The Great Steak & Potato franchise has a very high SBA loan default rate of 29%.
The Great Steak & Potato is owned by Kahala, franchisor of Cereality, Cold Stone Creamery, Frullati Café & Bakery, Blimpie, Johnnie’s, Nrgize, Ranch 1, Rollerz, Samurai Sam’s, Surf City Squeeze and TacoTime.
Great Steak & Potato franchisees have received 49 SBA-guaranteed loans since 2001; nearly a third of those loans have been defaulted on by Great Steak & Potato franchise owners.
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In 2008, according to Entrepreneur, Great Steak & Potato had 190 U.S. franchises.
By 2011, Great Steak & Potato had just 122 U.S. franchises.
That’s a decline in size by 68 franchises, a reduction by 36% of its entire chain.
It’s likely that Great Steak & Potato franchise owners who received SBA loans may have collateralized their franchise loan with their houses or other personal assets, and nearly half were unable to repay those franchise loans… despite serious incentive to do so.
Are you familiar with the Great Steak & Potato franchise opportunity?
What do you think accounts for the SBA loan failure rate of Great Steak & Potato franchise owners?
What steps should Great Steak & Potato and Kahala be taking to stop further franchise failures?
Has Kahala taken serious action to address the problems that led to the 29% loan failures?
Please share a comment, opinion or insight below.
ARE YOU A GREAT STEAK & POTATO FRANCHISE OWNER OR FORMER GREAT STEAK & POTATOFRANCHISEE? ARE YOU FAMILIAR WITH KAHALA & THE GREAT STEAK & POTATO FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
Tags: Great Steak & Potato, Great Steak & Potato franchise, Great Steak & Potato complaints, sub franchise, cheesesteak franchise, sandwich franchise, franchise opportunity, restaurant franchise, food franchise, franchise failure rate, worst franchise, sba failure rates, SBA franchise loans, franchise information, Kahala Corporation, Kahala Cold Stone
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