FBR Top Food Franchises 2013
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Transcript of FBR Top Food Franchises 2013
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7/29/2019 FBR Top Food Franchises 2013
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Franchise Business
FALL 201
Ratings & Reviews ofTodays Top Franchises
THE LIST:
Best of the Best
Food Franchises
PAGE 8
CHURROMANIAs
Bernardo Abend Finds
Success with a Sweet Niche
PAGE 17
REVIEW
TOP FOOD
FRANCHISESFranchisee Satisfaction Study
SPECIAL REPORT:
From Friends to Franchisees:
Black Bear Diners
Tim Augustine & Burt Benepal
PAGE 15
Long-time Detroit resident Nicole Wilski o
6 Checkers restaurants in the Motor
and is in the process of opening 3 m
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SPECIAL REPORT: Top Food Franchises
2 |For more information on this report, visit: www.FranchiseBusinessReview.com
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WHATS YOURNEXT PROJECT?
WERE ALL
EARS
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SPECIAL REPORT: Top Food Franchises
When people think ranchise, ast ood is oen what comes to mindand understandably soas the quick-service (QSR) space is one o the biggest and most competitive in all o ranchising.But the ood sector is loaded with ranchise opportunities ranging rom QSR and ull-servicerestaurants to coee shops and rozen treats.
So, how do you know which concept and brand is right or you?
Tats where we come in. Every year, Franchise Business Review surveys thousands o ranchiseesrom hundreds o leading ranchise brands to gauge ranchisee satisaction and perormance. Notall brands willingly open their doors to an independent research rm like Franchise BusinessReview, but those who do can oer investors a wealth o inormation on the systems leader-ship, culture, training and support, nancial outlook, and ranchisee communityall rom theperspective o ranchisees.
Having a detailed understanding o ranchisee satisaction and unit-level nancial perormanceis critically important in the ood industrywhere competition is erce, prot margins areslim, and consumer preerences are ever-changing. You need to know exactly what youregetting into beore you get into it.
Tis report highlights the top ood ranchises based solely on the satisaction and perormanceo current ranchise owners across the industry, and we dig into what potential ranchiseesshould consider as they research opportunities.
No, the ood business isnt easy. But or the right person who nds the right ranchise brand, theood business can oer an exciting, rewarding, and protable opportunity.
Food For Thought
Happy ranchising!
Molly Rowe, Editorial Director
This report highlightsthe top food franchisesbased solely on thesatisfaction andperformance of currentfranchise owners acrossthe industry . . .
Eric Stites, CEO
Michelle Rowan, PresidentMolly Rowe, Editorial Director
Michael Kupfer, Online Marketing Manager
Nicole Kenney, Client Services Manager
Jamie Lavigne, Client Consultant
Linda Lorrey, Client Consultant
Jay Metzenroth, Research Assistant
The Secret Agency, Layout & Production
Franchise Business Review is the leading market research company in
the ranchise industry, assisting prospective ranchise buyers through the
examination process o todays leading ranchise systems. Beore you invest
in any ranchise opportunity, get the acts rom Franchise Business Review.
Our independent ranchisee satisaction reports measure the health o
any ranchise system, based exclusively on the eedback o todays
ranchise owners ... the real ranchise experts!
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SPECIAL REPORT: Top Food Franchises
4 |For more information on this report, visit: www.FranchiseBusinessReview.com
WHO WE ARE
Franchise Business Review is a national mar-
ket research rm that ocuses on ranchisee
satisaction and perormance. Our products
include ranchisee satisaction reports, custom
research, industry sector studies, and other
projects and services ocused on driving ran-chise perormance.
WHAT WE DO
o compile the data or this report, we surveyed
4,328 ranchisees, representing nearly 100
leading ood ranchise brands with a total
o 21,200 ood outlets across the United
States and Canada. We contact all active
ranchisees within a ranchise system and
ask them to complete our satisaction survey.
Franchisees answer 33 benchmark questions
ranking their ranchise system in the areas o
nancial opportunity, training and support,
leadership, operations and product develop-
ment, core values (e.g., honesty and integrity
o ranchisor), general satisaction, and the
ranchisee community. An additional 16questions ask ranchisees about their market
area, demographics, business liestyle, overall
enjoyment running their ranchise, and role
in the ranchisee community. From this data,
we identiy our list o top ood ranchises
with above average satisaction.
It is important to note that all Franchise
Business Review research studies are open
to any North American-based ranchise
company with at least 10 operating ranchisees
at absolutely no cost. Te ranchise companies
listed in our reports are based solely on ran
chisee satisaction ratings.
WHY SATISFACTION MATTERS
By all accounts, this is a great time to buy a
ood ranchise. Franchise brands are outperorming non-ranchised businesses, ranchise
units are experiencing healthy returns
and many people whove been considering
ranchise opportunities or several years are
nally committing to their dream business
But, no matter how rosy things look or
ranchising as a whole, nothing guarantees
a ranchisee or a ranchise concept will be
successul. Prospective ranchisees mus
thoroughly research every opportunity they
Photo courtesy of Bahama Bucks
Top Franchisors Focus on Smart Growth,Long-Term Health, and Franchisee ProftabilityThe Bright Future o Food Franchising
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SPECIAL REPORT: Top Food Franchises
are considering to determine i the concept is
viable and the right t or them.
One o the best ways to know i a ranchise
opportunity is really as good as it appears is to
look at its third-party ranchisee satisaction
data. Franchise systems that dont providethird-party data may have deeper issues, and
those that do provide data oer a wealth
o inormation on the systems leadership,
culture, training and support, nancial outlook,
and ranchisee community.
MODELS & CONCEPTS
Franchise concepts within the ood sector
typically all into one o several major catego-
ries: QSR, ast casual [a variation o QSR that
includes higher end, counter-service establish-
ments], retail stores, mobile and kiosk outlets,delivery only, and ull-service restaurants.
Tese models may be urther broken down
by ood type, such as burgers, wings, pizza,
Mexican, ice cream/yogurt, coee, and sushi,
to name just a ew. Because many o the models
t into a number o categories (a coee shop
that serves breakast sandwiches, or example),
the concept lines are oen blurred.
