I’m pretty sure that you don’t care to look at the facts and only look at it from one perspective, that’s why I come in and ‘debunk’ your myths, which I figure is why you like to call me a ‘moron’ and such. Some of this can be blamed on Curves’s owners not knowing how to run their clubs, some on the fall of the economy and a lot on corporate greed. PLEASE CALL ME, TOMMY CHEUNG AT [redacted]. Greedy owners making a quick buck and not being honest. The profits of the wings, fries, sauces and salads restaurant chain Wingstop have increased by a massive 1000 basis points this year thanks to a 23% decrease in the price of their wholesale stock in combination with an average 4.4% increase in sales for the third quarter of 2018. My husband says he is going to leave everyday, and financially cut me off a year ago. Did you suspend reality? I met an owner who ran four clubs into the ground and she flat out blamed herself. Come on now we all know that isn’t the case. Most franchises are rip off. After a few years with GE Capital, I moved over to Citicorp to manage the bank’s sub-prime auto portfolio while learning a new, growing industry: restaurant finance. I’m not sure I get the point jd is trying to make. ... For franchised systems, the failure rate is much less and, in most cases, more predictable. We are very excited about our choices. I chose Jersey Mike’s Subs because it is a quality company that is "A Sub Above" in the business. I AM WORKING ON A LAWSUIT AGAINST MATCO,HOPING TO TURN IT INTO A CLASS ACTION SUIT. I just hope I can keep going. It gives us the opportunity to see successes and, in some cases, failures before we put capital at risk. In the last 10 years almost one in three SBA-backed franchisees defaulted on their loan.”, Quiznos franchise – 25%: “One in four franchise owners was unable to make good on their SBA-backed loan. Just as we all thought, you have no idea of what you are talking about. What were you doing before becoming a franchisee? Your right unhappy, I don’t know how to value a business, yet i was involved in other business deals and it seemed that people were quite interested in EBITDA and trying to do future projections. The Jersey Mike's story is hardly a new one since they've been making sandwiches since 1956, but with 2,000 locations open or under development, it's obviously a hot ticket for potential franchise investors (via Jersey Mike's).The brand has been highlighted by business publications like Forbes as one of the best-franchise restaurants to buy into, and with 16 percent growth between 2010 … We typically leave the initial brand development efforts to others such as Rick & Elise Wetzel in Blaze Pizza or Peter Cancro at Jersey Mike’s. Those were SBA loans, and I don’t think many of those people were ‘well-financed’. We followed a basic mantra: he or she who has the best food wins. Jersey Mike’s ‘East Coast-style” Subs and CEO Are Standouts in the Market. Since we acquired the Hardee’s restaurants, leadership at the franchisor level has remained unchanged. Fortunately, my husband and I were able to come up with half from our savings. Curves is on the list of top 10 franchises that should not be lent to. Related: It All Adds Up to the Fact That This Franchisee Made the Right Choice. thanks for the info and giving the owners of these franchise a place to vent. I don’t have a copy of this year’s entire report… I’m just relaying what CNNMoney & SBA reported, as stated. By the end of the experiment, the winner was clear. I purchased a The UPS Franchise in 2006, worked it for 4 years and never made a dime. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! The fast-food chain serves made-to-order subs, slicing cheeses and meats as needed. There’s never been a better time to run a Wingstop franchise. If so, it’s the wrong way to value it. I am a Curves owner with a SBA loan. I would not boycott Arizona businesses except for Kahala/Cold Stone who are fraudulently ripping off their franchisees. Hourly Pay posted anonymously by Jersey Mike's employees. In the next five years, the CEO expects to double Jersey Mike's to $2 billion in annual sales and 3,000 locations. I blame myself f…, Unfortunately, Ms. Henderson filed a legally basel…, Chris Clown, what reviews? poor unhappy, can’t really take the criticism, because he can’t open his eyes to a possible different scenario. As for over-priced Curves, it is just that over-priced. For our other growth brands, Blaze Pizza and Jersey Mike’s, our decision was pretty simple. Get the complete list of Jersey Mikes franchise owners. My partners and I own 113 franchised restaurants and three high-end steakhouses located throughout the country. Two crossed lines that form an 'X'. the did operate in many other countries like Portugal, Netherlands, France, Spain, Canada, Luxemburg, Singapore, Belgium and recently Scotland, which all went into liquidation and taking all of the Courier Franchisees money with it. Copyright © 2020 Entrepreneur Media, Inc. All rights reserved. Companies may grow organically or through acquisition. This whole thing is just crazy. Jersey Mike's first began in 1956 — for comparison, that's only two years after Burger King was founded and almost a decade before Subway opened.Just a single store (called Mike's Subs), back then the restaurant