPTON. I would also say that if you cannot get financing
through the private sector and you need to go to SBA, then you are
not—obviously, you are not doing something right anyway.
Senator PAUL. Thank you.
Senator Ernst.
Senator ERNST. Thank you, Mr. Chair, and thanks for the wit-
nesses for coming in front of us today for this hearing.
The franchising model system has provided so many with the op-
portunity to independently run a small business. We see this all
across Iowa, and as part of my 99-county tour, I have heard from
many of those franchise owners throughout my State. These fran-
chising opportunities are providing entrepreneurs with a proven
business model, a recognizable brand that offers a built-in cus-
tomer base, and the potential for fast growth.
In Iowa, franchises contribute $4.1 billion to the economy and
over 95,400 jobs. These small businesses, like all other small busi-
nesses throughout the country, are vital to the economy. That is
why I am so excited to have the opportunity today to discuss the
role that the SBA, the Small Business Administration, plays in
small business franchising as a whole.
So if we could start with you, Dr. Yelowitz, I appreciate you com-
ing in today to discuss these small business franchises. In your tes-
timony, you had mentioned that SBA loans were a strong contrib-
utor to job growth by providing access to capital for our small busi-
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nesses. How can SBA lending programs be better utilized for job
creation and wage growth, especially in the areas like mine, our
very rural areas?
Dr. YELOWITZ. Basically, SBA loans, the studies that I have re-
viewed show that there is some job growth from those loans. On
average, around 3 to 3.5 jobs are created per million dollars of loan.
Those studies do not distinguish between franchises versus inde-
pendent businesses, and so probably my biggest take would be to
not single out franchises for any different kind of regulation than
for any other sort of business.
Senator ERNST. No, thank you. We just know how important it
is to have access to those loans and certainly to promote job cre-
ation and wage growth.
Now in your testimony, you also mentioned protecting the Pro-
tecting the Right to Organize Act or the PRO Act, which would cod-
ify into law an expanded joint employer standard, where fran-
chisers can be held responsible for actions taken by their
franchisees. You say that this would essentially eliminate the en-
tire concept of franchising as a business model. Can you talk about
the effects that that the joint employer standard would have on
small businesses and our consumers as well?
Dr. YELOWITZ. The PRO Act has several provisions in it, the joint
employer standard and the so-called ‘‘ABC test,’’ which will raise
the cost of doing business in terms of the franchisor-franchisee re-
lationship. If it increases costs, then what will likely happen is that
there will be fewer franchises out there. That, in turn, will lead to
less competition. And as we know, less competition will lead to
price increases in an economy where we already have as high of in-
flation as we have seen in 40 years.
Senator ERNST. Right. Yes, thank you so much. I know it is ex-
tremely concerning to so many across the State of Iowa and I am
sure in many other areas as well.
And, Mr. Tipton, thanks again for appearing in front of us. In
your testimony, you had mentioned how record levels of inflation
caused by Federal spending is impacting small business supply
chains. Inflation has created a hidden value-added tax on pro-
ducers, and the Producer Price Index reached 10 percent over the
last year this month. And can you talk a little more about the im-
pact that inflation has had on producers and what that means for
prices facing our consumers?
Mr. TIPTON. Well, it has affected every part of the business,
every part of the supply chain. In my brand, we have seen in-
creases on every single part of the company, from all supplies, ev-
erything from fuel cost, extras, you name it. Across the board,
there has been increases in everything. And that has led to across-
the-board price increases from the brand to the consumer, which
we have already implemented one price increase just a few weeks
ago and will likely see more at this rate.
Senator ERNST. Yes, I would agree. Now for all of our witnesses
as well, with the cost of doing business for our small businesses
and our franchisees, do you see this as being transitory? And if it
is not transitory, at what point do we ever bring those costs back
down, and how does that happen?
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Mr. TIPTON. Well, I do not know if I know the answer to that,
but I do know that usually, as we all know, when prices go up, a
lot of times they do not come down. And I am a little fearful of that
because the inflation numbers that we have seen have taken a lot
of profit out. You know, we tried to eat a lot of this to stay competi-
tive. A lot of fast foods brands were trying to do that, but it was
just too much. Still had to raise prices. And we are still—you know,
profit margins are far less today than they were this same time
last year.
Senator ERNST. Thank you. Any other panelists?
Mr. EMERSON. Yes, I would like to say I think the costs are tran-
sitory. I mean, things go up; things go down.
And I think that some of the concerns about the PRO Act are
overstated. I think that a lot of the issues arising out of a concern
about the gig economy are justified, and there are questions of how
it would actually be implemented to try and accommodate the fact
that we are in a much different era than we were even 10 or 20
years ago. But to reflexively, in effect, say this is going to kill fran-
chising is, I think, overblown.
