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

• Section I – Estimated initial investment (franchise costs) for a Firehouse Subs franchise, based on Item 7 of the company’s 2022 FDD

• Section II – Initial franchise fee, royalty fee, and marketing fee for a Firehouse Subs franchise, based on Items 5 and 6 of the company’s 2022 FDD

• Section III – Number of franchised and company-owned Firehouse Subs outlets at the start of the year and the end of the year for 2019, 2020, and 2021, based on Item 20 of the company’s 2022 FDD

• Section IV – Background information on the Firehouse Subs franchise opportunity, including relevant news updates

• Section V – Presentation and analysis of Firehouse Subs’ financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2022 FDD, including information on the:

• 2021 average, median, high, and low weekly unit sales volume for the 35 company-owned traditional, 3 company-owned drive-thru, 1,041 franchised traditional, 26 franchised free-standing with drive-thru, and 42 franchised end-cap strip center with drive-thru Firehouse Subs Restaurants that were open during the company’s fiscal year 2021

• 2021 average food sales, discounts, employee meals, total revenue, food costs, paper costs, total cost of sales, gross profit, wages and benefits, health insurance, marketing expenses, telephone and utilities, professional fees, rent and occupancy expenses, other operating expenses, royalty, total operating expenses, and EBITDA from operations for the 33 Firehouse Subs Restaurants that were operated in Florida and the 4 Firehouse Subs Restaurants that were operated in Iowa by the company’s affiliates for the year ending December 26, 2021, grouped according to average weekly unit sales volume (>$17,000; $14,000 to $17,000; $11,000 to $14,000; $8,000 to $11,000; and $0 to $8,000)

• Section VI – Key ratios, comparables, computations, and analyses for the Firehouse Subs franchise opportunity (exclusive content for Platinum subscribers)

Section I – Firehouse Subs Franchise Costs

• Firehouse Subs franchise costs (traditional new restaurant development), based on Item 7 of the company’s 2022 FDD:

• Deposit:  $0 to $2,500
• Balance of Initial Franchise Fee (Less Any Deposit):  $0 to $17,500
• Mural:  $3,500 to $4,495
• Travel and Living Expenses During Training:  $0 to $7,200
• Opening Advertising:  $5,000 to $11,170
• Rental of Site (3 Months):  $4,800 to $12,200
• Real Property Improvements:  $0 to $25,000
• Leasehold Improvements:  $120,000 to $388,997
• Deposits and Prepaid Expenses:  $0 to $15,000
• Signs:  $1,800 to $18,000
• Equipment and Fixtures:  $26,571 to $142,041
• Opening Inventory:  $5,000 to $35,000
• Business Licenses:  $0 to $5,248
• Insurance:  $0 to $8,800
• Miscellaneous Expenses (3 Months):  $0 to $187,000
• Additional Funds (Working Capital for 3 Months):  $0 to $65,000
• MIS System Fee:  $0 to $1,200
• Accounting System Fee:  $0 to $4,000
• Total Estimated Firehouse Subs Franchise Costs:  $166,671 to $950,351

Section II – Firehouse Subs’ Initial Franchise Fee, Royalty Fee, and Marketing Fee

• Firehouse Subs’ initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2022 FDD:

• Initial Franchise Fee:  $20,000
• Royalty:  6% of Gross Sales; reduced to 3% of Gross Sales during the first 2 years of operation for each Incentive Restaurant you open
• System Fund:  1% of Gross Sales
• Local Advertising:  4% of Gross Sales

Section III – Number of Franchised and Company-Owned Firehouse Subs Outlets

Franchised

2019

• Outlets at the Start of the Year:  1,093
• Outlets at the End of the Year:  1,117
• Net Change:  +24

2020

• Outlets at the Start of the Year:  1,117
• Outlets at the End of the Year:  1,115
• Net Change:  -2

2021

• Outlets at the Start of the Year:  1,115
• Outlets at the End of the Year:  1,125
• Net Change:  +10

