When people are thinking about auto repair, the name of Midas will certainly be one of the companies that will come to their mind.
Midas has been around since 1956 and while the name often causes people to think about mufflers, the shop does many other forms of auto repair, too.
Midas has come to be known as a company that can be trusted. They offer a guarantee on all their services, which includes brakes, mufflers, shocks and struts, radiators, climate control, and more.
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Fleet services are also offered, along with preventive maintenance. With such service over the years, they have built a strong brand.
Auto repair companies have a great future for franchise opportunities because car owners are less able to repair cars themselves. There are also more cars each year on the road that will need car repair of some kind before long. With special equipment and electronics often required, this almost guarantees that a satisfied customer will return again and again.
The company began offering Midas franchises the same year they opened their doors – 1956. Since that time, they now have 1,405 franchises in the US, with an additional 98 company owned stores. There are also another 1,000 franchise stores in other parts of the world.
Midas has been listed as number 31 on Entrepreneur.com’s list of the best business opportunities for 2009.
It has also been rated by them as the best in category since 2004. It is now a publicly traded company.
Getting started with a Midas franchise will require an initial fee of $30,000. The company has a requirement that owners have a personal net worth of $250,000, and a cash liquidity of $75,000.
In order to get the service store fully set up and operational, you can expect that the total cost will be between $266,000 and $366,000. The company does not provide any financing directly, but will help with some third party financing. Royalties are an ongoing ten percent, and the terms of agreement are for 20 years, which is renewable.
The company does not allow for absentee ownership. Owners may own more than one store. A single store will require nine employees.
Training is provided three different ways. First, there will be a three week training session at the main office in Itasca, IL. Then there is a one to two week session at the franchisee’s location which is self-study, and there will be a shop assignment that will last another one or two weeks. Field operations and evaluations are given on a continuing basis.
Midas could be your great business franchise opportunity. Why not get started and learn more details now?
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