I believe that a lot of the concern has been generated by, of
course, what is going on in one or two states and one or two provi-
sions, or at least suggested provisions, which may need to be
tweaked. But to not recognize that the economy is not the same
and that franchisees are, in some systems—or would-be
franchisees, depending on how you classify them—are in a different
position than sort of the old fashioned standard. So whether you
call them an employee—or in one of my articles I talk about them
as dependent contractors, not independent contractors—can vary.
A lot of the issue really for the systems on a macro level, I think,
is that some franchise systems are doing very well, their
franchisees are doing well because of that and they justifiably, as
Mr. Tipton clearly is, are proud to be and happy to be in a system,
but I am concerned that the ones that are not doing that well are
actually sort of a drag on franchising generally. I mean, that is
what led to the first real legislation in America, in California and
other states, was the history of problems in the 1960s, early 1970s,
with people that were basically churning franchises. And I am not
saying that is happening in most systems, but clearly what Senator
Cortez Masto was referring to in some franchise network systems
was such a thing.
So I do not see how the proposed bills really would necessarily
have a dramatic impact on a cost. I think a lot of the work that
is being done to furnish data is already cooked into the system and
it is just a question of doing it more effectively. It is not so much
there is too much information. There is a lot of information. But
it is just that the accessibility of it is not that easily available.
And that is why I use the metaphor of a fire hydrant or some-
thing just spewing out all this information, but it is not really that
well organized. And a lot of prospective franchisees throw their
hands and say, well, I think I feel comfortable. And it really should
not be like that. They should have better access to the information.
And as I understand it, a lot of franchisors are in favor of that.
They do not have a problem with that information——
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Senator ERNST. Thank you. I want to offer the opportunity to
other panelists as well. Thank you.
Mr. EMERSON. Yes, I understand. Thank you.
Senator ERNST. Yes, please.
Dr. YELOWITZ. One thing that I think will be important to em-
phasize is that you spoke about some of the provisions from the
PRO Act, which is quite a bit different than information disclosure.
And what I would point out about information disclosure is there
are thousands of brands out there that compete with each other in
terms of providing information, and those that are providing trans-
parent products will find more takers. So I think the market as a
whole, the private market, will in a sense solve many of these
issues.
And there might be stories about one of two brands, but there
are thousands of brands out there. And remembering that this reg-
ulation does not only affect the one or two brands, or several
brands, where there are these stories, but all brands is something
really important to consider.
And again, your question about joint employer, about the ABC
test, those sorts of things, feels quite a bit different than the infor-
mation disclosures.
Senator ERNST. Very good. Thank you.
Well, I will yield back my time. Thank you very much. Thank
you, Mr. Chair.
Chairman CARDIN [presiding]. Thank you. As I hope was ex-
plained, there are votes that are going on. So I went over to cast
my vote. I am sorry I missed some of your comments. There will
be a second vote on in about 20 or 25 minutes from now, but we
are going to try to continue the hearing.
I just really want to respond briefly to some of the comments
that have been made in regards to inflation, cost, and small busi-
nesses. Ms. Stapf, I appreciate your acknowledgment in your writ-
ten testimony as to the importance of the PPP program to keep
businesses afloat. The PPP program was created by bipartisan
leadership in the U.S. Congress. I was proud the role that the
Small Business Committee played, working with Senator Rubio,
Senator Collins, Senator Shaheen, and myself in drafting the Pay-
check Protection Program.
And then in the American Rescue Plan, we fine-tuned it so that
we could really tailor it to the small businesses that needed it the
most. And the statistics from 2021 indicate that we were able to
get to the smaller small businesses, to those in underserved com-
munities, that we were able to get to those that were so desperate.
And your observations are similar to the observations that I have
received in going through my small business community. On Small
Business Saturday, I was in Annapolis visiting small business own-
ers who told me, literally, they would not be open today but for the
help they got in regards to the small business aid programs as a
result of the Coronavirus packages.
So I just want to dispel the concept that what we did to help
small businesses and keep them alive, keep our economy moving,
prevent from going into a deep recession is not why we have high
prices today. High prices are a result of many factors, including a
supply chain challenge in which one of our colleagues, Senator
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Cantwell, has worked on legislation to innovate and manufacture
here in America, that we are going to be going to conference as a
bipartisan bill to try to deal with supply chain issues, that will deal
with some of our challenges on cost as well as some of our work-
force challenges, for example, the cost of childcare, keeping too
many women particularly out of the workplace.
