Read about the latest newsworthy developments with the franchise or business opportunity you have selected. Use the link below to navigate back to the brochure for your selection.
Monday, Feb 01, 2021
Mr. Electric® Ranked a Top Franchise in Entrepreneur’s Highly Competitive 42nd Annual Franchise 500®
WACO, Texas (Feb. 1, 2021) – Mr. Electric®, a Neighborly® company, recently ranked first overall in the Electrical Services category in Entrepreneur magazine’s Franchise 500®, the world’s first, best and most comprehensive franchise ranking. Recognized as an invaluable resource for potential franchisees, the Franchise 500® selected Mr. Electric for its outstanding performance in areas including unit growth, financial strength and stability and brand power.
Mr. Electric’s inclusion on the 2021 Franchise 500 follows a year of impressive growth for the brand, with 29 agreements awarded and 29 new franchise locations opened in 2020.
“Placement in Entrepreneur’s annual Franchise 500® is such a highly sought-after honor in the franchise industry, and Mr. Electric to not only be included in the ranking, but to also be named the top brand named to the Electrical Services category is an outstanding achievement,” said Joel Worthington, president of Mr. Electric. “Given all the obstacles we had to overcome in 2020 due to circumstances brought on by the pandemic, being recognized as a top franchise opportunity feels better than ever and sets us up for continued growth and success in the new year.”
In Entrepreneur’s continuing effort to best understand and evaluate the ever-changing franchise marketplace, the company’s 42-year-old ranking formula continues to evolve as well. The key factors that go into the evaluation include costs and fees, size and growth, support, brand strength and financial strength and stability. Each franchise is given a cumulative score based on an analysis of more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
Over its 42 years in existence, the Franchise 500® has become both a dominant competitive measure for franchisors and a primary research tool for potential franchisees. Mr. Electric’s position on the ranking is a testament to its strength as a franchise opportunity.
“2020 was a challenging year for everyone, but it was also a year of unusual opportunity,” said Jason Feifer, Entrepreneur editor-in-chief. “Franchises were able to be nimble and innovative, serving the needs of franchisees and customers in ways that will resonate for many years to come. We believe that, when we eventually look back on this time, we’ll see it as a moment when many brands defined themselves for the future.”
Mr. Electric is one of 16 Neighborly brands to be included in this year’s Franchise 500 ranking. Other Neighborly brands on the 2021 list of top franchises include: Molly Maid, Mosquito Joe, Mr. Appliance, Mr. Rooter Plumbing, Five Star Painting, Real Property Management, Aire Serv, Mr. Handyman, ShelfGenie, Rainbow International Restoration, Glass Doctor, The Grounds Guys, HouseMaster, Precision Door Service and Window Genie. Neighborly remains the world’s largest franchisor of home service brands, with a total of 28 brands under its umbrella.
To view the full ranking, visit www.entrepreneur.com/franchise500. Results can also be seen in the January/February 2021 issue of Entrepreneur, available on newsstands January 26.
About Mr. Electric®:
Mr. Electric®, a Neighborly® company, is the leading electrical installation and repair company known for its consistent, superior service in the United States and Canada. Mr. Electric® franchisees provide electrical services to residential and commercial customers at almost 200 locations worldwide. Established in 1994, Mr. Electric® is part of Neighborly®, the world's largest home services franchisor of 28 brands and more than 4,500 franchises collectively serving 10 million+ customers in nine countries, focused on repairing, maintaining and enhancing homes and businesses. Neighborly® brands are found at Neighborly.com in the United States and Neighbourly.ca in Canada. For more information about Mr. Electric®, visit MrElectric.com. To learn about franchising opportunities with Neighborly®, click here.
Neighborly® is the world's largest home services franchisor of 28 brands and more than 4,500 franchises collectively serving 10 million+ customers in nine countries, focused on repairing, maintaining and enhancing homes and businesses. The company operates online platforms that connect consumers to service providers in their local communities that meet their rigorous standards as a franchisor across 18 service categories at Neighborly.com in the United States and Neighbourly.ca in Canada. More information about Neighborly/Neighbourly, and its franchise concepts, is available at https://www.neighborlybrands.com/. To learn about franchising opportunities with Neighborly®, click here.