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Cole Sossamon has received a loan of $130,000 to buy an in-home care business.
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Palm Beach Atlantic (PBA) University’s Titus Center for Franchising has selected 2020 alumnus Cole Sossamon as its inaugural recipient of the Kobel Franchise Challenge, which sees Sossamon awarded with $130,000 to buy a Talem Home Care franchise business.
“This is a momentous announcement for the Titus Center and another first in franchise education,” said Dr. John P. Hayes, director of the Titus Center. “The Kobel fund makes business ownership possible sooner rather than later for students who meet our lending criteria.”
PBA students and alumni with a concentration in franchising are able to apply for up to $300,000, which is loaned to a corporation formed in the name of the Kobel Challenge and the winner. The challenge then holds a 15 per cent ownership share in the business for at least five years, at which time the franchisee can acquire that share. The Titus Center also retains five per cent ownership.
Sossamon chose a Talem Home Care franchise because of the personal connections he made when speaking with the brand’s CEO, Jake Rankin. When looking at which franchise would best suit him, Sossamon was confident with his research because of his Titus Center for Franchising education. “I knew more than some of the franchisors I interviewed,” he said.
The Kobel Franchise Challenge is made possible by the generosity of Tampa area developer Ed Kobel and his wife, Becky. Kobel Challenge recipients are trained to put their faith into action in the marketplace, and are mentored by Kobel and other business leaders to help them persevere when they face challenges.
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