In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:
Section I – Estimated initial investment (franchise costs) for a Garage Kings franchise, based on Item 7 of the company’s 2023 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a Garage Kings franchise, based on Items 5 and 6 of the company’s 2023 FDD
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Section IV – News updates on the Garage Kings franchise opportunity
Section V – Presentation and analysis of Garage Kings’ financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2023 FDD, including information on the:
- 2022 average revenue, discounts, net revenue, disclosed expenses (materials and supplies, labor, commissions, auto and fuel, non-owner payroll, Royalties, and Brand Development Fund) for the 5 affiliate-owned Garage Kings locations that were open for the entire calendar year ending December 31, 2022 and timely submitted the required information
- 2022 average revenue, discounts, net revenue, disclosed expenses (materials and supplies, labor, commissions, auto and fuel, non-owner payroll, Royalties, and Brand Development Fund) for the 7 franchised Garage Kings locations that were open for the entire calendar year ending December 31, 2022 and timely submitted the required information
- average total estimates, job conversion rate, invoice amount, and number of invoices from July to December of 2022 for all 17 affiliate-owned and franchised Garage Kings locations that were open during the measurement period
Section VI – Key ratios, comparables, computations, and analyses for the Garage Kings franchise opportunity (exclusive content for Platinum subscribers)
Section I – Garage Kings Franchise Costs
- Garage Kings franchise costs, based on Item 7 of the company’s 2023 FDD:
- Initial Franchise Fee: $60,000
- Training Fee: $7,000
- Additional Training Expenses: $1,500 to $8,500
- Storage Space: $0 to $500
- Initial Equipment Package: $36,927
- Initial Product Order: $25,000
- Work Vehicle/Storage Trailer: $0 to $18,000
- Office Equipment, Fixtures, Décor, Supplies, and Furnishings: $0 to $2,500
- Computer Hardware and Software: $0 to $3,000
- Vehicle Signage: $4,650 to $5,750
- Insurance: $500 to $2,500
- Advertising and Marketing: $30,000
- Epoxy Flooring Installation License: $0 to $7,500
- Professional Fees: $250 to $2,500
- Additional Funds – 3 Months: $10,595 to $25,595
- Total Estimated Garage Kings Franchise Costs: $176,422 to $235,272
Section II – Garage Kings’ Initial Franchise Fee, Royalty Fee, and Marketing Fee
- Garage Kings’ initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2023 FDD:
- Initial Franchise Fee: $60,000
- Weekly Royalty: 6% of Weekly Gross Revenue
- Brand Development Fund: initial payment of $1,000, and 2% of Weekly Revenue thereafter
- Local Marketing: $48,000 annually per territory
- Regional Advertising Cooperative: if established, 1% to 2% of Gross Revenues
Section III – Number of Franchised and Company-Owned Garage Kings Outlets
Franchised
2020
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.🔴Free Webinar: 6 Under-the-Radar Franchise Concepts That Serious Buyers Should Know
Every month we feature 6 standout franchises that could be the opportunity you've been looking for, each evaluated on disclosed financials and matched to the type of buyer most likely to succeed with it. Can't attend live on October 27 at 6PM EST? Register now and we'll send you the full recording the next day. Reserve your spot here.- Outlets at the Start of the Year: 22
- Outlets at the End of the Year: 18
- Net Change: -4
2021
- Outlets at the Start of the Year: 18
- Outlets at the End of the Year: 23
- Net Change: +5
2022
- Outlets at the Start of the Year: 23
- Outlets at the End of the Year: 25
- Net Change: +2
Company-Owned
2020
- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
2021
- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
2022
🎯Find Best-Fit Franchises Still Available in Your Target Area (Free Tool)
When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.📈Dreaming of Multi‑Unit Success? Lock In Prime Territories Before They're Gone.
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. A franchise specialist will be in touch to present what's available.- Outlets at the Start of the Year: 0
- Outlets at the End of the Year: 0
- Net Change: 0
Section IV – News Updates on the Garage Kings Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Garage Kings Franchise (Item 19, 2023 FDD)
- The first table below reflects information for the calendar year ending December 31, 2022; the second and third tables reflect data for the period of July 2022 through December 2022 (each respectively, is a “Measurement Period”).
- Garage Kings requested financial statements from all locations. It received 12 submissions for Part 1. All other locations were excluded. Any franchise or affiliate owned location open for the entire Measurement Period and timely submitted the required information is included (each a “Qualifying” location).
- Each of the locations below are of the same model being offered pursuant to the disclosure document.
Part 1 – Average Revenue and Disclosed Expenses
Averages for 5 Affiliate-Owned Locations
Revenue: $1,263,183 (100.0%)
Less: Discounts: $240,066 (19.0%)
Net Revenue: $1,023,117 (81.0%)
Disclosed Expenses
- Materials and Supplies: $296,779 (23.5%)
- Labor: $188,448 (14.9%)
- Commissions: $101,231 (8.0%)
- Auto and Fuel: $48,455 (3.8%)
- Non-Owner Payroll: $64,393 (5.1%)
- Royalties (calculated): $61,382 (4.9%)
- Brand Development Fund (calculated): $20,461 (1.6%)
- Total Disclosed Expenses: $781,149 (61.8%)
Revenue Less Disclosed Expenses: $241,968 (19.2%)
Averages for 7 Franchised Locations
Revenue: $629,691 (100.0%)
Less: Discounts: $30,942 (4.9%)
Net Revenue: $598,749 (95.1%)
Disclosed Expenses
- Materials and Supplies: $205,370 (32.6%)
- Labor: $116,268 (18.5%)
- Commissions: $14,610 (2.3%)
- Auto and Fuel: $17,845 (2.8%)
- Non-Owner Payroll: $7,950 (1.3%)
- Royalties (calculated): $35,925 (5.7%)
- Brand Development Fund (calculated): $11,975 (1.9%)
- Total Disclosed Expenses: $409,943 (65.1%)
Revenue Less Disclosed Expenses: $188,806 (30.0%)
- “Revenue” means all revenue generated by the Franchised Business.
- “Discounts” means expenses associated with seasonal incentives, promotions, and referral incentive payments.
- “Materials and Supplies” means the variable costs associated with general labor which is primarily epoxy but may include other supplies.
- “Labor” means all variable labor costs including wages, taxes, and insurance.
- “Commissions” means all wages paid a variable expense resulting from generating sales.
- “Non-Owner Payroll” means all other wages and payroll taxes except for Commissions and Labor.
- “Royalties” means the calculated Royalty Fees based on 6% of Revenue.
- “Brand Development Fund” means the actual (in the case of a franchisee) or the estimated (in the case of an affiliate) Fund expenditures.
- “Revenue Less Disclosed Expenses” means Revenue less all of the disclosed expenses. It does not consider any other expenses.
Part 2 – Average Estimates, Conversion Rates, Invoices, and Ticket
- The following tables show data for all Franchised and Affiliate locations. It excludes data from Garage Kings licensees. The location numbers do not correspond to those in Part 1.
- The Measurement Period for these tables is from July to December of 2022 as a result of transitioning to a new point of sale system. Garage Kings licensees were excluded on the basis that they did not transition to Garage Kings’ new point of sale system.
Averages for 17 Franchised and Affiliate Locations
- Total Estimates (July to December 2022): 183
- Job Conversion Rate: 41.1%
- Invoice Amount: $3,883
- Number of Invoices: 85
Section VI – Garage Kings Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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