In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:
Section I – Estimated initial investment (franchise costs) for a Two Men and a Truck franchise, based on Item 7 of the company’s 2023 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a Two Men and a Truck franchise, based on Items 5 and 6 of the company’s 2023 FDD
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Section IV – News updates on the Two Men and a Truck franchise opportunity
Section V – Presentation and analysis of Two Men and a Truck’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2023 FDD, including information on the:
- average and median annual gross sales for the years 2018 through 2022 for all Metro Market Franchise Operating Units operating for a full 12 months as of December 31st of each of those years
- 2022 average, median, highest, and lowest annual gross sales; average direct labor – mover wage expenses; average moving truck expenses; average other moving expenses – damages, supplies, other direct costs; average advertising expenses; average facility expenses; average franchise fees; average support staff expenses; average other administrative expenses; and average total annual expenses for:
- (i) the 191 Metro Market Franchise Operating Units that operated for a full 12 months as of December 31, 2022;
- (ii) the 151 Single Franchises operating for a full 12 months as of December 31, 2022;
- (iii) each of the first four years of operation for Single Franchises that completed their first, second, third, or fourth year of operation in 2022 and were still operating as of December 31, 2022; and
- (iv) each of the first four years of operation for Mod Market Franchises that completed their first, second, third, or fourth year of operation in 2022 and were still operating as of December 31, 2022
Section VI – Key ratios, comparables, computations, and analyses for the Two Men and a Truck franchise opportunity (exclusive content for Platinum subscribers)
Section I – Two Men and a Truck Franchise Costs
- Two Men and a Truck (Metro Market franchise) franchise costs, based on Item 7 of the company’s 2023 FDD:
- Initial Franchise Fee: $50,000 to $85,000
- Lease Security Deposit: $2,400 to $24,000
- Leasehold Improvements: $3,000 to $4,000
- Miscellaneous Start-up Expense: $8,000 to $25,000
- Insurance and Risk Management: $25,000 to $43,000
- Licensing Requirements: $500 to $20,000
- Legal and Accounting Fees: $1,000 to $2,000
- Trucks: $3,000 to $42,900
- Office/Mobile Technology Costs: $16,000 to $24,000
- Initial Marketing Expenses: $20,000 to $40,000
- Storage Service Expenses: $0 to $30,000
- Pre-Opening Training Costs: $2,500 to $6,000
- Additional Funds – 3 Months: $32,600 to $100,700
- Total Estimated Two Men and a Truck Franchise Costs: $164,000 to $446,600
Section II – Two Men and a Truck’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- Two Men and a Truck’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2023 FDD:
- Initial Franchise Fee: $50,000 to $85,000 for Metro Market Franchises; $30,000 for Mod Market Franchises
- Royalty Fee: 6% of Gross Sales
- Contributions to Advertising Fund: 1% of Gross Sales
Section III – Number of Franchised and Company-Owned Two Men and a Truck Outlets
Franchised
2020
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- Outlets at the End of the Year: 276
- Net Change: +3
2021
- Outlets at the Start of the Year: 276
- Outlets at the End of the Year: 284
- Net Change: +8
2022
- Outlets at the Start of the Year: 284
- Outlets at the End of the Year: 293
- Net Change: +9
Company-Owned
2020
- Outlets at the Start of the Year: 3
- Outlets at the End of the Year: 3
- Net Change: 0
2021
- Outlets at the Start of the Year: 3
- Outlets at the End of the Year: 3
- Net Change: 0
2022
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Colin started as a team member at 21 and now owns 6 locations in Tampa Bay. Lisa came from marketing and built 21 in San Diego. The most successful multi-unit owners move early and secure markets with room to grow. Use our free tool to search multiple ZIP codes and find franchises where you can still stack locations, before someone else does.- Outlets at the Start of the Year: 3
- Outlets at the End of the Year: 3
- Net Change: 0
Section IV – News Updates on the Two Men and a Truck Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Two Men and a Truck Franchise (Item 19, 2023 FDD)
- The financial performance information provided in this Item 19 is a historical financial performance representation about all of the franchisees existing in the franchise system for the relevant period based upon financial information those franchisees reported to Two Men and a Truck.
