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FAST-FIX Jewelry And Watch Repairs Franchise Cost & Fees

Date of Incorporation: 1984

Franchising Since: 1986

Headquarters: Delray Beach, Florida


Business Description: Fast-Fix stores specialize in offering a wide range of “while you shop” services including sizing, chain repair and replacement, remounting, engraving, eyeglass frame repair, watch and electronic device repair, and battery replacement as well as custom jewelry design and select gift, jewelry and watch retail product opportunities. These services and products are sold from kiosks or small in-line stores in major regional shopping malls and other high traffic venues.

 

Franchise Offer: The franchisor, Jewelry Repair Enterprises, Inc., offers franchises for the establishment and operation of a business involving a distinctive and innovative system for the operation of a jewelry and watch repair and retail jewelry enterprise whose products and services are sold from either a kiosk or an in-line store in a shopping mall or other retail locations. The franchisor franchises under the names “Fast-Fix Jewelry Repairs” and “Fast-Fix Jewelry and Watch Repairs” throughout the United States.

 

Financial Assistance: The franchisor does not offer direct or indirect financing to franchisees and will not guarantee any of the franchisee’s obligations.

 

Training and Assistance: The training program trains franchisees in all of the elements involved in the operation of a jewelry repair and retail sales business within the franchisor’s System (particularly, the distinctive format and mode of operation encompassed by the Franchised Business). Either the franchisee or a designated manager must complete the Training Program to the franchisor’s satisfaction. The Training Program is conducted at the corporate training facility in Delray Beach, FL (or other location designated by the franchisor) for a period of 10 days, and includes applied and classroom instruction. Training costs are included in the Franchise Fee but the franchisee must pay the travel and accommodation expenses for him/her and his/her attendees. All training will be conducted in English only. The franchisor may elect to conduct annual one day regional meetings of franchisees in the franchisee’s geographic area to review operations and advise franchisees of current developments. The franchisee’s attendance at these regional meetings is required and is provided at no fee.

 

Territory: The franchisee will be granted a protected territory with a particular enclosed mall or other retail location, and the franchisor may not – or grant a third party the right – to operate a jewelry repair franchise using the marks and system, including the use of alternative channels of distribution such as the internet, catalogue sales, telemarketing, or other direct marketing efforts. The franchisee is not prohibited from soliciting or accepting orders outside of the protected territory.

 

Term of Agreement and Renewal:The length of the initial term is 10 years from that date that the franchisee opens the Franchised Business for business. If the franchisee satisfies certain conditions the franchisor may, in its sole discretion, extend the franchise for one or more additional 10 year terms. The franchisor has the right upon notice to the franchisee to extend the term of the Franchise Agreement to coincide with the then existing term of the Lease.

 

Obligations and Restrictions: Unless otherwise agreed to by the franchisor, a Franchise Owner must personally participate in the operation of the Franchised Business for the amount of time required. “Franchise Owner” means: (a) If the franchisee will be an individual, that Individual or (b) if the franchisee will be an entity, an individual with a direct or indirect equity interest of at least 25% in that entity. The Franchise Owner or the approved designee shall devote, on a full-time basis, his or her best efforts for the productive and efficient operation of the Franchised Business and for advancing the franchisor’s interests. Either the franchisee or the designated manager must successfully complete our Training Program and anyone with access to the Operations Manual or other confidential information, including the manager, will maintain the same standards of confidentiality the franchisee must meet. Although the franchisor will provide franchisees with the initial inventory, the franchisor permit franchisees to sell goods and provide services of any kind relating to jewelry, watches and giftware and the franchisor will not restrict this right during the term of the agreement. However, franchisees may not participate in any illegal operations nor sell any merchandise which would violate the Sublease or Lease or reflect unfavorably against the franchisee, the franchisor and/or the Marks.

 

Estimated Number of Units: 150

 

Investment Tables:

Initial Investment:

For a Kiosk

Name of Fee Low High
Franchise Fee $40,000
Administrative Processing Fee $250
Kiosk $50,000 $60,000
Inventory, Equipment and Trade Fixtures $56,300
Initial Promotional and Advertising Expenses (including website program) $6,200
Sublease Security Deposit $10,000
Initial Sublease Payments $5,000 $10,000
Security & Utility Deposits $350
Licensing $300
Insurance $350
Travel & Lodging Expenses for Initial Training $0 $3,000
Additional Funds (6 Months) $20,000 $40,000
Approximate Total $188,750 $226,750

 

For an In-line Store

Name of Fee Low High
Franchise Fee $40,000
Administrative Processing Fee $250
In-line Store Construction $148,500 $208,500
Inventory, Equipment and Trade Fixtures $57,800 $62,800
Initial Promotional and Advertising Expenses (including website program) $6,200
Sublease Security Deposit $10,000
Initial Sublease Payments $5,000 $10,000
Security & Utility Deposits $350
Licensing $300
Insurance $350
Travel & Lodging Expenses for Initial Training $0 $3,000
Additional Funds (6 Months) $20,000 $40,000
Approximate Total $288,750 $381,750

 

Ongoing Fees:

Type of Fee Amount
Royalty Fee 6% of monthly Gross Sales
Rent and Additional Charges The amount of all rent and additional charges pursuant to the Sublease. These amounts will vary depending on numerous factors such as the type of store (kiosk or in-line), location of the premises, and square footage. Generally, minimum rent per annum is between $30,000- $70,000. In addition, there may be overage rent (that may also be referred to in the lease as percentage rent) that is based on a stated percentage (generally 8 -10%) of the amount of gross sales that are in excess of a stated minimum gross sales level.
Local Advertising 2% of Gross Sales
Monthly Advertising Program The standard costs for advertising materials, which are currently $130 -$170 per month
Renewal Fee 50% of the then current initial franchise fee under the successor franchise agreement
Transfer Fee $5,000 transfer fee plus the then current costs for required training, which are currently $10,000
Indemnification Amount of actions, judgments, damages, liabilities, losses, costs and expenses (including attorneys' fees).
Review of Unapproved Suppliers Cost of testing (estimated at approximately $250 -$500 excluding samples)
Special Assistance Actual travel and living expenses, together with standard fees, which are currently $1,000 per person per day
Audit Amounts due in connection with any understated amount, plus interest, and expenses connected with the audit, which are currently approximately $500-$1,000
Interest on Late Payments 18% per annum; or maximum rate permitted by law
Late Payment Fee $50.00
Liquidated Damages If the franchisor terminates the franchise agreement for cause, the franchisee must pay the franchisor a lump-sum payment equal to the total of Royalty Fees for a period determined by the franchisor.
New Location Fee, if dislocated All actual costs related to relocating, including the franchisor’s direct costs, which are currently approximately $5,000-$7,500
Renovation, Remodeling or Replacement All actual costs related to renovation, remodeling or replacement, which are currently approximately $20,000-$80,000 plus a project management fee that is currently $1,500 for a kiosk and $3,000 for an in-line location

Date of FDD: 2012

The above information has been compiled from the FDD of Fast Fix.

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