In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:
Section I – Estimated initial investment (franchise costs) for a Toppers Pizza franchise, based on Item 7 of the company’s 2023 FDD
Section II – Initial franchise fee, royalty fee, and marketing fee for a Toppers Pizza franchise, based on Items 5 and 6 of the company’s 2023 FDD
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Section IV – News updates on the Toppers Pizza franchise opportunity
Section V – Presentation and analysis of Toppers Pizza’s financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2023 FDD, including information on the:
- 2022 average, median, highest, and lowest gross sales for all Toppers Pizza restaurants (both affiliate-owned and franchised) that were open as of January 1, 2023, and that had been open and operating for at least the full fiscal year
- 2022 average, median, highest, and lowest gross sales, cost of goods sold, cost of labor, and EBITDA for all Toppers Pizza restaurants (both affiliate-owned and franchised) that were open and in operation continuously during the entire 2022 fiscal year and provided complete reports of their profit and loss information
Section VI – Key ratios, comparables, computations, and analyses for the Toppers Pizza franchise opportunity (exclusive content for Platinum subscribers)
Section I – Toppers Pizza Franchise Costs
- Toppers Pizza franchise costs, based on Item 7 of the company’s 2023 FDD:
- Initial Franchise Fee: $30,000
- Travel and Living Expenses for Your Initial Training: $3,000 to $15,000
- Travel and Living Expenses for Toppers Pizza’s Training Team: $600 to $12,000
- Equipment and Smallwares: $145,000 to $161,325
- Construction and Leasehold Improvements: $182,682 to $249,000
- Indoor and Outdoor Signage: $8,423 to $14,000
- Pre-Opening Salaries and Payroll: $6,000 to $11,000
- Pre-Opening Rent: $0 to $12,000
- Utility and Insurance Deposits: $2,000 to $6,000
- Initial Marketing and Market Introduction and Team Recruiting Program: $8,000 to $32,000
- Opening Inventory: $6,000 to $11,000
- Architectural Fees: $11,350 to $15,000
- Permits and Professional Fees: $2,101 to $6,000
- POS System Hardware: $16,000 to $22,500
- POS System Software Licenses: $2,500
- POS System Installation: $2,000 to $5,000
- Project Management: $0 to $7,500
- Opening Extension Fee: $0 to $5,000
- Additional Funds for 3 Months: $25,000 to $50,000
- Total Estimated Toppers Pizza Franchise Costs: $450,656 to $666,825
Section II – Toppers Pizza’s Initial Franchise Fee, Royalty Fee, and Marketing Fee
- Toppers Pizza’s initial franchise fee, royalty fee, and marketing fee, based on Items 5 and 6 of the company’s 2023 FDD:
- Initial Franchise Fee: $30,000
- Continuing Royalty: 5.5% of Gross Sales
- Brand Development Fund Fee: 3.3% of Gross Sales
Section III – Number of Franchised and Company-Owned Toppers Pizza Outlets
Franchised
2020
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.🔴Free Webinar: 6 Under-the-Radar Franchise Concepts That Serious Buyers Should Know
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- Outlets at the End of the Year: 47
- Net Change: 0
2021
- Outlets at the Start of the Year: 47
- Outlets at the End of the Year: 44
- Net Change: -3
2022
- Outlets at the Start of the Year: 44
- Outlets at the End of the Year: 46
- Net Change: +2
Company-Owned
2020
- Outlets at the Start of the Year: 20
- Outlets at the End of the Year: 20
- Net Change: 0
2021
- Outlets at the Start of the Year: 20
- Outlets at the End of the Year: 26
- Net Change: +6
2022
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When I owned a UPS Store, I learned firsthand how much your ZIP code shapes your outcome. I sold my store at a premium because my territory was in a high-value area. The best areas go first, and once they're gone, they're gone. Enter your ZIP code, and a territory specialist will walk you through the franchises still available near you, drawing on information that isn't publicly accessible, saving you months of wasted research.📈Dreaming of Multi‑Unit Success? Lock In Prime Territories Before They're Gone.
Colin started as a team member at 21 and now owns 6 locations in Tampa Bay. Lisa came from marketing and built 21 in San Diego. The most successful multi-unit owners move early and secure markets with room to grow. Use our free tool to search multiple ZIP codes and find franchises where you can still stack locations, before someone else does. A franchise specialist will be in touch to present what's available.- Outlets at the Start of the Year: 26
- Outlets at the End of the Year: 27
- Net Change: +1
Section IV – News Updates on the Toppers Pizza Franchise
Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Toppers Pizza Franchise (Item 19, 2023 FDD)
Part 1 – 2022 Average Gross Sales
- The following tables contain Gross Sales information for the fiscal year ended January 1, 2023, for all restaurants (both affiliate-owned and franchised) that were open as of January 1, 2023, and that had been open and operating for at least the full fiscal year.
