Vision Source
Vision Source franchises offer optometric services including vision diagnosis, corrective prescriptions, and eyewear sales in local territories. Known for comprehensive eye care, Vision Source operates in the optical retail and healthcare industries.
About Vision Source
Vision Source is an optometric service network of independent optometrists headquartered in Kingwood, Houston, Texas, US, owned by EssilorLuxottica since 2015. The company was founded by Glenn Ellisor, O.D. in 1991.
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Vision Source franchise FAQ
How much does it cost to open one — the total initial investment?
The total initial investment necessary to begin operation of a Vision Source franchise ranges from $100,000.00 to $450,000.00 if opening a new office, and from $500.00 to $40,500.00 if converting an existing office. This amount does not include the costs for leasing or purchasing real property and constructing or converting a building, which can vary widely based on location and other factors. [p.1] [p.17]
What is the initial franchise fee?
There is no initial franchise fee as stated in [p.11]. The excerpt mentions that Vision Source does not charge any initial fees to new franchisees, but reserves the right to do so in the future.
What are the ongoing royalty and advertising fees?
The ongoing royalty is 2.50% of Gross Receipts, with a potential cap of $48,000 annually per Eye Care Center [p.13, p.81, p.4]. Advertising materials containing the franchisor's names and marks require prior approval from the franchisor [p.84, p.21]. There are no required contributions to a central advertising fund or participation in a regional advertising cooperative unless specific materials including the Names and Marks are used [p.21].
How long is the initial franchise agreement, and can I renew it?
The initial term of the franchise agreement and whether you can renew it are not specified in these excerpts. The information provided covers conditions under which the franchisor may establish or franchise other locations within your territory if you default, as well as restrictions on operating a similar business and use of names and marks, but does not detail the length of the initial term or renewal options.
Can I sell or transfer my franchise, and what does that require?
According to the FDD, a franchisor can generally refuse to permit the transfer of ownership of a franchise unless there is good cause [p.200(g)]. Good cause includes but is not limited to unspecified factors. Therefore, you would need to consult the specific terms of your franchise agreement or contact the franchisor for details on what constitutes good cause for transferring your franchise.
On what grounds can the franchisor terminate the agreement?
The franchisor can terminate the agreement for good cause, which includes the failure of the franchisee to comply with any lawful provision 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.199(c)]. Additionally, termination is permitted on any grounds available by law [p.202].
What financial requirements — net worth and liquid capital — do I need to qualify?
This isn't specified in the excerpts.
Do I get an exclusive or protected territory?
No, you do not have an 'exclusive' territory as defined by Federal and State guidelines. However, Vision Source will define a Territory around the Designated Location where they will not establish or franchise others to establish an Eye Care Center under the Names and Marks. The size of your Territory depends on demographic information and the area from which you are expected to draw patients and customers [p.22].
What training and ongoing support does the franchisor provide?
This isn't specified in the excerpts.
How many franchised outlets are there, and how many have closed or been terminated?
This isn't specified in the excerpts.
Does the franchisor share any financial performance or earnings information?
The franchisor may provide actual records of an existing outlet you are considering purchasing. However, they do not make any representations about future financial performance or past financial performance of company-owned or franchised outlets, and they authorize no such representations by their employees or representatives [p.32]. If you receive other financial performance information or projections, you should report it to the franchisor's management as specified [p.32].
What am I restricted to selling, and where must I buy supplies?
You are required to keep the property in good repair and use it only for commercial purposes. You may have to buy or lease items from the franchisor or a limited group of suppliers designated by them, which might be more expensive than similar items you could purchase on your own [p.236]. Additionally, all inventory must be managed according to the definition provided in the FDD, and you are not allowed to sell farm products as part of your Inventory [p.239]. This isn't specified in the excerpts regarding where supplies must be bought from, but it implies a limited choice of suppliers.