Maggie Moo’s, the Atlanta-based premium ice cream and frozen treat franchise, has a disturbingly high SBA loan default rate of 40%.
Maggie Moo’s and Marble Slab Creamery are both managed by GFG Management, LLC, a subsidiary of Global Franchise Group, LLC. Global Franchise Group, LLC is an affiliate of Levine Leichtman Capital Partners.
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Nearly half of the Maggie Moo’s franchise owners who received SBA loans, some of whom may have collateralized their franchise loan with their house or other personal assets, were unable to repay those franchise loans… despite serious incentive to do so.
The Maggie Moo’s Franchise has a failure rate of 40% for SBA-backed franchise loans
According to Wikipedia, “there are currently 97 [Maggie Moo’s] locations in 29 states, Singapore, and Puerto Rico, well off the brand’s peak of over 400 stores.”
Additionally, according to information provided by Entrepreneur magazine, the Marble Slab Creamery franchise chain had declined from 190 franchises in 2008 to 144 in 2010 – a decline of 46 locations, or 25% of its total franchises. If Wikipedia is correct, the chain declined by an additional 49 locations since 2010, indicating that the chain has shrunk by 50% since 2008.
Are you familiar with the Maggie Moo’s franchise opportunity?
What do you think accounts for the SBA loan failure rate of Maggie Moo’s franchise owners?
What steps should Maggie Moo’s be taking to stop further franchise failures?
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Tags: Maggie Moo’s, Maggie Moo’sfranchise, Maggie Moo’s complaints, ice cream franchise, frozen dessert franchise, food franchise, franchise failure rate, worst franchise, sba failure rates, SBA franchise loans, franchise information, unhappy franchisee, Global Franchise Group, LLC, Levine Leichtman Capital Partners