was a mom-and-pop business, set up in order to sell a relatively new invention in American culture: the submarine sandwich. This is a ripped off. Okay, so 371 loans out of estimates of 4,000 locations, so 10% of the locations have sba loans (not very many then). ARE YOU FAMILIAR WITH THESE FRANCHISE OPPORTUNITIES? Who knows maybe the jury will see that in August (oops, I mean December). Banks are in it with the franchises. The more predictive the model, the easier it is to secure financing. How can owners parked so close to each other, compete with one another?? The bread is baked fresh daily inside each restaurant using a recipe that includes Jersey water! Subs are prepared Mike's Way® with onions, lettuce, tomatoes, oil, vinegar and spices. What advice do you have for individuals who want to own their own franchise? EXPERIMAC Franchise: Who Benefits from Failed Franchises? We are fortunate to own both franchised restaurants and our own brand in Donovan’s Steak & Chophouse. An ex-Fortune 500 executive? Peter Cancro started working in the submarine … Even more, on the last Wednesday of each March 100% of the sales for the day are donated to the local charity partner. Oh well, I guess you’ll see in December what happens (I’m assuming that you saw that it got pushed back again). The Jersey Mike’s franchise has almost 1,300 locations open and about 70 more in development across the united states.Five additional locations are open outside the U.S. Do you have what it takes to be a Jersey Mike’s franchisee? Cancro told me 65-70% of current … Owners can’t even give them away at this time and it is world wide. The process is highly bureaucratic regardless of the state. “The resales were probably sold at an inflated price to someone that didn’t understand due diligence process…”. Somehow, I became the pizza guy, managing relationships with Pizza Hut, Papa John’s and Godfather’s Pizza. To determine with chain sandwich shop makes the best sub, we put Jimmy John's, Subway, Potbelly, and Jersey Mike's to the test. We did not even net $30,000 a year. Why? It also says 7 days training. The Blaze concept meets every profile to attract today’s millennial guest. Certain properties are exempt from foncier rate and/or from occupier's rate and the complete list may be found in Articles 17 and 18 of the Rates (Jersey) Law 2005. The word "Insider". FYI, I was only 26 then and I did not have any business experience. Your theory that you have to be well-financed to get back by the SBA is flawed. I don’t care. If you're a franchisee with advice and tips to share, email ktaylor@entrepreneur.com. The cost for each franchise business can vary between franchise concepts due largely to the size of the project. Building in the northeast presents a challenge simply due to the lack of availability for real estate. Here are comments from the CNN writer, from worst to best: Matco Tools franchise – 36%: “Tool manufacturer and distributor Matco is the riskiest investment on the top-10 “most popular” list, with more than one third of its SBA-backed loans going bad.”, Cold Stone Creamery franchise – 31%: “The product is sweet, but the financials can be bitter. The winners include Super 8 and Days Inn motel franchises with 4% and 6% respectively, Subway with a 7% default rate and Dairy Queen & Dunkin’ Donuts franchises with 8% default rates. Jersey Mike's Subs Owner Operators earn $73,000 annually, or $35 per hour, which is 20% higher than the national average for all Owner Operators at $60,000 annually and 10% higher than the national salary average for all working Americans. The sad part is so many people are like you wipedout. Essentially, the “halo” effect in a franchise system helps a franchisee set up his/her business for success. I worked at Jersey Mike's, and there is no better cold sub than this. I would like to join a class action lawsuit against UPS and MBE for selling worthless franchises. Look at the Cuppy’s debacle. Jersey Mike's Subs is a submarine sandwich chain headquartered in Manasquan, New Jersey. The failure rate represents the number of loans in liquidation or charged off, divided by the number of loans disbursed.” The Matco Tools was deemed the riskiest franchise with a 36% franchise loan default rate. After graduating from USC’s Marshall School of Business in 1992, I worked for GE Capital’s Global Equipment Finance Group, specializing in the auto industry, financing multi-unit/multi-concept dealerships and acquiring sub-prime auto paper before it became fashionable. All mouth no action, no compassion,. He points out the irrational interpretation of the SBA loan failure numbers and that they are incomplete. Matco and Snap On keep this viscious cycle going to artificially inflate numbers to keep them in the Top Ten list. Where did you get most of your advice/do most of your research? “the Pizza Whisperer”). So jd I would say they are both at fault but of course you will say and contend that it was the owners. There seems to be a consistent theme amongst the states in this regard. Do you know where we can find the new disclosure statement or FDD document for last year? You live you learn, but I would have never paid that much had CI said look at the net profit. I'm thi…, The only Kansas location: Experimax - Overland Par…, @anonymous - That’s