In this FDD Talk post, you’ll learn the following:
- Section I – Background information on the Assisting Hands Home Care franchise opportunity, including relevant news updates
- Section II – Estimated initial investment for an Assisting Hands Home Care franchise, based on Item 7 of the company’s 2020 FDD
- Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for an Assisting Hands Home Care franchise, based on Items 5 and 6 of the company’s 2020 FDD
- Section IV – Number of franchised and company-owned Assisting Hands Home Care outlets at the start of the year and the end of the year for 2017, 2018, and 2019, based on Item 20 of the company’s 2020 FDD
- Section V – Presentation and analysis of Assisting Hands Home Care’s financial performance representations, based on Item 19 of the company’s 2020 FDD, including information on the:
- 2019 actual gross revenues, number of Assisting Hands Businesses operated by the franchisee during 2019, and number of offices for the 51 Assisting Hands Home Care franchisees that were in operation for 12 months or longer at the beginning of the reporting period
Section I – Background Information
17 Things You Need to Know About the Assisting Hands Home Care Franchise
Signs AARP Employer Pledge to Recommit to Hiring Across an Age Diverse Workforce
1. In mid-May 2019, Assisting Hands Home Care signed the AARP Employer Pledge to recognize the benefits of experienced workers and to recommit to the value of hiring across an age diverse workforce. The AARP Employer Pledge Program encompasses a nationwide group of employers who know that a multigenerational workforce helps yield a strong pipeline of talent, protects business continuity, and taps into new resources to address labor shortages. Assisting Hands joins more than 1,000 other companies in signing this pledge.
2. The Pledge reads: “We believe in equal opportunity for all workers, regardless of age, and that 50+ workers should have a level playing field in their ability to compete for and obtain jobs. Recognizing the value of experienced workers, we pledge to recruit across diverse age groups and to consider all applicants on an equal basis as we hire for positions within our organization.”
3. Lane Kofoed, CEO of Assisting Hands Home Care, said, “We have great respect for the multigenerational workforce and consider them to be a tremendous asset that adds significant value while also giving us an edge in our industry. We believe that our caregivers offer the most dependable and compassionate care available and having an age diverse workforce with employees that offer different work and life experiences helps us to become an even better and stronger organization.”
4. Susan Weinstock, AARP’s vice president for financial resilience, added, “We’re thrilled that Assisting Hands Home Care has signed the AARP Employer Pledge. We know that employees and employers succeed when they remain committed in words and in action to hiring and maintaining an age diverse workforce.”
Expands to Better Serve the Elderly, Disabled, and Veterans
5. In mid-November 2019, Assisting Hands Home Care broadened its territory north and west of Boston, effectively doubling its service area. The expansion is a direct response to its clients’ and partners’ concerns about the growing need for the same high level of care/support that Assisting Hands provides in nearby communities.
6. Dave Tasto of Assisting Hands – Boston Northwest said, “We can now help friends and family who also live in the area. We are expanding in a controlled manner to still maintain our strict quality controls, ensuring our caregiver is someone that can be trusted in the home of a loved one.”
7. The expansion enables Assisting Hands to drive efficiencies in operations with a larger service area to focus more resources on maintaining strong communication links with family members, including real-time updates from its caregivers. “For example, with our online Family Portal, clients and family members can monitor progress through direct access to our caregiver’s notes on the same day as care is provided to their loved ones,” noted Tasto.
8. In addition to its expansion, Assisting Hands – Boston Northwest is now providing veteran care through VA Aid and Attendance benefits. This can provide up to $2,200 of support each month to qualified veterans. According to Tasto, “With this new offering, veterans can get benefits starting as quickly as 4-6 weeks after applying, which is much quicker than the average 10-plus months it can take for a VA application to be approved. This program can help veterans and their spouses at home, or in communities, with the activities of daily living to allow them to live where they want in retirement.”
Named a 2020 Top Franchise by Franchise Business Review
9. At the end of February 2020, Assisting Hands Home Care was named a top franchise for 2020 by Franchise Business Review. This is the 15th annual ranking of the top 200 award-winning franchise opportunities.
10. Franchise Business Review, a franchise market research firm that performs independent surveys of franchisee satisfaction, provides the only rankings and awards for franchise companies based solely on actual franchisee satisfaction and performance. Franchise Business Review publishes its rankings of the top 200 franchises in its annual Guide to Today’s Top Franchises.
