Risk Score
Pending analysis
Investment Range
$113,000 - $395,000
Franchise Fee
$35,000
Min Cash Required
$30,000
Business Summary
Iris Galerie operates branded art galleries that specialize in selling unique, eye-centric art. The business uses a proprietary system of techniques, equipment, formats, and materials to photograph customers' irises and produce artistic prints in various formats and materials. Iris Galerie offers these art photographs and related products like frames, gift cards, customizable prints, and jewelry on a consignment basis to customers.
Corporate History
Iris Galerie Franchising LLC, the franchisor, was organized on January 26, 2024, in Delaware. Its immediate parent, Iris Galerie LLC, was organized on January 1, 2021. The ultimate parent, Iris Galerie SAS, is a French company that has been operating in the art photography business and offering Iris Galerie franchises in several European countries since 2021.
Financial Overview
Investment Range
$113,000 - $395,000
Franchise Fee (Low)
$35,000
Franchise Fee (High)
$35,000
Minimum Cash Required
$30,000
Royalty %
45%
Equipment Costs (Low)
$44,000
Equipment Costs (High)
$205,000
Working Capital
$65,000
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
Iris Galerie Franchising LLC was organized recently, on January 26, 2024, and therefore has a minimal operating history. As of February 29, 2024, and March 8, 2024 (unaudited), the company reported $200,000 in cash and no liabilities, indicating a solid initial financial position for the franchisor entity. The financial statements for the period from January 1, 2023, to December 31, 2023, for Iris Galerie Franchising LLC and its subsidiaries have received an unqualified audit opinion.
Financing Details
Iris Galerie does not offer direct or indirect financing to its franchisees. Iris Galerie also does not guarantee any notes, leases, or other financial obligations for franchisees.
Performance Metrics
Total US Locations
0
Franchised Units
0
Corporate Units
0
Avg Square Footage
825
Franchising Since
2021
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
Iris Galerie has no litigation history to report as no litigation is required to be disclosed in this Item.
Bankruptcy History
Iris Galerie has no bankruptcy history to report as no bankruptcy is required to be disclosed in this Item.
Agreement Terms
Initial Term
5 years
Renewal Term
5 years
Renewal Conditions
To renew, Iris Galerie franchisees must provide written notice at least nine months before their initial term expires, be in full compliance with all material terms of their Franchise Agreement, pay a $10,000 renewal fee, execute a general release of claims against Iris Galerie, sign Iris Galerie's then-current Franchise Agreement (which may have different terms), complete any reasonably required upgrades or improvements to their gallery, and reimburse Iris Galerie for all reasonable renewal-related costs and expenses.
Training & Support Program
Franchisor Assistance
Iris Galerie provides pre-opening assistance, including designating the territory, approving the site, and providing a list of approved suppliers and standards. Franchisees receive an initial two-week training program for the Principal Owner and up to two additional people, conducted at Iris Galerie's North America headquarters or a designated System Galerie. After opening, Iris Galerie offers periodic assistance in marketing, management, and operations, with representatives visiting locations to provide advice. Franchisees get unlimited technical support for the first three months, then five hours per month, with additional hours billed at $20. Iris Galerie also oversees communication and promotional programs and provides training for development agreement personnel.
Initial Training Hours
92
Training Location
Iris Galerie Headquarters North America
Ongoing Support
After opening, Iris Galerie may provide additional guidance and assistance upon franchisee request, for which a reasonable fee may be charged. Iris Galerie also offers periodic assistance in marketing, management, and operation, with representatives periodically visiting the Franchised Business to offer advice. Franchisees receive unlimited technical support services for the first three months after opening, which then transitions to five hours per month of support, with additional hours billed at $20 each. Iris Galerie oversees communications and promotional programs and events, and offers training for certain developer's owner and personnel related to business development.
Franchise Requirements
Ideal Candidate Profile
Iris Galerie seeks a Principal Owner who is personally responsible for the day-to-day management of the franchised business and committed to active involvement in operations, even if hiring a qualified manager. Franchisees are expected to use their best efforts in running the business.
Industry Experience Required
No
Management Experience Required
Yes
Sales Experience Required
No
Technical Skills Required
Yes
Operational Details
Location Type
Retail
Owner Participation
Hands-On
Territory Type
Exclusive
Staff Count
4
Staffing Notes
Iris Galerie franchisees are solely responsible for all employment terms and conditions, including selecting, promoting, terminating, and managing employees. Franchisees must clearly communicate that they are the employer. They are required to hire additional individuals to operate the business as specified in the agreement, ensuring these individuals meet applicable training requirements. Iris Galerie anticipates wages for up to three non-management employees.