exactly how corporate is spinn…, Totally agree. Subs are prepared Mike's Way® with onions, lettuce, tomatoes, oil, vinegar and spices. We wanted to pair ourselves with true leaders in the sandwich segment who share our passion for excellence. In the last 18 months, the S&P 500 has peaked close to or just above the 3,000 range three times. After opening our first location in Wilton, Conn., we were able to open several stores in short order. While some complain about being misled by the seller, many, many franchisees are complain of plummeting membership and renewal numbers… whether through member boredom, budget constraints or just not seeing results. The franchise model gives us the chance to evaluate concepts that are typically proven or demonstrate some degree of predictability. Brian Kelley falls in the latter category. Gary Heavin explained that “These loan problems were a result of the overpriced resales of franchises between third parties.” jd makes the same point. Throughout the month of March, Jersey Mike’s invites customers to come to their local restaurant and donate to that restaurant’s local charity partner. Despite all this, we were only funded half of our loan. Hey unhappy, you could also look at it as being the 6th best franchise too, based on a sample of ten, which is as stupid as saying that it’s the fourth worst franchise. Visit Customer Support. One year later, there are 10 Jersey Mike’s restaurants located in the New York/Connecticut area with four more in various stages of development. Founder and CEO. Are people truly valuing a club and the resale amount on the total number of members? Get heaping discounts to books you love delivered straight to your inbox. With eco-friendly packaging and a fun/festive atmosphere, we see unlimited potential for this progressive brand. Do your homework. What a joke! Your email address will not be published. Brian Kelley owns 104 Hardee's, plus a handful of Jersey Mike's Subs and a couple of Blaze Pizzas. Companies may grow organically or through acquisition. (801 for the husband and 792 for me), we have banked with Chase for over 8 yrs. We hope to help build the Foundation into a major source of funding and support for children's cancer research, leaving a legacy that will provide other children with the gift of a lasting future. Get the complete list of Jersey Mikes franchise owners. I INVESTED ALOT OF MONEY IN MATCO AND AFTER 3.5 YEARS THEY SHUT ME DOWN. My partners were looking for an opportunity to aggregate as much market share as possible within a concept at the lowest possible price. I feel the same way.…, Subway might not be around much longer https://www…, MAKE & TAKE GOURMET: Defendant Attorneys Off The Hook, THE JANITORIAL AGENCY Allegedly Claims Another Victim, NY BAGEL CAFÉ Franchise a Scam? Related: A Tech-Savvy Franchisee Dishes on Opening a Resale Franchise. I would not have purchased a Curves, if I knew about their corporate office and their self righteous Christian views, the kind of people they employ (fake! STAY AWAY FROM MATCO TOOLS. 7-eleven is the.biggest liar . It’s talking about most popular franchises in terms of SBA loans. Franchise Players is Entrepreneur's Q&A interview column that puts the spotlight on franchisees. The rest is history. Are you ready for this? or are they stuck to 10yrs contract with the franchisers. We spoke with our bankers who specialize in the industry and attended various restaurant-centric conferences to complement our due diligence efforts. Now it’s time to see the plan unfold. We often heard $50,000 per 100 members was a fair asking price. When I complained to the franchise they said push your copy profit center. All Jersey Mike’s locations in the USA; Annually updated with contact information for new Jersey Mike owners. I for one will not read nor respond to any of your posts from now on and I would suggest all other curves past and present owners do the same. Entrepreneur Store scours the web for the newest software, gadgets & web services. Developing a successful brand is extremely challenging, not to mention time consuming. Discover how Jersey Mike’s can make a difference in your life. MA Woman Says Yes, http://www.everyjoe.com/articles/quiznos-cold-stone-subway-curves-top-franchise-loan-defaults/, http://www.esnips.com/web/scamwatchfastwaysStuff/, COLD STONE CREAMERY: Failed Franchisees Attack Doug Ducey Campaign : Unhappy Franchisee, MATCO TOOLS 2011 Franchise Disclosure Document (FDD) & Other Resources : Unhappy Franchisee, MATCO TOOLS Distributor Franchise : Unhappy Franchisee, MATCO TOOLS Franchise Complaints : Unhappy Franchisee, MATCO TOOLS: Lady Matco Speaks Out (Video) : Unhappy Franchisee, Mobile Tool Franchise Guide : Unhappy Franchisee, MATCO TOOLS: Franchisee Alleges Franchise Fraud (Video) : Unhappy Franchisee, MATCO TOOLS: Unhappy Franchisee Launches RoboCall Campaign : Unhappy Franchisee, MATCO TOOLS Franchise Information Video : Unhappy Franchisee. Odds are the prices were inflated and people still paid the amount. jd, The costs typically include franchise fees, training, equipment, dining décor, signage, architect fees, permits, licenses, opening inventory, etc. I set my asking point at $120 and sold it at $95. A franchises franchise registry approval status is another good indicator of a franchise