Some ranchisors oer multiple business
models. East Coast Wings & Grill recently
expanded its oerings to include QSR oppor-
tunities or ranchisees who already own a
agship restaurant. Existing East Coast ran-
chisees can open a QSR location or $325,000
(compared to around $650,000 or ull-service
restaurant). CEO Sam Ballas told us theybegan researching and prototyping this model
a ew years ago in an eort to oer less expen-
sive multi-unit opportunities or ranchisees
and to oset a projected real estate shortage.
Weve been closely studying real estate in
the past years and see a real crunch coming
in 2014 and 2015, Ballas said. Were just not
going to be able to nd the 4,000 oot space
that the ood sector is going to need.
As in past years, ranchise concepts oer-
ing quick, inexpensive oods dominate our
list. Pizza, subs, wings, rozen yogurt, andburgers remain the hottest oods in ranchis-
ing. O course, hot and trendy segments
dont always translate into satised, protable
ranchise owners. For example, there has
been an explosion o brands in the rozen
yogurt segment, and yet only one brand
(Yogurtland) made our list this year.
While Five Guys may have been the
prominent player in the better burger
market several years ago, smaller brands like
MOOYAH have also made a name or them-
selves in recent yearsespecially in terms o
ranchisee satisaction.
Healthier oods continue to be popular
although we see ewer wrap, salad, and Asian
grill concepts on our list this year. Mos
brandseven those traditionally known as
burger, shake, and ry conceptshave adapt-
ed their menus to include healthy options.
Were really known or wings and theyre
not that healthy, so weve added other things
to sway the veto vote, said Steven Falciani
Senior Vice President o ranchise operationsor Quaker Steak and Lube. We want to
make it so i someone in the amily doesn
like wings but everyone else does, theres
something or everyone.
MOOYAH President and CEO Bill Spae
echoes the silence the no vote sentiment
He says that while MOOYAHs menu ha
remained simple and ocused on burgers
they oer diversity within that menu or
dierent diet preerences (a bun-ree, lettuce-
wrapped burger or the gluten-conscience
or example).We oer ve combos or under 600 calories
but we didnt add any products to our menu
to do that. Its just a combination o dierent
products we already oered, Spae said.
While ads may signicantly inuence
whats hot in ood ranchising, not every
company on our list is interested in jumping
on a bandwagon. In act, Black Bear Diner
Co-President Bob Manley takes pride in his
brand or not changing.
We are not trying to compete or whats
new, whats catching on right now, Manleysaid. We think there is still a legitimate
spot in the market or what is old, what is
traditional. Weve kind o ound a niche or
ourselves within that group o people to
remember what it was like when I was a kid
the environment, the comort ood.
HWY 55 Burgers similarly holds onto
traditionmarketing itsel as a 50s-style
American classic rom crispy onion rings to
old-time rock n roll.
QSR/Fast Casual
21
Full Service
12
6
Retail/Snack
1Other
Top 40 Food Brands By Category
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SPECIAL REPORT: Top Food Franchises
6 |For more information on this report, visit: www.FranchiseBusinessReview.com
INVESTMENT
Food is typically one o the more expensive
sectors or ranchise ownership because o
build-out costs, equipment, and supplies
required to run a restaurant, as well as prime
real estate/lease rates. Our list o top ood
ranchises includes a wide range o invest-
ment options.
Mobile ood concepts, like Kona Ice,Repiccis Italian Ice, and Happy and Healthy
Products, oer ranchisees the opportunity
to run a ood-related business or less than
$100,000 (approximately $99,000 or Kona,
$74,000 or Repiccis, $61,000 or Happy
and Healthy). A quick-serve brand based in
a retail strip center, like Wingstop, can cost
less than $500,000 initially, depending on
the real estate and overhead requirements.
A ull-service stand-alone restaurant, like
UNO Chicago Grill, which requires a large
site (and more employees and overhead orday-to-day operation), typically costs more
than a million dollars to get started.
Te investment range o the top ood
ranchises on our list is $34,500 to $4 million,
with a median initial investment o $445,000.
(Note that this is the total initial investment,
but with nancing and lease options, the typi-
cal upront cash requirements tend to be 20
percent to 40 percent o that total investment.)
In the past ew years, many ranchisors have
taken steps to reduce the cost o investing in
a ood ranchise. MOOYAH, or example, has
reduced its average investment rom around
$450,000 to under $400,000 by reducing the
square ootage and mechanical requirements.
Tey are also looking to open restaurants in
non-traditional spacesairports, colleges,
and stadiumsto reduce real estate costs.Te time investment or a ood service
ranchisee can vary as much as the monetary
investment, depending on the size and capacity
o the ranchise concept, the number o loca-
tions, and how long the ranchisee has been
in business. Franchisors o location-based
concepts (those that arent kiosk or truck-
based) tell us the early months and sometimes
years require long hours and a more than
ull-time commitment to running the business.
An owner-operator can be expected to
work 10- to 14-hour days, and theyre gruel-ing the rst year, said Ballas o East Coast
Wings & Grill. Eventually, you have the
opportunity to roll those hours back as you
learn the business, pay your dues, and hire the
right management team.
Te importance o a new ranchisee being
well-capitalized cannot be overstated. Prospec-
tive ranchisees should careully review a brands
FDD and ask the ranchisor and current opera-
tors what eorts have been made to ensure
ranchisees are well-capitalized or start-up
and economic ups and downs. Te Item 7 in
the FDD outlines the expenditures needed to
establish a business, but all Item 7s are not
equal. Some companies will outline the neces
sary working capital, but otherswho migh
want to keep the stated investment level a
low as possibledont. Any investor should
understand and plan or the act that it mightake signicantly more capital than what i
listed in the Item 7 to get a new ranchise busi
ness up and running. Having several sources o
reserve capital and a solid contingency plan in
the event that your new business ramps-up
slower than expected will save you many sleep
less nights.
We also recommend that where possible
all potential ranchisees thoroughly review
and understand a companys Item 19, i
included, so they have a better idea o wha
to expect in the way o protability. Not alranchise companies provide an Item 19 as
part o their FDD because its not required
And like the Item 7, every Item 19 is dierent
in the way it outlines unit-level nancials. A
good Item 19 can provide invaluable inorma-
tion related to potential protability o the
business, assuming the ranchise company
publishes accurate revenue and cost gures.
In our interviews or this report, ranchi-
sors told us they have become much more
*These are broad estimates of initial capitalinvestments, and each franchise brand will have
specic liquid capital and net worth requirements.
