iFixandRepair Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$68,200 - $147,450
Franchise Fee
$10,000
Total US Locations
232
Business Summary
iFixandRepair operates retail stores that specialize in the maintenance and repair of various devices, including smartphones, tablets, computers, and game consoles. In addition to repair services, iFixandRepair stores also sell related gear and accessories, such as telephone and wireless device accessories. The franchise offers two types of outlets: a retail merchandising store and a stand-alone kiosk.
Corporate History
iFixandRepair Franchise LLC was formed as a Florida limited liability company on April 23, 2021. Its predecessor, Gorilla Brands LLC, a North Carolina limited liability company, offered and sold iFixandRepair franchises from 2012 to 2020. iFixandRepair, LLC, a Florida limited liability company and an affiliate, opened the first iFixandRepair store in 2011. iFixandRepair Franchise LLC has been offering unit and multi-unit franchises since 2021, and its affiliate owns and operates iFixandRepair outlets.
Financial Overview
Investment Range
$68,200 - $147,450
Franchise Fee (Low)
$10,000
Franchise Fee (High)
$25,000
Equipment Costs (Low)
$15,000
Equipment Costs (High)
$62,500
Working Capital
$15,000
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
iFixandRepair Franchise LLC appears to be in good financial health. The company's financial statements show positive and increasing net income over the past three fiscal years, with $524,450 in net income for the year ended June 30, 2024. Cash balances have also steadily increased, reaching $528,042 as of June 30, 2024. Total assets have grown significantly, from $295,677 in 2022 to $1,599,348 in 2024. The independent auditor provided an unqualified opinion, indicating the financial statements are presented fairly in all material respects, and did not raise any going concern qualifications.
Financing Details
iFixandRepair Franchise LLC does not offer any direct or indirect financing to its franchisees. Additionally, the franchisor does not guarantee any notes, leases, or other obligations that franchisees may incur.
Performance Metrics
Total US Locations
232
Franchised Units
232
Corporate Units
0
Avg Square Footage
1,400
Franchising Since
2021
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
iFixandRepair Franchise LLC has no litigation required to be disclosed in Item 3 of its Franchise Disclosure Document. This means iFixandRepair Franchise LLC has not been involved in any material legal disputes or lawsuits that would need to be reported to prospective franchisees.
Bankruptcy History
iFixandRepair Franchise LLC has no bankruptcy history required to be disclosed in Item 4 of its Franchise Disclosure Document. This indicates that iFixandRepair Franchise LLC, its predecessor, or its executive officers have not been involved in any bankruptcy proceedings.
Agreement Terms
Initial Term
10 years
Renewal Term
10 years
Renewal Conditions
To renew their franchise agreement, iFixandRepair franchisees must be in good standing, meaning they have not breached the agreement or have remedied any breaches. They must give notice of their intent to renew between three and twelve months before the agreement expires. Franchisees must also be current on all payment obligations to iFixandRepair Franchise LLC and its affiliates, as well as trade creditors, governmental authorities, landlords, or mortgage holders. As a condition of renewal, franchisees are required to sign a new franchise agreement, which may have materially different terms and conditions, and execute a general release of claims. They must also pay a renewal fee equal to 25% of the then-current initial franchise fee per store and make any capital expenditures necessary to renovate and modernize the business, including signs and equipment, to reflect the then-current brand image and specifications.
Training & Support Program
Franchisor Assistance
iFixandRepair Franchise LLC provides a range of assistance to its franchisees both before and after opening. Prior to opening, iFixandRepair Franchise LLC authorizes the operation of an iFixandRepair store or kiosk, consults on site selection, and provides approval or disapproval of proposed locations. It offers advice on lease negotiations, and upon request, assists with the development and planning of construction or remodeling, including sign specifications and store layout. Franchisees receive a list of approved suppliers and specifications for equipment, signs, fixtures, initial inventory, decor, and supplies, including the 'IFAR in a Box' package. Franchisees also receive an operations manual containing mandatory and suggested specifications and procedures. Initial training, lasting approximately five days, covers the iFixandRepair system, techniques, operating procedures, customer service, ordering, sales, accounting, support, quality standards, and practical experience. This training is conducted at the corporate training center in West Palm Beach, FL, or another designated location, for the franchisee and one approved manager. iFixandRepair Franchise LLC offers additional or refresher training courses periodically, some of which may be mandatory. Upon request and subject to availability, up to three days of on-site initial training and opening assistance can be provided, for which the franchisee pays a fee plus travel and living expenses. During ongoing operations, iFixandRepair Franchise LLC researches new products and services, offering relevant information and requiring compliance with new developments. It provides continuing advisory services by telephone during normal business hours and may conduct field representative visits. Franchisee business information is included on the iFixandRepair website. iFixandRepair Franchise LLC also provides marketing and sales strategies, plans, campaigns, and advertising materials. It permits the use of its trademarks and may implement a centralized purchasing system. Mandatory regional or national conferences may be held to discuss industry changes, operational techniques, and other business aspects, for which franchisees pay their own travel and living expenses.
Initial Training Hours
75
Training Location
Our corporate training center in West Palm Beach, FL
Ongoing Support
iFixandRepair Franchise LLC provides ongoing support to its franchisees in several ways. Franchisees receive continuing advisory services via telephone during normal business hours. iFixandRepair Franchise LLC conducts research on new products, services, and business methods, sharing this information with franchisees and offering new products and services on reasonable terms. The franchisor also includes information about each franchisee's business on its website. Marketing and sales strategies, plans, campaigns, and promotional materials are provided, including video, audio, print advertising, image files, posters, and banners. iFixandRepair Franchise LLC may also provide field representative visits, though additional on-site consultation or training may incur a fee. Franchisees are required to attend periodic regional or national conferences to discuss industry changes, operational techniques, product and service developments, personnel training, bookkeeping, accounting, advertising programs, and new service procedures, covering their own travel and living expenses for mandatory events. The franchisor may also implement a centralized purchasing system for franchisees and negotiate prices with suppliers.
Franchise Requirements
Industry Experience Required
No
Management Experience Required
No
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
retail
Owner Participation
Hands-On
Territory Type
Protected
Territory Size Requirements
iFixandRepair Franchise LLC defines franchise territories based on the type of location. For a standard retail store or a store in a strip mall, the protected territory typically consists of a 0.25-mile radius around the center of the approved location. However, this radius may vary depending on the unique demographic or geographic factors of the specific approved location. If the store is situated within an enclosed mall or another enclosed or limited access venue, the protected territory is limited to the confines of that enclosed venue only.
Staffing Notes
iFixandRepair requires the franchisee to personally participate in and operate the business for the initial six months. After this period, iFixandRepair may, at its sole discretion, allow a designated and approved manager to operate the business on a day-to-day, full-time basis. This manager must have successfully completed the initial training program to iFixandRepair's satisfaction and must comply with all confidentiality and non-competition provisions of the Franchise Agreement. The manager is not required to have an equity interest in the franchisee's business entity. All owners of the franchisee entity must sign a Guaranty and Assumption of Obligations and, along with managers, must sign confidentiality and non-competition agreements.