IFG has been in business for 44 years and David Banfield hopes to set the record straight on three of the greatest myths about the IFG 50/50 opportunity.
The Interface Financial Group (IFG) has been in business for 44 years and has accumulated some serious 'myths' about their opportunity along the way. In this article David Banfield hopes to set the record straight on three of the greatest myths:
You need an accounting or financial service background to qualify for a franchise award. WRONG.
"While this is a myth, there may be some acceptable reasoning for the belief that we seek out accountants and bankers for our franchise base. We operate in the financial services area, and we imagine that is how the myth came about.
The reality is that you don’t need such a background to be a successful IFG franchisee.
While our invoice discounting service is surely all about money, the IFG 50/50 franchise is also all about people. It is the people part of the equation that relates to our franchisees. While a ‘numbers’ background is good, it is not crucial.
What is crucial however is a solid business background that embraces the ability to communicate effectively, gather information and make a timely decision based on that information, and exhibit excellent ‘people skills’.
IFG 50/50 franchisees spend their time in people-related situations - they meet with referral sources, with prospects, with clients, and so on. IFG only does business on a face-to-face basis, so the ability to interact with people is of paramount importance for IFG.
The numbers part and the paperwork part, we can teach - the people skills, we can’t teach so our candidates need to have already acquired them when they get to us."
You need unlimited funds to be an IFG franchise. WRONG.
"Yes, we are in the financial service arena and yes, some working capital is needed as in any business.
The unique transaction structure that IFG has pioneered for their franchisees has resulted in a little capital going a long way.
Rather than have franchisees finance the total transaction, and thus be responsible for the total transaction, Interface works with each franchisee to limit their exposure. The franchise is called the IFG 50/50 franchise, however the franchisee is not even required to fund as much as 50%. The structure of the funding is such that franchisees only have to fund approximately 16% of whatever is needed. There are even situations where that can be lower. This structured approach enables franchisees to participate in large transactions with just a fraction of the capital required.
Because of another unique feature - ‘leverage’ - franchisees earn an income which is proportionally greater than their capital involvement. For franchisees, it is certainly a win-win situation."
You need to work very hard to be successful with IFG. WRONG.
"Hard work and smart work are definitely two different things. Successful IFG 50/50 franchisees definitely fall into the ‘smart’ category.
If you are looking for a great franchise opportunity that gives you control over your time, your capital and your life style with a lot of hard work to make it happen, then IFG 50/50 is not the model. We can do the time, capital and lifestyle part, but not the hard work.
The IFG 50/50 experience is specifically geared to having our franchisees work smart - one of the ‘smart’ elements is that IFG 50/50 franchisees have virtually no day-to-day paperwork to complete. The franchisor handles all paperwork in terms of transactions, documentation, ledgering and funding management.
This leaves franchisees free to concentrate on the area where they excel - the people part of the business. Franchisees work with people to get things done and have comfort in knowing that there is a solid proven 44-year-old system to tackle the day-to-day paper trail. With a transaction platform that is state of the art in delivery and performance, working smart is the ticket to success."
"The IFG 50/50 franchise certainly needs further investigation if you are a serious franchise candidate with a view to entering the fast growing financial service marketplace. While these are just three of the often misinterpreted facts about IFG, there are others attributes that don’t fit a ‘normal’ franchise opportunity.
Take territory as an example - with IFG 50/50 there is no specific territory, which results in a franchise being portable. If you re-locate, you take it with you.
Premises - again no premises required, as this represents a home-based opportunity, and likewise no employees.
If these features add up to what appeals to you, then now is a good time to pursue your dream."
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The most important factor, the ‘know how’ that IFG brings, as a franchisor, convinced me that this was a business that could provide attractive returns without undue risk.
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