$30,000 $250,000+Kiosk/Mobile/Non-Traditional Locations
$100,000 $400,000+Conversions of Existing Locations
$175,000 $500,000+Retail/In-Line Strip Center Locations
$750,000 $2,000,000+Stand-alone/New Construction Locations
Photo courtesy of Black Bear Diner.
Typical Investment Ranges
for Food Franchise Locations
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SPECIAL REPORT: Top Food Franchises
rank in their discussions with ranchisees
about what exactly theyll need or capital to
be successul.
I think sometimes just the nature o the
regulations surrounding ranchising make
people hesitant to have some o those con-
versations with prospective ranchisees, said
Culvers President and COO Phil Keiser. But
we just eel that you have to say, Hey, youre
thin. You dont have enough money. Youre
going to have to nd the perect circumstance
to build a restaurant so i you can nd the
right set o circumstances, were with you.
I, as a prospective ranchisee, a ranchisor
doesnt scrutinize your nancial strengths and
weaknesses, you should be skeptical.We never take someone in who is under-
capitalized, said Ballas o East Coast Wings &
Grill. Franchisees can have an o weekend,
but the bills still keep coming. You have to
give them the big picturemaybe they have
to bring in partnerships to strengthen it.
We make it as tough as we can or ranchisees,
and the ones who get through do very, very
well. We dont have underperorming stores
in our system.
INCOME AND PROFITABILITYAverage annual income (dened as any
income, salary, or prot the owner takes out
o the business) or all ood ranchisees is
$82,000the same as 2012. Not surprisingly,
ranchisees o our top 40 ood ranchises
report higher annual incomes o $98,50020
percent higher compared to other ood
brands, and 38 percent higher compared to
non-ood ranchisees.
While aggregate ranchisee incomes can be
a valuable reerence point, it is important tonote that average numbersespecially when
you are looking at nancial inormationcan
be very misleading. Average data includes all
ranchisees together, both single and multi-
unit owners, as well as new ranchisees, and
those that have been operating or many
years. In most cases, median data points can
be much more helpul than averages. For
example: While the average ood ranchisee
earned $82,000 last year, 50 percent o the
ood operators we surveyed earned less than
$50,000, while only 25 percent earned over$100,000.
When doing your research and busi-
ness planning, it is important to distinguish
between business proft and owner income
Prospective ranchisees oen conuse a busi
nesss potential prots with their potentia
annual income/salary, which is a big mistake
As a business owner, beore you can pay
yoursel, you oen have to pay business
taxes, debt repayments on loans, and reinvest
in your business (that new piece o equipmenyou need, or the new signage youre required
to buy, or example). While your business
may grow to be quite protable, your actua
income could be substantially lower. alk with
as many other ranchisees as possible, and
conrm that your business prot and income
expectations and projections are realistic.
Many o the ranchisors we interviewed or
this report said they are taking a close look a
how to reduce costs and improve protability
and income or ranchisees.
Several years ago, we began workingpretty diligently on how we can reduce the
costs, get a more efcient business design and
building design, and how we can t on more
aordable real estate, said Keiser o Culvers.
Finally, on the topic o income and
protability, while many ood ranchises
report relatively high unit-level sales and/
or protability, it is important to look at the
whole picture when considering a ranchise
investment. For example, a ood ranchise
may oer slightly higher protability com
pared to other businesses, but i the initiainvestment is three times higher, your overal
return on investment is potentially going
to be signicantly lower. Work through your
long-term nancial projections with a good
accountant, and compare your potentia
ranchise investment to other businesses, as
well as other investment opportunities (i.e. rea
estate, stocks, etc.) to see how they compare.
Multi-unit ownership is a common requirement by ood ranchisors because it is easier rom a
development standpoint to work with an owner who is going to operate several locations. Running
multiple locations obviously involves dierent skills and more money than a single unit, so this is an
important consideration or prospective ranchisees. Even i youre not yet ready to own multiple units
but think you may one day, youll want to consider this in your initial research.
You need to evaluate the programs a ranchisor has in place to see i there is a specifc program thatfts your needs, said Jennier Durham, Vice President o Franchise Development or Checkers and
Rallys. Good ranchisors have an understanding o the variety o ranchisees that come into their
system and they adopt their support structures to ft the needs o those candidates. Id look or that
i I were on the buying side o this decision.
O course, there are still brands that preer single-unit deals because they are looking or a dierent
type o ranchise ownerone who wants to be very involved in the day-to-day running o the business.
We actually get ranchisees coming to us because we will do a single unit, said Culvers Keiser.
They dont need the same kind o balance sheet that they would to do a 10-restaurant agreement.
Its obviously critically important that a prospective ranchisee understand the terms o their ranchise
agreementwhether it requires multi-unit ownership and the associated timeline or ramp-up
(as well as the penalties i timelines are not met)beore jumping all in with multiple stores.
Multi-unit vs. Single-unit Ownership
Continued on page 10
Franchisors told us they have become much morefrank in their discussions with franchisees aboutwhat exactly theyll need for capital to be successful.
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SPECIAL REPORT: Top Food Franchises
*View this companys full
satisfaction report at:
www.FranchiseBusinessReview.com
THE LISTBest of the Best:Todays Top40 Food Franchises
Everyone helps eachotherfrom ideas tobuilding sales, its a familyhere that I am proud tobe a part of.