Company-Owned

2019

• Outlets at the Start of the Year:  37
• Outlets at the End of the Year:  38
• Net Change:  +1

2020

• Outlets at the Start of the Year:  38
• Outlets at the End of the Year:  38
• Net Change:  0

2021

• Outlets at the Start of the Year:  38
• Outlets at the End of the Year:  39
• Net Change:  +1

Section IV – Background Information on the Firehouse Subs Franchise

15 Things You Need to Know About the Firehouse Subs Franchise

Acquired by Restaurant Brands International

1.  In mid-November 2021, Restaurant Brands International (RBI) and Firehouse Subs announced that the companies had reached an agreement for RBI to acquire Firehouse Subs for $1 billion in an all-cash transaction. The transaction offers significant long-term unit growth potential to drive attractive returns for all stakeholders and is expected to be immediately accretive to RBI’s diluted net earnings per share.

2.  Firehouse Subs is a strong and growing player within the $30 billion U.S. QSR sandwich category and since 2010 has increased its number of restaurants 3x to ~1,200 and its system-wide sales 4x to an expected approximately $1.1 billion for 2021. This momentum extends into 2021, with October year-to-date U.S. comparable sales versus 2019 of 20%. The brand benefits from a strong family of franchisees who own and operate 97% of the brand’s restaurants across 46 U.S. states, Canada, and Puerto Rico. Firehouse Subs is expected to generate roughly $50 million of 2021 Adjusted EBITDA.

3.  Firehouse Subs is frequently rated the #1 brand in its QSR sandwich category for food quality and has one of the strongest brand-love ratings in its category – driven by the Foundation that has now granted $62.5 million in essential life-saving equipment and other support to public safety organizations.

4.  José Cil, chief executive officer of RBI, commented, “Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests and closely aligns with our core values at RBI. We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI’s development expertise, global franchisee network and digital capabilities. We are excited to welcome the Firehouse Subs team to the RBI family and to continue our ambitious dream of building the world’s most loved restaurant brands.”

5.  Don Fox, chief executive officer of Firehouse Subs, said, “At Firehouse Subs we are united in our commitment to and passion for hearty and flavorful food, heartfelt service, and public safety. Joining the RBI family of brands provides an energizing opportunity to assist more communities, not only across America and Canada, but around the globe. The donations we generate for our Foundation through our restaurants means changing and saving lives, so we can’t wait to accelerate our journey at home and around the world.”

Expands C-Suite for First Time in 11 Years

6.  At the end of February 2022, for the first time in 11 years, freshly acquired Firehouse Subs has added a new member to its C-suite. The brand, purchased by Restaurant Brands International in December for $1 billion, named Mike Hancock chief operating officer. Hancock, an RBI vet who’s spent nearly nine years with the company, including most recently as chief operating officer at Tim Hortons, will help accelerate Firehouse’s development in North America, a company spokesperson said. He joined Firehouse in early April and will be based out of the chain’s Jacksonville, Florida, headquarters.

7.  Firehouse’s COO position has sat vacant since 2009 when Don Fox was promoted from COO to CEO. Vince Burchianti was elevated to CFO in 2011. Before his three-year COO run at Tim Hortons, Hancock spent five years at Burger King leading operations across North America, Southern Europe, Turkey, and Africa. With Firehouse, Hancock will have direct responsibility and oversight of a cross-functional team that includes operations, technology, quality assurance, real estate, and franchise development.

8.  The move comes at a time when Firehouse projects major near- and long-term growth. Its domestic same-store sales grew 15.2 percent year-over-year in the fourth quarter, and 23.4 percent on a two-year basis. As for 2021, Firehouse’s U.S. comps lifted 21 percent and 20.6 percent across two years. The company’s comp sales and record-high $900,000-plus AUV drove system-wide sales of roughly $1.1 billion last year, compared to $872 million in 2020. More than 27 percent of those sales came through digital channels.

9.  From a unit perspective, Firehouse exited 2021 with 1,213 stores worldwide – a net growth of 19 restaurants. There are 1,164 locations stateside and 49 internationally.

