FDD Talk 2020: Handyman Connection Franchise Review (Financial Performance Analysis, Costs, Fees, and More)

In this FDD Talk post, you’ll learn the following:

• Section I – Background information on the Handyman Connection franchise opportunity, including relevant news updates

• Section II – Estimated initial investment for a Handyman Connection franchise, based on Item 7 of the company’s 2020 FDD

• Section III – Initial franchise fee, royalty fee, marketing fee, and other fees for a Handyman Connection franchise, based on Items 5 and 6 of the company’s 2020 FDD

• Section IV – Number of franchised and company-owned Handyman Connection 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 Handyman Connection’s financial performance representations, based on Item 19 of the company’s 2020 FDD, including information on the:

• 2019, 2018, and 2017 average, median, high, and low gross sales and average job size for the U.S. franchisees who were both in operation for more than 12 months as of December 31 of the applicable year and were not sold during that 12-month period

• 2019 average, median, high, and low number of leads from repeat customers and referrals for the 32 U.S. franchisees (representing 35 franchised territory outlets in the U.S.) who were both in operation for more than 12 months as of December 31, 2019 and were not sold during that 12-month period

• top 10 services that Handyman Connection franchisees have categorized as Quoting (or Estimating) in the CRM system for all franchisees across North America, regardless of their time operating their business, presented as a percentage of the total number of services Quoted

• 2019 average, median, high, and low gross margin percentage for the 32 U.S. franchisees (representing 35 franchised territory outlets in the U.S.) who were both in operation for more than 12 months as of December 31, 2019 and were not sold during that 12-month period

Section I – Background Information

17 Things You Need to Know About the Handyman Connection Franchise

Announces New Executive Director of Franchise Development

1.  In late November 2019, Handyman Connection announced that industry veteran Clay McKee had been named executive director of franchise development. In his new role, McKee helps clients and prospects develop strategies to effectively understand how to open their businesses and achieve optimum success.

2.  Jeff Wall, CEO of Handyman Connection, said, “We’re excited to welcome Clay to the team and feel that he’ll be a tremendous asset to current and prospective franchisees. Clay has spent years advising clients on the most effective ways to open and grow their businesses and I’m honored he’s brought that expertise to Handyman Connection.”

3.  McKee has been on the service side of franchising for more than a decade, during his time as the director of franchise development for Home Helpers Senior Care and PuroClean. In his career, McKee has successfully been able to innovate and customize growth strategies that helped both companies expand quickly and efficiently.

4.  “I’m honored to join the Handyman Connection team and look forward to developing long-term relationships both on a personal and professional level with my clients,” said McKee. “I’ve always been driven to hold myself to the highest standards of honesty and integrity and Handyman Connection shares that sentiment. I’m excited to get started.”

Announces 2019 Franchisee of the Year

5.  In January 2020, Handyman Connection held its annual franchise conference in Fort Lauderdale, Florida. To close the conference, the brand announced its esteemed 2019 awards, acknowledging franchise owners, craftsmen, and brand partners for their significant achievements.

6.  As Handyman Connection’s highest honor, the Franchisee of the Year award is given to the top-performing franchisee systemwide that has excelled at various attributes including sales growth, market presence and penetration, online review score, and brand leadership. The 2019 Franchisee of the Year award was given to Nate Bruen, owner of Handyman Connection of Eden Prairie, Minnesota. Bruen was the top performer systemwide in 2019 eclipsing more than $1 million in sales and increased total sales by more than 48% year-over-year.

7.  Jeff Wall, president and CEO of Handyman Connection, said, “The core of Handyman Connection’s values stem from our long-standing dedication to the people we serve, and that statement rings true from our customers to franchise owners to home office staff. Last year proved to be another successful year for our local franchise owners and we attribute their success to their compassionate leadership style and ability to fully integrate themselves as an asset to their local community. Nate Bruen is the perfect example of the Handyman Connection brand and his success is a result of hard work, dedication and passion for his company. We are extremely proud to honor Nate as the franchisee of the year and look forward to his continued success.”

8.  In addition to the Franchisee of the Year award, Handyman Connection handed out the following awards:

• Rookie of the Year Award – Chris Schenk, Handyman Connection of Lexington-Nicholasville, Kentucky;
• Navigator Award – Docia Boylen, Handyman Connection of Golden, Colorado;
• Brand Experience Award – Bryan and Tiffany Peters, Handyman Connection of Winchester, Virginia;
• Market Penetration Award – Shaun McCarthy, Handyman Connection of Colorado Springs, Colorado;
• Sales Growth Award – Brien Borden, Handyman Connection of Winter Park, Florida and Chris Schenk, Handyman Connection of Lexington-Nicholasville;
• Craftsman of the Year Award – Scott Horrigan, Handyman Connection of Mason, Ohio and Steve Vernier, Handyman Connection of Novi, Michigan.

