Furniture Medic Franchise Opportunities
In this post, I will be talking about Furniture Medic Franchise; its history, startup cost, how to join the franchise system and the requirements of franchisees.
About Furniture Medic Franchise
Furniture Medic Franchise is a franchise system that was founded in 1992 and started franchising the same year it was founded with its headquarters in Memphis, Tennessee. Furniture Medic Franchise is a franchisor that deals majorly with selling furniture, wood restoration, residential and commercial furniture repair, re-up hostelry and so on.
It has franchise services that are marketed to hotels, companies, home owners, furniture rental companies, insurance companies, antique dealers and so on.
What the franchise system basically offers to franchisees is a wood and furniture restoration, repair and refinishing business. Presently, the franchise has about 350 units where the business is being operated.
The CEO of the franchise system happens to be Marty Wick and the founder is Joseph Lunsford; Furniture Medic Franchise was founded due to the frustration common with refurnishing shops.
Furniture Medic Franchise Financial Requirements
To be a franchisee of this franchise system, it is paramount that you know the finance required of you to become a franchisee. Therefore, the initial franchise fee required for Furniture Medic Franchise is $33,000 while the initial investment ranges from $79,005-$89,432.
The net worth requirement of the franchise is $33,900 which is the same as the liquid cash required. There are also other expenses which you need to be prepared for such as:
- Sales tax I.e. shipping and handling of opening package: $2,000
- Insurance; general liability and vehicle: $2,500-$4,500
- Miscellaneous opening cost: $200-$1,500
- Advertising fund contribution (3 months): $450 among many others.
Furniture Medic Franchise Ongoing Fees
The ongoing royalty fee for Furniture Medic Franchise is 7% gross sales or the larger of $250 per month. Also, the national advertising fund is 2% of gross sales or $150 per month. It also has a royalty fee of 2% off national account sales.
Furniture Medic Franchise Terms and Agreement
The term and agreement of the franchise system lasts for 5 years which starts counting from the effective day of the agreement. The agreement can only be renewed when franchisees have complied with the agreement and maintained the rules of the franchise in accordance with the Franchised Business system standards.
The agreement has to be renewed for $2,000 per agreement if more than one agreement is renewed at the same time.
Furniture Medic Franchisees Obligations
Every franchisor and franchisee has obligations and responsibilities on their parts to fulfill so I will be discussing about what is expected of franchisees of this great franchise system. The franchisee does not necessarily have to supervise the franchise business personally. You can just employ a manager who will do the direct on premises supervision of the business.
This means that a franchisee can either be a full time or per time depending on your choice; you can be a franchisee of Furniture Medic Franchise while managing another business if you have the ability and skills.
For you to employ a manger to manage the franchise business for you, then the manager must have completed the Furniture Medic training program. It is required of franchisees to meet up to the standard of services the franchisor wants.
Furniture Medic Franchise Financing Options
Furniture Medic Franchise offers indirect financing to franchisees while its affiliate, SMAC provides financing for initial franchise fee and the Opening Equipment Package fee that franchisees pay to the franchisor for their franchise.
It also offers in house financing to cover franchise fee, equipment, startup cost and inventory.
Furniture Medic Franchise offers an incentive of 15% off franchise fee.
Furniture Medic Franchise Training and Support
This is a franchise system that provides training for all its franchisees beginning with a pre training program which is done online for 50 hours. After this, a two (2) weeks training is done at the headquarters in Memphis, Tennessee. There is also a post training which is done 90 days after completing the two weeks training successfully; the post training is done for one week.
There is also a five days’ mentorship program where franchisees are paired with franchise owners and the training is done in a classroom environment in the Franchise Training Centre at the headquarters.
Looking at the trainings mentioned above, I can say the franchise is fully into supporting their franchisees by providing more than enough trainings for them.
Furniture Medic Franchise also support franchisees by providing a non-exclusive license that covers franchisees’ territory which will correspond with counties, parishes and other designations and each territory must at least have a population of 100,000.
How to Join Furniture Medic Franchise?
After reading through all what is given above, you might come to the realization that this is good opportunity for you and might not know how to contact them. It is very easy; just go to www.furnituremedicfranchise.com where a form will be provided for you to fill and show your interest in the franchise system.