10.  RBI CEO Jose Cil said in mid-February, on the company’s Q4 call, that the company was ready to shift Firehouse’s growth into “high gear.” Not unlike what it’s done with Popeyes, a chain it brought into the fold in 2017 for $1.8 billion. Cil added, “The opportunity exists. And it’s exciting. We’ve been able to do just that with Popeyes and Tim’s, which gives us confidence that we can do the same with Firehouse. And the common thread is it’s a great product. It’s a compelling business. The team has done a great job from an operations and equipment and standards standpoint to do something that can be highly scalable.”

Company History

11.  Firehouse Subs was founded in 1994 by brothers Chris and Robin Sorensen in Jacksonville, Florida. Before starting Firehouse Subs, the Sorensens had followed their father’s footsteps and worked as firefighters for several years. However, the Sorensen brothers had always had an entrepreneurial spirit and made several attempts to start their own business. The Sorensens finally had a hit on their hands with Firehouse Subs. They offered sandwiches made with the best meats, cheeses, and toppings.

12.  Building upon the success of the first Firehouse Subs location, the Sorensens began franchising in 1995. Not long after, however, they decided that they weren’t actually ready to start franchising and bought back all of the franchised locations. Over the next few years, Firehouse Subs continued to grow through company-owned stores.

13.  In 2000, the Sorensens decided to give franchising another shot. This time, they hired consultants to develop a solid franchising plan. Once they had a solid plan in place, the Sorensens began selling Firehouse Subs franchises again and this time, their system worked.

14.  Within a few years, Firehouse Subs had grown to 100 locations. Firehouse Subs continued its growth around the U.S. and its territories over the next decade. The first location in Canada opened in 2015. In late 2021, Firehouse Subs was acquired by Restaurant Brands International. Today, there are Firehouse Subs restaurants across 45 states, Puerto Rico, and Canada.

Entrepreneur’s Franchise 500

15.  Firehouse Subs ranked No. 58 on Entrepreneur’s 2022 Franchise 500 list.

Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Firehouse Subs Franchise (Item 19, 2022 FDD)

Part 1 – Firehouse Subs’ Historical Average Unit Volume for Company-Owned and Franchised Locations

• The following charts show historical sales information regarding both franchised and affiliated Firehouse Subs Restaurants that were open during the company’s fiscal year 2021.

• This historical sales information was compiled using the reports provided to Firehouse Subs by these Restaurants. The reports are provided to Firehouse Subs on a cash accounting basis and are used to form the basis of royalty payments to the franchisor.

• The franchisor does not directly operate any Restaurants; all company-owned Restaurants are operated by affiliates, which are owned and controlled by the franchisor’s parent – FRG.

• The characteristics of those Restaurants are not materially different from the franchises that the franchisor offers for sale, except that they may incur greater marketing and promotional expenses (as a sponsor of Jacksonville Jaguars and other programs); and incur additional expenses to offer health insurance to all full-time employees.

• Also, franchisees may offer products utilizing third-party delivery services at their option, including you. Most of the company-owned Restaurants (but not all) do so. The cost of using these services is reflected in the financial performance of Firehouse Subs’ company-owned Restaurants.

2021 Weekly Average Unit Volume (Company-Owned Traditional)

$17,000+

• Number of Restaurants:  24
• Total Number of Restaurants:  35
• Percent of Company-Owned Restaurants:  68.6%
• Average Unit Weekly Sales Volume:  $23,041
• Number and Percentage Exceeding Average:  12/50%
• Median:  $22,722
• High:  $29,078
• Low:  $17,692

$14,000 to $17,000

• Number of Restaurants:  5
• Total Number of Restaurants:  35
• Percent of Company-Owned Restaurants:  14.3%
• Average Unit Weekly Sales Volume:  $16,015
• Number and Percentage Exceeding Average:  3/60%
• Median:  $15,962
• High:  $16,519
• Low:  $15,167

