Rent-to-own franchises - RimTyme

RimTyme Custom Wheels & Tires
Michael Landry
5000 Legacy Dr. #210
Plano, TX 75024
972/403-4905;
fax 972/403-4938
www.rimtyme.com


Type of rent-to-own business: Custom Wheels and Tires
 

Company-owned stores: 0

Franchise-owned stores: 22

Expansion plans: "RimTyme is hot and we are expanding nationally right now," says Michael Landry, Vice President of Franchise Sales. "We have areas of opportunity and room for expansion in most states." RimTyme’s existing franchise owners are steadily expanding and same stores sales are showing steady growth.

Type of franchise owner they’re looking for: Small business operating experience is almost a necessity and Wheel and Tire and/or RTO experience is highly regarded.  Capitalization is critical and "that’s why we offer franchisor backed financing" says Landry.  Ideally, the right candidate will have at least $200,000 in cash availability with a net worth of at least $500,000. "The franchisees’ initial cash position coupled with our financing produces a winning combination."

Why they’re different: Flexibility and support and financing.  RimTyme provides the "room" for the franchisees to operate with their local markets in mind.  That combined with a 100% franchisee support focus from the headquarters provides the RimTyme franchisee with the greatest potential for success.  The financing puts the franchisee in the position to have enough inventory at each store to guarantee that the customer "can ride today".
 
License master franchise rights: No, but will offer Multi-unit store development areas.

Selling primary multiple store location agreements: Yes

Selling franchise agreements for just one store: Yes
Active Franchisee Advisory Board (FAC): No, but a FAC will be formed in 2012 and will help develop the brand by evaluating programs, providing feedback, and assisting in the management of the advertising funds.

Net worth of candidate: At least $500,000.

Franchise fees:  $20,000 for the first store, $15,000 for the second store, and the third through fifth stores are $10,000. Conversions of existing RTO stores receive a 50 percent discount on franchise fees. A big plus is the franchise does not have to contract up-front for the multiple units to get the discounts.

Royalties: 4 percent