Uni K Wax franchisees grow with hard work and ApplePie

<p class="g_eyebrow_text">BACKSTORY</p>

Finding The Right Opportunity

My husband Hector and I had previous experience owning a Mrs. Fields franchise but through my professional career had really gravitated to health, beauty and wellness. I had been a long time customer of UniK Wax and had been trying to get a store here in the south Florida area for some time, but there wasn’t an opportunity.

‍

We found an Elements Massage in 2018 from an owner that was selling their location in Miami and it looked like a good investment. In the past I had done a stint as a district manager of a group of tanning salons and they were a recurring revenue, membership-based business and similar to Elements Massage. We were comfortable with the membership and customer experience aspects so we moved forward. 

‍

In 2020 a UniK Wax opportunity finally came. We met an owner who was relocating and looking to exit. We talked with him, had a great interview with the brand, and we were able to acquire the location!

‍

A Love For Business & Each Other

I'm from Miami and I've lived in southern Florida my entire life. Ever since I was young I’ve had a passion for business. I started off in retail, graduated high school and continued working as I studied business management and finance in college.

‍

I married my high school sweetheart, Hector Morales, who also studied business and we both had a goal to eventually own our own business. After college we worked for large companies: I started working for Gap and Old Navy and Hector at Office Depot. With a passion and experience for execution, operations, and managing teams, we decided franchising was the next step, but getting a loan without experience or collateral was hard, so we worked and we saved. 

‍

In 2013 we acquired a Mrs. Fields franchise from an owner who was selling, and that was the start of our franchise journey. We continued to work our corporate jobs, but I had moved on to Ulta and then L'Oreal. Five years down the road the rent and the landlord were getting a little crazy so we decided retail food wasn't for us anymore so we let the Mrs. Fields go and started looking for an opportunity in the beauty, health, and wellness sector.

‍

<p-spacing></p-spacing>

‍

<p-spacing></p-spacing>

<p class="g_eyebrow_text">CHALLENGE</p>

Self-Funding Is Hard

At the time we were looking to start our own business it was not that easy to get financing. Banks weren’t going to give you a loan just like that. The SBA requires you to have a lien on your home and no banks wanted to talk to us without collateral, experience or both. We ended up having to save (and save some more) and self-finance our first two locations with Hector and Claudia's money!

‍

Financing is really the hardest challenge, because it's not only purchasing the location, it's making sure you have enough working capital for payroll, that you're good with your marketing expenditures.

‍

<p-spacing></p-spacing>

<p class="g_eyebrow_text">SOLUTION</p>

The Right Partner Can Make A Difference

UniK Wax approached us about acquiring a corporate location in south Florida  that they wanted to transition to a franchisee. At the time, they had just started to work with ApplePie. We met Justin, our relationship manager and had a meeting and explained our situation and what we were looking to do. It took a little while for us to get through everything, to make sure that everything was good, but the process was so seamless and Justin was there every step of the way.

‍

It was great timing to meet ApplePie. At that time Claudia and Hector's savings were not as much as they used to be! It started with a conventional loan for a remodel, an SBA for an acquisition and then ApplePie Core loans for the rest of our units. Justin has been just fabulous these past few years and it’s been the best thing working with ApplePie. It's just a super-easy process.

‍

It’s difficult when you start. The banks don't want to lend to a new business, even with a great business plan. We were blessed to be introduced to ApplePie and be able to talk to someone that will hear us out. Thanks to ApplePie we've been able to continue to achieve our dreams and become multi-unit owners.

‍

<quote_1></quote_1>

‍

<p class="g_eyebrow_text">GROWTH</p>

Unit Equity & ApplePie Drive Growth

When we first started, banks didn’t want to take any chances so we saved and self-funded. We really didn't have a lot of experience with other lenders, outside of the Merchant Cash Advances in the beginning. They were horrible and the interest rates were really bad.

‍

We weren't a fan of the SBA process, although everything was fine with the bank that ApplePie secured our SBA with. Justin managed the process and helped us navigate through all the paperwork and kept everything organized. After that, Justin helped educate us how to use the strength of our existing locations to fund growth through refinancing and recapitalizations, all while keeping our existing businesses and cash flow healthy. The entire team that Justin works with is just amazing, they just get it. Closing was an easy process and the portal keeps it very organized. Having ApplePie as a financing partner gives us confidence that we can keep scaling the right way.  We felt we had a partner in ApplePie

‍

After we took over our first location in 2018, Hector left his corporate job and was fully focussed on running the unit. I continued my L'Oreal job to continue earning, saving to make sure we were good. After the 9-5 I was always operational with finances and budgeting for the unit. 

‍

We started growing but took a dip when COVID happened. We looked around and realized we might be able to take advantage of the situation as some owners started looking for an exit. We knew we weren’t going to stay with one store and had been keeping an eye out and found an owner of a Uni K Wax who was looking to sell and acquired the unit in 2020. Hector and I knew we could turn it around, but it was hard self-funding again. I continued my job and we divided up the work like before.

‍

But after COVID, everything started to flourish and we grew both brand locations. In 2023 Uni K Wax approached us about acquiring one of their corporate locations and introduced us to ApplePie. We’d had a goal to have at least 5 to 6 units by 2025 and knew that acquisitions were simpler for us, so we were always on the lookout for good opportunities. We analyze, and see if it's worth the investment. After the third location we used the Recap & Grow® program from ApplePie and leveraged the equity in our existing units to acquire two Uni K Wax unit and one Elements location in 2025.

‍

‍

All About Family

The best part is to work with my family. I work with my husband, my sister is the Director of Operations for our studios.. Our business name is Ivanworks Corporation, my daughter's name is Ivanna, and my husband's middle name is Ivan. That says it all to me. It’s about family.