HWY 55 franchisee
The franchisee communityis getting better every yearwith the addition of new
passionate franchisees. Zoup! franchisee
StartupInvestment
CashRequirement
DomesticFranchises
Culvers see ad on p. 14Full-service restaurant specializing in
handcrafted American food & ice cream
$1,439,000
$3,087,000$350,000 485
Kona Ice
Mobile shaved ice
$99,800
$120,000
$20,000
$25,000408
* Firehouse Subs see ad on Back CoverFast casual restaurant
specializing in subs & sandwiches
$178,376
$625,801
$80,000
$100,000612
LaRosas PizzeriaFull-service restaurant specializing
in pizza & other Italian favorites
$500,000
$850,000
$150,000
$255,00049
* Checkers & RallysQuick-service restaurant & drive-thru
specializing in burgers & fries
$111,000
$825,000$250,000 456
* HWY 55 Burgers50s-style family restaurant
$191,280
$342,130$125,000 109
Auntie AnnesQuick-service pretzel bakery
$194,875 $367,600
$40,000 $80,000
1,015
Penn StationQuick-service restaurant
specializing in subs & sandwiches
$320,798
$460,813$175,000 254
HardeesQuick-service restaurant
specializing in burgers & fries
$1,147,900
$1,542,000$300,000 1,705
Simple Simons Pizza see ad on p. 16Full-service restaurant specializing in pizza
$89,500
$593,500$25,000 230
Bahama BucksSmoothies & shaved ice
$184,000
$558,000$90,000 + 30
* East Coast Wings & Grill Inside Back CoverFull-service restaurant specializing in chicken wings
$245,050
$873,374
$250,000
$575,00025
Happy and Healthy ProductsHome-based store specializing in frozen novelties
$34,508
$89,045
$34,508
$89,04556
Brueggers BagelsBakery caf specializing in bagels
$389,600
$591,600$150,000 102
Charleys Philly SteaksQuick-service restaurant
specializing in subs & sandwiches
$101,572
$465,282
$75,000
$100,000412
Biggby Coee
Caf concept specializing in gourmet coee
$161,100
$340,100$70,000 151
Zoup!Fast casual soup
$365,900
$558,900$120,000 49
Captain DsQuick-service restaurant specializing in seafood
$206,000
$1,281,400$300,000 240
Village InnFull-service restaurant
specializing in American comfort food
$695,000
$2,178,000
$695,000
$2,178,00089
Chopped LeafQuick-service and take out specializing in salads
$215,000
$370,000
$70,000
$90,00013
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SPECIAL REPORT: Top Food Franchises
StartupInvestment
CashRequirement
DomesticFranchises
Black Bear Diner see profle on p. 16Full-service restaurant
specializing in homestyle diner food
$544,300
$1,353,700
$750,000
$1,000,00045
The HoneyBaked Ham Co. see ad on p. 16
Retail concept specializing in meat products
$278,300
$409,900$150,000 188
McAlisters DeliFast casual deli specializing in sandwiches
$650,000$30,000
$35,000266
BarberitosSouthwestern grill quick-service restaurant
$100,000
$450,000
$30,000
$50,00031
WingStopQuick-service restaurant
specializing in chicken wings
$252,621
$554,898$200,000 599
Beef OBradysFull-service sports bar themed restaurant
$256,500
$866,500$125,000 220
* Famous DavesFull-service restaurant specializing in barbeque
$636,750 $4,239,750
$636,750 $4,239,750
133
Uno Chicago GrillFull-service restaurant
specializing in deep dish pizzas
$1,500,000
$2,500,000
$500,000
$1,000,00049
Billy Sims BarbecueQuick service restaurant specializing in barbeque
$169,200
$433,100$250,000 36
Foxs Pizza DenFast casual restaurant specializing in pizza
$100,500
$157,550
$100,500
$157,550283
Quaker Steak & LubeFull-service motorsports themed restaurant
$1,150,000
$4,300,000
$1,150,000
$4,300,00041
YogurtlandQuick-service frozen yogurt
$323,159
$725,451$400,000 251
Fuzzys Taco ShopQuick-service restaurant specializing in tacos
$330,260
$704,210
$330,260
$704,21061
Repiccis Italian IceQuick-service shaved italian ice
$49,500
$99,900$50,000 48
Nothing Bundt CakesRetail bakery specializing in customized cakes
$339,800
$440,700$150,000 67
* CHURROMANIA see ad on p. 2; profle on p. 17
Quick-service restaurant specializing in churros
$145,000
$335,000
$145,000
$335,00015
KilwinsRetail store specializing in chocolate
$307,897
$496,293
$125,000
$130,00083
* MOOYAHQuick-service restaurant
specializing in burgers, fries & shakes
$334,950
$529,700$250,000 50
Hurricane Grill & WingsFull-service restaurant specializing in chicken wings
$297,000
$847,000$250,000 50
Cheeburger CheeburgerFast casual restaurant speciailizing in burgers
$215,250
$577,500
$150,000
$200,00069
I am very pleased withthe product the brandproduces. The franchise
system gives me a goodedge to compete in themarket and do well.
MOOYAH franchisee
Question from 2013 survey:
What advice would you give toyour franchisor?
What really helped me getting started wasspending a whole day with a local ranchiseenear me nothing better than on the jobtraining.
Dont always rely on the same franchiseesfor advice and guidance There aremany others out here that have dierentexperiences to share.
Listen to the franchise body; they arein the trenches.
Remember the little guy when makingdecisions that require increased costs
We really need to have marketing materialslong before a promotion starts so we canget material ordered beore the promotionhits instead o hal way through it.
Do more to help franchisees maintainlarger accounts by helping them fnd waysto logistically service them. It would helpnot only the ranchisees be more proftable,but would also help build the brand, which inturn helps the company grow.
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SPECIAL REPORT: Top Food Franchises
10 |For more information on this report, visit: www.FranchiseBusinessReview.com
PROS & CONS OF THE FOOD BUSINESS
Pros
Ask a ranchisor or a ranchisee to talk
about the pros o the ood sector and youll
undoubtedly hear exciting, people-lled,
and ood-loving. Its an industry that oers
ranchisees and their customers immediate
gratication. At the same time, its ever-chang-
ing, never boring, and impossible to outsource.
Youve always got a captive audience
people always need to eat, said Firehouse
Subs ranchisee Elliott Goldsmith.
Although ood is at the heart o every
ranchise concept within the ood sector,
there are countless investment options, busi-
ness models, and ood types or ranchise
operators to choose rom. A prospective
ranchisee can choose to run anything roma van-based delivery business to a ull-service
restaurantwith dozens o other business
types in between.
A ood ranchise can be a substantial mon-
eymaker, and multi-unit operators in particular
may see a signicant return on investment
once they are established. Te wide range o
ranchise models available to someone look-
ing to enter the ood services sector make the
ood business a easible endeavor at almost
any investment level.
Perhaps more than in any other ranchise
sector, operators o ood ranchises may
reap signicant benets rom being part o a
large ranchise system rather than operating
alone. Te ood industry is highly competi-
tive and trend-driven, and business owners
in this space must constantly be marketing
themselves and developing new products.
Franchisees benet rom having a recognizedbrand and the support and resources o a
corporate ofce to help with these tasks.
One o the things I tell prospective
ranchisees is that ood is a high-risk busi
nessthere is no guarantee you are going
to be successul. But i you come in with
a ranchise, you are going to have a better
opportunity, said MOOYAHs Spae. I you
decide to open your own restaurant, which
Ive done, that is a pretty risky proposal.
