For many hotel employees, the dream of becoming an owner may seem distant. But that dream came true for Quest Apartment Hotels employee Bianca Tachdjian earlier this year.
After a 13-year career at Quest, during which she held several ownership and support desk positions at Quest, Tachdjian secured a minority stake in the franchise business. Quest Ivanhoe, joining existing business owners Andrew Scott and Nick Michael.
“There’s no doubt about it, it’s hard work. There are long tiring days and the pressure is there, but it’s really rewarding to see a better personal financial return for all the effort I’ve put in, not to mention that I’m helping to increase the value of the Quest company Ivanhoe,” Tachdjian said. mentioned.
Tachdjian is one of many Quest employees to have taken advantage of Quest’s Joint Venture (JV) initiative, which helps employees team up with an experienced Quest franchisee to become a minority shareholder/owner of the company.
In this position, she can enjoy the lifestyle benefits of being her own boss.
“I have the freedom to finish a little earlier on the days I’m ahead,” she said.
“I am nothing without my team and am so grateful to all of my team members who give so much, day in and day out, to help us provide a great experience for our customers here at Quest Ivanhoe.”
Tachdjian hopes that in the years to come, she will be able to “pay it forward” and help someone else become a Quest business owner.
“With Quest, I know this is a real possibility, due to the strength of their new real estate growth pipeline, as well as their track record of running successful franchise businesses,” she said.
A springboard for personal growth
A minority JV business owner would typically require a minimum initial investment of 20% of the value of the business, and in some cases the partnership includes a mutual agreement that sees their stake in the Quest franchise business increase over time. , in accordance with specific performance. results.
Quest says most of its franchisees in JV partnerships find the arrangement incredibly rewarding and a springboard to increased personal wealth and financial security.
“For many years now, Quest team members who have had the aspiration – but not necessarily the full financial means – to become a hotel business owner have been able to successfully partner with business owners experienced Quest franchisees to make their first foray into owning a business,” says David Mansfield, Managing Director of Quest Apartment Hotels.
Quest’s proven track record of successful franchisees and increasing the value of their business puts it in a strong position to be recognized as a preferred franchise provider.
You don’t always have to have a long career with Quest to benefit from the JV partnership – some minority franchise business owners are recent additions to the Quest team who bring strong hospitality industry experience and hotel management.
What is most important is that the people involved in the JV partnership possess similar shared values and a commitment to the continued growth of the franchise business. If you have experience managing high performing teams in a fast-paced environment, or have previously owned a successful small business, contact Quest to learn more about hotel business ownership opportunities available through JV partnerships.