The Best Franchises To Buy in 2023

WWW.THEENTERPRISEWORLD.COM | AMERICAS EDITION | OCTOBER 2023

The Best

FRANCHISES To Buy in 2023 Case Study Lenovo Case Study: From the Shacks of China to Conquering the World

To Read More : Upshot Formentera: Best ways to explore the tranquil side of the Balearic Islands

SEO Blog 10 Luxurious Hotels in Downtown Boston for a Memorable Stay

Article 54.

The Power of Precision Enhancing Product Personalization through Laser Etching

Aaron T Harper Chief Executive Ofcer

ROLLING SUDS

Redefining the Franchise Industry by Focusing on Responsible Franchising , One Franchisee at a Time

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From Editor’s Desk

F

ranchising is the kind of a business model that has created a stir in this modern world. And why not! With multiple benefits, it is one of the businesses that with a fixed module can also generate good revenue. And to start with it all, franchising is also a business module that can be much safer and less risky. It is unless the franchisor decided to choose a different structure.

And for those with a hunger to grow, both the franchisor and the franchisee, this proves to be the best business, as it guarantees growth in every aspect.

Featuring for The Enterprise World’s this issue of The Best Franchises to Buy in 2023 are the stories of such franchisors, who have helped and inspired many to start a business.

For the cover story, read aboutRolling Suds is a family-owned business that provides residential and commercial power washing services. The company was originally founded by Brian Wendling, Sr., in Warrington, PA. Seven years ago, his son, Brian Wendling, Jr., took over the business to give back to his parents and the brand that gave him such a positive life growing up.

Anchored by years of unmatched results, Rolling Suds aims to make power washing one less thing to worry about for customers across America within a franchise model. To date, it has helped over 200,000 residential and commercial customers. It has built a great reputation by hiring the best people, using the best equipment, and providing the best experience in the industry. It wasn’t long after deciding to franchise that they sold their first in Austin, Texas in February 2023, the first of many to come in a very fast period of time.

In the highly fragmented short-term vacation rental industry, Grand Welcome is leading the way.

This industry has only a few national non-franchised competitors managing tens of thousands of properties and tens of thousands of local boutique managers, individually handling less than 20 properties. In fact, only a small percentage of vacation rental managers oversee over 100 properties.

Grand Welcome offers the best of both worlds by combining the efficiency of the larger national managers with the local boutique style of smaller managers. This is achieved through franchising, where locally owned and operated franchisees can benefit from a proven model, systems, technology, and processes to achieve quick success.

Shalmali W.

The Enterprise World, 1985, Henderson Rd, Columbus, Ohio, 43220

Follow Us On: For Editorial Concerns: editor@theentetpriseworld.com For Sales & Branding Enquiries: sales@theenterpriseworld.com For Subscription: info@theenterpriseworld.com Publisher The Enterprise World Creative Content Editor

Marketing Coordinator (AMERICAS)

Shalmali W.

Peter J.

PR & Marketing Coordinator

Business Development Executive

James H.

Jenna W.

Creative Design Head

Graphic Designer

Sankalp K.

Aparna S.

Social Media Manager

Digital Circulation Manager

Narendra S.

Amanda V.

This list is NOT a ranking. The companies on listed in magazine serve different aspects of the market, making ranking them in any order except revenue impossible and unfair.

We try to bring a perfect platform for business organization to showcase their valued products/ services.

Copyrights © The Enterprise World | 2019. All Rights Reserved. The images and content included in this magazine should not be copied, transferred or reproduced in any form or by any means, electronics, mechanical, photocopying, recording, otherwise, without proper permission from The Enterprise World.

The Enterprise World solely owns all the reprint rights.

Rolling Suds is a family-owned business that provides residential and commercial power washing services. The company was originally founded

by Brian Wendling, Sr., in Warrington, PA. Seven years ago, his son, Brian Wendling, Jr., took over the business to give back to his parents and the brand that gave him such a positive life growing up.

Anchored by years of unmatched results, Rolling Suds aims to make power washing one less thing to worry about for customers across America within a franchise model. To date, it has helped over 200,000 residential and commercial customers. It has built a great reputation by hiring the best people, using the best equipment, and providing the best experience in the industry. It wasn’t long after deciding to franchise that they sold their first in Austin, Texas in February 2023, the first of many to come in a very fast period of time.

In the highly fragmented short-term vacation rental industry, Grand Welcome is leading the way. This industry has only a few national nonfranchised competitors managing tens of thousands of properties and tens of thousands of local boutique managers, individually handling less than 20 properties. In fact, only a small percentage of vacation rental managers oversee over 100 properties.

Grand Welcome offers the best of both worlds by combining the efficiency of the larger national managers with the local boutique style of smaller managers. This is achieved through franchising, where locally owned and operated franchisees can benefit from a proven model, systems, technology, and processes to achieve quick success.

LEADERS IN SPOTLIGHT

For the cover story, read about-

CONTENTS

12

Rolling Suds

Formentera: Best ways to explore the tranquil side of the Balearic Islands

upshot

22 Exclusive Profile

Grand Welcome - Leading the Way into the Future of Travel

32 cASE STUDY

Lenovo - From the Shacks of China to Conquering the World

44

The Power of Precision Enhancing Product Personalization through Laser Etching

Article

54 SEO Blog

Hotels in downtown Boston

58

Rolling Suds REDEFINING THE FRANCHISE INDUSTRY

By Focusing On Responsible Franchising, One Franchisee at a Time

Aaron T Harper Chief Executive Officer

12 |OCTOBER 2023

cover story www.theenterpriseworld.com | 13

cover story

O

ver the course of time, franchise enterprises have transformed significantly.

Initially, a majority of these businesses leaned on conventional business strategies like mouth-to-mouth/verbal communications and distributing printed materials. Yet, with the advancement of technology and the ever-shifting trends, these businesses have adjusted to more contemporary approaches.

In the modern competitive landscape, the success of franchises lies in their ability to offer aspiring business owners a balance of entrepreneurial opportunity and established support.

This allows individuals to embark on their own business journey with the backing of a trusted brand and a proven roadmap for success. Rolling Suds significantly expands upon these more contemporary positive characteristics by always placing the franchisee first, and it’s paying off.

More than three decades ago, Rolling Suds Power Washing was founded with a vision to become the largest power washing company in the world.

It has grown as the premier franchise in residential and commercial power washing. It has also earned its reputation with excellence and customer satisfaction as one of the trusted names in the industry.

residential and commercial customers.

