The Process to Become an Owner
The Plato's Closet® Process
As the biggest and most prominent retail resale franchisor in North America, Winmark® knows what it takes to build a successful franchise business. Over the last three decades, we've learned that finding the right individuals to partner with and represent our brands is essential to marketplace success—no matter what territory they're in. That is why we've created a thorough and illuminating qualification process to get to know our franchisee candidates and give them the opportunity to get to know us.
Are you interested in becoming a Winmark franchise candidate for your own Plato’s Closet store? Contact us today or call us at (866) 668-0681 for more information!
Qualifying Our Candidates
If you're interested in becoming a Winmark franchise candidate, then the first step is submitting the qualification form. This will cover basic information about yourself and where you'd like to open a Plato’s Closet location. After that form is submitted, our team will get back to you immediately to review your financial qualifications and to answer any initial questions you may have as we start the process.
The financial qualifications for our Plato's Closet franchisees include:
- Net Worth – $400,000
- Liquid assets (cash or stocks) of $75,000 to $105,000
If you do not have these assets, it does not necessarily disqualify you. Many of our franchisees take out loans to provide the required capital for their store or partner with family or friends to help them qualify. Because of Winmark's remarkable track record and industry reputation, our brands have a successful track record and history of getting funded by the banks and SBA.
Steps to Ownership
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1. Apply & Meet Requirements
Submit your application and we’ll review some basic information about you, including financials and the location you’re interested in. Financial requirements include $75,000 - $105,000 cash or liquid assets and $400,000 net worth.
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2. Get to Know Franchisees
Meet current retail resale franchise owners, where you’ll have the opportunity to ask questions and learn about their experiences. -
3. Discovery Day
We’ll invite you to Discovery Day, where you’ll meet the team that will support you and your new franchise. You’ll get some insight into operations, training, marketing, and more.
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4. Join Plato’s Closet
After attending the Discovery Day and receiving final approval, you will officially join Winmark as a franchisee and begin building your new retail resale business.
Meet Our Franchisees & Discovery Day
After your finances have been confirmed, we'll help you coordinate meetings with current Plato’s Closet franchisees. You'll visit their stores, see how they operate and, most importantly, speak with them about their experience running the business.
After your visits are complete, you'll receive an invite to Discovery Day. Here, you'll meet with our Plato's Closet franchise team and learn what we do to support our franchisees and ensure they are always positioned for success. We'll also ask you questions about your background and aspirations—and you'll have the opportunity to interview us, as well, and learn about Winmark and our brands.
Joining Plato’s Closet!
After both you and Winmark have decided to move forward with this franchise opportunity, you officially become a member of the Plato's Closet brand! We'll get the franchise agreement sent to you promptly and enroll you in our training program. This whole process will take several months before we get to the actual opening of your store but, in that window, you will receive the instruction and tools you need to make your Plato's Closet location a success.