June 15, 2009 // Franchising.com // Los Angeles, California – June 15, 2009 In its 2008 ranking of franchise businesses, Entrepreneur magazine ranked Mathnasium 7th out of 50 in the category of Top New Franchises.
Executives who have lost their jobs in this tough economy are increasingly turning to Mathnasium for their next business venture.
At a time when the International Franchise Association has witnessed a decline in overall franchise sales, sales of Mathnasium franchises are going strong, with 22 new franchisees joining Mathnasium since March 2009 – a number of those executives from the industries hardest hit by the recession.
Mathnasium is managing to weather – and thrive in – this current storm because of its relatively low franchise fee, low start-up costs, strong underlying business model, and, for experienced professionals who understand the need for better math education, its important mission.
Mathnasium's most recent training session included former executives from failed Wall Street banks, automotive industry executives and others, in pursuit of a meaningful business with a good chance of success even in a tough market.
"These folks come to us with the passion, experience and talent for success in the for-profit education industry," said Mitch Brown, Mathnasium's chief operating officer. "We get their talent," he continued. "They get to apply their business skills to own their own business and do something meaningful. Their communities get a special place for kids to develop their math and critical thinking skills, to better their futures. It's a win all around."
"When I took early retirement, I gave a lot of thought to what to do next," said Patrick Figurski, previously a global manager with 30 years tenure at Ford Motor Company. "The easiest route was to simply continue in the auto industry, but a need to give something back to society led me to look at alternatives." he continued.
"And then I found Mathnasium. I saw that the curriculum really could help kids. And it was clear that the executives were all in it for the right reasons," he said.
Figurski has been welcomed with enthusiasm by parents in his neighborhood whose children desperately need help with math. "Knowing I can help these people, that's a great feeling," he said.
"After Wall Street, I was ready to control my own destiny," said Angela De La Rosa, previously a Vice President at Lehman Brothers. "I was looking for a solid business opportunity that would allow me to spend more time with my family, and less time commuting to an office every day," she said.
Brown said the company was well positioned in this tough climate because it provides good value, both to the customer and the owner.
"Mathnasium's primary focus is our value to the customer," Brown said. "For about $25 an hour, Mathnasium centers offer the best math tutoring available anywhere."
"We have always extended that value focus to the franchise offering," he continued. "This strategy is paying us dividends now, especially in this economic climate."
For De La Rosa, that was what made the difference. "I'm sure it doesn't take a Wall Street analyst to see Mathnasium's value, but it looked like the right investment to me," she said.