So we have a game plan to deal with the cost centers, but I just
really do not want to blame the help that we have given to small
businesses as anything other than helping our economy survive the
greatest pandemic in a hundred years. And I am proud of the work
that we did, near unanimous. We had a few members of the Senate
who disagreed with the program, but by and large, this has been
a collective effort in order to keep our economy moving during the
Coronavirus.
So I want to get back to the franchise issue because I do think
the franchise model is a critically important model for our economy,
and I recognize that. I have recognized it from the beginning. But
it does have certain vulnerabilities because of, in cases, the con-
tractual relationship between the franchisor and the franchisee.
So if I might, Professor Emerson, start with your view, you said
favorable things about the need for certain congressional action in
order to deal with making information available to potential
franchisees. Could you elaborate as to where you think the greatest
priority should be placed in providing information to a franchisee?
We know that the legislation deals with financial information and
failures, et cetera, but where do you think there is need for more
definitive regulation?
[No audible response.]
Chairman CARDIN. You are on mute, I think, Professor. We still
cannot hear you.
Mr. EMERSON. Okay.
Chairman CARDIN. We hear you now.
Mr. EMERSON. I am unmuted now?
Chairman CARDIN. Yes, you are Okay.
Mr. EMERSON. I knew that would happen. Now I think that the
biggest problem, as I have said, really is there is a lot of informa-
tion out there. And a lot of it—I think if franchisees, prospective
franchisees, put in the time they can get better information. But
the ability to compare to other franchises that they may be looking
at, to cross into other industries and look at them, to kind of evalu-
ate their costs, not being franchised but otherwise investing in
some other opportunity, is very difficult for them to do because of
the way that the data is just sort of presented.
And I think in time this will probably become easier for people
to handle, but anything that can be done by the FTC, the IFA, the
SBA or others, or could be facilitated by an act of Congress to make
that data available would be very useful. I think that that is one
reason I think S. 1120 could be so helpful is what it might provide
in terms of the ability to give that more data to prospective
franchisees.
A lot of the things I outlined in my written statement are more
problems substantively, I think, in terms of some of the things in
a franchise agreement or the procedures for dealing with them.
And anything at the FTC level or the SBA level that could give
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61
more information to franchisees about what it is they are dealing
with would be good. But for now, I do not think Congress has real-
ly shown that much inclination going into substantive mode. If
Congress wanted an act on franchising, that would be entirely a
different matter.
Chairman CARDIN. Thank you.
Ms. Stapf, you can give us a unique perspective, both as a
franchisor and a franchisee. So tell us what information is the most
useful to have available to a potential franchisee in deciding
whether to move forward with the business opportunity?
Ms. STAPF. Yes, thanks. Yes, outside of the leadership and the
history of the brand, I think the Item 19 is obviously very impor-
tant for prospective franchise owners. I also believe that Item 19
is the next best place to start because that will allow a prospective
franchise owner to see the health of the brand, openings and clo-
sures, and then be able to have full access to all of the other fran-
chise owners and then can conduct their due diligence. So those are
the two areas of the FDD.
Chairman CARDIN. So let me turn to how the SBA can be helpful
to a franchisee. In what areas do you think the SBA could improve
its ability to help franchisees in making decisions on franchise
agreements or to be able to operate as a franchisee?
Ms. STAPF. Yes, so I think that the SBA directory might be a
good place to start. So this was in conjunction with the IFA was
formed, and it set criteria with the SBA. And one way that we
could make—one thing that we can look at is maybe expanding
that criteria.
Chairman CARDIN. And in regards to the financial tools that are
available through the SBA, from the numbers we are looking at,
it looks like there is a pretty active use by franchises of the tools
at the SBA for financing. Do you have any suggestions as to where
you think the priorities should be?
We have the 7(a) program, obviously. We have the smaller pro-
grams such as the microloan programs. We have the 504 program
and refinancing. Is there a particular challenge that you see in any
of those tools that we could fine-tune to help franchise owners?
Ms. STAPF. Well, I am honored that you would ask that. So just
in my personal experience, traditionally a lot of our franchise own-
ers use the express loan, and that has been just a bit of a challenge
from a time perspective. I do not know if it is a backlog from PPP
loans or what have you or the fact that we are a low-dollar loan
because we do not have assets. We are a service brand. But we find
that it is taking a considerable amount of time before our franchise
owners get funded for their express loans.
Chairman CARDIN. We do find a general problem in regards to
the loan programs at the SBA, that those that are smaller in dollar
amount generally are not the priority of private financial institu-
tions. They like larger loans, generally. They can do one loan rath-
er than have to do three for the same number of dollars. They
would rather just do one loan. So we do find a challenge in regards
to the smaller amounts of loans, for the smaller numbers.