$11,000 to $14,000

• Number of Restaurants:  4
• Total Number of Restaurants:  35
• Percent of Company-Owned Restaurants:  11.4%
• Average Unit Weekly Sales Volume:  $12,505
• Number and Percentage Exceeding Average:  1/25%
• Median:  $12,548
• High:  $13,559
• Low:  $12,082

$8,000 to $11,000

• Number of Restaurants:  2
• Total Number of Restaurants:  35
• Percent of Company-Owned Restaurants:  5.7%
• Average Unit Weekly Sales Volume:  $9,653
• Number and Percentage Exceeding Average:  1/50%
• Median:  $9,550
• High:  $10,743
• Low:  $8,563

$0 to $8,000

• Number of Restaurants:  0
• Total Number of Restaurants:  35
• Percent of Company-Owned Restaurants:  0.0%

2021 Weekly Average Unit Volume (Company-Owned Drive-Thru)

$17,000+

• Number of Restaurants:  2
• Total Number of Restaurants:  3
• Percent of Company-Owned Restaurants:  66.7%
• Average Unit Weekly Sales Volume:  $24,749
• Number and Percentage Exceeding Average:  1/50%
• Median:  $24,222
• High:  $28,312
• Low:  $21,186

$14,000 to $17,000

• Number of Restaurants:  1
• Total Number of Restaurants:  3
• Percent of Company-Owned Restaurants:  33.3%
• Average Unit Weekly Sales Volume:  $15,887
• Number and Percentage Exceeding Average:  –
• Median:  $15,887
• High:  $15,887
• Low:  $15,887

$11,000 to $14,000

• Number of Restaurants:  0
• Total Number of Restaurants:  3
• Percent of Company-Owned Restaurants:  0.0%

$8,000 to $11,000

• Number of Restaurants:  0
• Total Number of Restaurants:  3
• Percent of Company-Owned Restaurants:  0.0%

$0 to $8,000

• Number of Restaurants:  0
• Total Number of Restaurants:  3
• Percent of Company-Owned Restaurants:  0.0%

2021 Weekly Average Unit Volume (Franchised Traditional)

$17,000+

• Number of Restaurants:  496
• Total Number of Restaurants:  1,041
• Percent of Company-Owned Restaurants:  47.6%
• Average Unit Weekly Sales Volume:  $21,110
• Number and Percentage Exceeding Average:  193/39%
• Median:  $20,290
• High:  $40,182
• Low:  $17,009

$14,000 to $17,000

• Number of Restaurants:  261
• Total Number of Restaurants:  1,041
• Percent of Company-Owned Restaurants:  25.1%
• Average Unit Weekly Sales Volume:  $15,573
• Number and Percentage Exceeding Average:  141/54%
• Median:  $15,617
• High:  $16,978
• Low:  $14,007

$11,000 to $14,000

• Number of Restaurants:  206
• Total Number of Restaurants:  1,041
• Percent of Company-Owned Restaurants:  19.8%
• Average Unit Weekly Sales Volume:  $12,655
• Number and Percentage Exceeding Average:  109/53%
• Median:  $12,692
• High:  $13,985
• Low:  $11,003

$8,000 to $11,000

• Number of Restaurants:  68
• Total Number of Restaurants:  1,041
• Percent of Company-Owned Restaurants:  6.5%
• Average Unit Weekly Sales Volume:  $9,941
• Number and Percentage Exceeding Average:  37/54%
• Median:  $9,931
• High:  $10,969
• Low:  $8,064

$0 to $8,000

• Number of Restaurants:  10
• Total Number of Restaurants:  1,041
• Percent of Company-Owned Restaurants:  1.0%
• Average Unit Weekly Sales Volume:  $7,157
• Number and Percentage Exceeding Average:  6/60%
• Median:  $7,345
• High:  $7,963
• Low:  $4,451

2021 Weekly Average Unit Volume (Franchised Free-Standing with Drive-Thru)

$17,000+

• Number of Restaurants:  21
• Total Number of Restaurants:  26
• Percent of Company-Owned Restaurants:  80.8%
• Average Unit Weekly Sales Volume:  $23,395
• Number and Percentage Exceeding Average:  11/52%
• Median:  $22,523
• High:  $34,053
• Low:  $17,523

