FASTFRAME claims to be the “largest and fastest-growing” picture framing franchise in the world.
If true, FASTFRAME franchise growth must be coming from outside the U.S.
Since 2008, the FASTFRAME franchise chain has shrunk in the U.S. by 135 franchises… from 300 in 2008 to 165 in 2012.
FASTFRAME franchise owners have an outrageously high 45% SBA loan default rate, according to a Small Business Administration report.
Are you familiar with the FASTFRAME franchise?
If so, please share your experience, opinions or insights with a comment below.
Yet despite its seemingly abysmal failure rate, FASTFRAME not only continues to market its franchise opportunity, it uses “high profit margins” and franchise support as main selling points.
According to the FASTFRAME franchise website:
…Providing quality service to our franchisees is the key to our success…
We strive to provide each Franchisee with an all inclusive and uncomplicated process whereby they can easily become a part of this profitable and very enjoyable business.
Data released by the Small Business Administration (SBA) indicates that FASTFRAME franchise owners who qualified for SBA-backed franchise loans have an outrageously high loan failure rate of 45%.
That earns FASTFRAME a spot in UnhappyFranchisee.com’s list of WORST FRANCHISES IN AMERICA (by SBA loan defaults)
FASTFRAME franchise owners have an outrageous 45% SBA default rate.
The apparent drop in FASTFRAME franchises in recent years is also a franchise red flag.
|FASTFRAME U.S. franchises in 2008:||300|
|FASTFRAME U.S. franchises in 2012:||165|
|Growth in franchise units 2008 – 2012 (#)||-135|
|Growth in franchise units 2008 – 2012 (%):||-45%|
|SBA loans granted since 2001:||82|
|SBA loan failure rate:||45%|
|Sources: Entrepreneur (growth), Coleman report (SBA)|
The inability to repay an SBA-backed loan (or any franchise loan, for that matter) indicates a serious situation for the franchisee.
It’s likely that FASTFRAME franchise owners who received SBA loans may have collateralized their franchise loan with their homes or other personal assets, and many were unable to repay those franchise loans… despite the serious incentive to do so.
Are you familiar with the FASTFRAME franchise opportunity?
What do you think accounts for the SBA loan failure rate of FASTFRAME franchise owners?
What steps should FASTFRAME be taking to stop further franchise failures?
Has FASTFRAME and CEO Brian Harper taken serious action to address the problems that led to these loan failures?
Please share a comment (anonymous is fine) or Contact UnhappyFranchisee.com.
If you are a FASTFRAME franchise representative or employee, please feel free to leave a comment or email us at UnhappyFranchisee[at]gmail.com.
ARE YOU FAMILIAR WITH THE FASTFRAME FRANCHISE OPPORTUNITY? ARE YOU A CURRENT OR FORMER FASTFRAME FRANCHISE OWNER? PLEASE SHARE A COMMENT BELOW.
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