LAKELAND, Fla. -- A Florida native and Iraq war Marine veteran has become the owner of the 200th store to be franchised by 7-Eleven Inc., located in Lakeland. Stephen Young, 32, said he was delighted to be the person who hit the new milestone because owning a 7-Eleven store brings together many of his previously acquired skills. He gained experience in the food retail business while working for a grocery retail chain when he was growing up in Fernandina Beach, Fla. And he learned how to manage people while serving eight years in the Marines, including a stint in Iraq in 2003.[image-nocss]
"I love the idea of our store becoming a part of the community we serve," Young said of the store he will franchise. "7-Eleven made the process of acquiring this store and gaining the skills needed to run it very easy and smooth."
Young will officially take over the store today, July 30. There will be a ribbon-cutting ceremony and cake to celebrate the event.
Young saved 10% off the franchise fee because of 7-Eleven's Military Discount program that was started by 7-Eleven president and CEO Joe DePinto, who is himself a graduate of the U.S. Military Academy at West Point and served as an officer in the U.S. Army.
After leaving the Marines and getting his college degree at the University of Florida, Young had gone back into grocery retailing, but was searching for a position that gave him more managerial responsibility. He had been researching some franchise opportunities with other companies when he watched the episode of CBS's Undercover Boss that featured 7-Eleven CEO DePinto earlier this year.
Young was so impressed and moved by the show that he immediately set a new goal of becoming his own boss by acquiring a 7-Eleven store. He first trained as a store manager and then began putting together his plan for becoming a franchisee to secure a long career while his family grows. Young and his wife have one child and another one on the way.
"I am looking forward to making my store a vital part of this neighborhood and this community and getting to know the customers and their tastes," he said.
Although he just is taking the reins of the Lakeland store, he said that sees such great potential in the business that he is already looking for a second store in the area to franchise. "As my family grows, I want to grow with the 7-Eleven family," Young said.
The company began offering its company-owned Florida stores for franchising in late 2007 in the Miami area and expanded the program to other Florida markets in May 2008. Currently, there are 317 stores available for franchising in Florida with a total of approximately 595 stores in the state, the company said.
7-Eleven provides the land, building, equipment and a turnkey operation for its franchisees. The average upfront, total investment for a 7-Eleven franchise in Florida is between $175,000 and $250,000, although this amount may vary significantly by store within the state. This investment is based on the store's actual gross profit and includes the store's inventory, supplies, business licenses, permits, bonds, cash register fund as well as a franchise fee, the amount of which may vary depending on the store's location.
The chain also offers franchising opportunities through its Business Conversion Program (BCP), where the company looks for existing independent retail store operators who want to convert to the national chain and become a part of 7-Eleven's franchise system.
For its BCP opportunity, 7-Eleven said that seeks qualified, independent operators who feel the recession's squeeze or have the desire to grow their business backed by a successful franchise system. The company offers its business model, products and field and marketing support, and spends as much as $250,000 on average to assist in converting locations to the 7-Eleven brand, it said.
The retailer's military veterans franchise program offers discounted franchise fees to retired or separated veterans of the U.S. Armed Forces who have been honorably discharged from the service. Qualified veterans who become first-time 7-Eleven franchisees will receive a 10% discount on the initial franchise fee for the first 7-Eleven store that they franchise. This discount can range from $1,000 up to approximately $35,000, depending on the store, it said.
7-Eleven opened more than 1,800 stores around the world in 2009. Of those 1,800 stores, more than 250 were in the United States. The company plans continued growth and has projected opening more than 1,000 stores in United States and Canada in the next three years.
Based in Dallas, 7-Eleven operates, franchises or licenses more than 8,200 7-Eleven stores in North America. Globally, 7-Eleven operates, franchises or licenses approximately 38,500 stores in 16 countries. During 2009, 7-Eleven stores worldwide generated total sales of more than $58.9 billion.
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