$14,000 to $17,000

• Number of Restaurants:  1
• Total Number of Restaurants:  26
• Percent of Company-Owned Restaurants:  3.8%
• Average Unit Weekly Sales Volume:  $14,492
• Number and Percentage Exceeding Average:  –
• Median:  $14,492
• High:  $14,492
• Low:  $14,492

$11,000 to $14,000

• Number of Restaurants:  3
• Total Number of Restaurants:  26
• Percent of Company-Owned Restaurants:  11.5%
• Average Unit Weekly Sales Volume:  $13,225
• Number and Percentage Exceeding Average:  2/67%
• Median:  $13,328
• High:  $13,847
• Low:  $12,017

$8,000 to $11,000

• Number of Restaurants:  1
• Total Number of Restaurants:  26
• Percent of Company-Owned Restaurants:  3.8%
• Average Unit Weekly Sales Volume:  $10,639
• Number and Percentage Exceeding Average:  –
• Median:  $10,639
• High:  $10,639
• Low:  $10,639

$0 to $8,000

• Number of Restaurants:  0
• Total Number of Restaurants:  26
• Percent of Company-Owned Restaurants:  0.0%

2021 Weekly Average Unit Volume (Franchised End-Cap Strip Center with Drive-Thru)

$17,000+

• Number of Restaurants:  34
• Total Number of Restaurants:  42
• Percent of Company-Owned Restaurants:  81.0%
• Average Unit Weekly Sales Volume:  $24,584
• Number and Percentage Exceeding Average:  13/38%
• Median:  $23,064
• High:  $42,496
• Low:  $17,479

$14,000 to $17,000

• Number of Restaurants:  6
• Total Number of Restaurants:  42
• Percent of Company-Owned Restaurants:  14.3%
• Average Unit Weekly Sales Volume:  $15,653
• Number and Percentage Exceeding Average:  3/50%
• Median:  $15,797
• High:  $16,993
• Low:  $14,437

$11,000 to $14,000

• Number of Restaurants:  2
• Total Number of Restaurants:  42
• Percent of Company-Owned Restaurants:  4.8%
• Average Unit Weekly Sales Volume:  $12,587
• Number and Percentage Exceeding Average:  1/50%
• Median:  $12,826
• High:  $13,062
• Low:  $12,113

$8,000 to $11,000

• Number of Restaurants:  0
• Total Number of Restaurants:  42
• Percent of Company-Owned Restaurants:  0.0

$0 to $8,000

• Number of Restaurants:  0
• Total Number of Restaurants:  42
• Percent of Company-Owned Restaurants:  0.0

• The sales information provided is unaudited.

Part 2 – Statement of Actual Operations of Certain Company-Owned Firehouse Subs Restaurants

• The following charts contain information relating solely to historical sales, expense, and income information regarding existing Firehouse Subs Restaurants operated by the company’s affiliates.

• The following charts show the financial operations of the Firehouse Subs Restaurants operated by the company’s affiliates for the fiscal year ending December 26, 2021 (33 Restaurants that were operated in Florida and 4 Restaurants that were operated in Iowa the entire 12 months), separated by gross sales volume levels based on categories of average unit weekly sales volume consistent with the preceding tables. The figures are the averages for the Restaurants in that sales level category.

• In 2020, Firehouse Subs’ company-owned Restaurants received PPP loan funds under the CARES Act. Also, due to the COVID-19 pandemic and similar to Firehouse Subs’ franchisees, the company-owned Restaurants were granted 6 weeks of royalty relief beginning March 2, 2020 through April 12, 2020.

• The statements are based on Firehouse Subs’ accounting system, which conforms with generally accepted accounting principles (“GAAP”).

• Compensation of general managers (other than distributions on account of ownership) is included in Salaries & Wages and General & Administrative.

• Firehouse Subs does not provide expense and net income figures for franchisee-owned Restaurants because, although the company receives financial information on expenses and income from franchisees, it does not consider that information to be as reliable and accurate as information obtained from affiliates.