- In this Item 19, Two Men and a Truck has presented financial performance information for (a) single Metro Market Franchises operating in a single Marketing Area under a single franchise agreement (“Single Franchises”), (b) one or more Metro Market Franchises under common ownership that are licensed under one or more franchise agreements to operate in one or more Marketing Areas but work as a single business unit in the same general geographic region and share personnel and trucks (“Franchise Operating Units”), and (c) Mod Market Franchises.
- Two Men and a Truck believes Franchise Operating Units are the best measurement of the total business and represent how franchises actually operate. Franchise Operating Units include Single Franchises. Franchise Operating Units and Single Franchises do not include Mod Market Franchises or affiliate-owned businesses.
Part 1 – Gross Sales for Franchise Operating Units in Calendar Years 2018 Through 2022
- The table below reflects the average and median annual Gross Sales for the years 2018 through 2022 for all Metro Market Franchise Operating Units operating for a full 12 months as of December 31st of each of those years.
2018
- Number of Franchise Operating Units in the Group: 217
- Average Annual Gross Sales: $2,339,435
- Number and Percentage of Franchise Operating Units That Met or Exceeded the Average: 80 / 37%
- Median Annual Gross Sales: $2,045,348
- Highest Annual Gross Sales of Group: $10,009,908
- Lowest Annual Gross Sales of Group: $207,251
2019
- Number of Franchise Operating Units in the Group: 211
- Average Annual Gross Sales: $2,484,500
- Number and Percentage of Franchise Operating Units That Met or Exceeded the Average: 73 / 35%
- Median Annual Gross Sales: $2,135,571
- Highest Annual Gross Sales of Group: $9,660,556
- Lowest Annual Gross Sales of Group: $142,184
2020
- Number of Franchise Operating Units in the Group: 203
- Average Annual Gross Sales: $2,525,237
- Number and Percentage of Franchise Operating Units That Met or Exceeded the Average: 69 / 34%
- Median Annual Gross Sales: $2,033,804
- Highest Annual Gross Sales of Group: $10,858,645
- Lowest Annual Gross Sales of Group: $108,858
2021
- Number of Franchise Operating Units in the Group: 194
- Average Annual Gross Sales: $3,088,152
- Number and Percentage of Franchise Operating Units That Met or Exceeded the Average: 68 / 35%
- Median Annual Gross Sales: $2,488,277
- Highest Annual Gross Sales of Group: $14,309,123
- Lowest Annual Gross Sales of Group: $545,743
2022
- Number of Franchise Operating Units in the Group: 191
- Average Annual Gross Sales: $3,269,399
- Number and Percentage of Franchise Operating Units That Met or Exceeded the Average: 64 / 33%
- Median Annual Gross Sales: $2,680,037
- Highest Annual Gross Sales of Group: $15,569,583
- Lowest Annual Gross Sales of Group: $686,004
- “Gross Sales” includes revenue earned from both required and optional services (such as storage services).
- The number of Franchise Operating Units decreased in each year because more franchisees consolidated their franchises into a single Franchise Operating Unit.
Part 2 – Gross Sales and Expenses in 2022 for Franchise Operating Units
- The table below reflects average, median, highest, and lowest annual Gross Sales and average expenses for the 2022 calendar year for all 191 Metro Market Franchise Operating Units that operated for a full 12 months as of December 31, 2022.
- Average Annual Gross Sales: $3,269,399
- Median Annual Gross Sales: $2,680,037
- Highest Annual Gross Sales: $15,569,583
- Lowest Annual Gross Sales: $686,004
- Average Direct Labor – Mover Wage Expenses: $957,552 (29%)
- Average Moving Truck Expenses: $502,278 (15%)
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $195,617 (6%)
- Average Advertising Expenses: $797,840 (3%)
- Average Facility Expenses: $157,990 (5%)
- Average Franchise Fees: $262,298 (8%)
- Average Support Staff Expenses: $465,902 (14%)
- Average Other Administrative Expenses: $321,988 (10%)
- Average Total Annual Expenses: $2,961,465 (91%)
- As of December 31, 2022, there were 192 Metro Market Franchise Operating Units. Of those 192 Franchise Operating Units, 191 were operated throughout 2022 and are represented in this table.
- This table excludes one Franchise Operating Unit that began operating in 2022. No Franchise Operating Units ceased operating in 2022, but two Franchise Operating Units were consolidated into other Franchise Operating Units in 2022 (and are represented in this table). This table does not include 17 Mod Market Franchises. This table also does not include affiliate-owned units.
