Brightway Insurance Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$23,325 - $136,900
Total US Locations
341
Business Summary
Brightway Insurance operates an independent insurance agency business that primarily focuses on selling, servicing, and delivering property and casualty insurance policies. Brightway Insurance locations, operated by Agency Owners, can be established in either professional office spaces or retail office spaces. The business model provides a "turn-key" solution for franchisees, with Brightway Insurance handling extensive back-office support such as accounting, data analytics, marketing, IT infrastructure, and customer service through a dedicated Engagement Center. Brightway Insurance is designated as the "agent of record" for all policies sold, and franchisees receive a percentage of the sales commissions generated. The company also offers an enterprise franchise model, allowing Agency Owners to operate multiple locations.
Corporate History
Brightway Insurance, LLC was initially formed as "Miller Insurance Group, Inc.," a Florida corporation, on August 1, 2003. The company began operating under the name "Brightway Insurance" in May 2007. It officially changed its entity name to "Brightway Insurance, Inc." in August 2010, and then converted to Brightway Insurance, LLC in December 2021. Brightway Insurance has operated a business similar to its franchised model since 2003, acquiring Jennings Insurance Agency, Inc. in September 2003. Brightway Insurance began selling franchises in February 2008. An affiliate, First City Insurers, LLC (FCI), a managing general agent, started providing services to Brightway Insurance franchisees in September 2018. The company's corporate office is located in Jacksonville, Florida, and GrowthCurve Capital, a private equity firm, holds membership interests in a parent company of Brightway.
Financial Overview
Investment Range
$23,325 - $136,900
Franchise Fee (High)
$35,000
Royalty %
50%
Equipment Costs (Low)
$2,425
Equipment Costs (High)
$38,700
Working Capital
$32,500
Audited Financials
Yes
Offers Financing
Yes
Audit Opinion
Unqualified opinion
Financial Health Notes
Brightway Holdings, LLC and its subsidiary, Brightway Insurance, LLC, have experienced decreases in profitability and cash flows from operations in recent years, reporting net losses for 2022, 2023, and 2024. Cash available for use also saw a decrease from 2023 to 2024. To fund its operations and desired investments, Brightway Insurance, LLC plans to utilize its parent company's revolving credit line and potentially raise equity from its financial sponsor. While these financial conditions raised substantial doubt about the company's ability to continue as a going concern, management's plans, including the financial sponsor's commitment and the ability to adjust investment levels, have eliminated these concerns, allowing the financial statements to be prepared on a going concern basis.
Financing Details
Brightway Insurance, LLC offers direct financing for a portion of the Initial Fee for new Agency Owners. The total Initial Fee is $35,000. Franchisees can pay an upfront lump sum of $10,000, with the remaining $25,000 financed through a 60-month promissory note that begins payments in the 13th month after opening. This note is interest-free, but late payments incur a 5% fee. Franchisees have the option to prepay the entire outstanding balance at any time without penalty, or make one partial prepayment per year. A $15,000 lump sum payment before the first scheduled payment date on the note will satisfy the entire Initial Fee obligation, inclusive of a $10,000 discount. Veterans receive a 10% discount on the non-financed portion of the Initial Fee. All equity owners and their spouses must guarantee the promissory note. Beyond this specific Initial Fee financing, Brightway Insurance, LLC does not provide other direct or indirect financing and does not guarantee franchisee notes, leases, or other obligations.
Performance Metrics
Total US Locations
341
Franchised Units
338
Corporate Units
3
Avg Square Footage
850
Franchising Since
2008
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Count
1
Litigation Summary
Brightway Insurance has disclosed one litigation case. This case, Eurohold Investments, LLC, Peter Linke and Eva Linke v. Brightway Insurance, Inc. et al., was filed in May 2019 by a franchisee. The lawsuit alleged various claims, including breach of contract, violations of the Texas Deceptive Trade Practices Consumer Protection Act, the Florida Deceptive and Unfair Trade Practices Act, and the Texas Business Opportunity Act, as well as fraudulent inducement and negligent misrepresentation. Brightway Insurance amicably resolved the matter through mediation, paying a monetary settlement to the franchisee in exchange for the dismissal of all claims and the execution of a new franchise agreement.
Bankruptcy History
Brightway Insurance has no bankruptcy history to disclose.
