Lormit Personal Services
1-800-459-7468 - www.lormit.com

Printed from our website on August 11, 2022
Please note that we update our website frequently and as such this information can change without notice. Always refer to our website for the latest information on Lormit Personal Services.

Franchise Opportunities
What it costs

A truly unique feature of this franchise: there is no initial franchise fee.

Many “turn-key” franchises are as close to a sure thing as is possible and are worth the many thousands of initial franchise fee dollars that it takes to acquire them. In addition, franchisees, typically, pay an on going royalty as a percentage of gross sales and many also require the franchisee to purchase product from the franchiser, which the franchiser makes a handsome profit on. Some franchisers make their profit almost entirely from the many thousands of, initial franchise fee, dollars that they charge their franchisees. In the vast majority of franchises training and advertising support is provided, but service to the franchisee is limited.

All businesses can be defined by four categories: Administration, Advertising & Marketing, Accounting and Production.
A LORMIT PERSONAL SERVICES Franchise assists you with Accounting, Advertising and Administration. You assist with marketing and kick the stuffing out of your competition in production. We win.

A Lormit franchise includes the franchisor providing the following services to and for the franchisee on an on going basis.

  • the franchiser provides the franchisee, both initial and on going training.
  • The franchiser provides detailed operational instruction (Which are currently partially on-line and partially provided in hard copy), precedent materials, (which are currently on-line) as well as on-going, unlimited, consultation.
  • The franchiser enters and posts the data from every invoice generated by the franchisee into the franchisers central computer system enabling the franchisee to offer the Customers, on a national basis, their services “on account”.
  • The franchiser generates and pays the cost thereof, including distribution, of a monthly Statement to all Customers.
  • The franchiser receives and records all payments from all Customers and deposits all of these funds into a trust account in the franchisers name.
  • The franchiser produces, on a weekly basis, a report to all franchisees outlining all payments received, calculation of royalties, royalty exemptions and GST/HST reconciliation.
  • The franchiser forwards payment of the franchisees share of revenue received, directly from the trust account, with a one week hold back, on a weekly basis.
  • The franchiser provides the franchisee with a detailed report of all of their outstanding accounts receivable on a monthly basis.
  • The franchiser enters the data provided by the franchisee relative to the internal file forwarding procedure and affects the necessary transfer of funds as between the franchisees.
  • The franchiser assumes the duties relative to collection of all accounts receivable which are past due, including issuing notices, personal contact with the Customers account payable department and co-ordination of legal collections proceedings, if and as required. Legal collection costs are charged to the advertising fund.
  • The franchiser manages the advertising fund, designing and placing advertisements as well as devising and implementing mass campaign advertising to Customers and prospects.
  • The franchiser provides semi-annual reports detailing all money received into the advertising fund and all payments from it.
  • The franchiser maintains a detailed Customer account data base, adding and deleting as required.
  • The franchiser provides mediation services relative to disputes between the franchisee and the Customers,

Franchisees pay an on-going royalty to the franchiser of 17%. The royalty is calculated on cash receipts, not sales, which is to say if the account is not paid there is no royalty payable. Further the royalty applies only to the fee portion of an invoice and is not applied to disbursements. Franchisees also contribute a portion of the fees from each invoice to an “advertising” fund.

With office locations from Vancouver to Newfoundland Labrador, Lormit Serves Canada
©1999-2022 Lormit® is a registered trademark of Lormit Holdings Ltd. a site by Graphically Correct Media