2021 Iowa Company-Owned Stores

Weekly Average Unit Volume $14,000 to $17,000 (1 Restaurant)

Weekly AUV:  $15,886.73

Revenue

• Food Sales:  $839,399.00 (101.61%)
• Less Discounts:  $(10,274.69) (-1.24%)
• Less Employee Meals:  $(3,014.20) (-0.36%)
• Total Revenue:  $826,110.11 (100.00%)

Cost of Sales

• Food:  $224,834.44 (27.22%)
• Paper (Food Related):  $22,938.40 (2.78%)
• Total Cost of Sales:  $247,772.84 (29.99%)

Gross Profit:  $578,337.27 (70.01%)

Operating Expenses

• Wages and Benefits:  $209,406.50 (25.35%)
• Health Insurance:  $9,673.13 (1.17%)
• Marketing Expenses:  $51,002.13 (6.17%)
• Telephone and Utilities:  $15,997.22 (1.94%)
• Professional Fees:  $20,244.42 (2.45%)
• Rent and Occupancy Expenses:  $96,811.97 (11.72%)
• Other Operating Expenses:  $12,429.76 (1.50%)
• Royalty to Firehouse of America:  $49,566.61 (6.00%)
• Total Operating Expenses:  $465,131.74 (56.30%)

EBITDA from Operations:  $113,205.53 (13.70%)

Weekly Average Unit Volume $11,000 to $14,000 (1 Restaurant)

Weekly AUV:  $12,166.03

Revenue

• Food Sales:  $641,031.06 (101.33%)
• Less Discounts:  $(7,372.59) (-1.17%)
• Less Employee Meals:  $(1,025.10) (-0.16%)
• Total Revenue:  $632,633.37 (100.00%)

Cost of Sales

• Food:  $177,973.61 (28.13%)
• Paper (Food Related):  $16,887.85 (2.67%)
• Total Cost of Sales:  $194,861.46 (30.80%)

Gross Profit:  $437,771.91 (69.20%)

Operating Expenses

• Wages and Benefits:  $226,411.58 (35.79%)
• Health Insurance:  $7,970 (1.26%)
• Marketing Expenses:  $88,010.00 (13.91%)
• Telephone and Utilities:  $21,183.84 (3.35%)
• Professional Fees:  $15,200.29 (2.40%)
• Rent and Occupancy Expenses:  $86,454.01 (13.67%)
• Other Operating Expenses:  $13,236.32 (2.09%)
• Royalty to Firehouse of America:  $37,958.01 (6.00%)
• Total Operating Expenses:  $496,424.53 (78.47%)

EBITDA from Operations:  $(58,652.62) (-9.27%)

Weekly Average Unit Volume $8,000 to $11,000 (2 Restaurants)

Weekly AUV:  $9,653.30

Revenue

• Food Sales:  $512,771.80 (102.15%)
• Less Discounts:  $(8,781.56) (-1.75%)
• Less Employee Meals:  $(2,018.88) (-0.40%)
• Total Revenue:  $501,971.37 (100.00%)

Cost of Sales

• Food:  $142,693.87 (28.43%)
• Paper (Food Related):  $14,502.23 (2.89%)
• Total Cost of Sales:  $157,196.10 (31.32%)

Gross Profit:  $344,775.27 (68.68%)

Operating Expenses

• Wages and Benefits:  $190,752.80 (38.00%)
• Health Insurance:  $9,982.78 (1.99%)
• Marketing Expenses:  $45,532.13 (9.07%)
• Telephone and Utilities:  $11,092.17 (2.21%)
• Professional Fees:  $14,952.54 (2.98%)
• Rent and Occupancy Expenses:  $91,781.56 (18.28%)
• Other Operating Expenses:  $10,557.60 (2.10%)
• Royalty to Firehouse of America:  $30,118.30 (6.00%)
• Total Operating Expenses:  $404,769.86 (80.64%)

EBITDA from Operations:  $(59,994.59) (-11.95%)

