- 2023 Franchise 500 Rank
N/R Not ranked last year
- Initial investment
$154K - $309K
- Units as of 2023
56 14.3% over 3 years
Family Financial Centers was founded in 2004 as a network of community-based financial hubs to serve small businesses, middle-income workers, and unbanked customers. Far too many citizens live from paycheck to paycheck in the U.S., meaning they need their checks cashed quickly. As a franchise that serves the underbanked, Family Financial Centers could provide a much-needed alternative to traditional banking on the community level.
There are more than 45 Family Financial Centers franchises located in the United States. Those franchises are expected to achieve customer satisfaction by offering quick and efficient service. Like banks, Family Financial Centers provide reliable financial solutions to customers while maintaining respect and dignity.
The ideal candidate for a Family Financial Centers franchisee is a qualified or experienced individual passionate about brand growth and community outreach.
Why You May Want to Start a Family Financial Centers Franchise
There may be a considerable demand for community-based financial services accessible to customers' homes and workplaces. As a high-tech financial services provider, Family Financial Centers strives to meet overlooked customers' needs by delivering solutions and upholding excellent service. The primary services offered at each Family Financial Centers location include check cashing, bill payments, money transfers, and prepaid debit cards. Customers appreciate the convenience of the readily available branches and expert help that reduces the strain caused by recurring financial commitments.
With the mission to become the best community-based financial service provider in the business, Family Financial Centers promises to meet and surpass customer expectations. They work to fulfill this promise by using the latest transactional software and computer systems that may guarantee quick and efficient services.
What Might Make a Family Financial Centers Franchise a Good Choice?
Running a Family Financial Centers franchise can give you excellent access to support and empower small businesses and individuals that banks ignore in your community. Presently, Family Financial Centers offers multiple financial services franchise models that include teller-less check-cashing machines, store in store, single or numerous full-service stores, and converting an existing store to a Family Financial Centers location.
To be part of the Family Financial Centers 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 the existence of ongoing fees that will include royalty fees and potential renewal fees. A typical franchise agreement runs for 15 years and is renewable if you and the franchisor agree to continue your working relationship. Additionally, Family Financial Centers has relationships with third-party sources that can be accessible to qualified franchisees.
How To Open a Family Financial Centers Franchise
As you decide if opening a Family Financial Centers franchise is the right move for you, make sure you take time to explore the opportunity. Research the brand and your local area to see if a Family Financial Centers franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.
The entire franchise awarding process is tailored to help Family Financial Centers learn more about the potential franchisee and assist the franchisee in understanding the opportunity and its prospects.
Since only one employee is required to run a franchise, Family Financial Centers offers an extensive amount of both on-the-job and classroom training, as well as additional field training. Other perks include ongoing and marketing support.
About Family Financial Centers
|Franchising Since||2004 (19 years)|
|# of employees at HQ||7|
This company is offering new franchisees in the following US states: Alabama, Connecticut, Florida, Georgia, Indiana, Louisiana, Massachusetts, New Jersey, Pennsylvania, South Carolina, Texas
|# of Units||56 (as of 2023)|
Information for Franchisees
Here's what you need to know if you're interested in opening a Family Financial Centers 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
Definition: The initial fee paid to a franchisor to join their system
What you need to know: Found in Item 5 of the FDD, this may be a flat fee, or may vary based on territory size, experience, or other factors.The franchise fee is an up-front (one-time) cost that a new franchisee pays to the franchisor. This fee is usually due at the signing of the franchise agreement and covers the right to use the franchisor's trademarks, name, and related business systems.
Definition: The total amount necessary to begin operation of the franchise
What you need to know: The initial investment includes the franchise fee, along with other startup expenses such as real estate, equipment, supplies, business licenses, and working capital. This is outlined in a chart in Item 7 of the FDD, showing a range of possible costs from low to high.
|$153,710 - $308,810|
Net Worth Requirement
Definition: The minimum net worth you must have in order to qualify to become a franchisee of this company
What you need to know: Net worth is the value of a person's assets minus liabilities. Assets include cash, stocks, retirement accounts, and real estate. Liabilities include items like mortgages, car payments, and credit card debt.
|$150,000 - $1,000,000|
Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.
|$150,000 - $1,000,000|
Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.
|10% off franchise fee|
Definition: A ongoing fee paid to the franchisor on a regular basis.
What you need to know: Most franchisors require franchisees to pay an ongoing royalty fee, which is detailed in Item 6 of the FDD. This fee is typically a percentage of weekly or monthly gross sales, but may also be a flat weekly, monthly, or annual fee.
Term of Agreement
Definition: The length of time your franchise agreement will last.
What you need to know: Franchise terms are typically anywhere from 5 to 20 years in length, but are sometimes instead dependent on factors such as the term of your lease. Once your term is up, you may have the option to renew your agreement, typically for a smaller fee than the original franchise fee.
|Is franchise term renewable?||Yes|
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
|In-House Financing||Family Financial Centers offers in-house financing to cover the following: franchise fee, startup costs, equipment|
|Third Party Financing||Family Financial Centers has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory|
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||38 hours|
|Classroom Training||39 hours|
Meetings & Conventions
Security & Safety Procedures
Franchisee Intranet Platform
Additional details about running this franchise.
|Is absentee ownership allowed?||No|
Can this franchise be run from home/mobile unit?
Definition: The business can be run from your home and/or a vehicle, and it is not necessary to have a retail facility, office space, or warehouse.
Can this franchise be run part time?
Definition: This business can be run by the owner on a part-time basis (less than 40 hours per week) and/or as a side business; it is not necessary for the business to be open/run full-time.
|# of employees required to run||1-2|
Are exclusive territories available?
Definition: An exclusive territory is a fixed area in which you are given the right to operate and in which no other units of the same franchise may be opened.
What you need to know: Territory size may be based on factors such as radius, population size, zip codes, and more. Details can be found in Item 12 of the FDD.
Interested in ownership opportunities like Family Financial Centers? Request a free consultation with a Franchise Advisor now.
Are you eager to see what else is out there? Browse franchises that are similar to Family Financial Centers.
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