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Domino's opening doors for minority franchisees
March 19, 2007
ANN ARBOR, Mich. — Domino's Pizza Inc.'s "Delivering the Dream" program is lending financial assistance in the form of loan guarantees and incentives to help existing minority franchisees open their own stores.
The Delivering the Dream program is an internal program designed to help turn current minority Domino's team members into independent business owners by offering financial support to build new stores. The company first introduced the program in January 2006 through a partnership with GE Capital Franchise Finance Corp.
Since the program began, three participants have opened Domino's locations in Baker City, Ore.; Horizon City, Texas; and Philadelphia. Domino's plans to add five new participants in 2007.
"Some of the most successful Domino's stores are those that are owned and operated by franchisees living in the communities we serve," said Mike Mettler, director of Domino's franchise recruitment and sales. "The foundation of this great company is built on helping pizza makers and delivery experts become independent business owners. Now, through the Delivering the Dream program, we're helping to eliminate the financial roadblocks that may exist for motivated future minority franchisees."
Through the Delivering the Dream program, each candidate is granted a scholarship based, in part, on individual need. Financial support from the program can include monetary awards and financial incentives and loans of up to $250,000 per store.
Delivering the Dream candidates must meet Domino's eligibility criteria, which includes meeting the EEOC definition of a minority and having reasonable credit worthiness. Candidates also must currently be a general manager of a Domino's Pizza store or have general manager or equivalent experience within the company, and have received high scores on their most recent internal store evaluations.
"The Delivering the Dream program allowed me to build the store a lot easier than I could have otherwise," said Jessy Watson, the owner of the Baker City, Ore., Domino's location. Watson, an African-American, previously owned one Domino's store and opened his second with the help of the Delivering the Dream program.
"There are opportunities out there for African-American males, but there aren't as many entrepreneurial opportunities out there," Watson said. "Domino's is unique."
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