- 130 Franchise Operating Units included in this chart reported revenue from providing storage services in 2022, which accounted for 1.68% of the average annual Gross Sales for such units providing such services.
Part 3 – Gross Sales and Expenses in 2022 for Single Franchises
- The table below reflects average, median, highest, and lowest annual Gross Sales and average expenses for the 2022 calendar year for all 151 Single Franchises operating for a full 12 months as of December 31, 2022.
- Average Annual Gross Sales: $2,792,511
- Median Annual Gross Sales: $2,256,097
- Highest Annual Gross Sales: $14,674,540
- Lowest Annual Gross Sales: $686,004
- Average Direct Labor – Mover Wage Expenses: $819,605 (29%)
- Average Moving Truck Expenses: $430,953 (15%)
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $162,139 (6%)
- Average Advertising Expenses: $77,837 (3%)
- Average Facility Expenses: $128,570 (5%)
- Average Franchise Fees: $225,213 (8%)
- Average Support Staff Expenses: $401,241 (14%)
- Average Other Administrative Expenses: $274,539 (10%)
- Average Total Annual Expenses: $2,520,097 (90%)
- As of December 31, 2022, there were 156 Single Franchises. Of those 156 Single Franchises, 151 were operated throughout 2022 and are represented in this table.
- This table excludes five Single Franchises that began operating in 2022. No Single Franchise ceased operating in 2022, though one was consolidated into a Franchise Operating Unit that operated in multiple Marketing Areas under multiple Franchise Agreements (and is, therefore, not represented in this table). This table also excludes (i) 114 franchises that are operated by the 40 Franchise Operating Units that operate in multiple Marketing Areas under two or more Franchise Agreements and (ii) 17 Mod Market Franchises. This table also does not include affiliate-owned units.
- 103 Single Franchises included in this chart reported revenue from providing storage services in 2022, which accounted for 1.77% of the average annual Gross Sales for such units providing such services.
Part 4 – Gross Sales and Expenses in 2022 for Single Franchises by Years of Operation
- The table below reflects average and median annual Gross Sales and expenses for Single Franchises that completed their first, second, third, or fourth year of operation in 2022 and were still operating as of December 31, 2022. Single Franchises that completed their fifth or subsequent years of operation in 2022 are not included in this table.
Year 1 of Operation
- Number of Single Franchises: 2
- Average Annual Gross Sales: $673,915
- Median Annual Gross Sales: $673,915
- Highest Annual Gross Sales: $882,827
- Lowest Annual Gross Sales: $465,003
- Average Direct Labor – Mover Wage Expenses: $194,549
- Average Moving Truck Expenses: $117,672
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $160,273
- Average Advertising Expenses: $37,398
- Average Facility Expenses: $37,796
- Average Franchise Fees: $58,917
- Average Support Staff Expenses: $113,816
- Average Other Administrative Expenses: $100,419
- Average Total Annual Expenses: $715,986
Year 2 of Operation
- Number of Single Franchises: 2
- Average Annual Gross Sales: $1,742,440
- Median Annual Gross Sales: $1,742,440
- Highest Annual Gross Sales: $2,012,796
- Lowest Annual Gross Sales: $1,472,083
- Average Direct Labor – Mover Wage Expenses: $496,031
- Average Moving Truck Expenses: $283,124
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $101,363
- Average Advertising Expenses: $65,014
- Average Facility Expenses: $50,870
- Average Franchise Fees: $140,633
- Average Support Staff Expenses: $162,872
- Average Other Administrative Expenses: $166,438
- Average Total Annual Expenses: $1,466,345
Year 3 of Operation
- Number of Single Franchises: 5
- Average Annual Gross Sales: $1,763,826
- Median Annual Gross Sales: $1,305,245
- Highest Annual Gross Sales: $2,883,137
- Lowest Annual Gross Sales: $727,946
- Average Direct Labor – Mover Wage Expenses: $451,353
- Average Moving Truck Expenses: $247,348
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $84,580
- Average Advertising Expenses: $50,347
- Average Facility Expenses: $45,095
- Average Franchise Fees: $106,468
- Average Support Staff Expenses: $241,176
- Average Other Administrative Expenses: $152,360
- Total Average Annual Expenses: $1,404,081
Year 4 of Operation
- Number of Single Franchises: 2
- Average Annual Gross Sales: $923,147
- Median Annual Gross Sales: $923,147
- Highest Annual Gross Sales: $1,310,709
- Lowest Annual Gross Sales: $535,584
- Average Direct Labor – Mover Wage Expenses: $291,075
- Average Moving Truck Expenses: $170,536
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $88,658
- Average Advertising Expenses: $21,361
- Average Facility Expenses: $57,763
- Average Franchise Fees: $78,339
- Average Support Staff Expenses: $158,595
- Average Other Administrative Expenses: $101,287
- Total Average Annual Expenses: $967,613
- “Direct Labor – Mover Wage Expenses” includes the wages and benefits paid to movers.
