136 | BusinessWorld | August-September 2014
but each franchisee operates a local site as
well – though all have a similar look and
present the same types of information from
market tomarket.
Payor said the company experienced 13
percent revenue growth in the depths of the
Great Recession from2009 to 2010, largely
because of its focus on service rather than
sales. Each year since has maintained the
patternof double-digit growth, he said.
Financial requirements for franchisees
include a minimum net worth of $250,000
and at least $60,000 of available liquid cash.
The franchise fee ranges from $10,000 to
$100,000 on a renewable 10-year
agreement, and the company offers a 10
percent fee discount for veterans.
Precision Door was included at No. 458 on
Entrepreneur magazine's “Franchise 500”
list in 2013. Additionally, it was No. 37
among offerings with 50 to 99 units on
Franchi se Bus iness Review's 2013
compilation of franchisee satisfaction
awards.
Payor said the initial quest for franchisees
focused on prospects with a certain level of
technical acumen, but the pursuit over the
years has evolved to target more business-
savvy applicants.
“We have found that as we have grown the
franchise system, we've had success with our
current owners, who are capable of
operating a larger businessmodel,” he said.
