Yum Brands will award two franchises to Black or Latino

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Yum Brands announced Thursday that the company is expanding its educational partnership with the University of Louisville to launch a franchise accelerator scholarship program. The program, which is also in partnership with the historically black college, Howard University, selected 10 black and Latino MBA students from the two universities to participate in a five-month program, at the end of which two of the 10 students will receive the keys. at a Yum Brands restaurant.

The program, which launched Jan. 3, is an extension of the Yum Center for Global Franchise Excellence, which parent company Pizza Hut and Taco Bell launched last May at the University of Louisville in Kentucky, specifically to target women and people of color. learn how to become a franchisee. Since the program began, more than 200 students have participated in programs at the Yum Center for Global Franchise Excellence, which is the first commercial program of its kind to partner with a public company.

The Franchise Accelerator provides each participant with scholarships, gives them accelerated training on Yum’s franchising business model, and sets them up with franchise mentors for hands-on training.

“We knew there were some very clear barriers to getting underrepresented people of color into the franchise,” Wanda Williams, global franchise manager for Yum Brands, told Nation’s Restaurant News. “It was the lack of access to capital, the inability to understand and know who the right people are to know to get into franchising, and the lack of franchising education. So obviously we had already touched on the third point, but we hadn’t really touched on the other two barriers.

Williams said the key element of this program that really sets it apart from other franchising education programs is the mentorship opportunity.

“[Our franchisees] not only do they mentor the students, but they also do interviews, they train the students so that they can really understand what it takes to run a restaurant,” she added. “We take students on experiential journeys, so they can continue to learn all about franchising, not only what running a store is like, but also answering questions like, ‘what kind of financing do you need?” What are all the decisions you need to think about when opening your new restaurant? »

The end of the five-month program will end with a pitch competition, when the 10 students will present their background and why they want to open a Yum restaurant. The two winners will receive start-up capital, additional training and mentoring, and an opportunity to become a franchisee.

“A lot of people tell us, ‘You’re going to give two winners the keys to the store, but how does that guarantee their success?'” Williams said. “We’ve worked closely with some of our franchisees to come up with a plan and make sure we’re holding the hand of winning students and setting them up for success, so they can grow through the Yum brands.”

Williams also said that this is just the beginning and that Yum will explore more educational opportunities for potential young entrepreneurs of color in the future.

Contact Joanna at [email protected]

Find her on Twitter: @JoannaFantozzi

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