Buddy's Home Furnishings Reaches 91% Multi-Unit Ownership
Buddy’s Home Furnishings hit the rent-to-own scene more than six decades ago, but when it comes to franchising it’s still one of the best-kept secrets. Why? It’s not your average fast-food burger joint, drive-through-and-dash coffee concept, or even your typical viral today and gone tomorrow donut food truck. In fact, it’s not even your typical home furnishings retailer — it’s rent-to-own!
If it’s not this, that or the other, then what makes Buddy’s one of the best-kept secrets in franchising? And how has the rent-to-own giant managed to steadily increase their multi-unit franchise ownership base to 91%? The heartbeat of Buddy’s is its people, and that’s where it all begins — let’s dive into it.
Buddy’s Home Furnishing CEO Michael Bennett attributes the company’s long-standing success to its people and family-like culture. He said, "Buddy’s has grown to where we are today by establishing and nurturing one relationship at a time rather than one transaction at a time, and the success has naturally followed suit. It's all about valuing connections, whether it's with customers, vendors, fellow franchisees, or the amazing support team."
Buddy’s fosters a healthy business culture by hosting its annual leadership conference that is just as fun as it is inspiring. “It’s a time to celebrate, learn and plan for the future and just to have a great time,” Bennett said. “Buddy’s culture makes people proud of what they do and who they do it with. We like to say ‘Buddy’s is Better’ for many reasons, but mainly because we truly believe in our people and the service we provide to communities across the nation.”
The rent-to-own industry itself was founded on relationships. The industry emerged in the 1950s in response to customer demand for acquiring household products without incurring debt or jeopardizing the family’s credit. Buddy’s has carried that legacy into the modern-day world by maintaining strong relationships with its customers when they need an affordable way to attain home necessities.
Buddy’s familial culture is also reflected in its dedicated fleet of support personnel for its franchise owners called Franchise Consultants. These consultants are structured to be a liaison between Buddy’s HQ, franchise owners in the field and their local community with the sole purpose of helping franchisees be successful.
Buddy’s first-ever Franchise Consultant was Chaz Wilson who helped open the first Buddy’s franchise in Fayetteville, Arkansas and has since helped open more than 200 stores. “The most rewarding part about my job is knowing I’m helping my fellow colleagues be better for their store, communities and the Buddy’s family,” said Wilson. “Our job takes many forms, but we’re integral in helping franchisees open a new store, assimilate into the local community and grow their business in the most efficient way possible.”
Buddy’s people-first culture paired with the more tangible unit economics are key reasons why once a franchisee discovers the Buddy's difference, they come back for more. On average, the top 25% of stores see $1,467,253 gross sales and $437,295 cash flow per store.*
* This information reflects the Average Gross Sales and Average Free Cash Flow for the Top 25% of Buddy’s Home Furnishings company-owned retail businesses which were in operation for the entirety of the 2022 fiscal year. Of the 36 retail businesses that were in operation for all of 2022, 9 were included in the Top 25% sample set and 2 attained or surpassed the Average Gross Sales and 3 attained or surpassed the Average Free Cash Flow as described above. We refer you to Item 19 of our 2023 Franchise Disclosure Document for additional information. A NEW FRANCHISEE’S RESULTS MAY DIFFER FROM THE REPRESENTED PERFORMANCE. This advertisement is not intended as an offer to sell, or the solicitation of an offer to buy, a franchise. Offerings made by prospectus only and in compliance with the applicable pre-sale registration and disclosure requirements in your state.
**Courtesy of APRO. ©2023 Buddy’s Home Furnishings®. All rights reserved.
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