CHARLOTTE – Vik Patel, President and CEO of Purple Square Management Company, was at one time a commercial broker who helped franchisees find financing and other support to successfully open their franchise businesses. During that time, he learned the franchisee model well, and in 2006 he decided to open his first franchise – a Dunkin Donuts in Tampa, FL. Now, 150 franchise locations later, with an eye on diversification, Patel has added Take 5 Oil Change® to his portfolio of brands.
Purple Square Management Company, headquartered near Tampa, FL, owns and operates more than 150 franchise locations across seven states, with such brands as Dunkin® Donuts/Baskin Robbins, Popeyes® Louisiana Kitchen, The Brass Tap, Rent-A-Center®, and Take 5 Oil Change. They recently opened their second Take 5 Oil Change in Orlando, with several more planned in the next 12 months. Patel is excited about the opportunity that Take 5 offers to grow and diversify the Purple Square portfolio.
“Any entrepreneur in my position, heavily invested in Quick Service Restaurants (QSR), looks to diversify their holdings,” said Patel. “Take 5 has proven to be a great diversification play for us because it is an essential business in a solid industry, with a business model that is simple and not far removed from the QSR model. It involves shorter hours, non-perishable inventory, and requires less staffing than QSR, which add to its attractiveness as an investment.”
All business is about creating a great customer experience so that people return again and again. In the case of a QSR, they may see a customer as often as five times a week, so there are many opportunities to deliver that great customer experience. With an oil change however, you may not see that customer again for four to six months, so creating a great customer experience and building a loyal customer base is absolutely critical.
“I was very impressed with the Take 5 model and how they deliver a unique, exceptional customer experience,” said Patel. “The service is fast, the staff is friendly and the environment is clean, not like the oil change experience of the past. And the stay-in-your car model fits well with how business will be conducted in a post-pandemic world. Take 5 is hyper-focused on creating that great customer experience.”
When asked what advice he would give to potential investors, Patel offered the following:
“For an investor that is already involved in QSR franchising, diversification gives you the opportunity to expand within your existing geography, and Take 5 gives you a simple to learn, replicable model,“ said Patel. “For someone new to franchising, Take 5 is also a great place to start. The Take 5 team provides an incredible training program for the owner and the entire team, the business is easy to learn, and it’s a business with reasonable operating hours.”
Take 5 continues to be an excellent investment opportunity for entrepreneurs looking to diversify their portfolios with a simple, replicable service model in a recession-resistant industry.
Take 5 is actively seeking single-unit and multi-unit franchise owners to expand the brand’s footprint.
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