Archive for the ‘Financing’ Category

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A father and son have teamed up to open The Goddard School located in Mount Pleasant, SC. The newest Goddard School officially opened on Monday, May 11, and is now enrolling.

Andrew Smith and his oldest son, Nathan, turned owning a Goddard School into a family business. They both have a strong passion for education and an appreciation for the importance of play-based learning. For generations, the family has encouraged having fun while learning and developing independence. This led to a partnership between Andrew and Nathan, who wanted to bring a high-quality, play-based learning program to Mount Pleasant families.

“I want to foster an environment where children love to arrive every day and where parents know their child’s daily care and development is an extension of the same nurturing they are providing at home,” Andrew said. “I also want to build a team of faculty members that considers all of the students’ families and coworkers as an extension of their own families, and most importantly, to fulfill this dream with my son, Nathan, at my side.”

“From as early as I can remember, my parents have instilled in me a love for and the importance of education. I was given the opportunities to grow, to succeed, to thrive and, even at times, to fail. All of which shaped me into the person I am today,” Nathan said. “It is an absolute dream for me to go into business with my dad. The fact that we’re giving so much back to families and the community makes this adventure even better.”

The newest Goddard School, located at 1151 Muhlenbergia Drive, Mount Pleasant, SC, will be open Monday to Friday from 6:30 AM to 6 PM.

For more information about The Goddard School located in Mount Pleasant, SC, visit www.GoddardSchool.com/Mount-PleasantSC.

GSI Women In Franchising – Snohomish, WA

Wednesday, May 13th, 2020

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In our second edition of GSI’s Women in Franchising, we’re highlighting Erin Goulet and Lissa Knox, on-site owners of The Goddard School located in Snohomish, WA. We asked this mother-daughter team to tell us about their experience as female entrepreneurs and advice they would give other women who have similar ambitions.

GSI: How has Goddard supported your dreams of being an entrepreneur?

Goulet & Knox: The Goddard opportunity represents an alignment of so many values that are important to us as entrepreneurs. It has created an opportunity to serve families in our community in a meaningful way, to create a supportive workplace for our team and to receive support and guidance from a franchisor that reflects our values. Within our market of Goddard Schools here in the Pacific Northwest we have had the opportunity to collaborate closely with our peers which has been incredibly fulfilling and strengthens what we are all able to offer to our communities.

GSI: How have you grown as a leader and business owner since opening your own Goddard School?

Goulet & Knox: We have experienced how transformative it is to give to others. This is true for our individual business, that doing our best to serve our employees and our families to the best of our abilities are the path to a successful program. We have also experienced this to be true as franchisees within a larger system. The effective partnership among our peers and across our system drives the success of our entire brand. We have also experienced how fulfilling this kind of meaningful partnership can be to our experience as business owners.

GSI: What guidance would you give other women who are driven to become entrepreneurs?

Goulet & Knox: Surround yourself with likeminded women who share your goals and your values in business. Learn from them and do your best to support them and genuinely celebrate their success. This kind of meaningful collaboration makes the work both more manageable and more fulfilling. We are incredibly fortunate to be a part of a network of strong female entrepreneurs through our relationships with our fellow franchisees. We also serve a community of parents that include many women in leadership and entrepreneurial roles. We feel great pride in being a part of these communities of like-minded women.

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For the first time in its more than 30-year history, The Goddard School® opens its first location in the City of Philadelphia.

The newest location, opened by experienced on-site owners Jillie Staffiera and Jon Drialo, officially opened at 2201 Pine Street on Monday, Nov. 25, and is serving families that live within walking distance of the School.

“We’re excited to bring the first Goddard School to this Philadelphia neighborhood,” said on-site owner Jillie Staffiera.

The newly renovated, 12,624-square-foot, 100-year-old building was revitalized with a completely restored exterior and modernized interior. Natural light permeates from each classroom into the hallways from the newly installed windows. Inside the newly polished brick walls is a fresh, unique spin on what an early childhood education center looks like. Original, industrial-style architecture features of the building were maintained, like the exposed brick and high ceilings. But the inside was designed for children to learn, grow and have fun.

