CoolVu
CoolVu offers vision correction services through non-invasive treatments. Known for quick, comfortable procedures, it operates in the ophthalmology and vision care industry.
CoolVu franchise FAQ
How much does it cost to open one — the total initial investment?
The total initial investment required to begin operation of one CoolVu Business is from $68,450 to $106,850. This includes the amount of $50,250 to $70,150 that will be paid to the franchisor or its affiliate(s) [p.1].
What is the initial franchise fee?
The standard initial franchise fee is $19,000. However, if paid upfront without financing, it is reduced by 25% to $14,500. Special discounts apply for certain individuals, such as full-time firefighters, police officers, EMTs, military reservists, and honorably discharged veterans. [p.54]
What are the ongoing royalty and advertising fees?
The ongoing royalty and advertising fees start at $400 monthly for the first year, increasing to $800 monthly for the second year, $1,200 monthly for the third year, and $1,600 monthly from years 4 through 10. These payments are required regardless of sales levels, as stated on [p.4].
How long is the initial franchise agreement, and can I renew it?
The initial term of the franchise agreement is not specified in the excerpts provided. However, if you are in full compliance with the terms of the Agreement, you will have the right to renew for 2 additional terms of 10 years each (Renewal Terms), provided you agree to execute the most current form of the franchise agreement being used by the franchisor at the time you renew. [p.55]
Can I sell or transfer my franchise, and what does that require?
The franchisee can transfer ownership of their franchise except for good cause as specified by the franchisor [p.5]. However, a death or incapacity transfer is permitted under certain conditions, such as meeting new franchisee standards and completing training within 60 days [p.71]. For other transfers, all conditions of a Transfer as provided in the Agreement must be met, including the requirement that the transferee meet new franchisee standards, execute the current form of franchise agreement, and satisfactorily complete the Initial Training Program [p.5, p.71].
On what grounds can the franchisor terminate the agreement?
The franchisor can terminate the agreement on good cause, which includes the failure of the franchisee to comply with lawful provisions of the franchise agreement and to cure such failure after being given written notice and a reasonable opportunity (no more than 30 days) to do so [p.5]. Additionally, termination may be allowed on any grounds available by law [p.150], but this is subject to Virginia Retail Franchising Act restrictions that prohibit cancellation without reasonable cause [p.153].
What financial requirements — net worth and liquid capital — do I need to qualify?
This isn't specified in the excerpts. The provided FDD excerpts do not detail specific financial requirements such as net worth or liquid capital needed to qualify for the franchise.
Do I get an exclusive or protected territory?
You do not receive an exclusive territory. Your territory is protected based on your compliance with the Franchise Agreement, but you may face competition from other franchisees, company-owned outlets, and competitive brands controlled by the franchisor [p.33].
What training and ongoing support does the franchisor provide?
The franchisor provides an initial training program for up to two Principal Owners or one Principal Owner and one technician (if not a Principal Owner) before opening the Franchised Business [p.58]. This includes training on operating a CoolVu Business using their system and marks, but you are responsible for all transportation, lodging, meals, and other expenses incurred by you and your employees during this program [p.58]. Additionally, they offer ongoing services including market analysis, initial product, tools, inventory, and marketing package, as well as a 2-day post-training field visit [p.54]. For any additional training or assistance after the opening of the Franchised Business, you would be charged $200 per person per day, with all related travel, meal, incidental, and lodging expenses also being your responsibility [p.17].
How many franchised outlets are there, and how many have closed or been terminated?
As of December 31, 2024, the franchisees owned 107 territories in total, with 79 operating for the entire 2024 calendar year [p.42]. The FDD does not specify the number of closed or terminated outlets during the most recent fiscal year; it only mentions that contact information may be disclosed to other buyers when a franchisee leaves the system [p.106].
Does the franchisor share any financial performance or earnings information?
The franchisor shares historical average invoiced prices of projects installed for all territories owned by their franchisees as of December 31, 2023 and 2024. This information is provided based on actual records and does not include costs that must be deducted from revenue to obtain net income or profits [p.42]. The franchisor does not make any representations about future financial performance or earnings [p.44].
What am I restricted to selling, and where must I buy supplies?
You are restricted to selling products and services within your designated territory. You must purchase all inventory, products, services, supplies, tablets, computers, equipment, and materials required for the operation of your Franchised Business from manufacturers, suppliers, or distributors designated by the franchisor or those who meet their specifications and standards. [p.22]