Melting Pot Launches New Recruiting Incentive Program
The Melting Pot is looking to reopen some franchise locations and it has created a new incentive to help recruit qualified restaurant operators. The new program will provide financing to those who sign a franchise agreement to purchase an existing Melting Pot location in select markets across the country, starting with Chattanooga and Memphis.
Under the guidelines of its new "Path to Grow" program, approved restaurant operators can inject as little as 5 percent liquidity into the purchase of the restaurant to partner with the franchisor, who would provide the financing. In exchange, the franchisor would initially assume 51 percent ownership of the restaurant under the conditions that the operating franchisee agrees to pay back the initial loan within three years of signing the franchise agreement. The franchisee would initially have 49 percent ownership of the restaurant and once the loan is paid in full, the franchisor would surrender its ownership interest allowing the operating franchisee to be the sole owner of the restaurant.
"We're excited to bring our interactive dining experience back to Memphis and Chattanooga. The beauty of the Path to Grow program is that our potential operating franchise partners do not have to worry about the hassle of having to go through the bank in order to get the financing they need to start a business," says Mike Lester, president of The Melting Pot. "Our new financing program combined with our reduced franchise fee offer is giving entrepreneurs with restaurant operations background the ultimate turnkey business opportunity so that they can hit the ground running. This opportunity is ideal for experienced restaurant operators who are ready to make the transition to business ownership but do not have the cash on hand needed to open their own Melting Pot from the ground up."
Chattanooga and Memphis are just two select markets throughout the U.S. where the company is seeking qualified new franchisees. Currently, The Melting Pot has three Tennessee restaurants located in Gatlinburg, Knoxville and Nashville.
The brand currently has more than 130 restaurants in the U.S., Canada, Mexico, and Southeast Asia, and has more than 20 locations in development internationally. The company is targeting domestic growth in Anchorage, Alaska; Dallas, Texas; Hartford, Conn.; and Los Angeles, Calif., as well as Memphis and Chattanooga, Tenn.
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