College Nannies & Tutors Franchise Cost & Fees
Date Incorporation: 2005
Franchising Since: 2005
Headquarters: Minneapolis, Minnesota
Business Description: The franchisor is College Nannies & Tutors Development, Inc. Each College Nannies and Tutors location has two distinct service segments: nannies/sitters and tutors. The nanny placement services include long-term placements and on-call hourly childcare services with flexible scheduling options including full-time nannies, part-time nannies, after school nannies, summer only nannies and reliable, safe and easy to use hourly childcare. The other segment of the business is providing customized tutoring services for college-bound students.
Franchise Offer: The franchise offered is for the operation of a College Nannies and Tutors business which will offer nanny placement services, babysitting services, homework help tutoring and college prep services.
Financial Assistance: The franchisor will finance the initial fee(s) for existing franchisees who are acquiring one or more additional franchise territories and if they meet credit standards. Except as described above, neither the franchisor nor any affiliate of the franchisor offers direct or indirect financing to franchisees.
Training and Assistance: The franchisor will provide training in three stages: telephone pre-training, a pre-training process in which it engages in a series of telephone conversations; in-person classroom training; and on-the-job training, a series of start-up and training activities that franchisees must complete on their own. The franchisor reserves the right to require franchisees to attend additional training. Ongoing training or re-training may be required as determined by the franchisor including in the event franchisees hire a new Principal Operator for the Business.
Territory: Franchisees will receive a protected territory. The franchisor will not locate another College Nannies and Tutors company-owned or franchised business in the Territory. Although there are no restrictions on the franchisees or other franchisees from accepting orders from consumers in the Territory, the franchisor and other franchisees are not allowed to marketer solicit customers in the Territory.
Term of Agreement and Renewal: The length of the initial franchise term is 10 years. Renewal is by way of entering a new franchise agreement, if the franchisee qualifies.
Obligations and Restrictions: The franchise Agreement provides that the franchised Business must at all times be under the direct on-premises supervision of a Principal Operator that the franchisee designates. The Principal Operator must meet the franchisor’s standards for business and managerial experience and other qualifications provide acceptable references and pass our required background checks. The Franchise Agreement provides that franchisees must offer, and may only offer, the products and services that the franchisor authorizes in the Manual, as they may be updated or otherwise changed in writing.
Estimated Number of Units: 100
|Name of Fee||Low||High|
|Initial Franchise Fee||$39,500||$39,500|
|Initial Marketing and Recruiting||$20,000||$20,000|
|Construction and Remodeling||$45,000||$55,000|
|Furnishings, Equipment, Supplies and Technology||$28,000||$30,000|
|Legal and Accounting||$1,000||$3,000|
|Additional Funds/Working Capital (initial 3 months)||$30,000||$50,000|
|Type of Fee||Amount|
|Royalty||5% of Gross Revenues. Beginning 24 months after franchisees sign the franchise agreement, there is a minimum monthly royalty of $625|
|Brand Fund Contributions||1% of Gross Revenues.|
|Technology Fee||$225 per month.|
|Initial Marketing and Recruitment Expenditures||$20,000|
|Local Marketing Expenditures||1%|
|Multi-Area Marketing and Cooperative Advertising||Varies.|
|Transfer Fee||$10,000 plus the cost of training ($2,000)|
|Audit Fees||Cost of Audit.|
|Interest||1-1.5% per month.|
|Principal Operator/Owner Classroom Training Fee||$2,000|
|New Manager Training Fee||$495|
|Additional Training||$2,000 per week.|
The above information has been taken from the FDD of College Nannies & Tutors. Year of FDD: 2015
Franchise Direct's Disclaimer
You may be interested in the following franchises...