Agreement Terms
Initial Term
5 years
Renewal Term
5 years
Renewal Conditions
To renew their franchise agreement, Brightway Insurance franchisees must provide written notice of their election to renew between 6 and 12 months before the current term expires. They must be in good standing, free of defaults, and have the right to occupy their premises for the renewal term. Franchisees are required to sign Brightway Insurance's then-current form of franchise agreement (which may have different terms but no additional initial fee) and execute a general release of claims against Brightway Insurance and its affiliates. Additionally, they must refurbish their Brightway Location to comply with Brightway Insurance's current Office Specifications and Technology Specifications within the timeframes specified.
Training & Support Program
Franchisor Assistance
Brightway Insurance provides comprehensive assistance to its Agency Owners. Before opening, it offers guidance on site evaluation, preliminary layout plans, and sources for required equipment, fixtures, furnishings, and signage. The franchisor provides mandatory initial training for the Designated Agency Principal, covering business planning, financial modeling, insurance products, sales, marketing, management systems, and technology specifications. Franchisees also receive access to Brightway Insurance's proprietary operating manual and online presence, including a dedicated webpage for their location. After opening, ongoing support includes periodic local advertising and marketing assistance, individual or group business coaching, and advice on operational improvements. Brightway Insurance conducts regular inspections, offers participation in group purchasing programs, and facilitates access to contracted insurance carriers. Key support features include the "Engagement Center" for client account service, technology for policy processing, and Errors & Omissions insurance coverage (for a fee). Brightway Insurance also shares client account information and may implement incentive programs for high-performing Agency Owners. It may require additional training for staff and attendance at annual conventions.
Initial Training Hours
110
Training Location
Online/virtual training portal, our facilities in Charlotte, NC or Jacksonville, FL, or another designated location
Ongoing Support
Brightway Insurance provides continuous support to its Agency Owners after they open. This includes offering periodic assistance with local advertising and marketing efforts, individual or group business coaching and advice on operations, new business procedures, and the use of the Confidential Operating Manual. The franchisor conducts periodic inspections of the Brightway Location and its services. Franchisees have opportunities to participate in group purchasing programs for equipment, supplies, and insurance. Brightway Insurance helps facilitate access to contracted insurance companies and provides support through its "Engagement Center" for client accounts. It also offers technology and services for accounting and processing insurance applications, and provides Errors & Omissions insurance coverage (with the franchisee paying a share of the premium). Franchisees receive information regarding their client accounts and may participate in voluntary incentive programs that reward performance. Brightway Insurance reserves the right to require additional training for principals and staff, and attendance at annual conventions or meetings, for which franchisees may be responsible for fees and expenses.
Franchise Requirements
Ideal Candidate Profile
Brightway Insurance is looking for Agency Owners who may or may not hold an insurance license themselves, as long as they designate an approved "Principal" to supervise the location. This Principal must be a licensed insurance agent, successfully complete Brightway Insurance's required training, and dedicate full-time efforts (40+ hours per week) to the sales and operations of the Brightway Location. For business entities, the controlling interest must maintain the right to control operations. Additionally, the consolidated model (formerly "Retail Agencies") requires employing at least two additional full-time producers within 12 months of commencing operations, beyond the Designated Agency Principal.
Industry Experience Required
No
Management Experience Required
N/A
Sales Experience Required
N/A
Technical Skills Required
N/A
Operational Details
Location Type
Commercial
Owner Participation
Supervisory
Territory Type
Non-Exclusive
Staff Count
3
Territory Size Requirements
Brightway Insurance franchisees operate from a specific approved premises and do not receive an exclusive territory. Within their operating state, there are no restrictions on the areas where they may solicit or accept new customers, and other Brightway Insurance franchisees may also compete in the same areas. However, franchisees are generally not permitted to solicit or accept new customers from outside their operating state unless explicitly authorized by Brightway Insurance. Such authorization is typically granted to Agency Owners in border counties who meet specific operational standards and hold all necessary licenses.
Staffing Notes
Brightway Insurance locations must always be under the direct supervision of an approved Designated Agency Principal (DAP). This individual must be a licensed insurance agent, complete all required training, and dedicate full-time best efforts (40+ hours per week) to the location's sales and operations. In addition to the DAP, existing offices, which now represent the consolidated franchise model, are required to employ at least two additional full-time producers to work on new business within 12 months of starting operations. Brightway Insurance reserves the right to adjust these staffing requirements as needed.