National Property Inspection

TENNESSEE

Source: National Property Inspections

Eldon Holliday claims the parent company's online webinars and regional meetings keep him up to date on both technical aspects and new trends in the property inspection business.

Description: Residential and commercial property inspections

Owner: Eldon Holliday

Years in business: 9

No. of franchises owned: 1

Start-up costs: $34,900; $38,700 to $44,100

Franchisor fees: Royalties 8% for up to $100,000 of sales (in a calendar year); 6% after $100,000 (in a calendar year)

2015 revenue, 2016 projection: $359,000; $393,000

2016 projected annual growth rate: 10%

When Eldon Holliday sold his automotive repair business in 2007, he didn't need to rush to find another job. "I was able to cash out on top so my wife and I traveled for about six months," he says. "After that, she told me I had to get out of the house and get a job."

A friend in another state did home property inspections, and after a few conversations Holliday, 57, thought it was a business he might be interested in. "I have a certain mechanical aptitude, and I don't mind talking to people," he said. What he didn't have was knowledge of the industry, so he began looking at franchise models. National Property Inspections, he said, came out "head and shoulders" above any other company.

Additional franchisee resources

"Everything done at the corporate level is undertaken with the franchisee in mind," he said. "This company doesn't just want your initial fee to purchase a franchise; they are completely invested in my long-term success."

The initial training for his business, based in the Memphis area, included a solid marketing plan that enabled Holliday to grow the company at his own speed. Today the majority of his business is through word-of-mouth referrals. Online webinars and regional meetings arranged by the franchisor help keep him up to date on both technical aspects and new trends in the property inspection business. For anyone looking to buy a franchise, Holliday would recommend the route he took.

"First, do your research," he advised. "Make sure the company has your long-term success at heart. Talk to other franchisees about their business and how long it took them to get it off the ground and, if they had to do it over again, would they purchase the same franchise."