The nation's leader in kitchen and bath refinishing carves not only a path to success, but a seamless exit strategy for franchisees.
While Mike Rabinovich may be a new Miracle Method
franchise owner, his business already has a stellar and long-standing reputation in the Portland community.
“As a company, Miracle Method has a long standing history of successful re-sales, offering franchisees an exit strategy that doesn’t exist in all business models,” explained Vice President of Franchise Sales & Development John Tubiolo. “Natural transitions and a path to not only growth and success but also to retirement and a seamless exit are things we discuss very early on in the process with potential and new franchisees.”
Tubiolo went on to say that the brand’s focus is a maximum return on investment for each of its franchisees, and ensuring that existing locations continue to grow and prosper in the communities in which they serve.
Rabinovich purchased his Portland location in January 2015 from Dan and Ginger Ness, longtime franchisees who were ready to retire. “When we bought Miracle Method of Portland, we purchased it from the original owner who had already done a great job of establishing the brand name here,” said Dan Ness. “Ginger and I then worked for years to continue building upon what was already accomplished and we take great pride in the reputation we were able to solidify in the Portland market.” Last year when the Ness’ were ready to retire, they say they were offered impeccable peace of mind as a result of the corporate team’s dedication to finding a qualified buyer who would be able to continue building the business and carry on the legacy they had worked so hard to create.
Over the years, the Ness’ were often celebrated, including in 2012 when they were honored as one of seven franchisees within the Miracle Method system to exceed $1M in annual sales for the previous year.
“When people invest their life savings into a business and dedicate their lives to nurturing and growing it, it’s really important for them to also have the confidence that when they transition to the next phase in their life, be it retirement or anything else, their successor will not only be able to uphold the standards and successes already in existence, but continue to improve upon them,” said Tubiolo.
The Miracle Method franchise development team not only focuses on identifying qualified candidates to open new locations, but works vehemently to vet qualified candidates with the necessary net worth, management experience and business sense to take already high-performing locations to the next level.
“We don’t charge our franchisees a commission to sell their business, and often times rather than working with a broker, we take on the responsibility of a resale ourselves,” said Tubiolo. “No one knows our business better than we do, and the continued growth of our existing locations is paramount to everything Miracle Method stands for.” Miracle Method also uniquely often partners with a company called Morgan and Westfield, which offers an a la carte assistance program for sales, making the process substantially more cost effective. Often times franchisees can sell their business for between $2,000 and $7,000 depending on the options they take advantage of, vs. having to pay a broker an average of 10 percent of the sale price - for example $60K on a $600K sale.
Rabinovich who spent most of his career in technology consulting, ten years of which he worked closely with IBM, had traveled the world for work. After returning to school to obtain his MBA he decided he was ready for an opportunity to settle down, working and contributing directly to his own community. With extensive knowledge in business growth and having built his own consultancy firm successfully, he began to research franchise opportunities for something that stood out as a great opportunity for growth in the Portland market.
“I became acquainted with a Miracle Method franchise in Denver, and also was already well-aware of the credible reputation Miracle Method had in this area,” explained Rabinovich. “Already knowing the product was incredible and having had some exposure to the positive experience of franchisees, when the opportunity to purchase from Dan and Ginger came up I knew it was perfect for me and my skill set.”
While his focus is on Portland in the onset, Rabinovich already has sights set on expansion opportunities spanning from Vancouver, Washington to Salem, Oregon.
“The great thing about the passing on of legacies and locations with deep rooted reputations is that demand continually increases, thus increasing the opportunity for continued growth,” added Tubiolo.
For those who have maybe already experienced building a business from the ground up, and are now looking for opportunities to take established businesses to the next level, the purchase of an existing Miracle Method franchise location could be a golden opportunity.