It has built a great reputation by hiring the best people, using the best equipment, and providing the best experience in the industry. It wasn’t long after deciding to franchise that they sold their first in Austin, Texas in February 2023, the first of many to come in a very fast period of time.

Synergy of a Powerful Partnership

Rolling Suds is a family-owned business that provides residential and commercial power washing services.

The company was originally founded

by Brian Wendling, Sr., in Warrington, PA. Seven years ago, his son, Brian Wendling, Jr., took over the business to give back to his parents and the brand that gave him such a positive life growing up. Anchored by years of unmatched results , Rolling Suds aims to make power washing one less thing to worry about for customers across America within a franchise model. To date, it has helped over 200,000

In January 2023, the Wendlings partnered with Aaron T. Harper (CEO). Prior to joining Rolling Suds as the Chief Executive Officer, he started his franchising career as a Franchise Development Director for Chem-Dry. When Belfor Franchise Group acquired Chem-Dry, he was promoted to Senior Director of Franchise Development. He oversaw part of the franchise development team for Chem-Dry and did franchise development for The Patch Boys. In that role, he was integral in rebuilding

“The franchisees know that we will work together to figure any situation out. This is a relationship – our mission statement.” “The franchisee-franchisor relationship is a partnership. At its core, a franchisor is a service company providing service At Rolling Suds, we believe that if we teach franchisees to be obsessive about the customer experience while we stay focused on the franchisee experience, everyone’s business will grow.”

14 |OCTOBER 2023

the infrastructure for training, marketing, and ongoing support for franchisees. During his tenure at Belfor Franchise Group, he sold and helped open over 400 territories across two brands in just a few short years. Aaron was sought after for various leadership roles but he knew, based on his extensive experience building two brands for companies he'd worked for, and helping hundreds of franchisees become business owners, it was time do it for himself.

Aaron was seeking a simple business that was recession-proof, did not require skilled labor, and had minimal competition in the franchise market. In September 2022, he met Brian Sr. and Brian Jr. at a conference for emerging franchisors called Springboard. He forged a partnership with the expertise of Wendling’s in the power washing space and Aaron’s success as a seasoned professional in the franchising space together. They decided to move forward with franchising Rolling Suds; the rest is history.

The partnership also created a powerful mission statement– “This is a relationship.” Everything Rolling Suds does is centered around the franchisee’s success, leading the company to commence operations in 44 territories in 12 states in just 7 months. Moreover, it has become very realistic to become the largest power washing company in the world with its unique business ability and unparalleled potential.

‘Responsible Franchising’ for Success Aaron dedicated his entire time and expertise to building the franchise the right way, believing that

Brian Wendling, Jr. ‘Responsible Franchising’ was the key to ensuring clear expectations for both the franchisee and franchisor.

Accordingly, he tailored the approach to each individual's abilities, adopting a solution-based and forward-thinking mindset regarding technology, scaling, lead generation, support, and all other facets of the business. After years of experience working with some of the biggest brands in the world, he understands that a franchise needs to be agile, transparent, and adaptable, evolving alongside the franchisees' changing needs. This forward-thinking approach is what sets Rolling Suds apart from other franchises.

Additionally, Aaron’s commitment to excellence ensured turning away those franchisees who didn’t align with the

values of Rolling Sud’s or couldn’t commit to the standards he had set for franchisees –knowing that the right people are crucial for the franchise’s success.

The power of a mighty team in building recognizable brands cannot be underestimated. However, choosing the right people with an aligned mindset and vision can sometimes be challenging. With that being said, Rolling Suds successfully overcame this obstacle under Aaron’s leadership and guidance. To build the right team, Aaron leveraged relationships and people he trusted for their input and their referrals. With this, he built a great group of employees and partnered with the right suppliers

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cover story through these recommendations. To date, Aaron emphasizes, “It was, and still is, important that the people and businesses we work with have the ability to scale, strive for growth, and undergo a thorough vetting process.

This is our due diligence to the franchisees and customers of Rolling Suds.”

Setting the Bars High with Distinction Rolling Suds is a recognized industry player for its commercial and residential power washing services.

The company aims to make power washing ‘one less thing’ its customers

16 |OCTOBER 2023

have to worry about. Power or pressure washing can be a dreadful task, and Rolling Suds is on its mission to change the perception and don’t want their customers, or anyone for that matter, to feel that way. Therefore, it provides training and other necessary support to deliver on the promise.

To stay faster and ahead of the competition, Rolling Suds continues innovating to ensure it consistently provides its franchisees with the best support and experience. The company provides 6 months of lead generation–residential and commercial–with push-and-pull marketing tactics. It also leverages

advanced marketing practices that utilize SEO and targeted digital marketing to reach ideal clients.

The Professional Wash Method is the proprietary cleaning process that Rolling Suds has developed utilizing state of the art equipment, top of the line truck builds, a specific dilution ratio, and specialized training program that allows them to boast: Ÿ Cleaning 2-3x faster than their competition Ÿ Reaching 4-5 stories while standing on the ground, no need for a lift Ÿ Billing by the job, not the hour, there’s never a surprise

Ÿ Guaranteeing every job, they return for any complaint Ÿ 96% customer satisfaction with over 200,000 customers served

The Rolling Suds’ dedicated team of experts has over 50 years of combined experience in franchising and is completely hands-on with every franchisee throughout their entire journey through entrepreneurship. It regularly communicates and collaborates with the designated standards to drive revenue. “We’re not just a franchisor, we’re a FRANCHISEE company and we are in this together!” quotes Aaron.

Rolling Suds pays keen attention to the industry's trends and is attentive to its customers' wants. Aaron believes the customers’ needs will keep evolving, so the company needs to stay ahead of the needs of both customers and franchisees. He further adds: “It is also important that if we add a product or service, it must align with our current goals and mission. We do not want to stray from Going above and beyond with Excellence what we are good at just because others are doing it.”

Rolling Suds stands out as the leading national franchise for power washing. The company refers to itself as a A Dedicated Leader Charting the Course ‘franchisee company’ instead of a franchisor, as its main goal is to offer services and assistance to franchisees to At the helm of Rolling Suds, Aaron is responsible for ensuring aid in their business growth. It believes that the key to that the franchisee is always put first. He also invests significant their happiness is through the contentment of the time in figuring out how to continuously lead the company by reinforcing behaviors indicative of his priority, the Rolling Suds franchisees.

