Midas is an automotive maintenance franchise offering a range of services, including brake work, tire installation, and routine maintenance. The franchise provides comprehensive vehicle repair services.
Key Insights
- Midas began as a vision to offer reliable automotive repair and maintenance services, evolving over decades into a recognized name in the industry, establishing a strong foundation built on customer trust and consistent service delivery, making it a consistent presence in the automotive aftermarket.
- The business operates through a network of franchised service centers, providing a comprehensive range of automotive care, from routine maintenance like oil changes and tire rotations to more complex repairs, ensuring vehicle longevity and performance for a broad customer base.
- The automotive aftermarket industry is characterized by a constant need for skilled technicians and dependable service, driven by the growing number of vehicles on the road and the increasing complexity of modern automotive technology, presenting ongoing opportunities for qualified service providers.
Franchise Fee and Costs to Open
Exploring the financial picture of Midas gives insight into both the upfront commitment and the potential revenue opportunity. According to FDD Item 7, opening this franchise typically involves an investment in the range of $341,650 - $924,890, along with a franchise fee of $10,000 - $35,000.
Financial Performance and Revenue
Yearly gross sales of $1,034,569 and estimated earnings of $103,457 - $124,149 show the potential financial performance of this franchise. These figures are crucial for prospective franchisees as they help to project revenue and profitability. They offer insight into the business's ability to generate income and can be used to compare its performance against other investment opportunities. The Franchise Payback Period of 6.1-8.1 provides an estimation of the time it might take for an owner to recover their initial investment. This metric is a key consideration for anyone evaluating the financial viability of a franchise, as it relates directly to the speed at which the business can become profitable. A shorter payback period can indicate a faster return on capital, which is a significant factor in making an informed decision about a franchise investment.
Training and Resources
Midas provides comprehensive training for new franchisees. This program offers a blend of classroom and hands-on learning, typically spanning two weeks and conducted at Midas's dedicated training facility. Midas also provides access to ongoing operational support and resources designed to assist franchisees in their business endeavors. Franchisees are encouraged to leverage these materials.
Legal Considerations
Legal considerations for a Midas franchisee are outlined in the Franchise Disclosure Document (FDD) and the Franchise Agreement. Note that this franchise discloses lawsuits and/or bankruptcy information in its FDD, which may impact your evaluation. Subscribe now to access more details and be sure to consult a qualified attorney before proceeding.
Challenges and Risks
A franchisee might encounter challenges related to established local repair shops offering specialized services, requiring efficient inventory management for a diverse range of parts and skilled technician recruitment. Dependence on the franchisor's approved suppliers for specific components could also present logistical considerations.
Franchise Datasheet
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