Get A Grip Resurfacing Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$43,600 - $92,700
Franchise Fee
$40,000
Total US Locations
27
Business Summary
GET A GRIP Franchising, LLC operates a service business that specializes in restoring, resurfacing, and refinishing various surfaces. This primarily includes bathtubs made of porcelain and fiberglass, as well as countertops made of laminate, cultured marble, and tile. GET A GRIP also performs repairs on fiberglass tubs and showers, along with many other kitchen and bathroom surfaces. The work is carried out for residential, commercial, and government properties.
Corporate History
GET A GRIP, Inc., the parent company and predecessor to GET A GRIP Franchising, LLC, was formed in New Mexico on November 1, 1995. This parent company has been operating a GET A GRIP service business in the Albuquerque, New Mexico area since 1999. In the same year, GET A GRIP, Inc. began marketing dealerships for its business concept, and currently, eight dealerships are still operating under different agreements. GET A GRIP Franchising, LLC itself was organized on January 9, 2007, as a New Mexico limited liability company and began offering franchises in 2007.
Financial Overview
Investment Range
$43,600 - $92,700
Franchise Fee (Low)
$40,000
Franchise Fee (High)
$70,000
Equipment Costs (Low)
$5,000
Equipment Costs (High)
$6,000
Working Capital
$3,500
Audited Financials
Yes
Offers Financing
Yes
Audit Opinion
Unqualified opinion
Financial Health Notes
GET A GRIP Franchising, LLC reported a net loss of $134,388 for the year ending December 31, 2023. Despite this loss, the company maintains positive working capital, with current assets exceeding current liabilities. The independent auditors issued an unqualified opinion on GET A GRIP Franchising, LLC's financial statements, indicating that the financials present fairly in all material respects and that no substantial doubt was raised regarding the company's ability to continue as a going concern.
Financing Details
GET A GRIP Franchising, LLC may offer direct financing to franchisees on a case-by-case basis, provided they meet credit standards. The financing can cover an amount up to the initial franchise fee, with a repayment period of three to four years. The current interest rate for this financing is 7%, though it is subject to change based on individual circumstances and credit ratings. Franchisees and their spouses, or all individual owners if the franchisee is a business entity, will be required to personally guarantee the note. The note can be prepaid without penalty at any time during its term. If a payment is overdue by 30 days, GET A GRIP Franchising, LLC reserves the right to demand immediate payment of the full outstanding balance and seek legal fees if collection action is necessary. GET A GRIP Franchising, LLC does not guarantee financing obligations through third parties.
Performance Metrics
Total US Locations
27
Franchised Units
26
Corporate Units
1
Franchising Since
2007
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
GET A GRIP Franchising, LLC has no litigation history to report. The FDD states that no litigation is required to be disclosed.
Bankruptcy History
GET A GRIP Franchising, LLC has no bankruptcy information to disclose for itself or its key personnel.
Agreement Terms
Initial Term
5 years
Renewal Term
5 years
Renewal Conditions
To renew their GET A GRIP franchise agreement, franchisees must meet the yearly product purchase requirements during the initial term and be in good standing with no defaults. Renewal is contingent on GET A GRIP Franchising, LLC offering new franchises at that time. Franchisees must provide written notice of their intent to renew between six months and one year before the initial term expires. Conditions for renewal include signing GET A GRIP Franchising, LLC's then-current franchise agreement for renewals (which may have different terms, performance standards, or fees, but no new initial franchise fee), executing a general release of claims against GET A GRIP Franchising, LLC and its affiliates, completing any new required training, and, at their own expense, upgrading the franchised business to meet GET A GRIP Franchising, LLC's current standards, which may involve additional training, equipment upgrades, and purchasing new GET A GRIP products.
Training & Support Program
Franchisor Assistance
Before opening, GET A GRIP Franchising, LLC assists franchisees by designating their primary marketing area, providing up to ten business days of initial training for two people at its headquarters, loaning a copy of the operations manuals, and supplying an initial set of materials, equipment, and promotional items. GET A GRIP Franchising, LLC also offers mask certification training with respirator equipment, promotional setup for business cards and stationery, internet franchisee location page setup, a photo session for the internet page, corporate email setup, a local media press release distribution, and access to the exclusive Franchisee Edge site. Ongoing assistance includes consultation and advice on administrative and operating issues, making GET A GRIP products available, offering supplemental training for a fee, revising operations manuals, administering the warranty program, managing the National Maintenance Fund, reviewing and approving local advertising, and maintaining the corporate website.
Initial Training Hours
84
Training Location
Corporate headquarters in Albuquerque, New Mexico, and on-the-job training at customer locations in Albuquerque and Santa Fe, New Mexico
Ongoing Support
After opening, GET A GRIP Franchising, LLC provides ongoing support through consultation and advice on administrative and operating issues, making GET A GRIP products available directly or through approved suppliers. Supplemental, continuing, and corrective training is offered on an as-needed basis, with an additional daily fee per trainee plus travel and lodging expenses. GET A GRIP Franchising, LLC maintains and revises the operations manuals, administers the warranty program and the National Maintenance Fund, and reviews and approves local advertising created by franchisees. They also maintain a corporate website that supports sales and administration functions.
Franchise Requirements
Industry Experience Required
No
Management Experience Required
No
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
Hybrid
Owner Participation
Supervisory
Territory Type
Limited
Staff Count
1
Territory Size Requirements
GET A GRIP Franchising, LLC designates each franchisee's Primary Marketing Area (PMA), typically based on local or regional boundaries such as county lines or zip codes. The size and borders of a PMA are determined by factors including population density, local demographic characteristics, residential and commercial density, and local competition. The population of the PMA is based on the most recent U.S. Census Bureau data at the time the franchise agreement is signed.
Staffing Notes
GET A GRIP Franchising, LLC requires the franchised business to always be under the direct supervision of a manager, who is typically the owner or a key employee who has successfully completed the initial training. If the manager is replaced, the new manager must also complete the initial training at the franchisee's expense. Franchisees are responsible for maintaining a competent and trained staff, ensuring good customer relations, prompt service, and product knowledge. All employment decisions, including hiring, firing, training, and discipline, are solely the franchisee's responsibility.