Epic Wings
Epic Wings offers on-premises dining and carry-out services with freshly-cooked chicken wings and other foods. Known for never-frozen ingredients, this franchise operates in the quick-service restaurant sector.
Epic Wings franchise FAQ
How much does it cost to open one — the total initial investment?
The total initial investment necessary to begin operation of a single Epic Wings franchised restaurant ranges from $627,950 to $1,427,432. This includes an initial payment ranging from $15,500 to $45,500 [p.1].
What is the initial franchise fee?
The initial franchise fee is $35,000 and it is considered fully earned and non-refundable upon payment [p.103]. However, this fee is deemed to be zero for certain provisions of the Franchise Agreement [p.170].
What are the ongoing royalty and advertising fees?
The ongoing royalty fee is between 1-5% of net sales and compensates the company for various advisory services. The advertising fee is between 1-3% of net sales and funds marketing efforts as determined by the company at its discretion. [p.96]
How long is the initial franchise agreement, and can I renew it?
The initial franchise agreement generally has a term of ten years with two five-year renewal options [p.96, p.105]. To renew, you must give written notice at least six months but not more than twelve months before the current term expires, and comply with any conditions set by the franchisor [p.105].
Can I sell or transfer my franchise, and what does that require?
To sell or transfer your franchise, you need to obtain Franchisor's consent [p.137]. If the transferee is not a family member or an existing franchisee, they must pay a non-refundable transfer fee equal to 50% of the current initial franchise fee [p.137]. This isn't specified in the excerpts whether there are other requirements for a sale or transfer beyond obtaining consent and paying the transfer fee.
On what grounds can the franchisor terminate the agreement?
The franchisor can terminate the agreement on various grounds including defaults by the franchisee under the terms of the franchise agreement, multi-unit development agreement, or other agreements between the parties [p.132]. Additionally, the termination of a Promotion Fund would not automatically terminate the franchise agreement unless specified in another agreement [p.154; p.114].
What financial requirements — net worth and liquid capital — do I need to qualify?
This isn't specified in the excerpts.
Do I get an exclusive or protected territory?
No, you do not receive an exclusive territory [p.28, p.29]. You may face competition from other franchisees, outlets owned by the company, or other channels of distribution or competitive brands that the company controls [p.28, p.29]. However, you will have protection against the company operating or granting others the right to operate an Epic Wings restaurant in your territory, unless it already exists or is under development at the time of entering into the Multi-Unit Development Agreement [p.152].
What training and ongoing support does the franchisor provide?
The franchisor provides one representative at the Franchised Restaurant's premises for up to one week of additional training around the start of operations [p.108]. This assistance includes helping to establish and standardize operating procedures, as well as training personnel [p.108]. Ongoing support involves providing manuals, operating methods, business practices, design specifications, recipes, pricing, and other confidential information necessary for running an Epic Wings Franchised Restaurant [p.172].
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 can provide actual or potential financial performance information of its outlets if there is a reasonable basis and it is included in the disclosure document. However, they do not make any representations about future financial performance or past performance of company-owned, affiliate-owned, or franchised restaurants, except for providing written substantiation upon request [p.44, p.46].
What am I restricted to selling, and where must I buy supplies?
You are required to sell all items and categories of food and beverage products that the franchisor authorizes and introduces [p.34]. You must offer for sale and sell these items only at the restaurant premises, and you cannot conduct sales on the Internet or through other means like catering services without prior written consent [p.34]. Regarding supplies, you may have to buy or lease certain items from the franchisor or a limited group of suppliers designated by them, which might be more expensive than purchasing elsewhere [p.3].