Mr. Electric Company Profile

Background

Established in 1994, Mr. Electric is a global franchise organization specializing in electrical installation and repair services for both residential and commercial clients. As a subsidiary of Neighborly®, the world's largest home services company, Mr. Electric operates over 195 locations worldwide, including the United States and Canada. The company's mission is to provide expert electrical services that enhance the efficiency and enjoyment of homes and businesses. Mr. Electric is recognized by Entrepreneur Magazine among its "Franchise 500," reflecting its industry significance and commitment to excellence.

Key Strategic Focus

Mr. Electric's strategic focus centers on delivering comprehensive electrical solutions, including installation, upgrades, and repairs. The company emphasizes energy efficiency and the integration of smart home technologies to meet evolving consumer demands. By leveraging its extensive franchise network, Mr. Electric aims to provide consistent, high-quality services across diverse markets, thereby strengthening its position in the electrical services industry.

Financials and Funding

As of April 2025, Mr. Electric's annual revenue reached approximately $750 million. The initial investment for a Mr. Electric franchise ranges from $152,000 to $315,000, with a franchise fee of $42,500. The company offers a 20% discount on the initial franchise fee for qualified veterans, demonstrating its commitment to supporting military personnel.

Technological Platform and Innovation

Mr. Electric utilizes a suite of technological tools to enhance operational efficiency and customer service. The company's tech stack includes QuickBooks for accounting, Google Call Conversion Tracking for analytics, Skai for marketing insights, and Datadog for real user monitoring. These technologies enable Mr. Electric to maintain high service standards and adapt to the evolving needs of the electrical services market.

Leadership Team

Joel Worthington: Serving as President since 2014, Joel joined The Dwyer Group® in 2009 as a franchise developer for Mr. Electric. He has held various roles, including Vice President, and has focused on strategic initiatives such as creating new sales, customer service, and training systems. Joel holds a BA in Biblical Studies from Trinity Bible College and a BS in Professional Studies from Southwestern University.

Charles Boyd: Appointed Vice President of Operations in January 2024, Charles joined Neighborly in 2019 as a Franchise Business Coach for Mr. Appliance. He later became the Director of Systems for the Neighborly Hub Team in 2022. Charles holds a BBA in Entrepreneurial Studies and Small Business Operations from Baylor University's Hankamer School of Business.

Competitor Profile

Market Insights and Dynamics

The electrical services industry is experiencing steady growth, driven by increased home electrification, the adoption of smart home technologies, and a shift toward renewable energy sources. The market is projected to grow at a compound annual growth rate (CAGR) of 1.29% from 2024 to 2029. This growth presents opportunities for companies like Mr. Electric to expand their service offerings and market reach.

Competitor Analysis

Key competitors in the electrical services industry include:

The Maids: Specializes in residential cleaning services with an estimated revenue of $10 million.

Hire A Hubby: Offers handyman services with revenues ranging from $10 million to $50 million.

Five Star Painting: Provides painting services with an estimated revenue of $10 million.

Handyman Matters: Focuses on handyman services with revenues between $10 million and $50 million.

Mr. Handyman: Offers handyman services with an estimated revenue of $10 million.

Handyman Connection: Provides handyman services with revenues ranging from $10 million to $50 million.

While these companies offer various home services, Mr. Electric's specialization in electrical services and its affiliation with Neighborly® provide a competitive edge in the market.

Strategic Collaborations and Partnerships

Mr. Electric is a subsidiary of Neighborly®, a service-based franchise company that encompasses over 30 brands and 5,500 franchises. This affiliation allows Mr. Electric to leverage a vast network of home service professionals, enhancing its service offerings and market presence.

Operational Insights

Mr. Electric's franchise model emphasizes low overhead, with no initial office space required, and limited receivables, as most projects are "same day pay." The company provides comprehensive marketing and operations support, integrated digital marketing, and access to a nationally recognized brand within the Neighborly® franchise system. These operational strategies contribute to the company's scalability and flexibility, allowing franchise owners to achieve a balanced lifestyle.

Strategic Opportunities and Future Directions

With the growing demand for electrical services driven by smart home technology and renewable energy adoption, Mr. Electric is well-positioned to expand its market share. The company's focus on energy efficiency, technological integration, and comprehensive franchise support systems positions it to capitalize on emerging trends and consumer needs in the electrical services industry.