
Prism Specialties
Restoration of electronics, textiles, documents, and artwork- 2023 Franchise 500 Rank
-
#467 Not ranked last year
- Initial investment
-
$167K - $552K
- Units as of 2022
-
160 18.5% over 3 years
Prism Specialties is a national company that has been in business for over 25 years. Founded in 1993 and franchising since 2012, they work to provide quality restoration and recovery services for electronics, appliances, art, documents, and textiles.
These items are subject to damage from fire (including smoke and soot), water, and power surges or lightning. Understanding the critical role they play in personal and commercial lives, Prism Specialties has worked to become a trusted source people can turn to for help. The company offers a wide range of services for residential and industrial clients. These services include helping restore appearances, functionality, and data.
There are Prism Specialties franchises located throughout the United States.
Why You May Want to Start a Prism Specialties Franchise
Prism Specialties values quality, communication, honesty, and respect for timely work. When trouble arises, they want to help you get back on your feet as soon as possible by being available 24/7. Emergencies don't have limited hours, and neither does Prism Specialties.
Prism Specialties has been ranked in Entrepreneur's Franchise 500 based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
Opening a Prism Specialties franchise may offer a more predictable outcome than investing in a completely new brand that could struggle to thrive in an already crowded and competitive industry.
What Might Make a Prism Specialties Franchise a Good Choice?
With a vision of being "the expert of choice for specialty restoration services," Prism Specialties is committed to restoring and recovering electronics, appliances, art, documents, and textiles after a disaster occurs. They work on projects of all sizes, whether it be residential or commercial. The company provides a range of services, from restoring a child's favorite stuffed animal to recovering data on an individual's personal computer.
Prism Specialties uses a proven business model and works with state-of-the-art technology. They provide initial startup training as well as ongoing training and support. The company doesn't leave franchisees on their own. They assist in a handful of ways, including with marketing and via operation guides.
How To Open a Prism Specialties Franchise
To be part of the Prism Specialties 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.
Prism Specialties has partnered with third-party financial lenders that may help cover the costs of the franchise fee, startup, equipment, inventory, and accounts receivable.
Before making any financial commitment or signing an agreement, 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 questions to the Prism Specialties franchising team.
Company Overview
About Prism Specialties
- Industry
- Maintenance
- Related Categories
- Restoration Services, Cleaning/Restoration
- Founded
- 1993
- Parent Company
- Restoration Specialties Franchise Group
- Leadership
- Chris Ring, President & CEO
- Corporate Address
-
11731 Levan Rd.
Livonia, MI 48150
Business Overview
- Franchising Since
- 2012 (2023-2012 years)
- # of employees at HQ
- 17
- Where seeking
-
This company is offering new franchisees throughout the US.
- # of Units
- 160 (as of 2022)
Information for Franchisees
Here's what you need to know if you're interested in opening a Prism Specialties 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
Information Circle - $50,000 - $85,000
-
Initial Investment
Information Circle - $167,208 - $551,606
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Net Worth Requirement
Information Circle - $500,000
-
Cash Requirement
Information Circle - $150,000
-
Veteran Incentives
Information Circle - $2,000 off franchise fee
-
Royalty Fee
Information Circle - 7%
-
Ad Royalty Fee
Information Circle - 2%
-
Term of Agreement
Information Circle - 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
- Prism Specialties has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable
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
- 12-20 hours
- Classroom Training
- 68-84 hours
- Ongoing Support
-
NewsletterMeetings & ConventionsToll-Free LineSecurity & Safety ProceduresField OperationsProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
-
Ad TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail Marketing
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- No
-
Can this franchise be run from home/mobile unit?
Information Circle - No
-
Can this franchise be run part time?
Information Circle - No
-
Are exclusive territories available?
Information Circle - No
Interested in ownership opportunities like Prism Specialties? Request a free consultation with a Franchise Advisor now.
Franchise 500 Ranking History
Compare where Prism Specialties landed on this year's Franchise 500 Ranking versus previous years.
Additional Rankings
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