Synergy Homecare Franchise Cost & Fees
Date Incorporation: 2003
Franchising Since: 2005
Description: Synergy Homecare operates a business providing non-medical, in-home personal assistance, such as in-home care and companionship, medication reminders, providing personal services to seniors, the convalescing, disabled persons and others who need help with daily living activities.
Franchise Offer: The franchise offered is for the right to operate a Synergy Homecare franchise providing non medical in-home care to seniors. The franchisor is not offering regional developer rights.
Financial Assistance: The franchisor does not offer direct or indirect financing.
Training and Assistance: The franchisee and one additional employee must attend the initial training program. The program will consist of 5 days of classroom training, located at the headquarters in Gilbert, Arizona.
Territory: The franchisee will be granted a protected territory. This will contain approximately 20,000 persons over the age of 65.
Term of Agreement and Renewal: The length of the franchise term is 5 years, with an option for renew for 5 additional terms of 5 years each.
Obligations and Restrictions: The franchise must be under the direct full-time supervision of a designated manager who has successfully completed the initial training program.
Total Number of units: 95 units
|Furniture, fixtures and equipment||$500||$3,000|
|Computers and printer||$1,500||$3,500|
|Insurance and bonds||$2,500||$6,000|
|Office equipment and supplies||$750||$3,000|
|Grand opening advertising||$1,000||$2,000|
|Licenses and Permits||$0||$500|
|Legal and accounting||$500||$3,000|
|Dues and subscriptions||$440||$740|
|Additional funds – 3 months||$4,000||$30,000|
|Name of Fee||Amount|
|Royalty Fee||5% of Gross sales|
|Marketing fund contribution||2% of Gross sales|
|Local advertising||Not less than 2% of gross sales per month|
|Telephone directory advertising||Depends on area and type of listing|
|Software maintenance fee -S.M.A.R.T Program||$1,000 per year or $95 per month|
|Audit expenses||Cost of audit|
|Late fees||The highest rate allowed by law, plus collection|
|Supplier or product approval||All reasonable costs of evaluation|
|Insurance policies||Amount of unpaid premiums plus expenses|
|Transfer fee||The greater of $12,500, 50% of the then current franchise fee or the amount necessary to reimburse the franchisor for the costs|
|Public offering fee||$5,000 or the amount necessary to reimburse the franchisor for the costs|
|Customer service||All costs incurred in assisting the customers|
|Additional training||Market rates plus franchisors expenses and employees expenses in attending the training|
|Additional operational assistance||Market rates plus franchisors expenses|
|Additional territory fee|| $35,000 for the first additional territory
$30,000 for the second additional territory
$20,000 for the third additional territory
$15,000 for the fourth additional territory
$10,000 for all other additional territories
|Ongoing training||The franchisee and employees expenses in attending the programs|
|System modifications||Amounts as may be reasonably required|
|Cost of enforcement||All costs including attorney’s|
|Indemnification||All costs including attorney’s|
Date of FDD: 2008
The above information has been taken from the UFOC/FDD and online sources of Synergy Homecare
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