Fort Lauderdale, Florida--Larry Feldman, president and CEO of hair color salon franchise Haircolorxpress, plans to take his company public in March 2004. Before the planned IPO, Feldman hopes to bring in between $15 million and $20 million through a friends and family offering, but expects the public offering to dwarf the private one.
Though he has yet to hire a market-making team, Feldman said Haircolorxpress has devised a formula to offer stock options to employees based on tenure, units owned by franchisees or stores sold by development agents, and the volume of a salon. So far 16 stores are open, mostly in Florida and New York, but plans call for more than 30 times that amount to be open in nearly 25 states by the end of next year. -South Florida Business Journal