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FDD Talk 2016: The BurgerFi Franchise Opportunity (Financial Performance Analysis, Estimated Costs, and Other Important Stuff You Need to Know)

by Franchise Chatter on June 17, 2016

in FDD Talk 2017: Food Franchises, Franchise Earnings, Hamburger Franchise

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BurgerFi Restaurant Exterior Photo

In this FDD Talk 2016 post, you’ll learn the following:

  • Section I – Background information on the BurgerFi franchise opportunity, including relevant news updates
  • Section II – Estimated initial investment for a BurgerFi franchise, based on Item 7 of the company’s 2016 FDD
  • Section III – Presentation and analysis of BurgerFi’s financial performance representations, based on Item 19 of the company’s 2016 FDD, including information on the:
  • 2015 average gross sales for the 59 franchised and affiliate-owned BurgerFi Restaurants that were open and operating throughout all of 2015
  • 2015 average gross sales for the 13 franchised and affiliate-owned BurgerFi Restaurants that were open and in operation for 36 months as of December 31, 2015
  • 2015 average cost of goods sold and labor costs for the 11 affiliate-owned or managed BurgerFi Restaurants that were open and operating throughout all of 2015

Section I – Background Information

Another International Expansion for BurgerFi

Only five years after its launch, BurgerFi has opened its first international location and signed an agreement to enter Kuwait. The better-burger chain currently has about 90 locations in 25 states and expects to reach the 100-unit mark in 2016.

Bound for Kuwait

BurgerFi announced in April 2016 that it had signed a multi-unit development agreement for eight units in the State of Kuwait. The deal with Abdullah Ajrash, CEO of Austrian Business Development Group, will start with a restaurant in Al Bida’a, Kuwait.

The units in Kuwait, in accordance with the country’s traditions and standards, will use Halal-certified meat and will not serve alcohol.

First International Location Opens in Mexico City

The better-burger chain’s first international location opened in December 2015 in Mexico City, Mexico, as the first of a developer agreement with EFIT SA DE CV for 40 units in the area. EFIT SA DE CV is composed of partners Luis Antonio Ortiz Dominguez, Alan Jaber and Abraham Cohen.

BurgerFi is eyeing expansion in both domestic and international markets. New restaurants are planned for 2016 in Alabama, Florida, New Jersey, Texas, California, and others.

Rosatti, Goldberg Built a Better Burger

BurgerFi was founded in 2011 by John Rosatti and Lee Goldberg, who opened two restaurants in South Florida. Staffed with chefs, the restaurants offered a better burger than what customers were finding elsewhere. The name is short for Burgerfication of the Nation.

The chain focuses on fresh, natural ingredients; menu items prepared at the restaurants, such as hand-cut french fries and handmade onion rings; and a pledge to never use steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi also emphasizes sustainability in its practices, including chairs made from recycled Coke bottles.

The natural Angus burgers, the chain’s original offering, come on a stamped BurgerFi bun and have non-standard but creative toppings like chili, steak sauce, hickory bacon with maple syrup, even a fried egg.

The chain offers a Cry+Fry, a combination of onion rings and french fries.

Angus Beef Is Star of This Menu

Burgers offered are the BurgerFi Burger, which places lettuce, tomato and BurgerFi sauce on a double Angus beef patty; the BurgerFi Cheeseburger, which adds double American cheese; the Breakfast All Day Burger (Angus burger, American cheese, bacon, maple syrup, a friend egg, hash browns, grilled onions and ketchup); the Twenty Eight, featuring an aged ground brisket burger, Swiss and blue cheese, lettuce, tomato, pickles and BurgerFi sauce.

The VegeFi burger, which stars quinoa, provides a creative option for vegetarians and others who want a non-meat option. The VegeFi Burger features a fresh veggie burger, topped by white Cheddar cheese, lettuce, tomato and BurgerFi sauce on a multi-grain bun. For those who aren’t sure which direction to go, there’s the Conflicted Burger (Angus beef patty, veggie burger patty, American and white Cheddar cheeses, lettuce, tomato and BurgerFi sauce).

Customers can also enjoy custards, shakes, sundaes, floats and concretes.

The uniqueness continues with the chain’s hot-dog flavors: Kobe Style Beef Dog, Chicken Apple Dog, and Vienna Beef.

Customers can order a burger or specialty hot dog “green style” (wrapped in iceberg lettuce) instead of a bun, which can be a little messy but can also end up as a meaty salad if the burger or hot dog is topped with the secret BurgerFi sauce.

Section II – Estimated Costs

  • Please click here for detailed estimates of BurgerFi franchise costs, based on Item 7 of the company’s 2016 FDD (updated).

Section III – Financial Performance Representations (Item 19, 2016 FDD) and Analysis

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