1. What is the duration of a franchise agreement?
The initial term of the franchise agreement is twenty (20) years. After the initial term, ten (10) year term options are available.
2. How much does a franchise cost?
A single franchise costs $35,000.00. If the franchisee opts to purchase additional franchise store as an area developer, the cost per unit can be reduced to $25,000.00 based on the additional number.
3. What can I expect in royalty obligations?
There will be a 5% royalty payment based on gross sales, (less sales tax). Royalty payments are to be paid to the Wings ‘N More® franchise weekly via electronic funds.
4. What kind of geographical area can I expect?
A single franchisee can expect a two to three mile protected area based on population density.
5. If I wanted to purchase a particular geographical area for multiple units, what will be required for an area developer?
Franchisees that wish to develop a particular area have every right to do so. The Zip Codes will determine how many units the area can handle. Once the territory is selected, a development schedule will be put in place. A lump sum fee will be required based on the size of the area and development time frame.
6. Is a Wings ‘N More® franchise unit free-standing or contained with other stores?
Wings ‘N More® have developed a prototype dine-in-express; free-standing building which each franchisee is responsible for. Complete architectural plans with all specifications will be provided. The Franchisee will hire a contractor of their choice.
7. How much Real Estate is required?
A tract of 1.25 to 1.5 acres will be needed. However, if overflow parking is available, you may need less. It is crucial that the franchisee is aware of the ingress and egress rights of the property. The franchisor will have the final approval of location.
8. Is previous restaurant experience required in order to become a Wings ‘N More® franchisee?
No. However, the restaurant business is fast-paced which can result in occasional stressful situations. The time and effort required can be quite demanding as well. Those with previous restaurant experience should have a better understanding of how challenging this particular industry can be.
9. Am I allowed to be an ‘Absent Owner’?
No. It is crucial for anyone who decides to become a Wings ‘N More® franchisee to be involved in the day-to-day operations of the restaurant as well as client development. Absentee Ownership is a recipe for disaster.
10. What are the financial requirements required to become a franchisee?
There is not an exact amount of net worth required. However, a franchisee needs to have a certain amount of liquidity and access to financing which the franchisor will evaluate. It is a proven fact that many businesses fail early on because of a lack of working capital. As indicated in “Cost Guidelines” the capital needed to open a Wings ‘N More® will fall somewhere between $975,000 and 1.1 million based on previous corporate store openings. These figures do not represent the cost of the real estate. Prices will obviously vary depending other the various markets. The amount and terms to be financed will ultimately depend on the relationship between the franchise and the lender. It is recommended that least $200,000 of liquid cash be available above and beyond the initial start-up cost. There may be periodic cash calls in the early stage of operation until operating cost are in line. It is at the discretion of the franchisor to determine whether the prospective franchisee meets the necessary financial requirements.