National Minority Franchising Initiative (NMFI) selects Top 25 Franchises for Hispanics for 2009
OAKLAND, CA (April 15, 2009) - The National Minority Franchising Initiative (NMFI) has compiled its annual list of the Top 25 Franchises for Hispanics. The results were published in the April issue of PODER ("ability" or "power" in Spanish) Magazine, the successor to Hispanic Enterprise.
The NMFI develops the list based on a rigorous analysis of several factors, including historical performance, brand identification, franchisee satisfaction, training, on-going support and financial stability. Another important determinant is the percentage of existing franchises that are Hispanic-owned, as well as the number of Hispanics in the franchisor's top levels of management."Based on the results of this year's survey, we are extremely pleased to notice both the increase in the number of Hispanic-owned franchisees, as well as the increased Hispanic representation among the top management. There is no question that the franchising community is increasingly aware of the economic power and underlying talents within the Latino community. Over time, Latinos will realize their full potential and the playing field will indeed be level. Hopefully, that day is not far off," notes NMFI Co-Founder Rob Bond.
For a more complete list of franchise systems that wish to increase their Hispanic and other minority representation, please go to their website. The site lists over 500 companies committed to recruiting and supporting minorities, as well as resources that are essential to the evaluation process.
The NMFI also publishes an annual list of the 50 Top Franchises for Minorities for USA Today using a similar analysis. The questionnaire notes, among other things, the number of minority franchisees currently in the system, the proportion of minority executives in senior management and whether the franchisor makes efforts to actively recruit minority franchisees. This year's survey will be conducted in June 2009 and the article will be published in October. Franchisors will be contacted in June to see if they wish to participate. There is no cost to participate; the only requirement is the submission of the completed questionnaire and the most recent Franchise Disclosure Document.
The National Minority Franchising Initiative (NMFI) was created in 2000 to level the playing field and meet the needs of a largely under-represented market. The multi-faceted NMFI program, which involves the website, the annual Minority Franchise Guide publication and franchise-related events throughout the country, represents an effective and cost-efficient tool for franchisors to increase minority representation within their systems.