Cons
Te ood sector is not or the aint o hear
in terms o what it takes to run and operate a
successul business. Rising ood costs, soaring
competition, high employee turnover, and
long hours are just a handul o the drawbacks
Years ago, I worked or Dave Tomas
at Wendys and one o the things that he told
me was that you had to be hal crazy to be inthe ood business because thats the only way
Continued from page 7.
Income Range
$0 - $25,000
$25,000 - $50,000
$50,000 - $75,000
$75,000 - $100,000
$100,000 - $125,000
$125,000 - $150,000
$150,000 - $175,000
$175,000 - $200,000
$200,000 - $225,000
$225,000 - $250,000
$250,000+
0% 5% 35%30%25%20%15%10%
Percent Response
FBRs Top 40 Food Franchises All Food Franchises
*Income data listed above is based on independent surveys completed with 3,359 ood industry ranchisees in 2012. This sample included data rom 84 ranchise brands,
representing 22,516 operating units. Proftability is defned as any annual pre-tax income the ranchisee received including salary and/or business profts.
Average Income of FBRs Top 40 Food Franchises vs. All Food Franchises
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SPECIAL REPORT: Top Food Franchises
you would survive, said MOOYAHs Spae.
Te competitive nature is probably the
reason he elt that wayand thats probably
more true today.
o keep up with that competition, ranchise
companies must constantly be researching
and developing new products to keep up with
the latest ood trends. At the same time, they
must be careul not to act too quickly. Every
menu addition or concept change requires
an additional investment rom ranchisees
to re-vamp equipment and train sta, so i a
seemingly hot trend is actually a short-lived
ad, ranchisees lose out. Good ranchisors
watch trends careully and know when to act
and when not to.
Getting started in the ood sector typically
requires a large investment, and early prot
margins can be much lower than some otherservice industriesespecially or operators
o high cost, single-unit operations. It can
take a long time or a new operator to recoup
start-up costs. Many ranchisees choose to
operate multiple locations so they can gain
operational efciencies and turn a higher
prot (i.e., sharing employees across locations
reduces training costs, buying products in
larger quantities reduces per unit costs, etc.).
Still, operating multiple units signicantly
increases your overall investment and is only
recommended or experienced, extremelywell-nanced candidates.
Ongoing expenses also are much higher
than in other sectors and can uctuate
greatly based on whats going on in the world.
Climate-related price increases have become
more common in the past ew years, and rising
uel prices have also had a big impact on com-
modities. Prospective ranchisees should ask
ranchisors what saeguards (supply contracts,
cost-cutting eorts, increased menu prices)
theyve put in place on an ongoing basis to
help ranchisees deal with high supply costs.Tere is signicant pressure in the ood
space in terms o pricing. Franchisors must
constantly keep an eye on their prices, adjust-
ing them to compete with other concepts.
In recent years, a number o QSR concepts have
introduced value-menu pricing as a means
to out-price competition and keep customers
coming in the door. Many ranchisees ended
up losing money with the value menus because
they were orced to oer more ood or less
money (while at the same time paying more
or basic ood supplies like corn and our).
In many concepts, even when sales were up,
unit-level protability suered considerably,
so to oset this, some brands have created new
value product lines that cost less to produce.
MARKET ANALYSIS
Te National Restaurant Associations 2013
Restaurant Industry Forecast predicted that
total restaurant industry sales would reach a
record high o $660.5 billion in 2013 (a 3.8percent increase over 2012) and that the
industry would add jobs at a 2.4 percent
rateclose to a percentage point more than
the projected 1.5 percent increase or total
U.S. employment.
All o the ranchisors we spoke with or
this report said theyve seen improvements
at both the unit level and in new ranchise
sales over the past year. Brands that may
have scaled back their ranchise develop-
ment eorts in recent years have been more
aggressive in 2013, and many o our topbrands experienced double-digit growth right
through the recession.
Te lending landscape has also loosened
in the past year especially at the investment
level required to open a ull-service restaurant
or QSR. For the rst time in several years,
none o the ranchisors we spoke with or
this report mentioned access to capital as a
challenge or prospective ranchisees. While
most o the money needed to invest in a ood
ranchise still comes rom traditional bank
loans, some ood concepts like Checkers and
Rallys have had success pairing ranchise
operators with nancial investors.
Tere are not a whole lot o high return
opportunities or dollars these days, and the
restaurant space is ull o eager and hard
working individuals that dont have nancing
so matching the nancial investment partner
with the operating partner is something we
are aggressively going aer, said Jennier
Durham, Vice President o Development aCheckers and Rallys.
In 2013, the Aordable Care Act sig-
nicantly aected the ood service industry
Franchisors spent thousands o dollars
researching the new law and educating
ranchisees on how to comply with health-
care requirements.
Firehouse Subs CEO Don Fox told us
hes spent a signicant amount o time in the
last two years ocused on Washington, D.C.
working with the National Restaurant Asso-
ciation to lobby on his ranchisees behal.In an ideal world, you hope everybody has
equal access to our government, but thats no
always the case. I were able to leverage our
position in the industry to help make that hap
pen, then thats what we want to do, Fox said.
For this reason, i youre considering a
ranchise in the ood sector (which can be
heavily impacted by tax and regulatory changes)
you may want to consider how involved the
ranchisor is in government relations.
Photo courtesy of Zoup!.
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SPECIAL REPORT: Top Food Franchises
12 |For more information on this report, visit: www.FranchiseBusinessReview.com
A Look at Food Franchisees
consider their scheduleexible or very exible
have owned their franchise(s)for 5 years or less
have at leasta bachelors degree
67%
62%
own 5 or more units;58% are single-unit owners11%
58%
operate in small or very small markets(compared to 29% of overall benchmark)
43%
are veterans10%
work 40 or morehours per week
work evenings at leasta couple times per week
almost always work weekends
68%
59%
47%
62%
are between theages of 35 and 54
have an incomeover $100K
27%(compared to 20% of overall benchmark)
(compared to 35% of overall benchmark)
WHAT IT TAKES TO BE SUCCESSFUL
Te ood industry can be a very tough busi-
ness in which to make money, and ranchise
operators must have the right skills and back-
ground to be successul. Franchisees must be
experienced business people, with knowledge
o sales, marketing, and management. And it
almost goes without saying that they must
love ood and be laser-ocused on the total
guest experience.