Franchisees. He firmly believes in growing together and The company’s exceptional commitment to setting high considers the franchise-franchisee relationship. As a leader, he standards in an industry without strict regulations sets it also spearheads the team of Rolling Suds and guides them apart. With a strong emphasis on both residential and towards success.

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cover story commercial power washing, Rolling Suds remains dedicated to its core service without getting sidetracked.

This approach is designed to instill a sense of trust and assurance in customers. With a simple yet highly efficient business model, which is operational in as little as 10 weeks, the company promises high margins by offering low overhead and efficient systems.

Become a Rolling Suds Franchisee The global pressure washing market is estimated to reach $3.9 billion in 2023!

Rolling Suds is creating highly profitable opportunities for aspiring entrepreneurs to significantly benefit from the market in this billion-dollar landscape. The company offers several options for ownership, and franchisees can select any option that best suits their needs.

Most importantly, there are certain criteria that a partner must fulfill in order to become a franchisee of Rolling Suds. For instance, a partner must understand the importance of the company’s mission statement– “this is a relationship”. It has worked hard to earn the trust of fellow franchisees and customers. Therefore, a partner must have the ability and desire to scale a business and business acumen, and who want to grow.

Here are 3 major reasons to franchise with Rolling Suds: 1. Franchisee support: Rolling Suds is a franchisee company focused on the franchisees success and happiness. The company’s 9-week power launch program prepares each franchisee for the structured in-person training program that occurs nearly monthly for new franchisees. Additionally, it provides:

18 |OCTOBER 2023

6 months of commercial and residential lead generation support, SEO and website setup and support, a dedicated call center, and reputation management services Weekly Power Hour Calls with all new franchisees to discuss progress and for franchisees to hear successes from each other Ongoing coaching sessions to ensure each franchisee is achieving their goals and is guided on improvement if changes are needed.

2. Differentiators: Beyond its strengths as a franchisor, one of Rolling Suds’ biggest differentiators is its product offering. Franchisees get to offer a proprietary service to their customers–named "The Professional Wash Method”–allowing the company to be 2-3x faster than the competition and reach up to 5 stories while standing on the ground. Rolling Sud’s state-of-the-art equipment is modified to perform even more efficiently and uses a cleaning solution that requires fewer chemicals than its competition.

3. Expansion: Rolling Suds has expanded across 42 territories across 12 states in just 7 months!

Led by Aaron, the company has grown significantly by forging a path to profitability. It has grown as the largest power washing franchise in the nation.

In addition to these, Rolling Suds constantly assists its franchisees, particularly through crises such as a pandemic or economic recessions by listening and being attentive. The company has business coaches who are specifically trained to help and guide in situations of turmoil, conflict, crisis, and many similar situations. Moreover, the rest of the team is fully engaged with the

(Left to right) Bri B franchisees, maintaining a constant flow of open communication during crises.

Envisioning a Future of Innovation and Advancement Aaron is recognized as an expert in building relationships and developing brands. He believes that the younger and next-generation franchisors, suppliers, and franchisees will continue to reshape the modern franchise

ian Wendling Jr., VP and Founder | Aaron T Harper, CEO | Brian Wendling Sr., President and Founder landscape. While it is a refreshing narrative, franchising should be perceived as a way to help business-savvy people become entrepreneurs for the first time by providing the tools and support necessary for succeeding.

Aaron perceives a bright and proliferative future for Rolling Suds. When asked about the future of the franchising industry, he envisions it heading towards more transparency between the different sectors, whether it’s the brokers working with new franchisees or the suppliers working with franchisors and, ultimately, franchisors working with franchisees. Today, transparency on all levels is crucial to success, and the best partners either have this in place already or are getting there. “I see this largely through

Operations and Franchise Development communicating regularly and staying very aligned with their capabilities and messaging to franchisees from the beginning,” adds Aaron.

As a seasoned franchise leader, Aaron advises the following to aspiring entrepreneurs in the franchise sector: Ÿ Get plugged into the franchisee community at large – watch podcasts and read articles. There is content everywhere Ÿ Attend franchise conferences such as Springboard, a conference for emerging franchisors, to learn and network Ÿ Talk to franchisors who have done what you are trying to do, seek out mentors you trust

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NEWS Private company wants to clean up space junk with ‘capture bags’ in Earth orbit READ MORE

Second Contract for Inflatable Catch Bags This will be TransAstra’s second contract for inflatable catch Google launches bags in recent years. Additionally, they were given a NASA early-stage contract for 2021, which initially had an on asteroid or space rock capture However, watermarks for AI- emphasis TransAstra quickly understood that asteroids and space face many of the same difficulties. According to firm generated images debris representatives, asteroids produce pebbles, while space READ MORE

debris can produce minute fragments that mimic the motion of pebbles in space.

False photos and edited images Tech companies are frantically trying to come up with a reliable method to recognize and flag modified information as deep fakes and edited photos and videos become more convincing. In recent months, AI-generated images of Pope Francis wearing a puffer jacket and the former president of the United States being detained were extensively shared before he was charged.

Vera Jourova, vice president of the European Commission, urged signatories to the EU Code of Practice on Disinformation, which also includes Google, Meta, Microsoft, and TikTok, to “put in place technology to recognize such content and clearly label this to users” in June.

With the introduction of SynthID, Google has joined the expanding list of Big Tech firms and startups that are looking for answers. Some of these businesses go by names like Truepic and Reality Defender, highlighting the possible risks involved in the quest to safeguard our perception of what is genuine and what is false.

Tracking the source of content While Google has mostly adopted its own strategy, the Coalition for Content Provenance and Authenticity (C2PA), an Adobebacked group, has been at the forefront of digital watermark efforts.

Joel Sercel, founder and CEO of TransAstra, stated in the study, “We subsequently realised this is the greatest thing ever for orbital debris cleanup.” The business suggests using a space tug they call Worker Bee to manoeuvre this bag around low Earth orbit in order to collect numerous pieces of junk.

Such technology might not be ready for spaceflight for several years or even decades. But there will be a lot of work to accomplish even if the mission completely succeeds and gets to space.

Frozen vegetables recalled due to possible listeria contamination

READ MORE

No actual consumer reports of human illness The 22 goods, which came in different sizes and brands and were sold nationwide at retailers like Kroger, Food Lion, and Albertsons Cos. shops, have been recalled by the food manufacturer with offices in Washington and Michigan. The notification from the firm states that “no other products have been affected.”

According to the firm, “there have been no actual consumer reports of human illness or other complaints associated with this product” as of the time of publication.

