Subway Owners Patty and Shawn

1855 Empire Blvd
Webster, NY 14580

 

           Patty and her spouse Shawn concluded that starting their own small business would be a great safeguard for their future.  The search was on and relatively quickly they settled on pursuing the purchase of a Subway Restaurant, either at an existing location or a new one. They took advantage of SCORE counseling in the offices of the Rochester Business Alliance, after making the Subway decision, but well before completing a business case.

                                                          

            Two key efforts were required – build a business plan for each location they would be interested in pursuing, and determine the financing options which could potentially be used.  In a series of meetings with Patty and Shawn two SCORE counselors helped them with both efforts.  These entrepreneurs did not realize what a strong case they had to win financing, until the SCORE team helped them identify and emphasize the personal assets and experience that they brought to their business plan.  The extra sets of eyes helped them to put a more compelling story and that bolstered their confidence.  “We can make this happen.”

            When the business plan was ready, it was presented to a bank to get feedback and to judge what was still needed.  Feedback from counselors and banks was helpful in putting together a plan that met the needs of the bank and entrepreneurs Patty and Shawn.

                                          

            After several visits to the bank (and other funding sources) everybody got to “yes”, and, after a fair amount of negotiation with the existing owner, a deal was completed.

            Some would say the work had just begun, but both of owners understood that a lot of work was a part of this effort.  So were corporate restrictions and requirements for the new franchise owners – everything from requirement to redo the inside of the location on a periodic basis to the specials that will be available to the customers on any given day.  The locations are audited frequently to assure standards of the company are maintained.

            Patty and Shawn told the SCORE counselors that “The way you put us on track made this effort work”.  We asked them what they thought of all the extra work and the challenges by asking “Would you buy another Subway franchise location?”  The smiles and head nods they gave us were a sufficient answer. 

            This team is justly proud of their accomplishments to date.  The changes they have instituted have resulted in measured improvements in operating quality.   Their success in conquering transition challenges has their store moving up in sales rankings.

 

            See archives of past Spotlights.

            If you have an existing business or are starting a new one, consider how your company may benefit from SCORE’s counseling. Call for a free counseling appointment at one of our many locations. While you are there, ask your SCORE counselor how you might tap into our 60-plus membership knowledge bank to further address your particular business and industry concerns.