SENIOR CARE
7 Criteria For How to Choose a Senior Care Franchise by Ramzi Rihani, CEO, Options for Senior America
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ith the wide array of senior care franchises available to a prospect interested in joining the fastest growing industry in the country today, choosing the right brand has become increasingly challenging. Many brands advertise their differentiators as “proven track record, successful business model, multiple revenue streams, world-class training”
and other attractive terms. Although these are important features of a specific brand, they tend to be common to most established brands. The real differentiators appear when the prospect digs a little deeper and goes beyond the visible surface. This is where “the devil is in the details” becomes so relevant. Here are some real differentiators that a prospect should look at when purchasing a senior care franchise.
1. TERRITORY SIZE. The number of seniors in a territory is the best indicator of the value of the territory. Any territory less than 30,000 seniors will require more marketing, efforts, networking and advertising to generate the same revenue as in a larger territory. 2. FRANCHISE FEE: Although this is a small onetime investment in the grand scheme of things, when you are making a commitment for 10 years (standard life of a franchise agreement) often times this fee is linked to the size of the territory. If you look at these first two points and compare the fee per 1,000 seniors, then you will be able to determine the best value for the territory. 3. FRANCHISE ROYALTY FEE: Do not just take the face value of the royalty fee; you should also look at the minimum monthly requirements which sometimes exceed the amount computed by the percentage of the royalty fee for the first
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SEPTEMBER 2021 | WWW.FRANCHISEJOURNAL.COM