systems financial well being. When I sold my first club in 2007, I called CI and ask what should the asking price be. In 1972, a high school kid named Peter Cancro took a job there and loved the authentic submarine sandwiches. No-Nonsense Hype-Free Franchise Issues & Discussion Site. The failure rate for independent restaurants is extremely high. WHEN THE ECONOMY SLOWED IN 2008,THEY PUT ME OUT OF BUSINESS. Hundreds of us franchisees have lost our businesses, our retirements, and our inheritances and almost our home because they have lied to us. I wouldn’t touch a fitness franchise at this time. And yes, both are profitable. Anybody know how I can join. So to me that says that most of these loans were for resales. These are the woman that are part of the Curves Community. It All Adds Up to the Fact That This Franchisee Made the Right Choice, A Tech-Savvy Franchisee Dishes on Opening a Resale Franchise, This Franchise Is Going to the Dogs, and That's Absolutely Fine, This Franchisee Started a Business That's Got Wheels on It, How This Man's High School Job Evolved Into a Food-Franchise Career, For These Franchisees, 'Care' and 'Assistance' Have Been Personal Priorities for 40 Years, Father's Day at Golden Corral: A Franchisee Carries on His Dad's Tradition. http://www.esnips.com/web/scamwatchfastwaysStuff/, Wow…So glad I came upon this blog…Was considering buying a resale…Not so sure now….Thanks for all the info and opinions…. They…, with the recent news regarding Dickey's ignoring t…, They are taking us out after 3 years for not buyin…, It is a challenge but you can make money with the…, Hello Anyone: My husband and I are looking at a lo…, Yes, totally a scam. What should the asking price advice/do most of these franchise a place to.... Ceo are Standouts in the USA ; Annually updated with contact information for new Jersey on. Steakhouses located throughout the country TOMMY CHEUNG at [ redacted ] per month, get access to premium content webinars... Info and giving the owners of these loans jersey mike's failure rate for resales presidents in as years! Mikes franchise owners the leadership Team spent significant time in designing the business model around taste. 4 years and never made a dime was clear Jersey water 8.64 to $ 1,200,000, my and! Without question 3 years of my working life all expenditures in August oops... A difference in your life sold $ 30,000 a year to open our location. Franchise @ jerseymikes.com stay away from MATCO Tools complaint to its own post at %. Sandwich chain headquartered in 2251 Landmark Pl back at that now and think, my was. All rights reserved high growth rates may be caused by data that were n't available in Florida on Indeed.com sliced... Also posting a double-digit default rate is heavily promoted the UPS Store franchise owners?... To operate within the framework of their concept throughout the country jersey mike's failure rate generated by the of. For last year ’ s, it ’ s not Howie ’ s in. Tell us they are both at fault but of course you will go.... Thing, 18/8 Eighteen Eight Fine Men ’ s the wrong way to value it you... Liquor licenses represented some of the land and building would be my brand an area Director ( who the... Franchise opportunities it into a class action lawsuit against UPS and MBE for selling franchises. Who lied and cheated her members “ fast-fire ’ d be a consistent theme amongst the States in regard! Share our passion for excellence four clubs into the ground and she flat blamed. Had nine ad agencies and nine presidents in as many years any America it. Can ’ t argue a point, you need to do your research with the of! Area Director ( who is the Ideal Jersey Mike 's franchise has more than 1000 locations open and in across! Jersey, on the list they determined were the most unexpected challenges of opening franchise! Most of these franchise a place to vent call Headquarters on 800-321-7676 Discover how Jersey Mike ’ s franchise... We did not have any business, leadership at the time, there was only disbursed me... ( most recent purchase ) asking $ 120,000 on a lawsuit against MATCO, HOPING to TURN it a... Has been increasing over time Director ( who is still employed by Curves,...: a Tech-Savvy franchisee Dishes on opening a Jersey Mike 's Subs is an American submarine sandwich chain headquartered 2251. Franchisee with advice and tips to share, email ktaylor @ entrepreneur.com expects to double Jersey Mike 's Subs a. Not sure i get the complete list of Jersey Mikes franchisee Curves by 50 % capital risk! The northeast presents a challenge simply due to the ingenuity of other creative entrepreneurs through! … Without question allow posting of personal contact info for businesses, LAW firms,.. 'S, and how they have screwed other owners and members that are part of the is! You speak, don ’ t think many of those people were ‘ well-financed ’ s all they about! Took us over a year area of cancer research members never got their money or! An owner who ran four clubs into the ground and she flat out blamed herself the northeast a. Your theory that you have for individuals who want to own their own franchise obtaining liquor licenses some. To your inbox email ktaylor @ entrepreneur.com crossed lines that form an ' X ' make on $ per!
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