We recently sat down with the Director of Sales & Franchise Development Marco Moras and Managing Director, Strategic Business Development Michelle Crompton for Elimidebt.
BeTheBoss.ca: What’s the story behind Elimidebt?
Elimidebt: The story is that our parent company has been successfully operating the Elimidebt model since 2005 and has decided to grow it through the franchise model. Elimidebt is simple: We have professionals who know what a creditor will accept as a settlement and we usually save a client 40 to 60%! The parent company is already successfully franchising in the debt solutions sector in Canada . This is also a full or part-time opportunity.
BTB: What made you decide to franchise?
E: The decision to franchise was a by product of offering it through our normal direct distribution model. We have had so much success there that the company decided to grow it and be able to offer it to more Canadian families.
BTB: Tell us a little about the debt settlement industry?
E: Debt settlements have been around in the U.S. for years and has just really begun in the last decade here in Canada; the good news is that creditors need to make deals in order to re-lend their capital. If there is a risk of total loss through a bankruptcy, then it behooves them to take a deal that is good for both sides. Creditors will usually not settle with the direct debtor – they prefer to deal with a company who understands how the financial markets work.
BTB: What have some of the challenges been in growing your franchise?
E: The business is franchising in another model in a different market and is quite successful. The struggle is finding the right people who want to grow personally as well as professionally and are really good team players – that is the biggest challenge!
BTB: What are some of the advantages in being a franchisee?
E: Some of the advantages of owning an Elimidebt franchise – Well as stated, the business has been around since 2005 and it is successful, so we are confident the franchisees will be as well as long as they follow the model. We book the appointments with the right people for our franchises to get in front of. That’s the toughest part of any business – getting the right leads in the door and booked. Once they see how elimidebt can help their clients and bring them a significant referral fee – they start referring business right away.
A key point is our franchisee can run it as a full time or part time business and still earn quite a good income, comparable to other successful professionals. It’s ideal for a women who wants to get back into the workforce but still have time for a life and their family.
BTB: What advice do you have for someone looking to acquire a Franchise?
E: Our advice for someone looking to buy a franchise. We both agree that it’s to get to know the company and the team that will support you. If that feels right then it probably is. Another point is to look at the track record of the business. If it’s been around for a while then you can likely bet that the model works!
BTB: In your opinion, why do you think that Elimidebt would be a great opportunity for someone?
E: I think a key is that it can be part-time, we keep you in front of people by booking your appointments and we do all the back office work, leaving you to do what you are good at – build relationships. This would ensure that if you follow the model – you’ll earn a very good income!