The Nick-N-Willy’s Pizza franchise has a frighteningly high SBA loan default rate of 62%.
Are you familiar with the Nick-N-Willy’s Pizza franchise opportunity? Please share a comment below.
Nick-N-Willy’s Pizza once boasted 60+ franchise owners; there are now 16 locations listed on the Nick-N-Willy’s Pizza website.
According to the Small Business Administration, Nick-N-Willy’s Pizza franchisees have received 40 SBA-guaranteed loans; more than half of those loans have been defaulted on by Great Steak & Potato franchise owners.
The 2009 Franchise Disclosure Document lists 15 separate lawsuits involving Nick-N-Willy’s Pizza and Nick-N-Willy’s Pizza franchisees.
Yet despite the obvious devastation the Nick-N-Willy’s Pizza franchise program left in its wake, the Nick-N-Willy’s Pizza website still cheerfully promotes the Nick-N-Willy’s Pizza franchise opportunity.
What the Nick-N-Willy’s Pizza franchise marketing page doesn’t disclose is that it’s likely that Nick-N-Willy’s Pizza franchise owners who received SBA loans may have collateralized their franchise loan with their houses or other personal assets, and more than half were unable to repay those franchise loans… despite serious incentive to do so.
Are you familiar with the Nick-N-Willy’s Pizza franchise opportunity?
What do you think accounts for the SBA loan failure rate of Nick-N-Willy’s Pizza franchise owners?
What steps should Nick-N-Willy’s Pizza be taking to stop further franchise failures?
Has Nick-N-Willy’s Pizza taken serious action to address the problems that led to the 62% loan failures?
Please share a comment, opinion or insight below.
ARE YOU A NICK-N-WILLY’S PIZZA FRANCHISE OWNER OR FORMER NICK-N-WILLY’S PIZZA FRANCHISEE? ARE YOU FAMILIAR WITH NICK-N-WILLY’S PIZZA FRANCHISE OPPORTUNITY? PLEASE SHARE A COMMENT BELOW.
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