I take it that in the franchise world you have large franchisees
and you have small franchisees. So you have different ones that
qualify for the SBA programs. That is one of the reasons why there
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is under consideration today the direct lending program by the
SBA so that there would be no disadvantaged on the size of the
loan that is being requested under the 7(a) program. There is also
proposals to deal with the cost of the 7(a) loans, recognizing that
for smaller companies that cost issue can become an obstacle for
getting a loan.
Your observations seems to indicate that the smaller the loan it
can be more challenging to get the attention of a private bank?
Ms. STAPF. Certainly, that is my observation. You know, I do not
have obviously the proof of that, but I do feel that our loans are
just taking an enormous amount of time where other more asset-
heavy franchise systems are getting their loans quicker. So that
would be great for us.
Chairman CARDIN. I would be glad to hear from any of the other
panelists if you want to make some additional comments. We have
the time. So, Mr. Tipton, do you want to add anything to the dis-
cussion.
Mr. TIPTON. Just off of what she just said, I do not know. I do
not have the numbers or anything either, but maybe the loans may
take longer because of the fact that they are no-asset loans. Maybe
the due diligence in that is different. I do not know.
Chairman CARDIN. Professor Yelowitz, in regards to franchise
businesses, are there particular challenges that you find in regards
to the SBA tools that are available?
Dr. YELOWITZ. I think that Ms. Stapf and Mr. Tipton, being busi-
ness owners themselves, probably are more expert on that. So I do
not think that that is my wheelhouse.
Chairman CARDIN. Okay. Professor Emerson?
Mr. EMERSON. I would tend to agree with Professor Yelowitz.
The only thing I would add is my concern—and I cannot verify
this—is information that is privy to the SBA in terms of the guar-
antee function, or lenders, but not available to the franchisee, the
prospective franchisee itself, in terms of arranging for the loan to
be approved. And that strikes me as, at least from an angle of eq-
uity, problematic. And there is at least people that think that that
is a problem, certainly when you look at what Senator Cortez
Masto’s office filed. The information at least that franchisors are
imparting information to help sales prospects get a loan but not
providing that information to the franchisees, under some cloak of
confidentiality, would be very troubling to me.
Chairman CARDIN. That is an important point. You know, that
is one of—we are going to be in conversations with the SBA on
some of these issues and try to work with them. I think much of
this can be done administratively, as has been pointed out. So we
will be working directly with the SBA to see whether we cannot
deal with some of these issues through their practices.
And I agree with Professor Emerson. There is a lot of informa-
tion out there, but if you are just starting a franchise business, you
do not have deep pockets. You do not have a lot of people on payroll
to be able to delve through all this information. It has got to be
made available in a useful way.
And it is hard enough now to get through all of the requirements
to get the loans and everything together to start a business. You
do not have the resources to try to wade through all this informa-
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tion and go through all this challenge in order to be able to move
forward. We have to find an easier way to get this information
available to potential franchisees. So I think your point is very,
very well taken.
Mr. TIPTON. Chairman, I was just going to mention also, it was
mentioned earlier about disclosure. Beyond—and in my experience
with my franchisor, beyond all of the disclosure statements, we
were encouraged to go talk to other franchisees all over, every-
where, all over the country. So I just wanted to mention that, too,
that that was a big benefit in my start.
Chairman CARDIN. I think that is excellent advice. My experience
is that, again, the successful franchise brands want that to take
place. That is why they are successful. They want to make sure it
is the right fit for the franchisee, and talking to other franchisees
can be extremely helpful to know what you are getting into and
make sure that is what you really want to do. So I think that is
really good advice.
And I am going to agree with many of the panelists that a lot
of this is just common sense type information we have got to get
out there to make a decision. It may already be out there. It is just
hard to find, and we need to facilitate.
One of the things I have learned about the SBA and where it is
most valuable and the resource partners that work with small busi-
nesses is that the more mentoring, the more technical help, the
more connections that can be made through the SBA services, the
more successful a young business is going to be. So any connections
that we can make in that regard, including connecting with other
franchisees before a potential franchisee makes a decision, is going
to be helpful. So I appreciate that advice.
Let me thank again all four of our witnesses. This has been ex-
tremely helpful. We will be following up, and we may be contacting
you to help us as we go through this field.
The record will remain open for two weeks.
And with that, the Committee will stand adjourned, with our
thanks.
[Whereupon, at 3:46 p.m., the Committee was adjourned.]
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Æ
OPDS05-437224 with DISTILLER Insert offset folio 200 here 47361.200
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File and source
- File
- CHRG-117shrg47361.pdf
- Size
- 22,264,372 bytes
- SHA-256
- 1a7c08c25c51c8da5dea99f10c3506810f2171048fc257d2c03f80802c822f51
- Our copy
- CHRG-117shrg47361.pdf
- Original
- www.govinfo.gov