- As of January 1, 2023, there were 73 Toppers Pizza restaurants open and operating, 69 of which operated during the entire 2022 fiscal year. Of those 69 Toppers Pizza restaurants, 42 were franchised and 27 were affiliate-owned.
- Toppers Pizza excluded from the results that it used to prepare the tables in this Part 1 four franchised restaurants that did not operate during the entire 2022 fiscal year, including three franchised restaurants that opened during the 2022 fiscal year and one franchised restaurant that was closed multiple months due to property casualty.
- The 2022 fiscal year ran from January 3, 2022 to January 1, 2023.
- One of the restaurants included in affiliate-owned restaurants was acquired from a franchisee during the 2022 fiscal year.
A. All Restaurants
Open at Least 13 Periods
- Number of Outlets in Data Set: 69
- Average Gross Sales: $1,180,081
- Number That Met or Exceeded the Average: 29 (42%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,128,830
Open at Least 26 Periods
- Number of Outlets in Data Set: 66
- Average Gross Sales: $1,183,763
- Number That Met or Exceeded the Average: 29 (44%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,150,635
Open at Least 39 Periods
- Number of Outlets in Data Set: 64
- Average Gross Sales: $1,203,365
- Number That Met or Exceeded the Average: 25 (39%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,166,207
Open at Least 52 Periods
- Number of Outlets in Data Set: 64
- Average Gross Sales: $1,203,365
- Number That Met or Exceeded the Average: 25 (39%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,166,207
Open at Least 65 Periods
- Number of Outlets in Data Set: 60
- Average Gross Sales: $1,230,311
- Number That Met or Exceeded the Average: 26 (43%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,178,713
B. Affiliate-Owned Restaurants
Open at Least 13 Periods
- Number of Outlets in Data Set: 27
- Average Gross Sales: $1,143,217
- Number That Met or Exceeded the Average: 11 (41%)
- Lowest Gross Sales: $567,223
- Highest Gross Sales: $2,144,605
- Median Gross Sales: $1,128,830
Open at Least 26 Periods
- Number of Outlets in Data Set: 25
- Average Gross Sales: $1,175,976
- Number That Met or Exceeded the Average: 10 (40%)
- Lowest Gross Sales: $567,223
- Highest Gross Sales: $2,144,605
- Median Gross Sales: $1,056,560
Open at Least 39 Periods
- Number of Outlets in Data Set: 24
- Average Gross Sales: $1,201,341
- Number That Met or Exceeded the Average: 8 (33%)
- Lowest Gross Sales: $702,969
- Highest Gross Sales: $2,144,605
- Median Gross Sales: $1,184,076
Open at Least 52 Periods
- Number of Outlets in Data Set: 24
- Average Gross Sales: $1,201,341
- Number That Met or Exceeded the Average: 8 (33%)
- Lowest Gross Sales: $702,969
- Highest Gross Sales: $2,144,605
- Median Gross Sales: $1,184,076
Open at Least 65 Periods
- Number of Outlets in Data Set: 24
- Average Gross Sales: $1,201,341
- Number That Met or Exceeded the Average: 8 (33%)
- Lowest Gross Sales: $702,969
- Highest Gross Sales: $2,144,605
- Median Gross Sales: $1,184,076
C. Franchised Restaurants
Open at Least 13 Periods
- Number of Outlets in Data Set: 42
- Average Gross Sales: $1,202,370
- Number That Met or Exceeded the Average: 20 (48%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,177,318
Open at Least 26 Periods
- Number of Outlets in Data Set: 41
- Average Gross Sales: $1,217,333
- Number That Met or Exceeded the Average: 19 (46%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,193,752
Open at Least 39 Periods
- Number of Outlets in Data Set: 40
- Average Gross Sales: $1,204,052
- Number That Met or Exceeded the Average: 20 (50%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,153,635
Open at Least 52 Periods
- Number of Outlets in Data Set: 40
- Average Gross Sales: $1,204,052
- Number That Met or Exceeded the Average: 20 (50%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,153,635
Open at Least 65 Periods
- Number of Outlets in Data Set: 36
- Average Gross Sales: $1,249,624
- Number That Met or Exceeded the Average: 17 (47%)
- Lowest Gross Sales: $497,185
- Highest Gross Sales: $2,211,285
- Median Gross Sales: $1,178,713
- Gross Sales are calculated in the same manner as you will calculate Gross Sales under the Franchise Agreement.
- “Gross Sales” means all sums or value received or receivable by you, directly or indirectly, in cash, exchange, or barter, from or in connection with the operation of your Restaurant and all other business operations originating at or from the premises of your Restaurant, excluding monies collected for taxes chargeable to customers by law.