According to one customer’s third-party test results for the IQF sweet-cut maize, the recall has been started because completed products may potentially be contaminated with Listeria monocytogenes, according to a statement from Twin City Foods, Inc. Customers who may have purchased the recalled goods are asked not to consume them and to return them to the place of purchase for an instant full refund.

Customers with more inquiries can get in touch with Twin City Foods by calling the number provided in the FDA website announcement.

22 |OCTOBER 2023

www.theenterpriseworld.com | 23

HowTo Reach Formentera

24 |OCTOBER 2023

The lack of an airport means you need to take a boat from Ibiza to reach the island. However, things have recently improved. These days you can also get there through regular passenger service from the Spanish mainland. In addition, there are also ferries and airport transfers available from Ibiza.

In the peak season at Formentera, you can get ferries almost every half an hour that operate within their own terminal in Ibiza port, and the complete journey takes around half an hour.

BIKING

Case Study

www.theenterpriseworld.com | 25

Formentera has a wide range of dishes that you can choose from. Let’s split our recommended dishes into three parts for your convenience.

26 |OCTOBER 2023

Paella Paella

Foods Guide to Follow

Case Study www.theenterpriseworld.com | 27

28 |OCTOBER 2023

Formentera Nightlife Formentera Nightlife Formentera Nightlife

A Peaceful Getaway

www.theenterpriseworld.com | 29

32 |OCTOBER 2023

Leading the Way into the Future of Travel

Brandon Ezra | CEO

www.theenterpriseworld.com | 33

G

rand Welcome is a rapidly expanding franchise brand in the short-term vacation rental sector, providing full-service property management to both owners and visitors of short-term rental properties.

The Enterprise World is proud to introduce the company to The Best Franchises to buy in 2023.

In 2009, Brandon Ezra (Founder and CEO) established Grand Welcome, a property management company that currently oversees short-term vacation homes in 16 states throughout the US. Despite his humble beginnings as an outdoor enthusiast, Brandon’s love for the natural world motivated him to invest in the industry.

This has led to the growth of his business into one of the most prominent property management companies in the Mammoth Lakes area. Starting with a limited number of condominiums, Brandon’s vision and entrepreneurial spirit propelled the establishment of Grand Welcome.

As is typical of most small business owners in the vacation rental industry, Brandon initially had to overcome the lack of support and training.

Nonetheless, his entrepreneurial spirit and unwavering commitment to growth enabled him to develop cutting-edge systems that are both user-friendly and translatable to anyone seeking to expand their existing business or enter the industry anew.

With a keen focus on delivering high revenue for property owners and topnotch service to guests, Grand Welcome has rapidly expanded its presence in the US, currently managing over 1500 vacation rental properties in the most desirable locations nationwide.

Despite the industry's largest players controlling less than 5% of the market

34 |OCTOBER 2023

share, Grand Welcome has remained a significant force and continues to expand.

In 2019, Grand Welcome launched a franchise opportunity, which coincided with the onset of the pandemic. Despite the challenges posed by the global crisis, the franchise opportunity saw steady growth throughout 2020 and 2021 and enjoyed significant growth in 2022, with a total of 47 franchises awarded across 16 US states by yearend.

Talking about the franchise growth, Kit Steen (VP of Sales at Grand Welcome) says, “Each individual franchise owner is so unique and special. It’s a unique opportunity to partner with them, see the industry through their eyes, and while mentoring or coaching, learn from them as well.”

Grand Welcome has received numerous press mentions and awards in recent years, attesting to the company’s excellence and growth in the property management industry. In 2022, the company was named to Fran-Serve’s Fran-tastic 500 List, which recognizes outstanding franchise opportunities.

It was also recognized as one of the top new and emerging franchises by Entrepreneur magazine. The International Franchise Association awarded Steven Brown, a Grand Welcome franchisee in Nashville and Austin, the Franchisee of the Year honor.

Additionally, through a unique partnership with ThirdHome, vacation homeowners can use their luxury second home to travel the world. In 2021, Grand Welcome was named to Rental’s United’s Top 50 Vacation Rental Property Managers

“

Each individual franchise owner is so unique and special. It’s a unique opportunity to partner with them, see the industry through their eyes, and while mentoring or coaching, learn from them as well. www.theenterpriseworld.com | 35

in the World, further solidifying its position as a top player in the industry.

Recently. Grand Welcome of the Ozarks franchisees have won the Franchisee of the Year award by the IFA (International Franchise Association).

The Face behind the Curtain For entrepreneurs, achieving a balance between growth and sustainability can be a challenging task. They must allocate resources equally to support their teams and clients, and avoid overextending themselves, especially during the early stages of growth.

A perfect example of a steadfast entrepreneur is Brandon Ezra. For as long as he can remember, he has been a business owner. Due to the lack of corporate options when he was growing up in South Africa, entrepreneurship was essential.

Brandon has worked many jobs and tried various businesses in his early career. Fortunately, he stumbled upon the vacation rental industry, which has been a significant part of his life for over 20 years.

Brandon adds about the key achievements of his entrepreneurial journey, “It would have to be building a franchise that is doing so well and supporting so many communities in doing so. I measure success by how our franchisees are doing. I think that should always be the hallmark of any franchisor.”

Brandon beyond the Cabin Brandon is an avid reader who has a love for books, and among his collection of preferred books, he has a current favorite, The One Thing. This book has caught his attention because of its discussion on the importance of focus and resilience, two qualities that he believes are essential for success in entrepreneurship.

36 |OCTOBER 2023

“

Stay focused on your health, your family, and your business. Do your best to not let outside influences affect your decision-making and try and overextend yourself.

www.theenterpriseworld.com | 37

As an entrepreneur himself, Brandon knows the challenges of staying focused and remaining resilient in the face of adversity. He understands that it takes dedication and perseverance to achieve success and that these qualities are what differentiate successful entrepreneurs from those who fall short.

Moreover, Brandon has great admiration for Elon Musk, who is known for his visionary leadership and innovative approach to business. Musk has demonstrated remarkable resilience and focus in his pursuit of groundbreaking technology, such as his work with Tesla and SpaceX. Brandon sees Musk as an inspiration and a model for what is possible when an entrepreneur is focused and determined in their vision.

Brandon also finds inspiration in the quote – Nothing great was ever achieved without enthusiasm by Ralph Waldo Emerson. He believes that maintaining constant vigilance is essential to achieving greatness.

He says, “Stay focused on your health, your family, and your business. Do your best to not let outside influences affect your decision-making and try and overextend yourself.”