There’s even a 1,300 square-foot multipurpose room with a ‘Wall of Imagination.’ Children can use their ingenuity to build different objects using big blue blocks. This type of activity promotes social development and fine motor skills and encourages learning while having fun.

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Growth in Philadelphia’s metro area is a part of GSI’s plan to target cities across the country for new Schools, complementing the franchise system’s current suburban development model. By opening metro locations like the one at 22nd & Pine, GSI is capitalizing on metro areas in need for high-quality early childhood education facilities to help support the growing need for childcare.

“We recognize how much of a positive impact a high-quality education can have on a child’s life. Goddard’s unique nurturing approach will help children develop into joyful, confident learners who are prepared for success in school and in life,” Jillie said.

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For the first time, The Goddard School®, a recognized leader in early childhood development and care, has opened a location in Meridian, ID.

Goddard Systems, Inc., franchisor of The Goddard School, recently announced the opening of the newest early childhood education facility located at 2009 S. Wells Ave., Meridian, in the Treasure Valley area.

The Goddard School located in Meridian officially opened its doors on Oct. 14 and is now enrolling children ages six weeks to six years old.

The Goddard School is the recognized leader in early childhood development and care, serving children from six weeks to six years. Its play-based educational philosophy, F.L.EX. (Fun Learning Experience) is accredited nationally by Cognia (formerly AdvancED) and the Middle States Association of Colleges and Schools.

“We aim to provide the best childhood preparation for social and academic success so that Idaho continues to thrive for generations to come,” said on-site owner Rick Antl.

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After sending his child to one of The Goddard Schools in Houston, he saw how much his son enjoyed it and grew as an individual.

“I have seen firsthand the difference a quality preschool can make in a child’s social and academic development and wanted to bring that to our community in Meridian,” said Antl. “I would like to help other parents to have that same experience.”

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If you were nearby NE Ralph Powell Road between Woods Chapel and Strother roads in Lee’s Summit on Tuesday, you might have caught a glimpse of construction underway and some people spiking gold shovels into the ground.

A groundbreaking ceremony was held on Tuesday, Oct. 29, to celebrate the construction of the newest Goddard School coming to Lee’s Summit (Lakewood).

The formal ceremony took place at the site of the new School, 3301 NE Ralph Powel Road, where more than a dozen people gathered to join in on the celebration. Those attending the event included members of the Chamber of Commerce, Lee’s Summit City Councilman Rob Binney, community members, along with family and friends of the owners, Abby and Shane Hendren.

“We saw a wonderful opportunity for a sustainable, lifelong business that would add value to the area we love and contribute to our community,” Abby said.

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Abby will serve as the on-site of the School. Abby and her husband, Shane, saw there was a need for a high-quality early childhood education program that provides a play-based learning experience in a nurturing environment. That’s why they decided to open up a Goddard School.

The School has an anticipated opening date of spring 2020 and will be open from 7 a.m. to 6 p.m. At capacity, the 10,000 square-foot-building will serve 170 children ages six months to six years old.

Once complete, the School’s décor will be themed around the Missouri outdoors and include wildlife native to the state and various natural wonders only found in Missouri – from the Ozark Mountains to Missouri forests, caves, lakes and more. The interior will be reflective of Missouri’s wildlife and landscapes and include cedar posts and natural stone accents.

Follow the construction progress on Facebook via The Goddard School (Lee’s Summit – Lakewood)

 

 

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Entrepreneurs bring all sorts of skill-sets to their venture, such as the ability to sell, or to organize activity, or to raise funding. Some might have a business background, but others might need to learn the ways of business while on the job. Here are 14 terms you and every entrepreneur should know, because they involve central concepts that affect your business.

Accounts receivable:

Money owed to your business by clients. Typically, you invoice a client and receive payment some time later. An account is receivable until it is paid.

