Franchise Matchmaker Is Thriving
Jeff Elgin’s business registered some dramatic growth in November, December and January, when revenue jumped 21 percent compared with the same period a year ago.
The reason, Elgin said: The unemployment rate headed skyward and the stock market tumbled in the opposite direction. Elgin, 56, is founder and CEO of FranChoice Inc., an uncommon enterprise that operates as a franchise matchmaker, recruiting prospective franchisees and helping them find the right fit for their entrepreneurial strengths and financial resources.
“Our business tends to soften at the end of an economic cycle, when the unemployment rate is still comparatively low,” said Elgin, whose gross fell 25 percent from a 2006 peak of $17.2 million to $13.2 million in 2008.
But when the jobless rate begins to grow, as it did with a vengeance late last year, “interest in franchising takes off,” Elgin said. The collapse of the stock market only added to the anxiety that tends to motivate franchising candidates, he said.
Elgin has more than a three-month bump in revenue to support his notion that “2009 will be a giant growth year for us.” Contacts from prospective clients interested in pursuing a franchise doubled in the past three months, compared with a year earlier — “a huge uptick in the front end of the activity pipeline,” he said.
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