Miracle Grows: Fast-Growing Franchises to Keep On Your Radar
Chuck Bongiovanni was feeling mildly annoyed when his franchise, CarePatrol, sold only four units in one month last year. That’s when he realized things were actually going great. Really great. “Sometimes I have to slap myself,” he says. “I have to remember that in our second year we only sold four units total!”
Now in its fifth year of business, the Arizona-based franchise, which helps seniors find assisted-living facilities, has 125 units across the U.S. and added 60 units in 2014 alone. It’s a meteoric rise for a franchise system. But while growth is positive when it comes to the economy in general, in franchising it can come with extra baggage. A new brand that doesn’t grow quickly and doesn’t generate enough buzz can be seen as a bad bet. But one that grows too quickly, adding dozens or hundreds of units out of the gate, could be a red flag that the founders are more interested in pocketing franchise fees than in helping their franchisees get off the ground and maintain successful businesses. Then there are the systems like CarePatrol, which have found the sweet spot between rapid growth and smart growth.
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