Assets:

Economic resources your business owns. Current assets are items like cash, receivables and inventory. Long-term assets include equipment, buildings, vehicles, furniture and patents. You utilize assets to generate income.

Capital:

These are the total resources available to your business, and is equal to your equity and debt. Working capital is equal to current assets minus current liabilities, and represents the resources available to run day-to-day operations.

Cash flow:

The movement of money into, through and out of your business. Inflows bring in money and include collections of sales revenues, tax refunds, and interest earned. Outflows are expenditures of cash and include payment of expenses and acquisition of assets.

Depreciation:

The decrease in the value of long-term assets due to the passage of time. Depreciation is a tax-deductible expense that spans a set number of years.

Equity:

Your ownership interest in your company. It is equal to your assets minus your liabilities. Equity is evidences by stock shares distributed to owners based on their percentage of ownership.

Expenses:

The costs of running your business, including rent, salaries, legal costs, advertising, taxes paid, and utilities. A good business tries to minimize expenses while not skimping on essentials.

Financial statements:

Highly structured reports that indicate your business’ financial condition. They include the balance sheet (a snapshot of assets, liabilities and equity), income statement (revenues and expenses for a given period), and cash flow statement (inflows and outflows for a given period).

Liabilities:

Debt owed by your business. Current liabilities are due within one year and include obligations to pay credit-card balances, invoices from suppliers, taxes due, and wages earned but not yet paid. Long-term liabilities include mortgages and loans that mature in more than one year.

Losses:

Negative net income, created when your costs exceed your revenues. If you have too many losses, the chances are that your business will fail unless you have other sources of funds.

Profits:

Also called net income or the bottom line, these are revenues minus costs for a given period. Profits can be drawn off by owners or accumulated in an account called retained earnings. You can use profits to expand your company.

Revenues:

Also called gross income and sales, this is the money you earn from operations. You direct your marketing and sales activities to generate revenues.

Valuation:

A number representing how much your business is worth. Valuation is important when you are seeking funding from investors.

You don’t need to be a financial expert to have a successful business, but knowing basic financial terms will help you communicate with other stakeholders. For those wanting to broaden their knowledge, the Internet is loaded with learning resources, and many colleges offer continuing education courses that might be useful.

This article originally appeared in IOU Financial.

 

This article was written by Robert Gloer from Business2Community and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Ten Steps to Starting a Franchise

Thursday, August 24th, 2017
  1. Read through the franchisor’s franchise disclosure document (FDD). The franchisor is required by law to supply this document to prospective franchisees. The FDD provides information about the franchise system, such has its history and corporate structure, as well as the information about the franchise relationship, such as fees, financing, obligations, intellectual property and financial performance. Be sure to study the FDD before making any decisions. Pay particular attention to the FDD’s Item 19, which details the franchise’s earnings data. A franchise that values transparency will include the grosses, expenses and EBITDAs of all its franchises for the previous year. In other words, it should provide information so you can make the most informed decision.
  2. Do your due diligence. Talk to other franchisees who have been in business a while. Ask them what they think of the business. What are the challenges? What are the rewards? What made them decide to open a franchise? Is the franchisor easy to work with? While this is obviously a great way to get information, it may also help to form working relationships with other franchisees if you decide to open a franchise.
  3. Experience a franchise in action. Visit a franchise during business hours, see how it works, see what the franchisee and the employees have to do on a day-to-day basis. This should give you a better idea of what being a franchisee is like. Also be sure to talk to customers. Are they happy with the service the franchise provides? Would they recommend it to others? Getting a feel for the customer base is just as important as seeing what a franchise does every day.
  4. Find a franchise that offers excellent support. The great thing about buying a franchise is that you go into business for yourself, not by yourself. But this concept only works when the franchisor offers the best support in all aspects of business operations, including, but not limited to, marketing, advertising, IT, finance, training and real estate. Visiting the corporate headquarters is highly recommended.
  5. Visit the corporate headquarters. Some franchisors host a “meet our team” day that allows prospective franchisees to tour the corporate office as well as meet the people who will be supporting their business needs. This is an excellent way to get a first-hand look at how the franchisor operates.
  6. Review the terms of your franchise agreement. If you decide to pursue a franchise, the franchisor will give you its franchise agreement, which lists your obligations and theirs. It is a good idea to hire a lawyer with franchise experience to review the agreement to make sure it meets your expectations.
  7. Obtain financing. When you sign the franchise agreement, you will need to pay the franchisor. These initial costs, which vary from business to business, can amount to hundreds of thousands of dollars. Many entrepreneurs need to secure a loan, such as a Small Business Administration loan or a bank loan, to pay those fees. A franchisor that offers excellent support will often have a franchise finance team that can help you navigate the loan process.
  8. Locate a suitable site for your business. Many franchises have specific site requirements that your business will need to meet. These may include things such as square footage, a minimum lot size and a minimum number of parking spaces. A high-quality franchise will staff real estate experts who will help you with the process of finding a suitable site.
  9. Receive training. You will need to complete a series of training courses, either at the franchise’s corporate headquarters and/or online, that will teach you what you need to know to operate a franchise.
  10. Prepare to open your business. If you have never opened a business before, which includes many different things that need to be done, this process can seem daunting. A franchise with best-in-class support will provide assistance with this process, usually in the form of an openings team who will work with you to ensure your business is ready to open.

