Expansion plan leverages Walmart pilot to meet growing demand for spinal health and wellness
BRENTWOOD, Tenn., March 15, 2022 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: IMAC) ("IMAC" or the "Company") today announces it completed Franchise Disclosure Documents to launch The Back Company franchise spinal health and wellness centers. Capitalizing on the launch of the Company's Back Space concept, piloted in select Walmart locations, IMAC will launch The Back Company franchise April 1st.
The Back Company specializes in chiropractic adjustments, corrective instrument adjusting, and percussion therapies for soft tissue recovery, muscle relaxation, and spinal wellness. Services are offered on a walk-in and appointment basis, priced at $25 per treatment, with memberships available for $65 per month, in addition to family and wellness plans that are valid at any The Back Company location. Franchises are available to be positioned in retail centers, within large retail stores, and inside of medical facilities.
"IMAC Holdings was formed seven years ago today. There is no coincidence that on this anniversary, we announce a monumental initiative for IMAC to capitalize on assets we have developed since inception," said Jeff Ervin, Chief Executive Officer of IMAC. "We believe we have the ability to leverage a competitive advantage in a $20 billion industry that will efficiently utilize capital to increase storefronts quickly through franchising. Our pilot allowed us to develop our technical infrastructure, refine the services and messaging, and implement the infrastructure needed to launch the franchise program. With the majority of the pilot program expenses behind us, this initiative will reverse the course from cash outlay into cash receipts for the intellectual property we have developed."
The Franchise Disclosure Document provides total initial investment details with a range of $81,000 to $373,000 with conversion practices serving as the lowest initial investment and strip center locations with the highest potential initial investment. The Franchise Fee ranges from $30,000 to $50,000 with a seven percent royalty fee.
Dr. Ben Lerner, recently announced as IMAC's Chief Operating Officer, will lead the expansion. A New York Times bestselling author with more than 20 years of experience in franchising and high-growth leadership, Lerner previously founded Maximized Living, a national chiropractic consulting, franchising, and lifestyle brand organization. As CEO, he managed five interconnected companies, consulted for thousands of doctors and chiropractic students, opened more than 100 franchised locations, and licensed the model in over 500 additional clinics.
"The founding physicians of IMAC are early adopters in advanced healthcare therapeutics. They're addressing aggressive neurodegenerative disease, have become leaders in the fight against the opioid crisis and are helping the hopeless that thought dangerous drugs and surgery were their only hope for chronic pain and dysfunctions," said Dr. Ben Lerner, Chief Operating Officer of IMAC. "I've trained my whole career to join a movement just like this one with the power, reach, and resources to truly enact positive change in the world."
The Back Company Franchise LLC will offer the Franchise Disclosure Document by request. Interested investors will be required to submit an application and non-refundable application fee to be awarded a franchise. To learn more about The Back Company franchise opportunities, please visit http://thebackcompany.com or contact The Back Company at (833) 255-BACK (2225).
About IMAC Holdings, Inc.
IMAC Holdings owns and manages health and wellness centers that deliver sports medicine, orthopedic, and life science therapies for movement restricting diseases. IMAC is comprised of three business segments: outpatient medical centers, The Back Space, and a clinical research division. With treatments to address the aging population, IMAC Holdings owns or manages more than 15 outpatient medical clinics and has partnered with several active and former professional athletes, including Ozzie Smith, David Price, Mike Ditka, and Tony Delk to promote a minimally invasive approach to sports medicine. IMAC's The Back Space retail spine health and wellness treatment centers deliver chiropractic care within Walmart locations. IMAC's research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinson's disease. For more information visit www.imacholdings.com.
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Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements, and terms such as "anticipate," "expect," "believe," "may," "will," "should" or other comparable terms, are based largely on IMAC's expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC's control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with IMAC's ability to successfully roll out its new franchise operations on a timely and economical basis. IMAC encourages you to review other factors that may affect its future results in its registration statement and in its other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur.
IMAC Press Contact:
Laura Fristoe
[email protected]