Recognized as Top Home Repair Company by Qualified Remodeler

9.   At the end of August 2020, Handyman Connection announced its top placement on Qualified Remodeler’s Top 500 list in the home repair category for the tenth consecutive year. This list showcases the top remodelers of 2020, a direct reflection of Handyman Connection’s continued growth and success.

10.  For companies to make the Top 500 list, a high caliber of success must be achieved in metrics including installed remodeling dollar volume, total years in business, industry association membership, industry certification, industry awards, and community service.

11.  Jeff Wall, president and CEO of Handyman Connection, said, “It is a tremendous honor to be named a top remodeler of 2020 by Qualified Remodeler. This award recognizes Handyman Connection’s decades worth of success and we are excited to continue delivering quality service and expertise to customers all across the nation.”

12.  Qualified Remodeler, a leading publication serving remodelers and home improvement companies in the U.S., has ranked Handyman Connection as the number one in the handyman category and seventh nationally on its 42nd annual Top 500 Remodelers of 2020.

13.  Since 1978, the QR Top 500 has tracked the industry’s largest and fastest growing companies. In 2020, the Top 500 represented $10 billion in remodeling sales volume on over one million jobs.

Company History

14.  Handyman Connection was founded in 1991 and is based in Cincinnati, Ohio. The brand specializes in small to medium sized home improvements, repairs, and remodeling projects that cover a wide range of “around-the-house” type handyman services. Handyman Connection started franchising in 1993 and has slowly grown around the U.S. and Canada.

15.  In 2006, First Service Brands acquired Handyman Connection. At the time, Handyman Connection had 100 franchises in North America and was consistently ranked a top handyman services provider. A few years later, in 2010, Jeff Wall became the president of Handyman Connection after working with the First Service Brands family for several years.

16.  In 2013, Wall purchased Handyman Connection from First Service Brands and now serves as the company’s president and CEO.

Entrepreneur’s Franchise 500

17.  Handyman Connection did not rank on Entrepreneur’s 2020 Franchise 500 list.

Section II – Estimated Costs

• Please click here for detailed estimates of Handyman Connection 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 Handyman Connection’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

Franchised

2017

• Outlets at the Start of the Year:  78
• Outlets at the End of the Year:  73
• Net Change:  -5

2018

• Outlets at the Start of the Year:  73
• Outlets at the End of the Year:  64
• Net Change:  -9

2019

• Outlets at the Start of the Year:  64
• Outlets at the End of the Year:  61
• Net Change:  -3

Company-Owned

2017

• Outlets at the Start of the Year:  0
• Outlets at the End of the Year:  0
• Net Change:  0

2018

• Outlets at the Start of the Year:  0
• Outlets at the End of the Year:  0
• Net Change:  0

2019

• Outlets at the Start of the Year:  0
• Outlets at the End of the Year:  0
• Net Change:  0

Section V – Financial Performance Representations (Item 19, 2020 FDD) and Analysis

• The following sets forth certain historical data reported to Handyman Connection by franchisees of the Handyman Connection System. Handyman Connection has not audited this information, nor independently verified this information.

Part 1 – Annual Gross Sales, Leads from Repeat Customers and Referrals, and Top Categories of Services Quoted

• Part 1 was created using information Handyman Connection obtained directly from its CRM system, and provides the Annual Gross Sales, Leads from Repeat Customers and Referrals, and a list of the top categories of services “Quoted” (or “Estimated”) in Handyman Connection’s IT system for the period of January 1, 2019 through December 31, 2019 (the “2019 Data Period”).

• Part 1 presents information for 32 out of the 33 U.S. franchisees (representing 35 of the 36 franchised territory outlets in the U.S.), who were both in operation for more than 12 months as of December 31, 2019 and were not sold during that 12-month period (“Reporting Businesses”).

• Excluded are 14 US franchises that were not open and operating for the entire 2019 Data Period or were sold during the 2019 Data Period. Also excluded is the one US franchise that does not report information via Handyman Connection’s CRM system.

A.  Annual Gross Sales

• The following table presents: (i) the Gross Sales as reported to Handyman Connection by the Reporting Businesses; (ii) the high, low, average, and median Gross Sales for the Reporting Businesses during the 2019 Data Period; and (iii) certain information regarding average job size and territory size of the Reporting Businesses.

• In addition, this table shows the same information for the 29 out of the 30 U.S. franchises (representing 32 of the 33 franchised territory outlets in the U.S.), who were in operation for more than 12 months as of December 31, 2018 (“2018 Reporting Businesses”) and 34 out of the 35 U.S. franchisees (representing 39 of the 40 franchised territory outlets in the U.S.), who were in operation for more than 12 months as of December 31, 2017 (“2017 Reporting Businesses”).

2019

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