Cash Investment (Liquid): $200,000
Minimum Investment: $650,000
Maximum Investment: $850,000
Minimum Net Worth: $400,000
Franchise Fee: $49,950
Royalty Type: Flat Percentage Fee
Royalty Fee Structure:
Royalty: 7% of Gross Washer and Dryer Revenue. They do not collect royalties on ATM, Vending or Wash-Dry-Fold Revenue which net Royalty will be 5.3% (Approximately).
Ad Fee Structure:
Marketing Fund: Franchisor reserves right to charge up to 1% of Gross Revenue for Regional or National AD Fund.
Average # of Employees:
Year Established: 2012
Year First Franchised: 2016
WHO ARE WE?
WaveMAX is an absentee concept but keep in mind there is a 6 week process leading up to opening where the owner will be heavily involved
WaveMAX has developed a system to change the way coin laundry locations are perceived and operated.
The industry has primarily been made up of Mom and Pop operators who are taken advantage of by the washer and dryer Distributors whose sole purpose is to sell equipment to these non-business savvy operators. The industry has no brand, no business sophistication and massive turn over from operator to operator.
These naïve owners sign long term leases in buildings that are not the right fit for their businesses and over build the location with too much equipment and are saddled in debt financing. Hence the industry today is thriving for manufacturers as they continue to support this structure of over build in too large of spaces and then disappear once the equipment is sold. This results in too high of rent, too high of construction costs and too high of equipment financing that will not allow a net margin to justify the investment.
WaveMAX's "Secret Sauce":
As cliché as it is location, location, location is obviously number one. They have developed their own proprietary approach to discerning the best possible real estate play for their locations. It includes:
Right Site (Understand Demographics and Competition in the area) +
Right Size (Best size store based on Demographics and Competition) +
Right Mix (Best mix of Equipment for the Site) =
Maximum Profits (Keep all costs under control for maximum profits)
Fantastic absentee business model
Extremely low employee count
A business that makes money when the franchisee is not around
Not fast food
Mature industry with no national brands
Three days at Corporate in Florida, Five days on-site training
A business savvy owner who realizes that partnering in a fragmented industry and working with Franchise Start-up Pro Dennis Mulgannon who successfully launched Home Care Assistance, Junk King and The Flying Locksmiths into national franchise brands is a better decision than buying a Yogurt Shop…"My brands are not sexy but they cash flow and scale quickly".
NOTE: A new franchisee is required to work the business for the first six weeks.
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