Our goal has always been to open multiple stores, and now that we have survived this past year's lending freeze, we are back on course.
Jim Ratner, Premier Franchisee

Photo/RTO Online

Jim Rater (left) and John Reichenbach

With their second anniversary as Premier franchisees in Westbrook, Me. not far behind them, Jim Ratner and John Reichenbach opened their second store – this one in Auburn, Me. – in mid October. Partners by accident, they have enjoyed success on several fronts, not the least of which is their ability to build on each other's strengths and keep their operation profitable and on a path of steady growth.

"Our goal has always been to open multiple stores, and now that we have survived this past year's lending freeze, we are back on course," said Ratner, a 26-year rent-to-own industry vet and longtime entrepreneur. "We feel we will bring a lot to the Auburn community by giving it more quality choices in rental-purchase and retail and also through our commitment to customer care."

Jim Ratner
See video interview with Jim Ratner

Ratner, who began his RTO career with Rent-A-Center in Wilmington, Del. in 1983, opened his first business in Lawrence, Mass. in 1986 as a Rent America franchisee. He started a second corporation in Portland, Me. in 1989 and, as a business owner, kept things moving fast. With customer service as his trademark, he maintained successful operations and never stopped growing.

"The only way to build a business is through customer relations," says Ratner. "Success is dependent on how you treat and respect and service your customer. People will come to someone who they know will take care of them. Concern for their satisfaction and efforts to make sure that their needs are met make all the difference."

By 1990 Ratner had six stores in Massachusetts, all of which he eventually decided to sell so he could focus on his Portland store. He began looking for his next step, and that proved to be in Tampa. He worked for another large RTO corporation there as well as at L.L. Bean while putting together another deal to get back into business for himself. This time, however, he would do two things differently. In addition to moving back to Maine, he wanted to have a partner who would actively be involved in the day-to-day operations of the business, and he wanted to become a franchisee and have some help, at least initially, with starting up – yet again. He found what he felt was the perfect business partner and also the answer to his franchising needs.

"I decided to go with Premier rather than becoming totally independent like before because of Premier's plan to assist dealers in such things as bank financing and forming a business plan. Premier is an SBA approved franchise which streamlines the loan process and makes one look impressive with a well thought-out business plan that makes banks comfortable. Premier has a business plan and projections all worked out so when you take it to a bank, it's easier. Bottom line, Premier helps you get your doors open. And they do that incredibly well all the way along. That's a big advantage over doing it on your own. Premier has worked through this over and over and they know what it takes."

Ratner's partnership proved to be the stumbling block to an otherwise perfect plan. When that fell through within weeks of his store opening, he realized he was going to have to open by himself or find a new partner. Coincidentally, Ratner's future partner, John Reichenbach was in a similar predicament.

John Reichenbach
See video interview with John Reichenbach

With a background in store management for a major drug store chain, John Reichenbach began his RTO in 1997 as manager of an RTO franchise in Bangor, Me. He earned Store of the Quarter status two quarters in a row and during one year achieved Store of the Month out of 16 stores for five out of six months. He progressed quickly to district manager and remained an employee until 2006. Perhaps he would have stayed longer, but John started running the numbers and realized what he was missing by not being in business for himself.

"I saw how much money I was making for the corporate store and how little of it I got to keep. I found myself being completely stressed out all the time because I had so many issues I was not able to control and fires to put out."

So John left to venture out on his own with a friend, moving his family to Jefferson, Ga., a newly developed area with some potential opportunities in the rental-purchase industry that he loved.

"I always had wanted to own my own business. RTO seemed like a great fit for me. I like dealing with our customers. We have a unique customer base, and I like building long-term relationships with them week in, week out. I'm very big on customer service."

Needing help to take the giant leap into ownership, Reichenbach discovered Premier Rental- Purchase, which offered a simple-to-follow process and made it clear they would support him and his partner each step of the way.

"Premier provides you with solutions for everything you haven't had to deal with as a corporate store manager or multi-unit manager," said Reichenbach. "I felt I would be very happy with Premier. As I headed toward my opening, they had made it simple, right down to the manuals they provide that are easy-to-read and follow. Every angle of the business seemed covered."

However Reichenbach got blind-sided with just weeks to go until opening when he found himself without a partner. It was time to regroup and recognize that Georgia wasn't going to pan out. But his dream wasn't dead. Through Premier networking, Reichenbach learned about Ratner and his need for a partner. Without much debate, he packed up and happily moved back home to Maine to continue his journey of being an entrepreneur.

Opposites Attract

The honeymoon period is now over for Ratner and Reichenbach, who named their company JR Squared. But what has followed has been better than they could have planned. Two different souls, they have a kindred spirit when it comes to running a rental-purchase business that revolves around customer service. Customers of their Auburn store will soon understand why Premier is different now that Reichenbach and Ratner are in town.

Looking back at the value of Premier to their business venture, Ratner appreciates the financial connections and the ability of Premier as a franchisor to get them into business in the first place. Along the way they have benefited from ongoing services in human resources that include payroll and health care, and also in marketing and purchasing – all important as they become multi-store owners. Ratner chairs Premier's dealer-run Marketing Board and Reichenbach chairs the dealer-run purchasing board. But each finds that what contributes most to their success and satisfaction has been the support of their partnership with each other.

"People said to me, how can you possibly be partners?" said Reichenbach. "Even though we are totally opposite people, we see eye-to-eye on how an RTO business should be run. And that makes us great partners."

Ratner agrees. "I've bought and sold businesses before I got involved in Premier. But the highlight for me is working with a partner that is committed to the business and to working the business and has more integrity than most people I know."

The national office of Premier Rental Purchase is located in Williamsburg, Va. All Premier stores are independently owned and operated. Visit Premier's website at www.premierrents.net or call (800) 2Premier and ask for Trooper Earle.