Joe Schumacher, CEO of The Goddard School Franchise, provides his advice for recent grads who are thinking about starting a business after college.

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Small Business Financing Made Easy

Tuesday, November 17th, 2015

Accessing capital for a new business can be an unfamiliar territory in the start-up process, so it’s not surprising when new franchisees have questions. Outside of securing home mortgages, many people have not had experience with commercial lending, much less government-backed loans from the Small Business Administration (SBA). This is one reason having the support of an experienced franchisor like The Goddard School Franchise can help make obtaining financing easier than navigating the finance process alone.

The Right Support

Without the right support, knowledge and guidance, the commercial lending process can be tedious. The Goddard School Franchise conducts an internal financial pre-approval screening so prospective franchisees are not awarded a license unless we feel confident that they will be financed. After an approved prospect enters into an agreement with The Goddard School Franchise, they work with the Real Estate Department to decide whether to lease or purchase a building. A member of the Franchise Finance team is available to review the finance options for both. After the site is secured, our team guides the franchisee through every step of the finance process. We explain commercial lending practices, offer resources and contacts, answer questions, provide insight and feedback and serve as a liaison between our franchisee and the lenders.

The Goddard School Franchise’s Franchise Finance Department addresses questions, provides guidance and communicates directly with the lenders to help avoid surprises along the way. We want our franchisees to have the same confidence in their loan as they do in The Goddard School brand.

Our Franchise Finance team creates an allocation of funds for each project; provides necessary templates, such as business plans and projections; directs franchisees to financing sources; reviews loan proposals and commitment letters to ensure the loan is structured properly, covers all project costs and offers competitive terms; and assists with the loan closing. This support can definitely help the finance process go more smoothly.

The Right Resources

Due to the record demand for childcare and The Goddard School Franchise’s success, reputation and unrivaled support, The Goddard School system is an approved franchise concept for many national and local lenders. We also meet the criteria for SBA eligibility, and our Franchise Finance team has great relationships with many national SBA lenders. We have one main contact with each lender who is already familiar with our model and lending needs.  Most of these lenders are part of the SBA’s Preferred Lender Program, which allows them to approve SBA loans in-house. These valuable relationships result in competitive terms and a streamlined process for our franchisees.

The Goddard School Franchise makes the financing process easy for our franchisees by providing great resources, a strong business model, superior support and knowledgeable employees. We pride ourselves on finding the right lender and terms for each franchisee, and we look forward to working with prospects who are considering joining The Goddard School family!