In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:
Section I – Estimated initial investment (franchise costs) for a Benjamin Franklin Plumbing franchise, based on Item 7 of the company’s 2023 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a Benjamin Franklin Plumbing franchise, based on Items 5 and 6 of the company’s 2023 FDD
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Section IV – News updates on the Benjamin Franklin Plumbing franchise opportunity
Section V – Presentation and analysis of Benjamin Franklin Plumbing’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2023 FDD, including information on the:
- 2022 average, median, highest, and lowest gross revenue per territory, by quartile, for the 72 Benjamin Franklin Plumbing franchisees representing 237 territories that were in operation for the entire 2022 fiscal year
- 2022 average, median, highest, and lowest gross revenue, by quartile, for the 72 Benjamin Franklin Plumbing franchisees representing 237 territories that were in operation for the entire 2022 fiscal year
- total gross revenue growth between calendar years 2021 and 2022 for the 72 Benjamin Franklin Plumbing franchisees representing 237 territories that were in business and reporting revenue as of December 31, 2021 and as of December 31, 2022
- 2021 and 2022 aggregate gross revenue (“systemwide sales”) reported by all Benjamin Franklin Plumbing franchisees whose Benjamin Franklin Plumbing businesses were operational for any part (even as little as one month if the franchisee completed initial training in December of their initial year)
Section VI – Key ratios, comparables, computations, and analyses for the Benjamin Franklin Plumbing franchise opportunity (exclusive content for Platinum subscribers)
Section I – Benjamin Franklin Plumbing Franchise Costs
- Benjamin Franklin Plumbing franchise costs (start-up franchise), based on Item 7 of the company’s 2023 FDD:
- Franchise Fee: $43,000
- Rent/Lease of Real Estate: $3,000 to $12,000
- Leasehold Improvements: $1,000 to $4,000
- Computer Systems: $800 to $2,000
- Software: $2,492 to $3,176
- Office Furniture and Equipment: $2,500 to $5,000
- Machinery, Tools, and Equipment: $3,000 to $10,000
- Vehicles: $3,600 to $7,200
- Signage for Vehicles: $10,000 to $20,000
- Office Signage: $2,000 to $4,000
- Travel Expenses for Initial Training: $2,500 to $3,800
- Initial Vehicle Inventory: $2,500 to $10,000
- Insurance: $4,000 to $15,000
- Start-up Supplies: $2,500 to $5,000
- Professional Fees and Licensing: $2,500 to $11,500
- Vehicle Registration Fees: $2,200 to $4,400
- Decals for Consumer Units: $300 to $500
- Telephone Services: $62 to $162
- Personal Tools for Technicians: $1,000 to $3,000
- Additional Funds for 3 Months: $40,000 to $60,000
- Total Estimated Benjamin Franklin Plumbing Franchise Costs: $128,954 to $223,738
Section II – Benjamin Franklin Plumbing’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- Benjamin Franklin Plumbing’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2023 FDD:
- Franchise Fee: $43,000, plus $0.43 for each person above 100,000 in the franchise territory
- Royalty Fee: 6% of Gross Revenue or $1,500 per month (the “Minimum Royalty”), whichever is greater
- Brand Fund Contribution: currently, the contribution is based on your Gross Revenue for the calendar year and is payable according to the following schedule: 1.5% of the first $5,000,000 of Gross Revenue in the then-current calendar year; then 1.25% of Gross Revenue in excess of $5,000,000 and up to $10,000,000 in the then-current calendar year; then 1% of Gross Revenue in excess of $10,000,000 and up to $15,000,000 in the then-current calendar year; then 0.75% of Gross Revenue in excess of $15,000,000 and up to $20,000,000 in the then-current calendar year; then 0% with respect to Gross Revenue in excess of $20,000,000 in the then-current calendar year.
- Local Marketing and/or Cooperative: effective until notice of 2023 Local Marketing Fee change: Benjamin Franklin Plumbing recommends, but does not require, that you spend at least 8% to 12% of Gross Revenue annually on local marketing. However, if you fail to achieve your Minimum Performance Requirements, Benjamin Franklin Plumbing may require you to spend at least 8% of Gross Revenue on Local Marketing during each of the following 12 months. Effective on notice of 2023 Local Marketing Fee change: you are required to pay Benjamin Franklin Plumbing $36,000 annually (an average of $3,000 per month) for Local Marketing (the “Annual Local Marketing Fee”).
