Waxxpot is ready for its next stage in franchising and brought on several new faces to support incoming franchising.
Sometimes, it’s all about first impressions. For Waxxpot founder Daniel Sadd, it was an untraditional outfit that initially impressed the company’s chief operating officer.
Sadd picked up COO Michael Abramson from the airport for a business consultation wearing “homemade jorts and a button-down shirt that was probably a size too small with racing gloves,” Abramson said.
The former Xponential COO said Sadd is a lot different from former Xponential CEO Anthony Geisler, from the car he drives to the clothes he wears.
Abramson stayed in touch with the Waxxpot team for a few years before taking on the COO and president role in January. So far, he’s working to speed up the company’s franchise initiative with a string of key hires and partnerships.
Founder and CEO Daniel Sadd in front and COO and president Mike Abramson in the back right at a Waxxpot.
The 25-unit concept is using executive experience to reach new heights.
Founded in 2014, Waxxpot steadily added corporate and franchised units over the last 10 years. Going for a “Drybar feel” and catering to all genders, Waxxpot is competing in a packed category using its proprietary soft wax and quick services. Currently, 12 of the units are franchised.
“For us, it truly is look good, feel good,” said Abramson. “Anyone who’d be interested in buying boutique fitness is probably a good candidate for a salon like ours.”
Among the new hires are Adam Pennington as chief revenue officer, Jenna Materre as director of training and guest operations and Erik Bjorland as chief marketing officer. All three have franchise experience like Abramson.
Waxxpot utilizes beeswax for its services, resulting in a smooth and non-sticky finish.
“Because the leadership team, they were good people, but they were not necessarily equipped for franchise support,” said Abramson. “They also didn’t necessarily grasp the way it differs from running a corporate program.”
Abramson led initiatives at Waxxpot to partner with a marketing firm and Franchise FastLane to boost growth.
The initial investment ranges between $233,150 to $449,000 for a single unit or $314,650 to $534,000 for a three-unit deal. According to its Item 19, gross revenue ranged from $193,204 to $1.16 million in 2023.
The brand’s competition includes the 1,000-unit European Wax Center, which did $898 million in sales in 2022. There’s also Waxing the City and Radiant Waxing, which brought in $31 million and $75 million in 2022, respectively.