- Franchise 500 Rank
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N/R Not ranked last year
- Initial investment
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$72K - $119K
- Units as of 2020
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6 200.0% over 3 years
My Elder was founded by Jack Halpern, who possesses decades of expertise in the elderly care field. The business's primary goal is to put the needs of the elderly first, ensuring their quality of care.
Since 2004, My Elder has been committed to providing peace of mind to its clients and their families. The brand began franchising in 2014 and has since opened several franchises. My Elder is headquartered in Jersey City, New Jersey. My Elder offers services including:
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eldercare monitoring
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assisted living and nursing home placement
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elder home care planning
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hospital, and nursing home crisis intervention
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long-distance caregiving
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long-term care planning
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assisted living and nursing home eviction prevention
Why You May Want To Start a My Elder Franchise
New franchisees with My Elder don't need to have any expertise in the advocacy field. The ideal franchisee may be interested in elderly matters, enjoy dealing with people, and be good at operating in stressful situations.
My Elder provides franchisees with many hours of both classroom and on-the-job training. It also may offer ongoing support on multiple matters such as security and safety procedures, field operations, and proprietary software, among others. My Elder also offers marketing support on regional advertising, SEO, social media, co-op advertising, ad templates, and website development.
If awarded a My Elder franchise, a typical franchise agreement runs for ten years. Franchisees may be allowed to renew their agreement if they meet the My Elder franchise requirements.
What Might Make a My Elder Franchise a Good Choice?
Opening a My Elder franchise could offer a more predictable outcome than investing in a completely new brand that may struggle to thrive in an already crowded and competitive industry.
To be part of the My Elder team, you should make sure you're financially ready for an initial investment made up of a franchise fee and other startup costs. In addition, you should prepare yourself for ongoing fees that will include advertising, royalty, and potential renewal fees. Franchisees will also need to meet the company's set net worth and liquid capital requirements.
How To Open a My Elder Franchise
As you decide if opening a My Elder franchise is the right move for you, make sure you take a considerable amount of time to explore the opportunity. Research the brand and your local area to see if a My Elder franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
Before making any financial commitment or signing an agreement with My Elder, you must perform your due diligence and establish if this is the right opportunity for you.
As part of your due diligence, you may want to speak to existing franchisees and ask the My Elder franchising team questions. It may also be a good idea to speak with an attorney or financial advisor to ensure that you have the necessary financial resources to own and operate a My Elder franchise.
Company Overview
About My Elder
| Industry | Personal-Care Businesses |
|---|---|
| Related Categories | Senior Care |
| Founded | 2004 |
| Parent Company | My Elder Advocate |
| Leadership | Claudine Halpern, CEO |
| Corporate Address |
344 Grove St., #210 Jersey City, NJ 07302 |
| Social | Facebook, Twitter, LinkedIn, Instagram |
Business Overview
| Franchising Since | 2014 (10 years) |
|---|---|
| # of employees at HQ | 5 |
| Where seeking |
This company is offering new franchises in the following US states: |
| # of Units | 6 (as of 2020) |
|
|
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Information for Franchisees
Here's what you need to know if you're interested in opening a My Elder franchise.
Financial Requirements & Ongoing Fees
Here's what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
|
Initial Franchise Fee
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$59,500 |
|---|---|
|
Initial Investment
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$72,250 - $118,600 |
|
Net Worth Requirement
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$250,000 - $500,000 |
|
Cash Requirement
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$150,000 - $250,000 |
|
Veteran Incentives
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5% off franchise fee |
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Royalty Fee
|
8% |
|
Ad Royalty Fee
|
2% |
|
Term of Agreement
|
10 years |
| Is franchise term renewable? | Yes |
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
| Third Party Financing | My Elder has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs |
|---|
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
| On-The-Job Training | 40 hours |
|---|---|
| Classroom Training | 40 hours |
| Ongoing Support |
Newsletter
Grand Opening
Online Support
Security & Safety Procedures
Field Operations
Proprietary Software
Franchisee Intranet Platform
|
| Marketing Support |
Co-op Advertising
Ad Templates
Regional Advertising
Social Media
SEO
Website Development
|
Operations
Additional details about running this franchise.
| Is absentee ownership allowed? | Yes |
|---|---|
|
Can this franchise be run from home/mobile unit?
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Yes |
|
Can this franchise be run part time?
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No |
| # of employees required to run | 2 |
|
Are exclusive territories available?
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Yes |
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