In the life cycle of entrepreneurship, knowing when and how to exit gracefully is as crucial as getting started. Mr. Transmission®/Milex, part of Moran Family of Brands, works tirelessly to guide franchisees in this area. By Lizzy Yeserski
In the life cycle of entrepreneurship, knowing when and how to exit gracefully is as crucial as getting started. Mr. Transmission®/Milex, part of Moran Family of Brands, works tirelessly to guide franchisees in this area.
“We have established a strong resale program to help franchisees exit,” said Pete Baldine, president of Moran Family of Brands. “We’ll find the lead for them. We’ll help them negotiate the deal and make it a smooth transition for them to get out.”
The co-branded Mr. Transmission and Milex Complete Auto Care offers comprehensive automotive and transmission repair services. With 125 franchise locations nationwide, the company specializes in general auto repair and maintenance, including brakes, engine repair and diagnostics. Rounding out the automotive aftercare category for Moran Family of Brands is Turbo Tint, a residential and commercial window-tinting provider.
Franchisees can take advantage of multiple revenue streams while leveraging repeat business to build a venture that suits them. Additionally, if the time comes for owners to move on, the corporate team will be there to help.
“We have an older, mature system, and we’ve got a lot of franchisees that have been in the system for a long time,” Baldine explained. “One of the things that’s important is that you have a strong franchise model that supports them and gives them a return on their investment. When it’s time to exit, they need to be able to get their equity out of the business.”
Mr. Transmission’s resale program was born out of necessity decades ago. Back then, the focus was on bringing in new entrepreneurs to revitalize the network. Today, the resale program has become a lifeline for franchisees looking to retire, pivot or explore new horizons.
“Thirty-three percent of our franchisees that have been in our system for 20 years or more have a 15-year license agreement. That means 33% of the system is on their second license agreement,” Baldine explained. “Sixteen percent of our system has been in for 30 years or more, so that means some of them are under the third renewal of their franchise agreement. When they’ve been around that long, they’re in their late 60s and 70s. They’re thinking about wanting to retire and start to take it a little easy.”
At the heart of the company’s resale program is a commitment to guiding franchisees through the process. For Baldine and his team, it’s about more than just closing deals. He wants to ensure that everyone walks away feeling good about the next chapter.
In the last six months of 2023, Mr. Transmission helped six of its long-term franchisees sell their businesses. In some cases, they’ve even helped sell real estate as part of the transaction.
Beyond the numbers, the resale program is about something much bigger: supporting franchisees through life’s twists and turns, whether it’s retirement, illness, divorce or other unanticipated events.
“You have different life circumstances, planned and sometimes unplanned. We’re able to step in and help franchisees through those transitions,” Baldine said.
Lizzy Yeserski