- Gross Sales include revenues generated from the sale of food, beverages, and other goods and products (including vending machines, games, slot machines, automated teller machines, amusement rides, and telephones, which shall in any event be subject to Toppers Pizza’s prior written approval), and from the rendering of services of any kind or nature, at or from your restaurant, or under, or in any way connected with the use of the Marks, whether for cash, credit, or barter (the Gross Sales amount from any barter shall equal the fair market value of that barter).
- Toppers Pizza includes gift certificate, gift card, or similar program payments in Gross Sales when the gift certificate, gift card, other instrument, or applicable credit is redeemed.
- Gross Sales also include all insurance proceeds you receive for loss of business due to a casualty to or similar event at your restaurant.
- There shall be deducted from Gross Sales for purposes of said computation (but only to the extent that they have been included) the amount of all sales tax receipts or similar tax receipts which, by law, are chargeable to customers, if such taxes are separately stated when the customer is charged, and the amount of any reasonable, actual, and verifiable refunds, rebates, over-rings, and allowances given to customers in good faith.
- Approximately 75% of the Toppers Pizza restaurants shown in the tables in Part 1 above are located within the states of Minnesota and Wisconsin. Accordingly, the Gross Sales of these Toppers Pizza restaurants are impacted by the recognition and goodwill that Toppers Pizza restaurants benefit from within those states and the Midwest more broadly.
- Although the franchisor believes Toppers Pizza restaurants have consumer appeal that will extend well beyond the Midwest, the concept has had only limited operating history outside of its core market of the Midwest.
Part 2 – 2022 Profit and Loss
- The following tables contain profit and loss information for the fiscal year ended January 1, 2023, for 66 of the 69 (95.7%) Toppers Pizza restaurants that were open and in operation continuously during the entire 2022 fiscal year. Of those 66 Toppers Pizza restaurants, 40 were franchised and 26 were affiliate-owned.
- Toppers Pizza excluded from the results in this Part 2 the one affiliate-owned restaurant that was acquired from a franchisee in 2022 as Toppers Pizza does not have all of the information from that restaurant for the period prior to acquisition.
- Also excluded from the results in this Part 2 are two franchised restaurants that did not provide complete reports of their profit and loss information.
A. All Restaurants
Cost of Goods Sold
- Average Cost of Goods Sold: 28.8%
- Number That Met or Exceeded the Average: 31 (47%)
- Lowest Cost of Goods Sold: 22.2%
- Highest Cost of Goods Sold: 33.9%
- Median Cost of Goods Sold: 29%
Cost of Labor
- Average Cost of Labor: 25.7%
- Number That Met or Exceeded the Average: 32 (48.5%)
- Lowest Cost of Labor: 19.4%
- Highest Cost of Labor: 36%
- Median Cost of Labor: 25.4%
EBITDA
- Average EBITDA: $84,228
- Number That Met or Exceeded the Average: 28 (42.4%)
- Lowest EBITDA: $(175,583)
- Highest EBITDA: $376,496
- Median EBITDA: $73,527
B. Affiliate-Owned Restaurants
Cost of Goods Sold
- Average Cost of Goods Sold: 28.8%
- Number That Met or Exceeded the Average: 10 (38.5%)
- Lowest Cost of Goods Sold: 23%
- Highest Cost of Goods Sold: 32.7%
- Median Cost of Goods Sold: 29.4%
Cost of Labor
- Average Cost of Labor: 24.2%
- Number That Met or Exceeded the Average: 13 (50%)
- Lowest Cost of Labor: 19.4%
- Highest Cost of Labor: 36%
- Median Cost of Labor: 24%
EBITDA
- Average EBITDA: $53,589
- Number That Met or Exceeded the Average: 13 (50%)
- Lowest EBITDA: $(174,583)
- Highest EBITDA: $284,809
- Median EBITDA: $32,473
C. Franchised Restaurants
Cost of Goods Sold
- Average Cost of Goods Sold: 28.5%
- Number That Met or Exceeded the Average: 22 (55%)
- Lowest Cost of Goods Sold: 22.2%
- Highest Cost of Goods Sold: 33.8%
- Median Cost of Goods Sold: 28.6%
Cost of Labor
- Average Cost of Labor: 26%
- Number That Met or Exceeded the Average: 21 (52.5%)
- Lowest Cost of Labor: 21.3%
- Highest Cost of Labor: 32.1%
- Median Cost of Labor: 25.9%
EBITDA
- Average EBITDA: $94,143
- Number That Met or Exceeded the Average: 19 (47.5%)
- Lowest EBITDA: $(31,850)
- Highest EBITDA: $376,496
- Median EBITDA: $72,376
- Cost of Goods Sold means the percentage of revenue spent on all food, paper, cardboard, and beverage products used in creating final food and beverage products for customers.
- Cost of Labor means the percent of revenue spent on employees’ actual wages and manager’s salary and does not include any labor taxes or benefits.
- EBITDA means earnings before interest, taxes, depreciation, and amortization.
Section VI – Toppers Pizza Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️
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