When did Bill Pankonin acquire the Exit subfranchise rights to Michigan?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
President
Bill Pankonin has over 40 years' experience in real estate, operating his family run independent brokerage called Pankonin Realty, in Lakeville, MN which included offering auction and appraisal services. From 2000 to 2004, he was the President of Real Estate Funding Group, a commercial and residential loan brokerage in Lakeville, MN. In 2006, Bill purchased the EXIT subfranchise rights to the state of Iowa and Nebraska under the entities of Realty Iowa, LLC and Realty Nebraska, LLC. In addition, he held a position of Regional Director for EXIT in Minnesota and North Dakota overseeing growth and development in those states. In July 2011, he transferred the EXIT subfranchise rights for Iowa and Nebraska for EXIT and became Regional President – Upper Midwest for EXIT Realty Corp. International. In July of 2013, he acquired the EXIT subfranchise rights to South Dakota and Minnesota and reacquired the rights for Iowa. On April 29th, 2016, he purchased the subfranchise rights to Wisconsin. Bill is the sole owner of Upper Midwest Realty Acquisitions, LLC and on January 2nd, 2018 he acquired the rights to sell franchises in the state of Illinois from Legacy Success Group, LLC. On December 15th, 2020, he became Regional Director for EXIT in Kansas, Missouri and Nebraska. On March 1st, 2021 he acquired the EXIT subfranchise rights to Michigan.
Cade W. Pankonin Upper Midwest Realty, Inc Director and C.F.O.
In 2005, Cade joined EXIT as the Franchise owner of EXIT Pankonin Realty located in Lakeville, Minnesota. He also held the Broker of Record role for this office as well as EXIT Now Realty located in Big Lake, Minnesota until 2011. From 2010 to 2016, he was a Customer Experience Manager with Asset Marketing. In 2013, he joined Upper Midwest Realty, Inc in Webster, Minnesota, as a Regional Director. In 2016 he took on a position as an Insurance Producer with Insurance Advisors Inc. located in Plymouth, MN. In 2017, he became the Chief Financial Officer for EXIT Realty Upper Midwest located in Lakeville, Minnesota and currently holds this position.
Source: Item 2 — BUSINESS EXPERIENCE (FDD pages 8–11)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, Bill Pankonin acquired the Exit subfranchise rights to Michigan on March 1st, 2021. However, the FDD also states that Craig Witt acquired the subfranchise rights for the State of Michigan in September 2007.
It is unclear from the provided excerpts why there are two different dates for the acquisition of the Exit subfranchise rights to Michigan. A prospective franchisee should seek clarification from Exit regarding the current subfranchisor for Michigan and the specific terms of each subfranchise agreement.
Understanding the subfranchise structure and the roles of different individuals is crucial for anyone considering investing in an Exit franchise. It is important to verify who holds the current rights and responsibilities for the Michigan territory to avoid potential conflicts or misunderstandings.