Franchises4Vets Press Release: Fast Fix Jewelry& Watch Repairs

MAY 24 -Veterans represent a significant community in the United States, exemplifying many of the values franchisors look for in potential franchisees. FastFix Jewelry & Watch Repairs has to date attracted numerous franchisees to its model, setting the bar in quality treatment and involvement in franchisees' stores. But most interestingly, FastFix’s focus on attracting veterans to become franchisees has been a source of great interest to many in the industry. Most significant is probably their 50% reduction of the initial franchise fee for honorably discharged veterans, an impressive savings of $20.000 on the initial startup costs. We spoke to George Lambro, Director of Franchise Development and discussed the company’s remarkably successful franchise system.

Fast-Fix is growing and growing fast. With an aggressive expansion strategy in place, Fast-Fix is moving into Boston, New England, New York City, New Jersey and the Carolinas. Thinking globally, Fast-Fix is swiftly moving ahead with plans to capture markets in New Zealand, Australia, Spain and Italy.

What makes FastFix’s franchising model so interesting is that franchisees need not have prior experience in jewelry or watch repair. “That’s not what we're about,” explains George Lambro, director of franchise development. A former investment banker at Lehman Brothers, Lambro describes his job as "putting people in business". Franchisees work on the business instead of in the business, meeting people, networking and getting other stores to refer business to them. Essentially, franchisees are responsible for setting up the organizational systems, a job that requires a keen business acumen, but not necessarily a jewelling one.

FastFix’s unique product offering also extends to its internal operations, described by Lambro as having a “family feel”. Every new franchisee is treated as a new owner of the business and communication is emphasized. The company actively uses its intranet to respond to franchisees’ concerns or issues, usually replying within minutes. FastFix also hosts an annual convention for all of its franchisees: this year, the location is M Resort in Las Vegas from July 11 -14. Lambro laughs that the convention is more of a massive family gathering, with each franchisee getting to meet again with the people at FastFix with whom they have built strong relationships. These frequent meetings and opportunities to touch base give franchisees the close-knit experience the find 50 reassuring and which Fast-Fix works so hard to develop in its organization.

These are just some of the features that Lambro believes will be attractive to veterans. On top of, of course, the staggering $20,000 discount off the startup costs that FastFix offers veterans who want to buy a franchise. Additionally, Lambro works with veterans to make them aware of their financing options like Veteran Express loans, lowering down payments and generally educating them on the process. It’s hard to imagine many more franchises that provide such comprehensive franchisee care.