The Golf Etc. franchise has the obscenely high SBA loan default rate of 71%, second only to the defunct Pro Golf franchise at 76%.
Are you familiar with the Golf Etc.franchise opportunity? Please share a comment below.
According to the Small Business Administration, Golf Etc. franchisees received 110 SBA-guaranteed loans since 2001; 71% of those loans have been defaulted on by Golf Etc. franchise owners.
Despite the obscenely high failure rate, the Golf Etc. website still cheerfully and aggressively promotes the Golf Etc. franchise opportunity, stating:
Founded in 1992, Golf Etc. of America, Inc. is the fastest-growing golf retail franchise in America, with more new store openings during 2006, 2007 and 2008 than any other golf retail franchise….
The reason for the unprecedented growth is simple: our strategy is working. Golf Etc. business owners are creating value… Their revenue is divided, strategically, between three separate profit centers – retail products, fitting center and repair center – which compliment [sic] each other and, when combined, create better margins and greater success.
Jeremy Glanzer – President & CEO
Shane Hunt – Co-CEO
Craig Scott – Co-CEO
What’s sad is that it’s likely that Golf Etc. franchise owners who received SBA loans may have collateralized their franchise loan with their houses or other personal assets, and nearly three-quarters of them were unable to repay those franchise loans… despite serious incentive to do so.
Are you familiar with the Golf Etc. opportunity?
What do you think accounts for the SBA loan failure rate of Golf Etc. franchise owners?
What steps should Golf Etc. take to stop further franchise failures?
Has Golf Etc. taken serious action to address the problems that led to the 71% loan failures?
Please share a comment, opinion or insight below.
ARE YOU A GOLF ETC. FRANCHISE OWNER OR FORMER GOLF ETC. FRANCHISEE? ARE YOU FAMILIAR WITH THE GOLF ETC. FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
Tags: Golf Etc., Golf Etc. of America, Golf Etc. franchise, Golf Etc. complaints, golf franchise, golf store franchise, golf store, start a golf store, franchise opportunity, retail franchise, franchise failure rate, worst franchise, sba failure rates, SBA franchise loans, franchise information, unhappy franchisee, Jeremy Glanzer, Shane Hunt, Craig Scott
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Opened a golf etc in broken arrow oklahoma and closed the doors in less than a year. No help from golf etc all they wanted was our start up money. They make you think that you will have all the major brands of golf equipment but that's not true. So from the start it was doomed.
Shane Hunt was in charge when we opened our store nice guy but no help at all. Golf was in my blood I have played golf all my life so if anyone could have pulled it off I thought it was me. We did not take a salary my business partner and I had full time jobs and still that did not help. We tried everything we opened our doors on Sunday that did not help either.
It put a big strain on my marriage thank God I had a wife that put up with the mess it caused. So I say stay away from Golf Etc you would be better just opening a store by yourself.