Section III – Number of Franchised and Company-Owned Benjamin Franklin Plumbing 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
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- Outlets at the End of the Year: 247
- Net Change: -11
2021
- Outlets at the Start of the Year: 247
- Outlets at the End of the Year: 256
- Net Change: +9
2022
- Outlets at the Start of the Year: 256
- Outlets at the End of the Year: 276
- Net Change: +20
Company-Owned
2020
- Outlets at the Start of the Year: 10
- Outlets at the End of the Year: 10
- Net Change: 0
2021
- Outlets at the Start of the Year: 10
- Outlets at the End of the Year: 10
- Net Change: 0
2022
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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.📈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: 10
- Outlets at the End of the Year: 10
- Net Change: 0
Section IV – News Updates on the Benjamin Franklin Plumbing Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Benjamin Franklin Plumbing Franchise (Item 19, 2023 FDD)
- In this Item 19, Benjamin Franklin Plumbing presents historical information for franchised Benjamin Franklin Plumbing businesses for the 2022 fiscal year and prior years.
- The data in this Item from the period prior to May 14, 2021 was collected by the franchisor’s predecessor, BFP.
- As of December 31, 2022, Benjamin Franklin Plumbing had 83 franchisees operating in 276 Territories.
- Parts 1 and 2 present information on 72 Franchisees representing 237 Territories that were in operation for the entire 2022 fiscal year.
- Excluded from these tables are 5 franchisees (representing 15 Territories) that use a business software system other than Successware and thus did not follow the same reporting procedures as the included franchisees. Benjamin Franklin Plumbing has no reason to believe the results for this excluded group are atypical, but for data integrity Benjamin Franklin Plumbing cannot combine them with results reported via Successware.
- The tables also exclude 6 franchisees (representing 24 Territories) that opened in 2022 and 3 franchisees (representing 4 Territories) that terminated their operations during the 2022 fiscal year.
Part 1 – Gross Revenue by Territory, by Quartile for the Fiscal Year Ended December 31, 2022
Top 25%
- Number of Franchisees in Group: 18
- Number of Territories in Group: 33
- Aggregate Gross Revenue of Territories in Group: $65,790,628
- Average Gross Revenue of Territories in Group: $1,993,655
- Highest Gross Revenue of Territories in Group: $3,551,244
- Lowest Gross Revenue of Territories in Group: $1,462,203
- Median Gross Revenue of Territories in Group: $2,111,900
- Number of Territories Exceeding Group Average: 17
- Percent of Territories Exceeding Group Average: 52%
2nd Quartile
- Number of Franchisees in Group: 18
- Number of Territories in Group: 52
- Aggregate Gross Revenue of Territories in Group: $62,038,469
- Average Gross Revenue of Territories in Group: $1,193,047
- Highest Gross Revenue of Territories in Group: $1,409,409
- Lowest Gross Revenue of Territories in Group: $982,447
- Median Gross Revenue of Territories in Group: $1,236,606
- Number of Territories Exceeding Group Average: 20
- Percent of Territories Exceeding Group Average: 38%
3rd Quartile
- Number of Franchisees in Group: 18
- Number of Territories in Group: 90
- Aggregate Gross Revenue of Territories in Group: $69,520,589
- Average Gross Revenue of Territories in Group: $772,451
- Highest Gross Revenue of Territories in Group: $967,278
- Lowest Gross Revenue of Territories in Group: $600,743
- Median Gross Revenue of Territories in Group: $679,783
- Number of Territories Exceeding Group Average: 61
- Percent of Territories Exceeding Group Average: 68%
Bottom 25%
- Number of Franchisees in Group: 18
- Number of Territories in Group: 62
- Aggregate Gross Revenue of Territories in Group: $19,851,649
- Average Gross Revenue of Territories in Group: $320,188
- Highest Gross Revenue of Territories in Group: $560,105
- Lowest Gross Revenue of Territories in Group: $52,228
- Median Gross Revenue of Territories in Group: $301,377
- Number of Territories Exceeding Group Average: 34
- Percent of Territories Exceeding Group Average: 55%
Totals
- Number of Franchisees in Group: 72
- Number of Territories in Group: 237
- Aggregate Gross Revenue of Territories in Group: $217,201,333
- Average Gross Revenue of Territories in Group: $916,461
- Highest Gross Revenue of Territories in Group: $3,551,244
- Lowest Gross Revenue of Territories in Group: $52,228
- Median Gross Revenue of Territories in Group: $967,278
- Number of Territories Exceeding Group Average: 85
- Percent of Territories Exceeding Group Average: 36%
- The table reports 72 Franchisees, ranked in order from highest Average Gross Revenue per Territory to lowest Average Gross Revenue per Territory.
- In some cases, a franchisee may have increased or decreased its number of Territories during the fiscal year. For purposes of the table, Benjamin Franklin Plumbing includes all of the Territories operated by a franchisee that were operated during any time in the 2022 fiscal year, including 2 franchisees that each increased their total number of Territories by one and opened those respective Territories during the 2022 fiscal year.
