Speeches & Op-Eds
Welcome Remarks, Business Franchise Conference & Expo
British Colonial Hilton Hotel
February 25, 2008
Good Morning, Minister Laing. Senator Wright, Chairman Cash, Executive Director Simon, exhibitors and participants.
I am very pleased to welcome you to the Bahamas Franchise Conference and Expo. We are excited as always to partner with the Bahamas Chamber of Commerce and the Bahamas Development Bank to make possible this intriguing business opportunity. There is always a great synergy when we work together with the Chamber of Commerce and the Bahamas Development Bank to promote prosperity and growth in Bahamas and beyond. As Chairman Cash rightly noted, expanding the realm of opportunity throughout the Hemisphere is one of our nation's priorities in our relations with The Bahamas and countries throughout the region.
Before proceeding, I would like to take a moment to thank members of Embassy Nassau's Economic and Commercial Section who have worked so hard to make this event possible: Dan O’Connor, Margo Pogorzelski, Anne Marie Bain, June Lunn, and Lisa Moxey, as well as representatives from the U.S. Department of Commerce. They have done an extraordinary job bringing everyone together today.
Last year we hosted a franchise seminar in the context of our annual Business Development Seminar, but, based on the response we received, we decided to expand our focus on franchising and devote two days exclusively to how franchising can encourage economic diversification, support entrepreneurial efforts, and promote trade between the Bahamas and the United States.
A comprehensive program has been organized that covers the legal, logistical, and financial aspects of franchising. As our presenter John Hayes notes, we will cover the 'A's to Zs' of franchising. In addition, we will hear from Bahamians who are already successful in the franchise industry including Scott Farrington, who after a previous franchise seminar, discovered how a franchise could help him expand his existing business. Outside of the seminars we have almost a dozen franchise brands here seeking to award exclusive license for the Bahamas.
We are all familiar with the concept of franchising and I can tell you that franchises have historically been a vital part of the U.S. economy. For decades, they have allowed individual entrepreneurs to realize the dream of owning their own business. As the engine behind much of the growth in small and medium-sized businesses, they have provided a proven business model that individuals can employ -- a model that takes much of the guesswork out of starting your own business. From the point of view of the franchisor, they have allowed companies to expand their brand rapidly throughout the country and the world. Today, in fact, franchises account for one in seven private sector jobs in America.
The Bahamas provides a natural partner for franchising opportunities. Our commercial relationship is already very strong with 2 billion dollars in trade between our countries each year. Those numbers don’t even capture the service trade or the synergy and opportunity created by the four million Americans who visit the Bahamas and the countless Bahamians who visit and shop in Florida.
The world of franchising offers every business form you can imagine. Typically, we might think of the food service industry because that is what we see everyday on the streets, and, today, we do in fact have major names in the ice cream, salad, pretzel and juice bar industry. We also have representatives from the beauty, balloon rides/advertising, sign show and office supply industries represented here today. This wide and diverse group of exhibitors offer excellent examples of how franchising can be successfully applied to established industries.
I look forward to hearing from our talented panel of speakers throughout the day and I invite you to become an active participant in the seminars. You have an opportunity to listen and learn from our distinguished panel of international and Bahamian guests, many of whom have been in the same position you are today. Whether you already own a business, are looking to become a first-time entrepreneur, or are seeking to expand your franchise portfolio, please take advantage of the wealth of experience and knowledge available to you today.
I look forward to the day when one of you in the audience will be hosting a roundtable discussion about how you got started on the path to success in franchising.
I wish you all a most productive conference. Thank you.