Leading from the Front Alongside Brandon and Kit, Matthew Clare (Senior Vice PresidentCommercial) and Kevin Drudge (Senior Vice President of Franchise Development) are also playing an important role in the company’s growth. Matthew mentions that the team at Grand Welcome is made up of industry veterans as well as people who love to play a role in building something bigger than themselves.

This team spends each day supporting entrepreneurs as they work to build their businesses and raise the standard

38 |OCTOBER 2023

for hospitality in their destination. “It is a special group we have here at Grand Welcome,” he adds.

The role of a leader is crucial in ensuring everyone in the team is productive and motivated. Expressing his views on the responsibilities of an entrepreneur, Kevin says, “Being able to face a moderate amount of risk and deal with challenges and change on a regular basis. Also being resourceful and continuing to streamline operations and create efficiencies.” According to Kevin, an entrepreneur should always be willing to reinvest in an existing business or in new ones.

Roadblocks along the Way Within the business world, each sector has its own requirements and challenges. Some of the issues drastically affect businesses and organizations across a range of industries and sectors. Every business strives to maintain the quality of its customer relationships, the vibrancy of its brands, and the satisfaction of its workforce. A company that is successful overcomes obstacles to set itself apart from its competitors.

Similar challenges were faced by Grand Welcome, especially as a startup. They were certainly many and consistent. Brandon says, “When starting an enterprise like this you really do not know what you’re getting into until you’re in it. That said my attitude has always been to address challenges one challenge at a time and not look too far into the future. I have surrounded myself with great people and that has made all the difference in the world.”

Brandon mentions that having enough cash to keep up with your growth is critical and highly recommends not being undercapitalized. He adds that nothing will kill a business quicker

than a lack of cash even if you are profitable. “I’m in an industry that is developing and in the early days was very underdeveloped. This created some problems with vendors and simply finding the right people to scale this business,” asserts Brandon.

Prior to launching the franchise, the biggest challenges were that technology had not made its way into the short-term rental industry much.

Companies like Airbnb and VRBO were not around and certainly not mainstream like they are today. And

all the technology that accompanied that hadn't evolved yet either. In launching the franchise, one of the biggest initial challenges Grand Welcome faced was launching in December of 2019, right before the.

COVID-19 pandemic hit. That obviously slowed its growth in the beginning.

Triggers of Growth The company’s real growth began to take off after it started offering franchises, which proved to be a more

suitable business model compared to a large corporate structure. Despite the inherent challenges in running a franchise, it was the perfect approach for their business.

The success of the initial franchisees helped the company achieve significant growth and continued success.

Additionally, the company attracted great people who contributed to its success. The key to any company’s success is the quality of its people. The company is committed to making decisions that benefit the entire

franchise system, and they are honest with themselves in this regard.

Kit adds, “I think one of the biggest turning points came when we began to hire industry sales professionals to assist our franchise owners with unit growth. The sales team is a highly trained and successful group of professionals with an accumulation of over 150 years of industry experience.

Collectively, they work together to help our franchise owners build density in their markets.”

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Kevin mentions that the ability to adapt and innovate in a highly dynamic industry is also a prominent reason driving the company’s growth. Grand Welcome is a strong company financially that developed a strong business base through corporate operations while defining the franchising model to go to market with. The strategy is like no other in the industry to this point and is needed and well-received. Grand Welcome continues to dial in the franchise business model and make it stronger for future success.

Grand Welcome has settled on the Franchise model as its path for growth.

Expanding a corporate entity is incredibly challenging and costly. With the franchise model, it gets to share the success of its approach with entrepreneurs from all over the country. The demand has been tremendous, and Grand Welcome has far fewer obstacles for expansion than a corporate entity would.

40 |OCTOBER 2023

Statistics Average Total Revenue: $4,180,546 Average Gross Profit: $902,368 Average Net Franchisee Income: $456,180 Average Annual Revenue Per Property: $68,193 *Figures above are per the Grand Welcome Franchise Disclosure Document (FDD) Item 19 reflecting performance for 2021. More financial performance representation details are provided in the FDD. To request your copy of the Grand Welcome FDD please submit your application today.

Success Catalyst In the highly fragmented short-term vacation rental industry, Grand Welcome is leading the way. This industry has only a few national nonfranchised competitors managing tens of thousands of properties and tens of thousands of local boutique managers, individually handling less than 20 properties. In fact, only a small

percentage of vacation rental managers oversee over 100 properties.

Grand Welcome offers the best of both worlds by combining the efficiency of the larger national managers with the local boutique style of smaller managers. This is achieved through franchising, where locally owned and operated franchisees can benefit from a proven model, systems, technology, and processes to achieve quick success.

Unlike other industries, the size of the territory or the number of locations does not impact the potential for growth in the vacation rental market.

With Grand Welcome, franchisees have the potential to quickly grow and expand their business by adding new vacation properties to their program.

The more properties added, the greater the potential for earning.

Turnkey Franchise Opportunity The turnkey franchise opportunity offered by Grand Welcome means

franchisees don’t need to stress about revenue management, backend support, reservations, technology, and optional customer service. The company’s superior technology, proven operational model, and dedicated support teams are all in place and scalable to make growing their business as easy as possible.

Grand Welcome aims to reshape the vacation rental industry. It is expanding into new territories and locations across the United States and soon to be international. Once a franchisee launches their own franchise, their main goal is to acquire homeowners to add to their full-service vacation rental management portfolio.

The company also handles onboarding and listing new properties for its franchisees. It manages everything related to generating the highest possible revenue on their properties to generating guests to book stays at the properties. Grand Welcome has

multiple teams that work every day to ensure the best results and invest heavily in technology and systems to support the efforts. It’s completely hands-off for the franchisees to focus on other aspects of their business.

Grand Welcome also staffs a team to handle anything guests need as it relates to reservations. It provides guests with assistance in anything related to booking a reservation, making changes to existing reservations, directions to properties, and even liaising between AirBNB or other Online Travel Agency support teams. Guests can also book their stays on its website, www.grandwelcome.com A Step Ahead The approach adopted by Grand Welcome is bottom-up, which means that the concerns and priorities of franchisees are given top priority. The company continuously makes small and big adjustments on a daily, weekly,

and monthly basis to better support its franchisees. This sustained effort has resulted in significant and noteworthy changes that have given the company a competitive edge in the market.

The company recognizes that technology is a critical aspect of success in the modern business landscape, and as such, is investing heavily in this area. These investments are aimed at developing technology solutions that can drive efficiency and growth for franchisees.

