Being Direct Capital’s largest clients to date is a title the Parikh family is proud to hold. Brothers Amish and Ashish Parikh started in the Popeye’s business in 2006, after many years learning from and growing with their father Prabodh, who developed 19 units in the New York Market as a Dunkin’ Donuts franchisee.
In 2007, the brothers’ uncle, Haren Parikh, came on board to manage the construction and financing side of the business. Since then, the Parikh family has utilized Direct Capital for millions of dollars in financing.
“Direct Capital is the best finance company I know,” Haren said, “I wouldn’t recommend anyone else.”
Like any business story, the Parikhs’ starts off small. The three owned only a couple of stores to start, but their business grew quickly. As of June 2015, CEO Ashish, President Amish and Business Operations Manager Haren own more than 100 Popeye’s franchises, including 12 in Minnesota, 20 in Baltimore, 3 in Delaware, and over 40 in the New Jersey, Pennsylvania, and New York areas. Just recently, they have acquired Popeye’s stores in the entire Boston region as well.
And they aren’t quite done, yet. Ashish and Amish state, “Our goal is to be the largest and most efficient Franchise Network in the country by continuing to provide growth – ownership opportunity to our trained managers and crew members by developing and acquiring strong locations through the North East Region.”
Hitting that goal will be easier with the help of their family. Just like the two of them started out with their father, their Popeye’s franchise continues to be a family-driven success, or as they call it a “full family commitment.” While the brothers’ uncle Haren handles the general contractors and financing, Haren’s brother Mukesh handles the accounting and Amish and Ashish are responsible for new market development and expansion.
How They Found Direct Capital
Back in early 2012, the Parikh’s were referred to Direct Capital by Sicom, a POS system manufacturer. Subsequently, they have turned to Direct Capital to finance multiple store acquisitions, remodels, and other construction projects.
The money the Parikh’s have received from Direct Capital, Haren said, has enabled them to purchase, build, and develop more and more successful stores. “It’s very good for us. When I ask for money, I receive it. That’s why we have 100+ stores now.”
The Direct Capital Financing Process
Direct Capital is fast, Haren said, and there’s not a lot of paperwork. He applies directly via email and said it normally takes 3-4 days for the loan to be approved and then just 2-3 weeks for the money to be in his account. He said, “It’s easy for business owners.”
Haren said Direct Capital goes above and beyond to make things happen. The largest deal he’s done to date with Direct Capital involved mid-6-figure financing for the acquisition of a Popeye’s store in Pennsauken, PA. The seller of the store was far away, but with the help Direct Capital, Haren and team were able to track her down and complete the closing. It was a last minute situation, he said, and, “Direct Capital took care of it.”
Last September, Haren, Amish, and Ashish took a trip from Pennsylvania to Direct Capital’s Portsmouth, N.H. headquarters. While here, they were able to meet – and continue to build – relationships with the team they work with on a daily and weekly basis. The relationship managers at Direct Capital were also glad to have had the chance to meet with their clients.
Remington Tagget, Senior Finance Manager at Direct Capital said of the visit, “It was a really good experience to meet them because we had established this relationship by doing business over the phone and email, and to finally catch up in person was very rewarding. We had the opportunity to talk about their business in depth and game plan their future needs and how we could help meet those needs.”
In the months since the Parikh’s have visited, their relationship with Direct Capital has only grown stronger. Haren said, “I appreciate all you guys do for me and look forward to more business in the future.”
To discover ways that Direct Capital can help your franchise grow like the Parikh’s, visit our Franchise Financing page!