The Garage Floor Company Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$133,006 - $437,382
Franchise Fee
$50,000
Min Cash Required
$20,000
Total US Locations
3
Business Summary
The Garage Floor Company operates a business that specializes in providing and installing epoxy and polyaspartic protective coatings for concrete floors in both residential and commercial properties, along with offering related services and products.
Corporate History
GFC Franchising, Inc. was established as a Nebraska Corporation on May 28, 2020. The Garage Floor Company started offering franchises for its floor coating business on January 31, 2021. The franchisor has affiliates, Gannon Enterprises, Inc. (established 2005) and Feltman Enterprises, LLC (established 2016), which operate businesses similar to The Garage Floor Company but do not offer franchises.
Financial Overview
Investment Range
$133,006 - $437,382
Franchise Fee (Low)
$50,000
Franchise Fee (High)
$245,590
Minimum Cash Required
$20,000
Royalty %
5%
Equipment Costs (Low)
$16,800
Equipment Costs (High)
$25,000
Working Capital
$60,000
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
The franchisor's financial condition, as shown in its financial statements, raises questions about GFC Franchising, Inc.'s ability to provide services and support to its franchisees.
Financing Details
The Garage Floor Company does not offer any direct or indirect financing to franchisees. It also does not guarantee any franchisee notes, leases, or other obligations.
Performance Metrics
Total US Locations
3
Franchised Units
1
Corporate Units
2
Franchising Since
2021
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
The Garage Floor Company has no litigation to report.
Bankruptcy History
The Garage Floor Company has no bankruptcy history to report.
Agreement Terms
Initial Term
10 years
Renewal Term
10 years
Renewal Conditions
To renew a franchise with The Garage Floor Company, franchisees must be in full compliance with their current Franchise Agreement and all related agreements, including those signed by their owners and spouses, and ensure their owners personally guarantee the new agreement. Franchisees must provide 180 days' written notice of their intent to renew before the current term expires. They are required to sign The Garage Floor Company's then-current form of Franchise Agreement and associated renewal agreements, which may have terms different from their original agreement. Additionally, franchisees must sign a general release in favor of The Garage Floor Company and pay a renewal fee.
Training & Support Program
Franchisor Assistance
The Garage Floor Company provides various forms of assistance to its franchisees. Before opening, The Garage Floor Company grants the franchise rights, reviews and approves the operating territory (allowing for home-based administrative offices or approved commercial locations), and provides access to its confidential operations manuals. It furnishes lists of approved suppliers, as well as approved signage, equipment, furniture, and fixtures, though it does not assist with delivery or installation. The Garage Floor Company also identifies the franchisee's business on its website and provides initial training for the franchisee or managing owner and one manager. Franchisees are expected to open within 150 days of signing the agreement. After opening, The Garage Floor Company communicates operating standards, marketing standards (requiring pre-approval for all marketing), and lists of approved vendors. The franchisor may organize an annual system conference that franchisees are required to attend. Supplemental training is available or may be required, with a fee, if requested by the franchisee or if the franchisee is not meeting performance standards. The Garage Floor Company also offers initial training for replacement operating managers, also with a fee. It may administer system-wide marketing funds, but franchisees are responsible for hiring and training their own employees. While The Garage Floor Company may suggest pricing levels, franchisees ultimately determine their own pricing for services.
Initial Training Hours
110
Training Location
Omaha, Nebraska and remotely via Zoom
Ongoing Support
After opening, The Garage Floor Company provides ongoing support by establishing and communicating operating standards, procedures, and system requirements, including updates to approved services, products, and suppliers. It sets and communicates marketing standards, requiring pre-approval for all franchisee marketing materials, and provides lists of approved vendors. The franchisor may organize an annual system conference that franchisees are required to attend. Supplemental training can be requested or may be required if a franchisee is not meeting performance standards, for which a fee applies. The Garage Floor Company also offers initial training programs for replacement operating managers, also subject to a fee. While the franchisor may administer system-wide marketing funds, franchisees are responsible for their own employee hiring and training, and they set their own pricing with potential suggestions from The Garage Floor Company.
Franchise Requirements
Ideal Candidate Profile
The Garage Floor Company seeks franchisees who are of good moral character, possess sufficient business experience, aptitude, and financial resources. Ideal candidates, or their designated Managing Owners, must hold at least a 25% ownership interest in the franchise and commit to full-time, hands-on involvement in the daily management and operation of The Garage Floor Company business. Franchisees, or their Managing Owners, must also successfully complete the initial training program and meet all licensing and permit requirements. They should not be involved in any competitive concrete floor coating businesses.
Industry Experience Required
No
Management Experience Required
Yes
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
Hybrid
Owner Participation
Full-Time
Territory Type
Protected
Territory Size Requirements
The Garage Floor Company defines its franchise territories as a geographic area encompassing up to 150,000 Qualified Single-Family Households. A Qualified Single-Family Household is specifically defined as a single-family household with an annual income exceeding $75,000. Each additional territory purchased will also consist of approximately 150,000 Qualified Single-Family Households.
Staffing Notes
The Garage Floor Company franchisees are solely responsible for hiring, training, and supervising their own employees. If a franchisee hires a manager to oversee daily operations, this Operating Manager must meet specific criteria, complete the initial training program, and sign confidentiality and non-competition agreements. All employees and agents with access to confidential information must also sign confidentiality agreements. The Garage Floor Company requires all employees to wear approved System branded uniforms and ensure that all System Supplies and Approved Services and Products are prepared and maintained according to System standards.