FRANCHISEE ADDS SECOND LOCATION THANKS TO WORKING CAPITAL
The business world moves extremely quickly, especially when it comes to real estate.
So when Kyle Ogden saw an opportunity to expand his business, he knew he had to act fast.
It was 2012 and Ogden was operating a KFC franchise in Arizona under the business name, Loky, Inc. When another local restaurant went into bankruptcy, it gave Ogden the opportunity he needed to add a second location. But because of the bankruptcy proceedings, he had to move quickly.
“It came suddenly and had to be handled at a very rapid pace,” Ogden said.
To get the cash he needed to grow his business, Ogden turned to Channel.
“They stepped in and took care of that and got me the funding that enabled me to expand,” Ogden said. “Within 72 hours, I had the cash provided to me.” With the money in hand, Ogden was able to buy the property and double his business overnight.
“That one transaction pivoted my company to the point that it had the strength and ability to survive the recession and to prosper and grow coming into 2020,” Ogden said.
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In working with Channel, Ogden said he was impressed not only by the speed of the process, but also how easy it was to get the funding he needed. He said the application process was simple, and he appreciated the fact that his Channel representative treated him with respect while working hard to get him funding as quickly as possible.
“Channel Partners has been very open, very friendly, and very good to work with,” Ogden said. “They respond immediately, and it keeps you from having the anxiety and the stress of wondering if you’re going to have the money you need.”
Ogden said he shopped around for other lenders but found their deals were littered with red tape that put up too many barriers and wouldn’t allow him to use the money the way he wanted. He said Channel gave him the freedom to make the business decisions he knew were right for his unique situation.
“The difference between Channel Partners and those other lenders is they were more open and more accepting of what I wanted,” Ogden said. “They worked with me better than anyone else would.”
As part of his franchise agreement, Ogden must occasionally update systems or remodel his buildings to meet company standards. Because commercial kitchen equipment and renovations can require a significant cash outlay, he said it’s nice to know he has a financial partner he can count on.
“You have that peace of mind that you can make a phone call and have funding almost immediately,” Ogden said. “If you have a need right now, they’ll help you meet that need.”
Ogden has now completed three deals with Channel to both purchase the second location and complete some remodeling work. With both locations performing well, Ogden hopes to add another location in the next two years.
Looking back on the experiences in 2012 and beyond, Ogden credits Channel with playing a critical role in his company’s success.
“Without Channel Partners, I would not have had the ability to grow and have the multiple units that I have now.”