Catherine Monson, CEO of Fastsigns Intl. Inc. (Carrollton, TX), spoke at the International Franchise Assn. (IFA) Franchise Development Seminar, April 28, at the Renaissance Dallas (TX).
This one-day program, IFA’s first Franchise Development Seminar of the year, focused on providing tools and strategies to franchise development professionals from established, mature franchise organizations.
“In the four years following our last recession (2001 – 2005), franchising grew four times faster than the overall economy. This is because economic downturns can lead to a surge in the unemployed population, motivating those laid off to start their own businesses,” Monson said. “Unfortunately, the economic decline we are currently experiencing is historic in its severity, and the road blocks it has created for access to financing make it much more difficult for those interested in franchising. These are just some of the important issues that our industry is facing that we will discuss during the seminar in an effort to further educate one another and work towards solutions in 2010.
“To be successful in today’s economy, it is absolutely essential that businesses review, revise, refresh and strengthen their processes, programs and offerings,” said Monson said.