The visionary, Nate Sherman founded Midas in 1956 automotive repair shop in Macon, Georgia for abatement of noise. It was started with his commitment of service of an uncompromising quality. Destiny favored Nate to stand beside him to turn the company today as a national company and also for the presence in foreign countries in over 2500 locations working through franchises. It is a listed company for public trading.
Midas Int’l expanded its automotive repair and maintenance services to cover the broader services including radiators, brakes, tires, shock absorbers, heating and cooling systems and batteries.
Expansion Through Franchising
Midas followed a very unusual dash forward for expanding the business going for franchising right from the beginning in 1956. As of the year 2009, the number of US franchises stood at 1,376 as against 978 company owned repair shops. In the last year, the number of Canadian franchises was 164 and other foreign franchises totaled at 830 numbers.
Midas int’l is determined to give a touch of Midas’ experience through intensification of franchising in the United States and Canada, besides opening up units in Western Europe, Mexico, New Zealand and Australia.
Marketing Supports Provided To The Franchises
Matching with the assurance of quality, the company considers appropriate marketing and promotional supports as a must to hold ranks in business.
Franchise 500 ranks Midas int’l at 10th position in 2010 as against 23rd position in 2009; ranking for the current year shows the company is close to regaining its 19th position held in 2007. Midas Int’l stands at #18 in 2010 according to America’s Top Global Franchises.
Midas does a lot of systematic planning to train the selected franchisees keeping with company’s outlook for service quality. It begins with rigorous 3 week training at the headquarters, followed by 1-2 weeks of In-shop assignments. Furthermore, the franchisees are required to make an intensive self-study for a week or two depending upon the individual ability to catch up with latest developments in automobile engineering.
The marketing promotional support followed by Midas Int’l comprises of coverage in national and regional media, corporate advertising as well as evaluation of the market with field supports. Midas has the toll-free line for instant access for support by the customers. The company customarily assists in grand opening of the franchise units.
Requirements To Be Fulfilled By The Franchises
A franchisee must possess experience of running a business and be financially strong with a minimum net worth of US $250,000. This needs to be supported with the ability of having 75,000 US $ in cash. Total investment for Midas Int’l franchisee runs for a minimum of $323,000. The amount of investments may go as much as $419,000, approximately. For 20 year tenure of franchise agreement Midas Int’l charges $30,000 franchise fee plus 10% royalty on sales. The agreements have the provision of renewal after completion of 20 year’s term. The company imposes a strict condition of no absentee ownership franchise. A minimum number of staff required to be maintained at every franchise unit is pegged at 9 mechanics.
Attractive Business Prospects
About half of the numbers of franchises have been able to run the units very successfully and own additional franchise units.
About the Author
Tim Bonderud is a top internet marketer and mentor working with people around the world helping them create success in their lives leveraging the power of the internet. To learn more about Tim Bonderud as well as to read reviews similar to Midas Int’l. Franchise visit Tim’s Top Franchise Review’s Site at http://www.topfranchisereviews.biz
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