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Denny’s Makes Commitment to Black Franchise Business Ownership Program

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Denny’s Makes Commitment to Black Franchise Business Ownership Program

Denny’s recently announced a commitment to the Pathways to Black Franchise Ownership program created by the Multicultural Foodservice & Hospitality Alliance (MFHA).



Denny’s Makes Commitment to Black Franchise Business Ownership Program

The aim of the Pathways to Black Franchising program is to make systemic change in order to drive greater wealth in the Black community by empowering African American entrepreneurs to operate high-performing franchise businesses. Denny’s aims to help MFHA reach a goal of creating 100 Black-owned franchises by 2023, with the two entities having already enjoyed a successful 25-year alliance.

Increasing African American Franchise Ownership

The Pathways to Black Franchise Ownership program was launched in 2020 with the aforementioned goal of creating 100 Black-owned franchises by the end of 2023. The MFHA has already been working closely with the National Restaurant Association, the National Restaurant Association Education Foundation (NRAEF) and the International Franchise Association to expand the program.

The U.S. Census Bureau and the International Franchise Association also conducted a study which discovered that African Americans make up only 8% of franchise business owners. Denny’s and MFHA hope to close that gap by providing participants with specialized training, coaching and mentoring, as well as other support, to help Black entrepreneurs open both single and multi-unit franchise businesses.

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Helping Black Entrepreneurs Achieve Their Dreams

The CEO of Denny’s, John Miller, said of his firm’s expanded partnership with MFHA: “At Denny’s, diversity, equity and inclusion are key components of our business strategy and that includes every part of our organization from our board of directors to our franchisee association. Our expanded partnership with MFHA will help close the ownership gap for Black business owners and bring new faces and fresh thinking to Denny’s. We’re humbled to be able to create more opportunities for Black business owners who are historically underrepresented in the restaurant industry.”

The Founder and President of MFHA, Gerry Fernandez, added: “MFHA is excited to welcome Denny’s to the Pathways program. Together, we can make a lasting impact by helping Black entrepreneurs achieve their dream of owning their own restaurant, uplifting their communities and building wealth for their family and future generations.”

On the MFHA website, they explain: “Today, Black Americans make up only 8 percent of franchise business owners, yet they comprise 13 percent of the population and nearly 10 percent of food service managers. Pathways addresses this disparity through training and access to capital, the two biggest barriers for Black women and men who want to own profitable businesses.

“Training and access to capital are the biggest barriers for Black women and men who want to own their own business. Through Pathways, the restaurant industry has the opportunity to create tangible lasting change in the communities they serve by helping to increase Black ownership. Ownership is a critical element of racial and social justice. And economic mobility cannot be achieved until Black Americans have a fair opportunity to participate in the nation’s shared prosperity.”

Pathways to Black Franchise Ownership

The Pathways to Black Franchise Ownership program identifies, finances and prepares aspiring Black entrepreneurs to own and operate high-performing restaurants. It also helps companies to grow their brands and build wealth in the Black community by embracing a social equity ownership model.

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Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

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Malaysia’s $30bn wealth fund to stand by carbon-emitting state companies

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Japan’s biggest chipmakers from Toshiba to Sony brace for engineer shortage

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Swiss Luxury Brand Hublot Adopts Bitcoin Payments

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Swiss Luxury Brand Hublot Adopts Bitcoin Payments

The Swiss luxury watchmaker – Hublot – allowed its customers to buy certain limited products in cryptocurrencies by partnering with the bitcoin payment service provider – BitPay.

In addition, Prague City Tourism joined forces with Global Payments to enable passengers of the emblematic Tram Line number 42 to purchase tickets in digital assets.

Hublot Enters the World of Crypto

Embracing cryptocurrencies as a means of payment has turned into a move practiced by numerous companies part of the fashion industry. The Switzerland-based renowned watchmaker – Hublot – is the latest member of that club.

In a recent announcement, the firm said it launched a limited collection called “Big Bang Unico Essential Grey,” which consists of 200 watches. Those products could be purchased only on Hublot’s US e-Boutique platform as clients can pay with cryptocurrencies.

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Introducing the new #BigBangUnico Essential Grey, a limited edition of 200 pieces solely available online on the e-commerce platform https://t.co/FtQRk4LWq7. Exclusively on our Hublot United States eBoutique, clients will be able to shop using select Cryptocurrencies with BitPay. pic.twitter.com/Ny2tct8lQ2

— Hublot (@Hublot) June 21, 2022

The price of a single watch from that edition is around $21,200, meaning that if one wants to pay in bitcoin, they will have to part with approximately 1 BTC (calculated at current prices).

Last month, another Swiss luxury watchmaker – Tag Heuer – also said “yes” to such payments. The enterprise accepted leading cryptocurrencies, including Bitcoin, Ethereum, and Shiba Inu, plus five stablecoins as a means of settlement on its US website.

Explore Prague in Exchange for Crypto

Another example of the latest cryptocurrency adoption is Prague’s iconic Tram Line number 42. One of the oldest trams in the Czech Republic is currently used as a tourist attraction. Visitors can ride on it and explore the most popular sightseeings of the country’s capital, such as the Prague Castle, Charles Bridge, and the Powder Gate.

According to a local coverage, the Tram Line teamed up with Global Payments to allow travelers to pay for their experience in crypto. Petr Soukup – Director of IT at Prague City Tourism – said:

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“Cryptocurrencies are a very popular source of money today. There is no reason why people should not use them for regular payments. They can now pay for a ticket with a piece of bitcoin or, for example, Ethereum.”

He further explained that clients could pay in digital assets, but merchants can choose whether to accept the transaction in crypto or fiat (for example, Czech crowns).

Featured Image Courtesy of Hublot

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