- “Moving Truck Expenses” includes lease or loan payments, maintenance costs, and fuel costs related to moving trucks.
- “Other Moving Expenses” includes the cost of supplies, damages and warranty expenses, and other miscellaneous moving and storage-related expenses.
- “Advertising Expenses” includes all expenses related to conducting advertising, except for the national advertising fees paid to Two Men and a Truck.
- “Facility Expenses” includes rent for the office and any storage facilities, utilities, and furniture, fixtures, and equipment used in the facilities.
- “Franchise Fees” includes royalties, national advertising fees, and technology fees.
- “Support Staff Expenses” includes the wages and benefits paid to support staff, including salespeople and other non-moving personnel.
- “Other Administrative Expenses” includes recruiting, retention, and training costs, professional fees, non-moving vehicle costs, office expenses, and finance costs.
Part 5 – Gross Sales and Expenses for Mod Market Franchises by Years of Operation
- The table below reflects average and median annual Gross Sales and expenses for Mod Market Franchises that completed their first, second, third, or fourth year of operation in 2022 and were still operating as of December 31, 2022.
Year 1 of Operation
- Number of Mod Market Franchises: 4
- Average Annual Gross Sales: $471,227
- Median Annual Gross Sales: $468,280
- Highest Annual Gross Sales: $630,856
- Lowest Annual Gross Sales: $317,490
- Average Direct Labor – Mover Wage Expenses: $144,566
- Average Moving Truck Expenses: $101,801
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $27,843
- Average Advertising Expenses: $11,396
- Average Facility Expenses: $28,821
- Average Franchise Fees: $42,310
- Average Support Staff Expenses: $44,211
- Average Other Administrative Expenses: $51,943
- Average Total Annual Expenses: $449,135
Year 2 of Operation
- Number of Mod Market Franchises: 2
- Average Annual Gross Sales: $760,394
- Median Annual Gross Sales: $760,394
- Highest Annual Gross Sales: $771,398
- Lowest Annual Gross Sales: $749,390
- Average Direct Labor – Mover Wage Expenses: $251,428
- Average Moving Truck Expenses: $109,468
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $29,332
- Average Advertising Expenses: $24,955
- Average Facility Expenses: $37,889
- Average Franchise Fees: $68,577
- Average Support Staff Expenses: $65,171
- Average Other Administrative Expenses: $43,616
- Total Average Annual Expenses: $630,436
Year 3 of Operation
- Number of Mod Market Franchises: 2
- Average Annual Gross Sales: $835,942
- Median Annual Gross Sales: $835,942
- Highest Annual Gross Sales: $1,043,000
- Lowest Annual Gross Sales: $628,885
- Average Direct Labor – Mover Wage Expenses: $223,224
- Average Moving Truck Expenses: $146,553
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $47,306
- Average Advertising Expenses: $16,561
- Average Facility Expenses: $45,808
- Average Franchise Fees: $76,396
- Average Support Staff Expenses: $93,601
- Average Other Administrative Expenses: $100,751
- Total Average Annual Expenses: $750,199
Year 4 of Operation
- Number of Mod Market Franchises: 1
- Average Annual Gross Sales: $609,154
- Median Annual Gross Sales: $609,154
- Highest Annual Gross Sales: $609,154
- Lowest Annual Gross Sales: $609,154
- Average Direct Labor – Mover Wage Expenses: $187,832
- Average Moving Truck Expenses: $84,600
- Average Other Moving Expenses – Damages, Supplies, Other Direct Costs: $23,402
- Average Advertising Expenses: $8,249
- Average Facility Expenses: $55,502
- Average Franchise Fees: $55,149
- Average Support Staff Expenses: $78,580
- Average Other Administrative Expenses: $77,852
- Total Average Annual Expenses: $571,225
Section VI – Two Men and a Truck Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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