Middletown, Conn., March 1, 2012 – Asterisk Financial, Inc., www.personalguarantee.com, creators of Personal Guarantee Insurance™ (PGI), announced today that Anand D. Gala, the founder, President and CEO of diversified real estate and restaurant franchise developer Gala Corp., has been named to its board of directors.
As a director with Asterisk, Gala will help advise the company’s management team as they look to expand its position in the U.S. $785 billion franchising industry.
Based in Costa Mesa, Calif., Gala is a 28-year-old company that operates 18 Applebee’s and seven Famous Dave’s BBQ restaurants throughout California. Gala is a diversified holding company with operations in consulting, restaurant development and management, and real estate development and investment.
Anand Gala graduated from the University of Southern California with a bachelor’s degree in biology in 1995. Over the years, he has held various executive positions within the restaurant industry.
Gala is a member of the USC Marshall School of Business Forum on Family Businesses. He is also a member of the International Council of Shopping Centers, The Indus Entrepreneurs and the Young Presidents Organization, and serves as chairman of the YPO Food Industry Network. Gala is directly involved in numerous charitable causes as director of the Gala Foundation.
“Asterisk is in a unique position as creator of an entirely new category of insurance product – Personal Guarantee Insurance,” said Gala. “I’m honored to be asked to join the board of such an innovative company, and look forward to providing my expertise as a successful entrepreneur in order to help Asterisk tap into the fast-growing franchising sector.”
Personal Guarantee Insurance™ (PGI) from Asterisk, an admitted product in 38 states and the District of Columbia, is the first-ever insurance protecting small-to-medium-size business owners, their partners and investors against the loss of personal assets as a result of signing a personal guarantee. This signature – often required as part of the commercial loan approval process – means the loan guarantor agrees to make available personal assets (homes, bank accounts, etc.) should business assets be insufficient for covering the debt obligation in a default.
“Given the risk involved in signing a personal guarantee for entrepreneurs in the restaurant business and other franchise markets, PGI is a powerful tool for helping them to mitigate that risk and gain peace of mind,” said Mark L. Ricciardelli, CEO of Asterisk Financial. “Anand has an impressive track record of success in the restaurant and commercial real estate markets in the Southwest, and his insights and business acumen will be welcome assets as we look to grow Asterisk and PGI throughout the United States.”
About Asterisk Financial
For more information on Asterisk Financial, please visit www.personalguarantee.com.