With Franchising Specialist bankers and a unique accreditation system, we can work together as partners to deal with the specific challenges and opportunities that face any franchisee, which differ markedly to those facing small business owners.
"Having trusted financial partners is critical and Westpac is first class … They really believe in the notion that each part of the partnership [franchisee, corporation and financier] has to be strong. "- Catriona Noble, Chief Executive Officer, McDonald’s Australia
Westpac Franchising Accreditation
If you’re looking to set up a new franchise outlet or expand an existing franchise, Westpac Franchising Accreditation can provide funding of between 50-70% of total costs, secured against the franchise business (and subject to normal lending and credit criteria).
Our experts – able to tap into the bank’s vast pool of resources – are well equipped to advise on which tools, finance workshops, wealth creation solutions, and industry insight is most relevant for keeping your franchise in the best of health.
Managing risk – for a stronger business
Protecting any small business is crucial. And franchises are no different. There’s basic business insurance, key man insurance, and coverage for IT systems, among other insurances, to consider.
Your Franchising Specialist banker can bring together specialist knowledge and product recommendations to help mitigate your business risks, as well as provide you with tips on how best to manage potential credit card and payment fraud.
Succession planning – for a longer business
Succession planning isn’t just about handing over your business; it’s also about maximising wealth in retirement. A timely and well-ordered succession plan helps make that changeover process as conflict-free and successful as possible.
And by planning early, you can substantially increase the value of your franchise business, as well as optimise any transition to retirement.
Changing bank made easy
Changing banks can be a big deal. Business continuity is paramount. This is why we have ‘transition’ managers dedicated to ensure that the transfer to Westpac is as seamless as possible. You will have a specific transition manager during the whole process who will be part of your Franchising Specialist Banker’s team.
The transition manager is able to liaise and co-ordinate with various bank sectors and product teams allowing you to focus on what matters most – improving the effectiveness, growth and profitability of your Franchising business.