Ballas o East Coast Wings & Grill says he
looks or passion, discipline, and nancials in
a ranchise candidate. Beore any prospective
ranchisee is accepted into the East Coast
system, they go through a grueling applica-
tion process that involves both candidates
and their spouses (or individual investors).
Prospective ranchisees must work in an East
Coast restaurant or up to three days beore
they qualiy to be a candidate, and spousesmust attend Discovery Day.
We want to be sure the spouse under-
stands our model, brand culture, ranchising,
and liability/accountability, Ballas said.
Te amount o sta management required
to run the day-to-day business o a ood ran-
chise may be a drawback or some operators,
depending on the size and structure o the
concept. Many concepts require large numbers
o low-wage, low-skilled employees. Even at
the general manager level, it can be hard to
nd suitable workers.Our concept or a general manager is not
an easy concept, said Black Bears Manley. I
you do not have strong restaurant experience
and passion to work a whole bunch o hours
a week, its probably not the concept or you.
We expect general managers to not only be
good operationally, but to truly be able to
orm relationships with employees and guests
and create an environment with us.
A ranchisees ability to reach out and
network within the community can be a huge
actor in the success or ailure o a ranchisein any sector, but this is especially true in ood
where the competition is great. Franchisees
must be willing to spend countless hours
selling themselves and their businesses in the
community. I youre considering a ranchise
opportunity, you may want to consider brands
that have community involvement programs
or a philanthropic slant to their mission, as
these programs are a great way to become
involved in the community and build brand
loyalty. For example, both MOOYAH and
Firehouse Subs have strong national programs
or giving back and encourage ranchisees at
the local level to be community-minded.
Matt Rusconi, who owns a MOOYAH
ranchise in Connecticut, says his store is
actively involved in local sports programs.
Being able to give back is about more than
just business, Rusconi said. Its about having
the opportunity to give back to the amilies
and institutions that make up the community
in which we operate. Its the least we can do
Having a ranchise partner that understands
that mentality makes it all the more easible
and powerul.
Because o the unique challenges that ace
ood operators, many ranchisors and lender
require ranchisees to have vast operationa
experience in the industry. Tis helps on two
levelsranchisees know what theyre gettinginto and they are more likely to be successu
in the day-to-day operations o their business
because theyve done or seen it beore.
I youre considering a ood ranchise, its
important to know that your role will likely
evolve over time. Firehouse Subs ranchisee
Goldsmith says his entire day-to-day routine
has changed since rst becoming a ranchisee
en years ago, I was unlocking the door
slicing the meat, making the sandwiches
I was just trying to make sure we opened and
closed the doors every day, Goldsmith saidNow, its a little dierent. I spend a lot more
time working on my business and not in it
Im more ocused on the nancials and opera
tional management o all my units and much
less on actually making the sandwiches.
Goldsmith is about to open his seventh
Firehouse Subs ranchise.
FRANCHISEE SATISFACTION
Forty ranchise companies make up our list
o the top ood ranchises or 2013the same
number as 2012. Tese are the brands thatreceived above-average ratings rom their
ranchisees in our independent satisaction
survey, which covers nancial opportunity
training and support, leadership, operation
and product development, core values, gener-
al satisaction, and the ranchisee community
Te biggest variance (5.9 points) between
the ood industry and other industry bench
marks was in the area o Training and
Support, which is driven by our key areas
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SPECIAL REPORT: Top Food Franchises
raining and Support Programs, Marketing
and Promotional Programs, Eective Use oechnology, and System-wide Communica-
tion. Food ranchisees rated their ranchisors
Eective Use o echnology 8 points less than
our benchmark across all industries (this is a
big improvement over 2012 when satisaction
was 14 points less than benchmarks). Market-
ing and Promotional Programs scored 5 points
less than benchmark (again, an improvement
rom 2012 when ranchisees rated their
ranchisors 12 points less than benchmark).
Another category where satisaction
among ood ranchisees lags behind ourbenchmarks (by 5 points) is in the area o
Leadership. Te leadership questions ocus
on corporates ability to promote a strong
vision or the brand, a team culture, and drive
the business orward.
Its important to note that while satisaction
among allood ranchisees lags behind other
sectors, satisaction among ranchisees at our
Top 40 companies actually exceeds the bench-
markfor every single category of the survey.
Most ood ranchisors are beginning to
understand that satised ranchisees are moresuccessul, more engaged, and only improve
their corporate bottom line. All o the ran-
chisors we spoke with (all rom companies
with high ranchisee satisaction) said they
spend a considerable amount o time ocus-
ing on unit-level economics and working with
their ranchisees.
When we do our ranchise operations
visits, instead o it being an inspection with
a checklist, we are more ocused on business
support, said Falciani o Quaker Steak and
Lube. We look at protability rst, thenrevenue, quality and delivery, standards, and
checklists. Our ranchisees appreciate that.
We want our partners to do well. I they dont
do well, we dont do well.
SUMMARY
Food ranchises oer an exciting, ever-
changing, never-boring environment to
ranchisees who dont mind making a
bigger nancial investment, working long
hours, and managing a large and diverse
workorce. Food operators remain some othe most passionate in all o ranchising, and
while the investment is higher than in other
sectors, so is the potential or return. In the
past year, weve seen improvements in the
lending landscape and in protability, and
ranchisee satisaction has held steady.
Potential business owners may be initially
attracted to the hype around a particular brand
or the overall idea o running a restaurant, bu
this should come second behind thorough
due diligence. Prospective ranchisees mus
do their homework and compare brandsside-by-sidelooking at both well-known
ood ranchises and some o the smaller
lesser-known opportunities. Every ood
ranchise has its own culture, and ranchisees
should careully consider how that culture ts
with their own business goals beore commit-
ting to a brand.
For more detailed research on specic
ood service ranchises, please visit us online
at www.FranchiseBusinessReview.com .
Franchisee Satisfaction: Food Sector vs. All Industries
Overall
General Satisaction
Financial Opportunity
Sel-Evaluation
Franchisee Community
Core Values
Leadership
Franchise System
Training & Support
0% 10% 70%60%50%40%30%20%
Percent of Satisfaction
All food All Industries
* Satisaction comparison data above is based on independent surveys o ranchisees completed within the previous 12 months. FBRs Food Sector Benchmark is based on data rom 3,359 ood industry ranchisees.
