Start a My Elder Franchise in 2024

Franchise 500 Rank: N/R Not ranked last year

Initial investment: $72K - $119K

Units as of 2020: 6 200.0% over 3 years

My Elder was founded by Jack Halpern, who possesses decades of expertise in the elderly care field. The business's primary goal is to put the needs of the elderly first, ensuring their quality of care.

Since 2004, My Elder has been committed to providing peace of mind to its clients and their families. The brand began franchising in 2014 and has since opened several franchises. My Elder is headquartered in Jersey City, New Jersey. My Elder offers services including:

eldercare monitoring
assisted living and nursing home placement
elder home care planning
hospital, and nursing home crisis intervention
long-distance caregiving
long-term care planning
assisted living and nursing home eviction prevention

Why You May Want To Start a My Elder Franchise

New franchisees with My Elder don't need to have any expertise in the advocacy field. The ideal franchisee may be interested in elderly matters, enjoy dealing with people, and be good at operating in stressful situations.

My Elder provides franchisees with many hours of both classroom and on-the-job training. It also may offer ongoing support on multiple matters such as security and safety procedures, field operations, and proprietary software, among others. My Elder also offers marketing support on regional advertising, SEO, social media, co-op advertising, ad templates, and website development.

If awarded a My Elder franchise, a typical franchise agreement runs for ten years. Franchisees may be allowed to renew their agreement if they meet the My Elder franchise requirements.

What Might Make a My Elder Franchise a Good Choice?

Opening a My Elder franchise could offer a more predictable outcome than investing in a completely new brand that may struggle to thrive in an already crowded and competitive industry.

To be part of the My Elder 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.

How To Open a My Elder Franchise

As you decide if opening a My Elder franchise is the right move for you, make sure you take a considerable amount of time to explore the opportunity. Research the brand and your local area to see if a My Elder franchise would do well in your community. While competition is healthy, too much of it may not allow for the most possible growth.

Before making any financial commitment or signing an agreement with My Elder, 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 the My Elder franchising team questions. It may also be a good idea to speak with an attorney or financial advisor to ensure that you have the necessary financial resources to own and operate a My Elder franchise.

Company Overview

About My Elder

Industry	Personal-Care Businesses
Related Categories	Senior Care
Founded	2004
Parent Company	My Elder Advocate
Leadership	Claudine Halpern, CEO
Corporate Address	344 Grove St., #210 Jersey City, NJ 07302
Social	Facebook, Twitter, LinkedIn, Instagram

Business Overview

Franchising Since	2014 (10 years)
# of employees at HQ	5
Where seeking	This company is offering new franchises in the following US states:
# of Units	6 (as of 2020)

Information for Franchisees

Here's what you need to know if you're interested in opening a My Elder 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.	$59,500
Initial Investment 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.	$72,250 - $118,600
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.	$250,000 - $500,000
Cash Requirement Definition: The minimum liquid capital you must have available in order to qualify to become a franchisee of this company.	$150,000 - $250,000
Veteran Incentives Definition: A discount or other incentive offered to military veterans who buy a franchise with this company.	5% off franchise fee
Royalty 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.	8%
Ad Royalty Fee Definition: An going fee paid to the franchisor on a regular basis to support advertising or marketing efforts. What you need to know: This may also be called advertising fee, marketing fee, brand fund fee, and more, but the basic purpose is the same-- to support promotion of the brand systemwide. As with the royalty fee, it is detailed in Item 6 of the FDD, and can be a percentage of weekly or monthly gross sales or a weekly, monthly, or annual fee.	2%
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.	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	My Elder has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs

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	40 hours
Classroom Training	40 hours
Ongoing Support	Newsletter Grand Opening Online Support Security & Safety Procedures Field Operations Proprietary Software Franchisee Intranet Platform
Marketing Support	Co-op Advertising Ad Templates Regional Advertising Social Media SEO Website Development

Operations

Additional details about running this franchise.

Is absentee ownership allowed?	Yes
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.	Yes
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.	No
# of employees required to run	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.	Yes