MEDIA RELEASE 22 October 2008
BBX temporarily waives its $65,000 franchise fee
In a response to the tightening credit market, BBX, business-to-business barter
exchange company, is temporarily waiving its $65,000 franchise fee for
successful applicants.
"It's becoming harder for new businesses and new franchisees to obtain business
loans from the big banks and because the BBX network is continuing to grow,
we've decided to give people a hand to become part of the BBX family," said BBX
CEO Michael Touma.
"A BBX franchise aims to build a healthy, community based trade exchange network
by growing the number of BBX members in an area. On average, each franchise has
150 members that turns over approximately $500,000 in trade each month. Some of
our franchisees have an annual income in excess of $300,000.
"Times are tough for business owners right now and many are thinking about how
they will remain viable. BBX is all about helping businesses grow and it has
definite benefits. For instance, BBX can help a business attract additional
business, maintain a healthy cash flow and even provide an interest-free line of
BBX credit to help expansion," added Touma.
Terms and conditions for new franchisees include; the applicant must operate the
business themselves and hire at least one other staff member. The $65,000 is
waived on the condition they have the business for at least three years.
Franchisees receive comprehensive training, set-up assistance and ongoing
support from the BBX management team.
BBX is a membership based trading program whose primary role is to generate new
opportunities for all types of businesses and to show business owners how to
offset many current cash expenses by utilising the down time and idle inventory
in their business.
In addition to business-to-business trading, BBX also offers members a range of
value added services to further utilise their BBX income. These include BBX
Insurance, BBX Money, BBX Real Estate, BBX Financial Advisors, and the BBX
Property Investment Fund.
The trade exchange uses BBX dollars, a currency unit having equivalent value to
Australian currency, to assign value to the transactions that take place between
member businesses. In essence, the exchange acts as the third party record
keeper, similar to a bank, and provides a sophisticated market where thousands
of transactions take place on a cashless basis.
BBX Holdings Limited listed on the ASX in August 2005, becoming the only
exchange in the world to be publicly listed on a main board.
BBX has offices throughout Australia and operates in New Zealand through a
master franchise. Through their BBX accounts, member businesses in these
countries traded in excess of $192 million in the financial year ending 30 June
2008, averaging over $33,000 per member.
BBX has recently expanded to Costa Rica, India and China through master
franchise arrangements and further international expansion is being pursued.
BBX can be contacted by phoning 1800 222 229 or visiting
www.ebbx.com.
Released for BBX by Dennis Rutzou Public Relations (www.drpr.com.au)
For further information please call Joanna Gitsham or Nicola Rutzou on (02) 9413
4244.
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