(Ambrosio’s note: This post is based on an email sent by Darin Haris, COO of Primrose Schools, with additional content obtained from Primrose School’s franchising website.)
1. At a time when small businesses continue to struggle with financing, and many sectors of our economy haven’t recovered from the recession, our company is growing at a record pace. We’re breaking into new markets, including Chicago, New Jersey, Washington D.C., Philadelphia and Boston, and preparing for West Coast expansion throughout California, Oregon, and Washington.
2. To encourage growth in certain targeted areas (namely, Chicago, Baltimore, Seattle, Philadelphia, Washington DC, Portland, Boston, New Jersey, and Southern California), we’ve created the Primrose Development Incentive Royalty Program. Franchise owners under the program receive a royalty reduction to 2% royalties (typically 7%) for the first 12 months. By entering the program, franchise owners agree to contribute an additional 1% to their local marketing for the first 12 months that their specific school is open.
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4. Primrose Franchise System continues to be a top SBA loan performer in franchising, as we’ve experienced a higher number of loans and larger dollar values compared to our competitors. We are proud to say that we have one of the lowest default rates (less
than 5%) in the entire franchising industry, not just child care.
5. We’ve set ourselves apart from the competition with a recently released report indicating that Primrose students are well prepared for school. More than 90 percent of Primrose students mastered 80 percent of the school readiness concepts outlined by nationally-recognized Bracken Assessment. Primrose students also show 1.5 times more growth than their peers in concepts mastered by the end of the school year.
6. Primrose franchise owners whose schools were open for at least two years had, on average, gross revenues of $1,536,135 and $416,998 in adjusted operating income in 2010.
7. The common denominator among our franchisees is that they truly want to make a positive impact on others’ lives by providing the very best educational child care experience possible. Whether they have children, grandchildren or friends who were a part of the Primrose family, the majority of our franchise owners decided to start their own schools because of the lasting impact that our approach to early education has left on them.