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7 eleven

I want to buy a 7 eleven franchise, they run between 75k to 125k. Whats my best option to get a loan for that and how much down will i require. Will it be easier to get a loan since its a successful franchise? Thanks.

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Answers (7)
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Carson Grant Loan Company
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Feb 12, 2017
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Aug 19, 2016
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Jul 16, 2016
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The BAF Group LLC
MD

Khuram, what Rosie said is something to make you think about. If the deal is cheap, why? In most cases, you get what you pay for! If it is cheap, what is it earning? Will you be able to pay the note and still make a living? Don't buy just because it is cheap. Look deeply into it; find out why, why, why???

Oct 1, 2009
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Hey Khuram, yah we are in California and we have one 7-Eleven, we love the system and so we decided to purchase our second one. We signed the franchise agreement for the second and then houses dropped in value so they closed our equity line of credit. Wow what a bummer, we couldn't find anybody to finance us. I would even pay 12 percent interest if I could find a private lender, By the way thats cheap 75 to 125. Over here can't get anything for less than 3. Our first one cost us $400,000.

Oct 1, 2009
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Franchisee
Providence County, RI

Don Is absolutly 110% CORRECT!!! I own a 7 eleven and am looking to sell, and there are tons of people that want to buy, but they can not get ANY FINANCING!!! Even though they are putting down 50% the banks will not talk to them bout a 7 eleven....

May 18, 2009
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The BAF Group LLC
MD

In our experience in Maryland, 7-11 is extremely difficult to get financed through the SBA. Most people obtained private funding through friends and family, through home equity loans or other, similar and non-business sources. The reason is that the 7-11 franchise system is vastly different from any other system you might ordinarily see. You really don't own the franchise in the way other franchises are sold; you are in a "partnership" with the Franchisor, at 7-11. You and the Franchisor share the Gross Profits, and you are responsible for Labor Expenses, Waste, daily Maintenance and other costs that theoretically you can control; the Franshisor is responsible for Rent, Repairs and other, Fixed Costs.

When you go to sell the Business, you only get 49% or so of the sale proceeds, and 7-11 charges the new Owner a huge transfer fee that radically lowers the Price that can be charged, which then means that your split of the money for the sale is even lower. Moreover, Banks don't want to fund a situation where you don't own anything in the business, since 7-11 owns the major rights to all of the fixed assets - which is why the Franchisor is paying for those expenses.

For these reasons, as Brokers, we don't work with 7-11 in Maryland. It is a bad deal, as far as we are concerned; the Franchisee essentially is buying himself a 24-hour job, rather than a business. There may be different programs for 7-11 elsewhere in the Country, but I would be extremely careful about buying one of these.

May 17, 2009

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