For the past two years in a row, Grand Welcome has had two of its franchisees win the franchisee of the year award with the IFA (International Franchise Association). For a franchise that has been in business for just a few years, this is a pretty remarkable accomplishment. For this and many other accomplishments, Brandon is grateful to these franchisees and all the other franchisees that the company works with.

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# STORIES TOLD WITH A NEW PERSPECTIVE! www.theenterpriseworld.com

“As a trusted compliance, cyber security, and managed services provider, Fidelitech Solutions Inc. is committed to delivering the most reliable and professional IT services to business owners”

-Bryan Herbstritt President, CIO | CTO of Fidelitech Solution Inc.

44 |OCTOBER 2023

www.theenterpriseworld.com | 45

1984

Lenovo was officially founded. On the same day, it got the Chinese government’s approval.

Lenovo’s organizational structure was established just after the Chinese New Year. In the same year, Lenovo started manufacturing its personal computers under the brand name ThinkPad.

1994

1985

Lenovo was known as Legend at the time. This year, the company became publicly traded after a $30m million USD Hong Kong IPO. Many analysts had positive thoughts on Lenovo before the IPO. On the first trading day, the company stock price hit a high of HK $2.07 and closed in on HK $2.00.

Lenovo used the earnings from this offering to finance its sales offices in Europe, North America, and Australia to expand its presence and make its production and development better. In addition, the offerings were also used to increase the company’s working capital.

For the first time, the company became the market share leader in China. Becoming a market leader in the same year, the company started selling its own laptops.

1996

A Lenovo computer, Tianxi, was released in 1998. It was designed to make computer access easy for inexperienced Chinese consumers along with access to the internet. The internet access feature was enhanced by a button that instantly connected users to the internet by opening the web browser.

2000

The Tianxi was co-branded with China Telecom and came with one year of Internet service. The Tianxi came to life after an intensive 2 years of research and development. Its visuals were pastelcolored, it had a shell-shaped case and a seven-port USB hub under its screen. It was the bestselling computer in China’s history with more than 1,000,000 units in this year alone.

In 2000, the company also introduced its ThinkPad line-up of laptops.

Lenovo acquires IBM’s PC division, which also includes ThinkPad. This was a move that helped Lenovo establish itself as a major player in the global PC market and helped the company expand its reach outside of China.

46 |OCTOBER 2023

2005

Lenovo relocates its headquarters from Beijing to New York. After a restructuring that followed Lenovo’s IBM purchase, the company was the third largest manufacturer next to Dell and Hewlett-Packard.

2006

In March 2006, the company announced its plans to shift its headquarters to Raleigh. The company was also cutting jobs of 5% of its employees, which is around 21,000 people.

This year, Lenovo Technology sponsored the 2006 Olympic Winter Games held in Italy’s Torino, with 5,000 desktop PCs, 350 servers, and 1000 notebook computers supplied.

Launched the first Lenovo-branded PCs worldwide.

Lenovo sold its smartphone and tablet division in 2008 for $100 million USD to focus on personal computers and later paid $200 million USD to buy it back in November 2009.

2009

The mobile division was already ranked 3rd in unit share in China.

Lenovo invests CN¥ 100 million in seed funding dedicated to mobile application development for its LeGarden online app store.

The company introduces its first smartphone, LePhone.

2010

As of this year, LeGarden had over 1,000 available programs for the LePhone. Similarly, LeGarden had 2,774 individual developers and 542 developer companies as members.

Lenovo joins hands with Japanese electronics firm NEC to produce personal computers. The companies agreed to establish a new company called Lenovo NEC Holdings to be registered in the Netherlands, said a statement.

2011

NEC gets $175 million USD in Lenovo stock. It was planned that Lenovo’s stock would be a 51% stake in the venture, and NEC would have 49%, with the former having a five-year option to extend its stake.

2012

Lenovo announces an investment of $793 million USD in the construction of a mobile phone manufacturing and R&D facility in Wuhan, Hubei. In the same year, the company became the largest smartphone vendor in mainland China.

Lenovo becomes the number one PC Company and ranks 329 in the Fortune 500 list of the world’s largest companies. Later, the company acquires CCE, one of the top consumer electronic companies in Brazil.

2013

Furthermore, Lenovo becomes the world’s #3 smartphone company.

www.theenterpriseworld.com | 47

2014

Lenovo purchases mobile technology-related patents from NEC in April 2014. Later, the company purchases IBM’s line-up of x86-based servers along with IBM System x and IBM BladeCenter.

Lenovo reveals its new logo in Beijing with a slogan- Innovation Never Stands Still. In the same year, the company sells its 100 millionth ThinkPad and also became the number 1 PC maker globally.

2016

Lenovo partners up with Fujitsu, and the Development Bank of Japan (DBJ) to form a joint venture, where Fujitsu sold 51% of its stake to Lenovo and DBJ acquired a 5% stake.

Lenovo and NetApp partner up and announce a strategic partnership and joint venture in China. As a part of the deal, Lenovo starts two new storage system lines, DM-Series, and DE-Series with a combination of Lenovo hardware and NetApp software. In the same year, Lenovo became the largest provider of the TOP500 supercomputers globally.

2020

2015

2018

Lenovo became a preferred data center innovation provider for DreamWorks Animation beginning with Trolls World Tour.

Lenovo files an application to issue Chinese depository receipts, representing recently issued ordinary shares, to then list them on Shanghai Stick Exchange’s Science and Technology Innovation Board.

On the same day of getting accepted by the Shanghai Stock Exchange, Lenovo withdrew its application to list on the exchange with the reason of the possibility of the validity of financial information in its prospectus lapsing.

2020

48 |OCTOBER 2023

Lenovo continues to improve its profitability along with its revenue figures.

2021

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For Those Who Do The campaign, on the theme of “For Those Who Do” was published in November 2011. The ads delivered the message perfectly with the variety of photos and videos.

Different is Better The ad campaign highlighted Lenovo’s designs and innovation. It shed light on the uniqueness of their products compared to their competitors.

50 |OCTOBER 2023

Claim Your Voice The campaign showcases female gamers' negative real-life experiences and the gaming community's biases toward them. It highlights how women change their voices or hide their gender to avoid harassment and other negative experiences.

Additionally, the campaign underlines the need to create a safe and thriving environment for women in gaming.