- Gross Revenue is not reduced on account of any fees or commissions you pay to third parties who refer customers. The Gross Revenue data for a franchisee may include sales in “open” Territory, that is, territory that had not been awarded to a franchisee.
Part 2 – Gross Revenue of Franchisees, by Quartile for the Fiscal Year Ended December 31, 2022
Top 25%
- Number of Franchisees in Group: 18
- Number of Territories in Group: 117
- Aggregate Gross Revenue of Franchisees in Group: $128,249,955
- Average Gross Revenue of Franchisees in Group: $7,124,997
- Highest Gross Revenue of Franchisees in Group: $23,702,088
- Lowest Gross Revenue of Franchisees in Group: $3,746,908
- Median Gross Revenue of Franchisees in Group: $5,376,406
- Number of Franchisees Exceeding Group Average: 5
- Percent of Franchisees Exceeding Group Average: 28%
2nd Quartile
- Number of Franchisees in Group: 18
- Number of Territories in Group: 52
- Aggregate Gross Revenue of Franchisees in Group: $47,141,180
- Average Gross Revenue of Franchisees in Group: $2,618,954
- Highest Gross Revenue of Franchisees in Group: $3,551,244
- Lowest Gross Revenue of Franchisees in Group: $2,139,859
- Median Gross Revenue of Franchisees in Group: $2,493,363
- Number of Franchisees Exceeding Group Average: 7
- Percent of Franchisees Exceeding Group Average: 39%
3rd Quartile
- Number of Franchisees in Group: 18
- Number of Territories in Group: 34
- Aggregate Gross Revenue of Franchisees in Group: $29,491,302
- Average Gross Revenue of Franchisees in Group: $1,638,406
- Highest Gross Revenue of Franchisees in Group: $2,109,219
- Lowest Gross Revenue of Franchisees in Group: $1,076,121
- Median Gross Revenue of Franchisees in Group: $1,615,996
- Number of Franchisees Exceeding Group Average: 9
- Percent of Franchisees Exceeding Group Average: 50%
Bottom 25%
- Number of Franchisees in Group: 18
- Number of Territories in Group: 34
- Aggregate Gross Revenue of Franchisees in Group: $12,318,896
- Average Gross Revenue of Franchisees in Group: $684,383
- Highest Gross Revenue of Franchisees in Group: $1,072,693
- Lowest Gross Revenue of Franchisees in Group: $104,455
- Median Gross Revenue of Franchisees in Group: $663,276
- Number of Franchisees Exceeding Group Average: 8
- Percent of Franchisees Exceeding Group Average: 44%
Total System
- Number of Franchisees in Group: 72
- Number of Territories in Group: 237
- Aggregate Gross Revenue of Franchisees in Group: $217,201,333
- Average Gross Revenue of Franchisees in Group: $3,016,685
- Highest Gross Revenue of Franchisees in Group: $23,702,088
- Lowest Gross Revenue of Franchisees in Group: $104,455
- Median Gross Revenue of Franchisees in Group: $2,109,219
- Number of Franchisees Exceeding Group Average: 12
- Percent of Franchisees Exceeding Group Average: 17%
Part 3 – Active Franchise Revenue Growth (in Business and Reporting as of December 31, 2021 to December 31, 2022)
- Part 3 below shows the total Gross Revenue growth between calendar years 2021 and 2022 for 72 Franchisees that were in business and reporting revenue as of December 31, 2021 and as of December 31, 2022. These Franchisees operated a total of 237 Territories during calendar year 2021 and during calendar year 2022.
- A Franchisee was considered in business as of December 31, 2021 or December 31, 2022 if it reported Gross Revenue greater than $0 during the month of December 2021 or December 2022, respectively.
- 2021: $198,974,847 (237 Territories)
- 2022: $217,201,333 (9.2% year-over-year growth; 237 Territories)
Part 4 – Systemwide Sales
- Part 4 sets forth the aggregate Gross Revenue (“Systemwide Sales”) reported by all Benjamin Franklin Plumbing franchisees whose Benjamin Franklin Plumbing businesses were operational for any part (even as little as one month if the franchisee completed initial training in December of their initial year).
- 2021: $204,749,077 (278 Territories)
- 2022: $219,826,979 (7.4% year-over-year growth; 280 Territories)
- Some outlets have sold this amount. Your individual results may differ. There is no assurance that you will sell as much.
- The financial information Benjamin Franklin Plumbing utilized in preparing the preceding financial performance representations was based entirely upon information reported to it by franchisees. No independent accountant or auditing firm has audited, reviewed, or otherwise evaluated this information for accuracy or expressed an opinion with regard to its content or form.
Section VI – Benjamin Franklin Plumbing Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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