Preview: Franchise Rise?Friday, February 3, 2017
Michael Lohman feels optimistic about his franchising business this year, and he bases his hunch on market conditions as well as what he sees happening in Washington, D.C.
As chief executive of Simi Valley portable storage franchisor Go Mini’s, Lohman perceives the Trump administration as business friendly on regulation, tax reform and labor and health policies. He is particularly excited about the nomination of fellow franchisor Andrew “Andy” Puzder, chief executive of Hardee’s and Carl’s Jr. parent company CKE Restaurants Inc. in Anaheim, as secretary of labor.
Puzder is credited with rescuing CKE founder Carl Karcher from bankruptcy in 1991. He joined the company officially six years later as corporate counsel and was promoted to chief executive in 2000. At the time, CKE was struggling to keep operations afloat, and faced more than $700 million in debt.
CKE reported revenues of $1.3 billion in 2013, the year it was sold to private equity firm Roark Capital Group for $1 billion. Puzder remained at the company’s helm; according to his personal website, CKE saw $1.4 billion in revenue for fiscal year 2016.
“We all know what (Puzder) represents as a businessman,” Lohman said. “With him up there as a decision-maker, we feel pretty confident as an organization.”
Read the full story in the Feb. 6 issue of the San Fernando Valley Business Journal.