I resigned from Implats in February 1994, signed the franchisor agreement on 1 April, 27 days before the first democratic elections, and we opened the first Cash Converters store in Parow, Cape Town, after two months of training. That store is still there today except 400m up the road, Mukheibir smiles. Financing was as challenging then as it is now. We needed R1 million, half for the master franchisor fees, half to open our own store, and truth be told, I think we were lucky to have the right banker at the right time because I had personal loan interest rate in japan experience.
Were still with our bank 20 years later. Owning and running this first store, we learnt so much as franchisees and franchisors.
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