HARTLAND, WIS. — Batteries Plus Bulbs, the franchised specialty chain, is making it easier for military veterans to set up shop.
Beginning this month, the company said it will provide over $210,000 in financial support to qualified U.S. military veterans interested in opening a Batteries Plus Bulbs store.
The incentive covers about 85 percent of the initial investment, which includes the build-out, initial inventory, signage, computer hardware, fixtures, equipment, grand-opening advertising and other expenses, the retailer said. Qualifications for the “Ownership With Honor” program include an honorable discharge from the U.S. armed forces; some college or secondary education; a net worth of $100,000 in liquid capital with $50,000 available in liquid assets; permanent U.S. residency; and a minimum age of 25.
“Our franchise system has experienced great success with military veterans as franchise owners because of their extreme discipline and strong leadership skills, yet many veterans face financial barriers to business ownership,” said John Twist, franchise and business development VP. “Our program removes those barriers by awarding these individuals with exceptional financial support unmatched in the franchise industry. Our vision for ‘Ownership with Honor’ is to help U.S. veterans pursue their entrepreneurial dreams while also strengthening the franchise industry and U.S. economy.”
Led by CEO Russ Reynolds and owned by privateequity firm Roark Capital Group, Batteries Plus Bulbs has over 650 locations throughout the U.S. and Puerto Rico, and plans to open another 50 stores this year, with a focus on Southern California, New York and the Mid-Atlantic states. With a 45,000-item assortment, the chain boasts “the widest selection of battery and lightbulb products available,” and also provides on-site repairs for Apple and Samsung mobile devices.
The “Ownership With Honor” incentives will be available for a limited time, although the company will continue to offer a $10,000 discount off its franchise fee to qualified veterans in select markets as part of its commitment to VetFran, a program created by the International Franchise Association (IFA) to help military veterans become franchise owners.