Currito
Currito offers fast-casual restaurants featuring bowls, wraps, salads, and more, all prepared with proprietary marinades and sauces. Known for its quick-service dining options, Currito operates in the fast-food and casual dining industry.
Currito franchise FAQ
How much does it cost to open one — the total initial investment?
The total initial investment necessary to begin operations for a single Restaurant ranges from $343,500 to $959,000. This includes a mandatory payment of between $35,000 and $45,000 to the franchisor or its affiliates [p.2].
What is the initial franchise fee?
The initial franchise fee is $35,000 for the right to operate a single restaurant. This fee is nonrefundable upon payment [p.12, p.19].
What are the ongoing royalty and advertising fees?
Franchisees are required to pay a royalty fee ranging from 4% to 6% of their monthly gross sales. Additionally, they must spend 2% of their gross sales per month directly on local advertising. There are currently no continuing monthly brand marketing or advertising fees as of December 31, 2024, 2023, and 2022. [p.166]
How long is the initial franchise agreement, and can I renew it?
The initial term of the franchise agreement is generally ten years [p.166]. You may also be entitled to renew the franchise at the end of the renewal term in accordance with the renewal provisions contained in the franchise agreement executed by you for your renewal [p.69].
Can I sell or transfer my franchise, and what does that require?
The ability to sell or transfer your franchise depends on the actions of the Controlling Person who receives a bona-fide offer. If they wish to sell, you can require the other Owners to sell their interest in accordance with the terms of the offer [p.110]. However, the franchisor has a right of first refusal to purchase the franchise under good cause conditions [p.142(g)]. This isn't specified in the excerpts for direct transfer procedures without Controlling Person's action.
On what grounds can the franchisor terminate the agreement?
According to [p.146] and [p.151], a franchisor can terminate the agreement on any grounds available by law, but pursuant to Section 13.1-564 of the Virginia Retail Franchising Act, terminating a franchise without reasonable cause is unlawful. Additionally, termination provisions must include good cause, such as the failure of the franchisee to comply with lawful provisions of the franchise agreement and cure such failure within a reasonable time frame, which cannot exceed 30 days ([p.142]).
What financial requirements — net worth and liquid capital — do I need to qualify?
This isn't specified in the excerpts. The FDD does not provide specific details on the net worth or liquid capital required for qualification as a franchisee.
Do I get an exclusive or protected territory?
Based on the excerpts, you do not receive an exclusive territory. You have a non-exclusive right to operate a Restaurant within your Protected Territory, but you may face competition from other franchisees, outlets owned by the company, and other channels of distribution or competitive brands controlled by the company [p.39, p.70].
What training and ongoing support does the franchisor provide?
The franchisor provides initial training that includes classroom and on-the-job components. This training is typically conducted over four weeks in Cincinnati, Ohio, or another designated location, with options for virtual training via video conference. Onsite training occurs one week before the restaurant opens and covers topics detailed in an Initial Training table. The franchisor also offers ongoing support and training as part of the franchise agreement [p.166].
How many franchised outlets are there, and how many have closed or been terminated?
This isn't specified in the excerpts.
Does the franchisor share any financial performance or earnings information?
The franchisor does not make any financial performance representations and does not authorize its employees or representatives to do so [p.60]. However, if you are purchasing an existing location, the franchisor may provide actual records of that location's performance [p.60]. The historical financial results provided in Item 19 are based on profit and loss reports submitted by certain locations, but neither the franchisor nor a certified public accountant has independently audited or verified this information [p.57].
What am I restricted to selling, and where must I buy supplies?
You are restricted to offering only the Approved Products and Services as specified by the franchisor. You must purchase certain items from the franchisor or other approved suppliers, including proprietary sauces, marinades, beverages, packaging, and other Currito Proprietary Products [p.23]. This is in addition to any other supplies that may be designated by the franchisor [p.4].