11. Assisting Hands was among over 307 franchise brands, representing more than 27,500 franchise owners, that participated in Franchise Business Review’s research. Assisting Hands franchisees were surveyed on 33 benchmark questions about their experience and satisfaction regarding critical areas of their franchise systems, including training and support, operations, franchisor/franchisee relations, and financial opportunity.
12. According to Eric Stites, CEO of Franchise Business Review, “There are thousands of successful franchise companies operating in North America, but many of those companies do not offer a solid investment opportunity for the actual franchise owners. As an independent research firm, we rate the franchise companies in the marketplace today and identify those that have the highest levels of satisfaction and performance among their franchisees in order to help entrepreneurs choose which franchise to invest in. The companies on this year’s list are the top performing brands in the areas critical to their franchisees’ success.”
13. Lane Kofoed, president and CEO of Assisting Hands Home Care, said, “We’re honored to receive this esteemed recognition. We know that as we provide great support to our franchisees, they will grow their businesses and will be successful which in turn creates success for us. We’re in this together with our franchisees.”
14. Assisting Hands Home Care was founded in 2005 by Dr. Gail Silverstein and Cline Waddell in Boise, Idaho. Dr. Silverstein realized that there was a gap in services in the assisted living industry when she had trouble finding adequate care for her father.
15. Silverstein and Waddell set out to provide a better alternative to the elderly, disabled, and others needing extra support and assistance to stay home. Additionally, Silverstein used her 25 years of experience coordinating and leading health care programs in both the public and private sector to make Assisting Hands Home Care better than the other home care services out there.
16. Assisting Hands Home Care started franchising a year after the first location opened and there are now locations across the U.S. and Canada.
Entrepreneur’s Franchise 500
17. Assisting Hands Home Care ranked No. 429 on Entrepreneur’s 2020 Franchise 500 list.
Section II – Estimated Costs
- Please click here for detailed estimates of Assisting Hands Home Care franchise costs, based on Item 7 of the company’s 2020 FDD.
Section III – Initial Franchise Fee, Royalty Fee, Marketing Fee, and Other Fees
- Please click here for detailed information on Assisting Hands Home Care’s initial franchise fee, royalty fee, marketing fee, and other fees, based on Items 5 and 6 of the company’s 2020 FDD.
Section IV – Number of Franchised and Company-Owned Outlets
- Outlets at the Start of the Year: 106
- Outlets at the End of the Year: 115
- Net Change: +9
- Outlets at the Start of the Year: 115
- Outlets at the End of the Year: 117
- Net Change: +2
- Outlets at the Start of the Year: 117
- Outlets at the End of the Year: 130
- Net Change: +13
- Outlets at the Start of the Year: 3
- Outlets at the End of the Year: 3
- Net Change: 0
- Outlets at the Start of the Year: 3
- Outlets at the End of the Year: 4
- Net Change: +1
- Outlets at the Start of the Year: 4
- Outlets at the End of the Year: 4
- Net Change: 0
Section V – Financial Performance Representations (Item 19, 2020 FDD) and Analysis
- As of December 31, 2019, Assisting Hands had a total of 130 franchised Assisting Hands Businesses (“Franchised Locations”) and four affiliate-owned Assisting Hands Businesses (“Affiliate Locations”). These 134 Assisting Hands Businesses were operated out of 68 Offices.
- The information in the table below is a historical financial performance representation of 119 Assisting Hands Businesses (including Pilot Businesses) that were in operation for 12 months or longer as of December 31, 2019 (“Reporting Group”) for the 2019 calendar year (“Reporting Period”).
- Fifteen Assisting Hands Businesses opened in 2019 and were not open for 12 months or longer as of December 31, 2019.
- Two Assisting Hands Businesses closed during the Reporting Period and were excluded from the Reporting Group.
- The numbers below have not been audited, but Assisting Hands has no reason to doubt their accuracy.
- All of the Assisting Hands Businesses included in this financial performance representation offer similar services and face a similar degree of competition anticipated for the Assisting Hands Businesses offered under the current Disclosure Document.
- The Affiliate Locations do not pay the Royalty Fee and are not subject to the Local Advertising Requirement, but do contribute to the National Advertising Fund.
- Assisting Hands provides substantially all of the same services and assistance to these four Affiliate Locations that it provides to Franchised Locations.
Boise, ID (This is an affiliate franchise.)