Conclusion Lenovo is known for its innovative products at relatively economical prices that are worth relying on. The brand is continuously empowering people all over the world with its diverse products, leading everyone toward a better future with its smart technology that is also sustainable in the long term.

www.theenterpriseworld.com | 51

THE ENTERPRISE WORLD The Most Successful Business Leaders to Watch in 2023

LAURA J. BRANDAO CEO Lighthouse Lending Capital

READ LEADER’S IN SPOTLIGHT

AUGUST 2023

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The Power of Precision

Enhancing Product Personalization through Laser Etching 54 |OCTOBER 2023

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I

n a world where people constantly 2. crave uniqueness and personalization, product personalization has become the norm. People want to add their signature touch, whether it's a high-end smartphone or an exclusive perfume bottle. To meet this insatiable demand, businesses worldwide are heavily investing in laser etching services.

Versatile Design Options: Laser etching services offer endless possibilities for product customization, allowing clients to bring their vivid imagery dreams to life. Unlike traditional carving methods, laser etching can accommodate detail-oriented requests with ease.

Laser etching is an art that allows you to personalize almost anything. From metal surfaces like rings, watches, and signboards to wooden furnishings like cutting boards and plaques, laser etching can precisely etch designs on various materials. So, what makes laser etching a popular choice? Why do people prefer it over traditional engraving techniques?

Let's find out.

3.

Durability: Laser etchings are highly durable, resistant to scratches, abrasion, and wear. This long-lasting effect ensures the product’s appearance is retained for years.

4.

Faster Processing Time: Traditional methods using knives, chisels, and human hands can be time-consuming when it comes to producing detailed engravings.

Laser technology combined with computer software enables faster processing times without compromising on detail.

The Science Behind Laser Etching Laser etching services involve creating designs or words on a material using a high-powered laser beam. The concentrated beam vaporizes the material's surface, leaving marks or designs without causing any damage. The depth of the effect depends on the laser machine's power. Laser machines use advanced software that allows designers to create intricate designs effortlessly. Design files can be directly transferred to the software, ensuring crisp results every time.

Benefits of Laser Etching Services 1.

Precise Results: Laser-etched products stand out due to their precise detailing. Traditional engraving techniques often involve human error and inaccuracies that can ruin a design. Laser marking technology, on the other hand, delivers results exactly as per the specifications, ensuring pixel-perfect carving every time.

56 |OCTOBER 2023

Stories of Successful Laser Etchings The true essence of precision laser etching lies in the heartwarming anecdotes shared by satisfied clients: 1.

Furniture Decoration: A customer wanted to create custom cushions with embedded names for wedding favors. However, they realized that words would not stand out on cushions. They decided to explore furniture as a canvas, envisioning more surface area and dimensionality. They approached us with chairs in mind and requested graphics that intertwined names within intricate flower and foliage details. Laser etching services brought this imagery to life on the furniture,

resulting in perfect wedding gifts and personalized conversation pieces.

2.

Kitchen Tools: Another client desired personalized cutting boards that could withstand frequent use in high-traffic areas like restaurant kitchens, catering to professional chefs’ daily needs.

Instead of traditional crafting methods that could warp or result in shallow engravings over time, they opted for laser etching. The lasers created precise and durable carvings at every step, ensuring long-lasting quality in expertly crafted tools that enhance cooking environments.

Final Thoughts Laser etching has transformed into an art form, offering limitless possibilities for customization across various mediums.

Whether it’s fashion accessories, custom jewelry designs, unique engagement rings with intricate detailing, or larger items like stainless steel water bottles and automobile accessories, laser etching provides exponentially durable and precise end products worthy of recognition.

www.theenterpriseworld.com | 57

58 |OCTOBER 2023

www.theenterpriseworld.com | 59

Back in secondary school, there was a chapter on Boston Tea Party in history, an event that played a significant role in the American Revolution. That’s all I knew about Boston until I grew up and learned more about the city. Thanks to a plethora of popular and historic places to visit, Boston has become a prime attraction for tourists across the world. If you are also planning to visit Boston in the near future, you must be searching for the best hotels for a comfortable stay.

To help you find the best one, we have come up with the 10 best hotels in Downtown Boston in this blog.

Hyatt Regency Boston Rating: 4.4 Stars Amenities: Indoor swimming pool, Facilities for disabled guests, Rowes Wharf Sea Grille Specialties: City view, Harbor view, Local Seafood Nearby Attractions: Fan Pier Park, New England Aquarium, Computer History Museum Prices: US$ 221 per night

The Godfrey Hotel is among the 4-star hotels in Downtown Boston that occupy a glamorous building on Washington Street. Logan Airport is just 4 km away from the Godfrey Hotel and you can leverage public transport at Downtown Crossing and Park Street.

Moreover, complimentary breakfast and Wi-Fi services are available at the restaurant.

The Ritz-Carlton The Langham Rating: 4.6 Stars Amenities: Meeting/banquet facilities, Allergy-free room, Swimming pool toys, Sun loungers or beach chairs Specialties: Private parking, Nonsmoking rooms, Grana, Board games/puzzles Nearby Attractions: Jenny Plaza, Angell Memorial Square, Rooftop Greenery, Benjamin Franklin Statue Prices: US$ 321 per night

A 5-star newly renovated and one of the most historic hotels in Downtown Boston, The Langham was earlier If you are looking for the most luxurious known as the Federal Reserve Bank.

Each room consists of a 50-inch LED hotels in Downtown Boston, Hyatt HD TV with 24-hour streaming Regency Boston is the best option. It is an award-winning restaurant comprising capabilities. An Italian family-style special food is prepared at Grana, the the most advanced facilities like personalized mini-bar services. The hotel new classic restaurant located in the grand hall of the former Federal offers 24-hour front desks for its Reserve Bank. customers.

The Godfrey Hotel Boston

Four Seasons Hotel

Rating: 4.2 Stars Amenities: Self-parking on site, Conference Rooms, 24-hour fitness centre Specialties: Pet-friendly, Children’s games, Multilingual staff, Coffee-based recipes, Gourmet cuisine Nearby Attractions: Winthrop Square, Oxford Place Playground, Copley Place, Old State House Prices: US$ 292 per night

Ratings: 4.6 Stars Amenities: Indoor swimming pool, Fitness centre, and Spa Specialties: Aujourd’hui lounge, Family rooms, Free toiletries, Bathrobe, On-site dining at the Bistro Lounge, Street bar Nearby Attractions: The Boston Opera House, Arlington Station, Public Garden, Freedom Trail Prices: US$ 321 per night

60 |OCTOBER 2023

Four Seasons Hotel is located within steps from the Boston Common and the Public Garden. It is situated in the guest’s favorite part of Boston and you can have the most amazing city view from there. The hotel is the perfect base for exploring “America’s Walking City,” as top attractions are just a few steps away.

