Clothes Mentor
#260

Initial Investment

LOW: $161,500
HIGH: $259,000

Change in Units

+20.7% +30 UNITS (1 Year)
+35.9% +52 UNITS (3 Years)

Promoted Opportunities

Company Profile

Founded

2001

Franchising Since

2007 (9 Years)

Corporate Address

4350 Baker Rd., #350 Minnetonka, MN 55343

CEO

Ronald Olson

Parent Company

NTY Franchise Company

About Clothes Mentor

Clothes Mentor founders Lynn and Dennis Blum previously started two other resale store franchises, Once Upon a Child and Plato's Closet, before selling them to Grow Biz International (now Winmark Corporation). They opened their first Clothes Mentor store in 2001, buying and selling used women's clothing, shoes, purses and other accessories. Grow Biz co-founder Ronald Olson left his company in 2000 in search of a new concept to franchise. He discovered Clothes Mentor and began franchising the concept in 2007.

Financials

Financial Requirements

Initial Investment

$161,500 - $259,000

Net-worth Requirement

$350,000 - $375,000

Liquid Cash Requirement

$75,000 - $80,000

Ongoing Fees

Initial Franchise Fee

$20,000

Ongoing Royalty Fee

4%

Ad Royalty Fee

1%

Financing Options

Clothes Mentor has relationships with third-party sources which offer financing to cover the following: 
franchise fee, startup costs, equipment, inventory, payroll

Franchise 500® Rank History

Highest Rank: 210

Lowest Rank: 470

  • 2009 - 470
* Not all years were ranked

Units (Locations)

Where Seeking Franchisees:
Franchisor is seeking new franchise units throughout the U.S.

Operations & Franchisor Support

Training at headquarters: 2 weeks

Ongoing Support
Newsletter
Meetings
Toll-Free Line
Grand Opening
Field Operations

Marketing Support
Co-op Advertising
Ad Slicks

Number of employees required to run: 8 - 8

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Disclaimer

The Franchise 500 is not intended to endorse, advertise, or recommend any particular franchise. It is solely a research tool you can use to compare franchise operations. Entrepreneur stresses that you should always conduct your own independent investigation before investing money in a franchise.

Updated: August 19th, 2015

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