The FBR Benchmark is based on data rom 16,995 ranchisees across all industries.
80%
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SPECIAL REPORT: Top Food Franchises
CulversStartup Investment: $1,439,000 $3,087,000
Cash Required: $350,000
Domestic Franchises: 485
Culvers franchise partners all have one thing
in common, and thats a commitment to our
founding principles of freshness and quality,
hospitality and service to the community. Our
franchise partners are critical to Culvers success
because as owner-operators theyre engaged
in their business every day, working side-by-
side with their team, leading by example. Were
looking for franchise partners with the leadership
skills to take a team of people and operate a
Culvers according to our high standards. You
need energy and enthusiasm. You have to be
willing to work hard. You have to love people and
believe, as we do, that having a great heart is also
good business.
For more information on Culvers
opportunities, call (608) 644-2600
or visit www.ownaculvers.com.
Firehouse SubsStartup Investment: $178,376 $625,801
Cash Required: $80,000 $100,000
Domestic Franchises: 612
As one of the countrys fastest growing
restaurant brands and a leader in the fast casual
industry, the demand for our uniquely prepared
specialty subs is growing by leaps and bounds,
opening up opportunities for expansion in new
and existing markets. With our strong brand
identity, exceptional franchisee relationships,
high average unit volume, well-dened real
estate guidelines, and passionate executive
team, Firehouse Subs is perfectly poised for
development with the right investor.
For more information on Firehouse Subs
opportunities, call (877) 887-8330 or visit
www.rehousesubs.com/franchising.
Checkers & RallysStartup Investment: $111,000 $825,000
Cash Required: $250,000
Domestic Franchises: 456
Checkers/Rallys Drive-In Restaurants is the
largest double drive-thru restaurant chain in the
United States. Today, the Tampa-based company
develops, owns, operates, and franchises nearly
800 Checkers and Rallys restaurants across the
U.S. In recent years, the brand has received some
of the restaurant industrys most prestigious
awards including the Hot! Again award fromNations Restaurant News.
For more information on Checkers & Rallys
opportunities, call (813) 283-7049 or visit
www.checkersfranchise.com.
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Auntie AnnesStartup Investment: $194,875 $367,600
Cash Required: $40,000 $80,000
Domestic Franchises: 1,015
Auntie Annes is the worlds largest hand-rolled
pretzel franchise. With over 1,100 locations
worldwide, Auntie Annes stores hand-roll and
bake their irresistible pretzels in full view of
customers. At Auntie Annes, were all about
rolling out pretzel perfection. As part of Auntie
Annes involvement in the VetFran program,
active and retired military candidates will pay
a reduced franchise fee of $20,000 for any
location they open.
For more information on Auntie Annes
opportunities, call (717) 435-1479 or visit
www.auntieannesfranchising.com.
HardeesStartup Investment: $1,147,900 $1,542,000
Cash Required: $300,000
Domestic Franchises: 1,705
At Hardees, our next success story is you. We
consistently out-deliver the competition with
a menu strategy that focuses on developing
premium, sit-down restaurant-quality menu items
that oer the convenience and value of fast food.
With our consistent track record of AUV sales
growth and solid unit economics, we run the
business so our franchisees can be successful.
Celebrating over 50 years in the quick-service
industry, Hardees is a wholly owned subsidiary
of CKE Restaurants. As of the end 2012, the
company, through its subsidiaries, had a total
of 3,307 franchised or company-operated
restaurants in 42 states and in 28 countries.
For more information on Hardees
opportunities, call (866) 253-7655
or visit www.ckefranchise.com.
Simple Simons PizzaStartup Investment: $89,500 $593,500
Cash Required: $25,000
Domestic Franchises: 230
Simple Simons Pizza was founded in 1982 based
on a simple philosophy to serve the best quality
pizzas, calzones, and sandwiches at the most
aordable price in a family atmosphere that
people can enjoy.
For more information on Simple Simons Pizza
opportunities, call (800) 261-6375 or visit
www.simplesimonspizza.com/franchise-info.
East Coast Wings & GrillStartup Investment: $245,050 $873,374
Cash Required: $250,000- $575,000
Domestic Franchises: 25
East Coast Wings & Grill has strong unit
economics because weve created a formula that
works! We oer a wide variety of fresh menu
items and the nations #1 wings in 75 avors
and nine heat indexes in a full-service, casual
dining experience. By focusing on our deliciousfood in a friendly environment, were taking a
wing concept to new heights! Transparency and
an open FDD show our true value and brand
integrity. We maintain superior satisfaction
ratings with our franchisees and support them at
every level. Fresh food, friendly, fun environment
and a nancially sound investment no wonder
were an irresistible opportunity for savvy
investors looking for a proven concept.
For more information on East Coast Wings &
Grill opportunities, call (800) 381-3802
or visit www.eastcoastwings.com.
How long have you been a franchisee?
We have been franchisees of several concepts
spanning a combined 60+ years experience in
the full-service, family-style restaurant segment.Weve been friends for over 20 years and saw an
opportunity to blend our talents with an exciting
concept.
What is your favorite item o your menu?
There are a lot of great items but our Chicken
Fried Steak is out of this world!
Why did you decide to buy a franchise?
We appreciate the ability to be creative in an
entrepreneurial environment. Menu design and
development is left to the brand that solicits
and values our input. We get the benet of the
franchisors heavy lifting while maintaining alevel of independence.
Why did you choose your franchise?
Black Bear Diner is an emerging brand that
reects the values in food and service as well as
their commitment to quality that most closely
mirrors ours. You see this not only in their menu
and food oerings, but most importantly, in the
faces of the sta who have genuine pride being
associated with the brand.
What is the best part of being your own boss?
Being responsible for our own destiny.
Where do you see yourself in ve years?
Continuing to grow and develop locations.
For more information on Black Bear Diner
opportunities, call (530) 243-2327
or visit www.blackbeardiner.com.
Black Bear Diner, Northern California
Tim Augustine & Burt Benepal
FEATURED
Franchisee
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SPECIAL REPORT: Top Food Franchises
Black Bear DinerStartup Investment: $544,300 $1,353,700
Cash Required: $750,000 - $1,000,000
Domestic Franchises: 45
Black Bear Diner franchisees are proven
restaurant operators whose passion, energy,
and entrepreneurial spirit reect that of
our founders who opened the original Mt.