Rating: 4.5 Stars Amenities: Children’s television networks, Entertainment staff, Pool Specialties: Sophisticated dining, Seafood, Personalized experience Nearby Attractions: Wireless internet access, Copley Square, The Freedom Trail Prices: US$ 239 per night A 5-star hotel, The Ritz-Carlton is located in a strategic area of Boston City where you can find famous tourist attractions a few steps away.

Furthermore, you can enjoy massages, body treatments, and facials at the hotel’s special spa. The hotel takes utmost care of the visitors as the property is cleaned with disinfectants and is concerned about social distancing as well.

Boston Omni Parker House Hotel Rating: 4.1 Stars Amenities: Free Wi-Fi and wired internet, MP3 docks, Coffee makers, Laptop-compatible services, 24-hour gym, Conference space, Valet parking Specialties: On-site dining, Connecting/adjoining rooms available Nearby Attractions: Quincy Market, TD Garden, Newbury Street, Beantown Pub, The Last Hurrah Prices: US$ 449 per night If you are willing to taste local food like Boston cream pie and the Parker House roll, Omni Parker House Hotel

can be the best option among other hotels in Downtown Boston. The hotel was built in 1855, probably one of the oldest hotels in Downtown Boston. Its advanced facilities like an indoor personalized pool can crave you to extend your stay here.

The Verb Hotel Rating: 4.4 Stars Amenities: Cable channels, Coffee machine, Refrigerator, Daily housekeeping Specialties: Private entrance, Ironing facilities, Heated pool, Pool/beach towels, Sun terrace, Safety deposit box Nearby Attractions: Back Bay Fens, Gaston Square, Higginson Circle, Forsythe Park, Charlesgate Prices: US$ 350 per night The Verb Hotel, an urban hotel is located in Boston’s Fenway neighborhood where you can explore unforgettable overnight destinations. It provides luxurious trailers with plush beds and relaxed sitting areas. The lavish amenities of the Verb Hotel are designed to reflect the adventure of life on the road. It treats guests to an “allaccess pass” by providing an outdoor experience in the heart of the city.

Moxy Boston Downtown Rating: 4 Stars Amenities: Board games, Puzzles, Blackout curtains, Walk-in shower, Allergy-free room Specialties: Landmark view, City view, Local food Nearby Attractions: Fenway Park, Chinatown, Boston Common, Art Galleries, Theaters, Fine dining, Beach Prices: US$ 430 per night Moxy Boston Downtown provides an extraordinary experience for its guests.

The hotel is situated at the centre stage of all the enjoyment facilities in

Boston. You can whoop it up with the delicious signature cocktail and dinner at the restaurant and continue with the nightlife in the city.

Boston Park Plaza Rating: 4.1 Stars Amenities: VIP room facilities, On-demand files, Flat screen TV, Iron, and Banquet room Specialties: Taxi services, Conference facilities, Business centres with internet access, Pet friendly Nearby Attractions: Wang Theatre, Shear Madness, Make Way for Duckling Statues, Blue Man Group Prices: US$ 296 per night Boston Park Plaza is amongst the most luxurious hotels in Downtown Boston. It’s historic charm and contemporary elegance await to welcome the tourists and take care of their accommodation facilities. With the help of US$ 100 million in renovations, the landmark has been fully restored to cherish its lavish presence in the city.

Revere Hotel Rating: 4.3 Stars Amenities: Paid public parking on-site, Bicycles available, ATM on site, Umbrella, Rooftop terrace, Outdoor dining area, Vending machine, First aid kit Specialties: Local Seafood, Beachside View, Water Games Nearby Attractions: Grill 23 & Bar, Thinking Cup, Mike & Patty’s, Ostra Prices: US$ 446 per night Revere Hotel has been shaped by local culture and the independent rebellious spirit of Boston. It is a common downtown refuge for tourists who want to immerse themselves in the local culture and take the adventurous and authentic feel of it.

Its beds are extremely comfortable and the common area is also cozy.

Tourism is incomplete without hospitality services. You may enjoy visiting thousands of places, but without a good hotel, your journey is never accomplished. If you are ever planning to visit Boston City, we are sure our blog with the best hotels in Downtown Boston will help you.

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NEWS South Korea’s Hynix is looking into how its chips got into Huawei’s controversial smartphone READ MORE

The banking industry faces ‘significant downside risks’: FDIC READ MORE chair FDIC Chair Martin Gruenberg conveyed on Thursday that the US banking industry is still confronted with considerable risks, primarily stemming from inflation and elevated interest rates. These factors have the potential to erode profitability and weaken credit quality.

This cautionary message was delivered by the top regulator as the FDIC published a comprehensive report examining the performance of numerous institutions during the second quarter, which proved to be one of the most turbulent periods for the banking industry since the 2008 financial crisis.

Significant Challenges in banking industry During this quarter, significant events included the seizure of First Republic, a San Francisco-based lender, which marked the second-largest bank failure in US history. Additionally, there were tumultuous fluctuations in the stock prices of several regional banks. The first quarter had already witnessed the downfall of two other mid-sized lenders, Silicon Valley Bank and Signature Bank. The report reveals that deposits declined for the fifth consecutive quarter, largely attributed to the departure of uninsured account holders.

While the decline of $98.6 billion, equivalent to 0.5%, was considerably less severe than the outflow of $472 billion in the first quarter, it continued to exert pressure on banks, compelling them to increase their funding costs to retain account holders searching for higher yields.

SK Hynix, a South Korean semiconductor manufacturer, is currently conducting an inquiry into the unexpected discovery of two of its memory chips within Huawei’s controversial smartphone, the Mate 60 Pro, which was recently launched.

Following this revelation by TechInsights, a Canadian research organization specializing in semiconductor analysis that disassembled the phone for assessment, SK Hynix experienced a decline of over 4% in its shares on Friday.

Concerns over where these chips come from G Dan Hutcheson, Vice Chair of TechInsights, highlighted the significance of this development, stating, “The significance of the development is that there are restrictions on what SK Hynix can ship to China. Where do these chips come from? The big question is whether any laws were violated.”

The investigation is aimed at uncovering the origins and circumstances surrounding the placement of SK Hynix memory chips in the Huawei handset, particularly in light of potential legal restrictions on chip exports to China.

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