Hey Empire Builders,

Welcome to this week’s Franchise Empire Newsletter, where we share specific franchise opportunities that we think are interesting, and examples of everyday folks building their empires.

My first franchise location I eventually became an absentee owner, spending just 5 or so hours a week on the business….how?

Now this happened out of necessity. We moved 2,500 miles away from our business– so either I needed to figure out how to do it or we would be screwed!

So many business owners wind up getting stuck working “in” their business rather than “on” their business, but that does not need to be the case for you….

It IS possible to have a great quality of life as a business owner.

It IS possible to at some point build up your business so that you actually work LESS and make more money.

Now I’m not saying it’s easy, OR that it’ll happen overnight.

But the way you do that is by slowly and consistently “buying back your time”.

What I did was I hired a manager and trained them up to do all the stuff that either I wouldn’t be able to do remotely, or that I didn’t want to do.

I used the concept “trust but verify”.

I had them going through applications, interviewing and hiring new employees, running payroll, making cash deposits from the safe to the bank… stuff that just a year before I would’ve been absolutely paranoid to have them do!

There’s a great book out there right now for any entrepreneur called “Buy Back Your Time” by Dan Martell.

I highly recommend you get it and read it.

Tariq

CEO & Founder, Franchise Empire

Today, in 5 minutes or less:

✔ Existing franchise for sale showing 2023 Sales of $3.2M and Owner Earnings of $650k

✔ Roofing business showing Franchise owner doing $8.4M in Sales

✔ Successful entrepreneur who diversified into franchising

✔ 4 Franchise Buying Strategies no one tells you about!

Join Our Franchise Buyers Beta Course for
Aspiring Franchise Owners

Franchise resales possess many benefits for aspiring business owners – established cash flow, experienced employees, systems in place, and brand awareness to name a few. 

This week, our featured resale comes from an industry leader in the custom storage solutions category, Closet Factory. Established in 1985, Closet Factory has 75 franchise locations throughout the United States. Closet Factory creates and manufactures custom, built-in home organization systems for every area of the home, including garages, home offices, man caves, pantries, and more. 

• Asking price of $1,949,000 ($800K of assets)

• Established in 1993

• Owner is retiring

• 2023 revenue of $3,243,897

• SDE of approximately $651K

• Established showroom and warehouse location

• 26 employees (full-time and part-time)

• Franchise provides large, exclusive territories compared to that of the competition

• Potential owners need a minimum net worth of $1.0M and liquidity of $500K

• Closet Factory has been in business nearly 40 years, and it shows through their financial performance, which is one of the strongest in the industry. In addition to an amazing Item 19, the system boasts over a 96% retention rate amongst their franchise owners. The average Closet Factory franchise owner has been in business for 17 years!

• Top quartile of franchise owners have an AUV of $13.2M! (according to the 2023 FDD).

• Franchise provides large, exclusive territories compared to that of the competition.

Chris and Rhonda came to us wanting a new challenge. They were already successful owners of a non-franchise, second generation business, but wanted to diversify their business portfolio AND build something where they could give back even more to their church and community.

Rhonda wanted something that both piqued her creative interests, as well as would be a good fit for their daughter to be involved in the business. We helped Chris and Rhonda explore a wide variety of franchises, and eventually honed in on the perfect fit for them and their local, growing market (not to mention a franchise with one of the strongest Item 19’s in the industry).

Here are 5 Low Cost Franchises that make
$1,000,000 (Backed by Data)

Most People Waste Countless Hours Of Time Stuck In Confusion, Scoping The Internet, Trying To Find Winning Franchises.

This Will Save You So Much Time.

We’ve Done The Heavy Lifting For You And Narrowed It Down To 5 Low-Cost Franchises That Make $1,000,000 So You Can Save Yourself So Much time.

• Founded by Wayne Holloway (current President) in 2009 in Hendersonville, TN

• Became one of the largest roofing contractors in the US with more than 50 locations in 24 states over that last 13 years

• Shifted to offering franchises starting in December of 2021

• No predecessors

• Corporate Owned Territories: 45 (Company-owned locations are owned and operated by affiliated entities)

• Franchise Units: 18

• Franchise Fee: $59,500

• Royalty: 6%, minimums begin in month 6

• National Marketing Fee: currently 0% 

• Total Investment Range: $117,410 – $202,010

• Term: 10 years
  **Numbers according to their FDD released on April 29, 2024.

Best Choice Roofing focuses on residential and commercial reroofing of properties that have sustained damage due to wind or a hailstorm. They provide homeowners with something they truly need by doing a thorough inspection, consulting with the homeowner, and helping them make the best decision to protect their home. That process may include explaining the damage to their insurance company, resulting in the insurance company repairing or replacing their home back to pre-storm condition for just the cost of their deductible. Best Choice Roofing is a local, community-oriented roofing company. They sign long-term leases, hire local employees and roofing crews, and remain committed to the customer by providing support and service even after the job is done.

Below tables taken from the Best Choice Roofing 2024 Franchise Disclosure Document – Item 19, page 42

Benefits for the Franchisee:

• Recession/Pandemic Proof – mother nature never takes a break, storms will always happen, and insurance companies will also have money to fulfill claims.

• No Prior Industry Experience – 90%+ of the current franchisees did not have industry experience. BCR 101 training will provide you with everything you need to know.

• Minimal Staff – You’ll start with an office admin, a few sales reps and sub-contract out the roofing work.

• Insurance Pays – You are selling something that is free or at very little cost to the homeowner as insurance pays for the roof.

• Competition – Much of the competition is storm chasers. We are NOT storm chasers. We are here BEFORE the storm and will still be here AFTER the storm, and we also hire local employees and crews.

• High Average Ticket Price – As you can see in the above chart, the average ticket price is almost $15,000.

Episode #58: 4 SECRET Franchise Buying Strategies (Nobody Tells You)

If you’re considering buying a franchise in 2024 you need to watch this.

Nobody in the franchise industry tells people about these 4 secret strategies I’m going to share with you today.

So if you want to buy a franchise…

Sit back, take some notes, and enjoy the show.

Watch on YouTube

Listen on Podcast Platforms

That’s a wrap for this week’s Franchise Empire newsletter. 

Feel free to reply with any questions, or feedback. I appreciate and value your time and attention.

I’ll see you at the same time next week!

-Tariq and The Franchise Empire Team

Subscribe to the Franchise Empire Newsletter for the latest Franchise news & updates