Alec Sohmer, Leading Financing Expert, Discusses Impact of the Growing Franchise Sector

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Following an article published by Entrepreneur, financing expert Alec Sohmer discusses the growth of the franchise sector and the addition of 15,000 new jobs.

Financing expert Alec Sohmer comments on an article published by Entrepreneur on October 17th, which discusses the impact of the growing franchise sector and the addition of 15,000 new jobs.

According to the Entrepreneur article titled “Franchise Sector Adds 15,000 Jobs as Growth Continues to Outpace Broader Market,” the ADP National Franchise Report found that over 15,000 new jobs were created last month as a result of the growth in the franchise industry, specifically the restaurant sector. The article says, “Restaurants accounted for the most new jobs, representing 9,190 hires.”

In the article, Ahu Yildirmaz, the senior director of ADP Research Institute, says, “As has been the case throughout the past year, job gains among restaurants were the primary driver of monthly franchise industry employment growth during the month of September.”

While the number of jobs created decreased from the previous month, the article says that the International Franchise Association confirms this rate of growth is normal.

Alec Sohmer, a financing specialist and founder of Plymouth Rock Capital, says the franchise sector is growing steadily. “Right now, the franchise sector is continuously adding jobs, especially in the real estate, restaurants, leisure, personal care and food retailers,” he says. “In fact, growth in the franchise industry is bypassing the private sector. More people are being hired in the food services industry and more jobs are being created in the real estate industry. This is no doubt due to the strength of the overall franchise market. While traditional employment remains somewhat soft, many individuals are considering franchise systems as a means of creating their own opportunities. Franchise systems, aware of the state of the overall economy, have adapted to this fill this need."

Sohmer says the growing franchise industry could help with the unemployment rate. “With more jobs being created, we could see a decrease in the unemployment rate,” he explains. “In turn, this could boost the economy even further.”

Alec Sohmer, a strategic financing leader and co-founder of Plymouth Rock Capital, has 20 years of Board-level experience. He has served in many interim management positions for businesses requiring significant turnaround or restructuring. He is able to increase revenue streams by utilizing a variety of line management techniques. In his two decades of experience, he has dramatically increased revenues of businesses by identifying untapped markets.

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since: 08/2013
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