2021 Florida Company-Owned Stores

Weekly Average Unit Volume > $17,000 (25 Restaurants)

Weekly AUV:  $24,095.21

Revenue

• Food Sales:  $1,237,860.25 (103.63%)
• Less Discounts:  $(30,849.23) (-2.58%)
• Less Employee Meals:  $(12,496.83) (-1.05%)
• Total Revenue:  $1,194,514.18 (100.00%)

Cost of Sales

• Food:  $314,770.40 (26.35%)
• Paper (Food Related):  $37,690.69 (3.16%)
• Total Cost of Sales:  $352,461.09 (29.51%)

Gross Profit:  $842,053.09 (70.49%)

Operating Expenses

• Wages and Benefits:  $299,207.79 (25.05%)
• Health Insurance:  $13,088.48 (1.10%)
• Marketing Expenses:  $119,035.47 (9.97%)
• Telephone and Utilities:  $20,436.29 (1.71%)
• Professional Fees:  $26,196.87 (2.19%)
• Rent and Occupancy Expenses:  $95,256.34 (7.97%)
• Other Operating Expenses:  $14,805.96 (1.24%)
• Royalty to Firehouse of America:  $71,670.85 (6.00%)
• Total Operating Expenses:  $659,698.05 (55.23%)

EBITDA from Operations:  $182,355.04 (15.27%)

Weekly Average Unit Volume $14,000 to $17,000 (5 Restaurants)

Weekly AUV:  $16,014.60

Revenue

• Food Sales:  $869,996.45 (104.47%)
• Less Discounts:  $(26,603.64) (-3.19%)
• Less Employee Meals:  $(10,633.73) (-1.28%)
• Total Revenue:  $832,759.07 (100.0%)

Cost of Sales

• Food:  $223,214.28 (26.80%)
• Paper (Food Related):  $27,281.75 (3.28%)
• Total Cost of Sales:  $250,496.03 (30.08%)

Gross Profit:  $582,263.04 (69.92%)

Operating Expenses

• Wages and Benefits:  $227,891.34 (27.37%)
• Health Insurance:  $12,959.03 (1.56%)
• Marketing Expenses:  $69,510.21 (8.35%)
• Telephone and Utilities:  $18,952.13 (2.28%)
• Professional Fees:  $20,890.96 (2.51%)
• Rent and Occupancy Expenses:  $80,565.75 (9.67%)
• Other Operating Expenses:  $12,869.05 (1.55%)
• Royalty to Firehouse of America:  $49,965.54 (6.00%)
• Total Operating Expenses:  $493,604.02 (59.27%)

EBITDA from Operations:  $88,659.02 (10.65%)

Weekly Average Unit Volume $11,000 to $14,000 (3 Restaurants)

Weekly AUV:  $12,617.84

Revenue

• Food Sales:  $686,140.13 (104.57%)
• Less Discounts:  $(18,328.57) (-2.79%)
• Less Employee Meals:  $(11,683.63) (-1.78%)
• Total Revenue:  $656,127.93 (100.0%)

Cost of Sales

• Food:  $174,471.87 (26.59%)
• Paper (Food Related):  $21,193.14 (3.23%)
• Total Cost of Sales:  $195,665.01 (29.82%)

Gross Profit:  $460,462.92 (70.18%)

Operating Expenses

• Wages and Benefits:  $199,671.54 (30.43%)
• Health Insurance:  $9,505.74 (1.45%)
• Marketing Expenses:  $65,042.32 (9.91%)
• Telephone and Utilities:  $16,295.07 (2.48%)
• Professional Fees:  $16,974.88 (2.59%)
• Rent and Occupancy Expenses:  $76,955.47 (11.73%)
• Other Operating Expenses:  $12,694.50 (1.93%)
• Royalty to Firehouse of America:  $39,367.67 (6.00%)
• Total Operating Expenses:  $436,507.18 (66.53%)

EBITDA from Operations:  $23,955.74 (3.65%)

Section VI – Firehouse Subs Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️