Shasta location in 1995. We are committedto delivering huge portions of comfort food
classics in a fun, family-friendly atmosphere.
Our franchise partners reect this commitment
by building successful teams who carry on our
founding principles to serve our guests and
their communities. If you are an experienced,
capitalized restaurateur who has proven success
in the industry and can meet our nancial
requirements, we would love to hear from you.
For more information on Black Bear Diner
opportunities, call (530) 243-2327
or visi t www.blackbeardiner.com.
Zoup!Startup Investment: $365,900 $558,900
Cash Required: $120,000
Domestic Franchises: 49
Founded in 1998, Zoup! is the leading fast-casual
soup concept restaurant that is dening the
category with its premium and proprietary
soups and other recipes. With the same
Everything Matters philosophy that ensures
quality, satisfaction, and convenience for
customers, Zoup! has created the infrastructure,
systems, and support programs that give
franchisees the tools they need to build
their own successful businesses. In addition
to the opportunity to own a one-of-a-kind,
exciting business that has a proven record
of success, Zoup! franchisees enjoy a strong
niche positioning consistent with consumer
preferences, and availability of great territories.
For more information on Zoup! opportunities,
call (800) 940-ZOUP(9687) or visit
www.zoupfranchise.com.
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WingstopStartup Investment: $252,621 $554,898
Cash Required: $200,000
Domestic Franchises: 599
Wingstop Restaurants, the Wing Experts, is
rapidly expanding and will soon have 600
restaurants operating throughout the U.S.
as well as international markets. We attract
franchisees from all walks of life, and it is our
simple operating platform, fresh cooked-to-order
wings, and small footprint that makes Wingstop
a franchisor company of choice. We continue to
look for ways to reduce investment costs for our
franchisees, yielding a stronger ROI. Wingstop
is very proud of our accomplishments within
the industry, and we are currently celebrating
over 9 straight years of same store sales growth.
Franchisees are trained in our top notch 4-week
training program and receive ongoing support as
they open and operate their restaurants.
For more information on Wingstop
opportunities, call (972) 686-6500
or visit www.wingstopfranchise.com.
The HoneyBaked Ham Co.Startup Investment: $278,300 $409,900
Cash Required: $150,000
Domestic Franchises: 188
HoneyBaked was founded in 1957 and is a
premium food retailer known for the most
avorful, moist, and tender Honey Baked Hams
and Turkey Breasts youll nd anywhere, as well
as a host of other fully cooked entrees, side items,
and desserts. Franchise owners benet from
HoneyBakeds strong brand identity, multiple
revenue streams, and ease of operations.
For more information on The HoneyBaked
Ham Co. opportunities, call (866) 968-7424
or visit www.honeybakedfranchise.com.
CHURROMANIAStartup Investment: $145,000 $335,000
Cash Required: $145,000 $335,000
Domestic Franchises: 15
CHURROMANIA is the most successful and
largest franchise specializing in churros and hot
chocolate since 1997. A Churro is a power-
packed sweet treat favorite that can be sharedwith family and friends! The menu is unique and
oers the consumer a variety of toppings and
llings including sugar, cinnamon, dulce de leche,
strawberry, chocolate, Nutella, and key lime pie.
CHURROMANIA has more than 120 worldwide
stores. The company provides 360-degree
franchisee support to ensure optimal training,
P&L optimization, management assistance, and
ecient brand marketing.
For more information on CHURROMANIA
opportunities, call (786) 401-6026 or visit
www.churromania.com/franchises.
Fuzzys Taco ShopStartup Investment: $330,260 $704,210
Cash Required: $330,260 - $704,210
Domestic Franchises: 61
Fuzzys Taco Shops corporate-owned and
franchise locations serve fresh, handmade
Baja-style Mexican food in 70 stores across
11 states. All of our restaurants oer patio
seating, and our specialties include shtacos, burritos, queso, and ice-cold beer. The
atmosphere is bright, fun, and energeticperfect
for gathering with friends and family to watch
a game, enjoy a beverage, or hang out. Our
owners value giving back to their communities,
and we recently paired with a national charity to
celebrate Fuzzys 10th anniversary. If you get the
FTS vibe and believe in operational excellence,
we may be right for each other!
For more information on Fuzzys Taco Shop
opportunities, call (817) 624-8226
or visit www.fuzzystacoshop.com.
How long have you been a franchisee?
1.5 Years
What is your favorite item o your menu?
Twist Dulce de Leche
Why did you choose your franchise?
It was a great opportunity to buy one of the
busiest stores in the CHURROMANIA franchise
system with perfect Latin demographics and a
high quality productit was a win-win situation.
What is the best part of being your own boss?
You work hard to earn your own money, have
a exible schedule, and there are endless
possibilities to grow.
What is the worst part of being your own boss?
You are always on call, and if an emergency
comes up, Im the problem solver.
Where do you see yourself in ve years?
I see myself with 10+ stores
What keeps you up at night?
Nothing. I sleep like a baby. If you organize your
time and schedule, there is no need to be up at
night.
Who has most inuenced your approach to
business?
My fatherhe was the best mentor I could ever
have.
For more information on CHURROMANIA
opportunities, call (786) 401-6026 or visit
www.churromania.com/franchises.
CHURROMANIAHialeah, FL
BernardoAbend
FEATURED
Franchisee
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7/29/2019 FBR Top Food Franchises 2013
18/20
SPECIAL REPORT: Top Food Franchises
18 |For more information on this report, visit: www.FranchiseBusinessReview.com
Would you do it all over?
Long-Term Growth Opportunity
44%YesProbably20%
Probably Not9%Neutral15%
No12%
< 30
14%
30-40
21%
40-50 50-60
25%
60+
24%
< 2
34%
2-5
19%
6-9 10+
Age
18-24
1% 13%
25-34
25%
17%
35-44
36%
45-54
21%
22%
55-64
4%
65+
23%
Tenure (in years)
Average Hours Per Week
8
35%
5% Very Weak12%
17%Very Strong
Weak
Strong
31%Moderate
15%NORTHEAST
39%SOUTH
28%MIDWEST18
%
WEST
2%CANADA 2%INTERNATIONAL
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7/29/2019 FBR Top Food Franchises 2013
19/20
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7/29/2019 FBR Top Food Franchises 2013
20/20