Island Fin Poke
Island Fin Poke offers fast-casual Hawaiian-style poke bowls in a franchise format, with an investment range of $274,050 to $440,000 per location or $324,050 to $400,000 for multi-unit developments. Known for its fresh seafood and vibrant Hawaiian cuisine, it operates in the quick-service restaurant sector.
Island Fin Poke franchise FAQ
How much does it cost to open one — the total initial investment?
The total initial investment to open one Island Fin Poke Company franchise ranges from $274,050 to $440,000. This includes the initial inventory sufficient for approximately one month of operation and other costs but does not include real estate purchase costs or additional insurance expenses beyond the specified minimum coverage deposit. [p.1, p.17]
What is the initial franchise fee?
The initial franchise fee is $40,000 when signing the Franchise Agreement for the first outlet. For subsequent outlets, there are discounts: $30,000 for a second outlet and $20,000 for a third outlet [p.8]. This payment is non-refundable [p.8].
What are the ongoing royalty and advertising fees?
The ongoing royalty fee is not specified in these excerpts, but it is clear that a minimum of 1.5% of monthly Gross Revenue must be spent on advertising for the franchised business in your territory [p.23]. This amount includes various forms of local advertising with prior approval and contributions to a marketing fund operated by your landlord [p.23].
How long is the initial franchise agreement, and can I renew it?
This isn't specified in the excerpts. The provided FDD excerpts do not contain information about the duration of the initial franchise agreement or the renewal process.
Can I sell or transfer my franchise, and what does that require?
According to the FDD, a franchisor can refuse to permit the transfer of ownership of a franchise except for good cause [p.67]. Good cause includes but is not limited to unspecified factors. Therefore, you would need to consult with your franchisor regarding any potential sale or transfer and ensure it aligns with their criteria for such transfers.
On what grounds can the franchisor terminate the agreement?
According to [p.67], a franchisor can terminate a franchise prior to expiration only for good cause, which includes the failure of the franchisee to comply with any lawful provision of the franchise agreement and to cure such failure after being given written notice and a reasonable opportunity (no more than 30 days) to do so. [p.73] also states that termination can occur on any grounds available by law. Additionally, [p.83] mentions that RCW 19.100.180 or court decisions may supersede the franchise agreement in areas including termination and renewal.
What financial requirements — net worth and liquid capital — do I need to qualify?
This isn't specified in the excerpts. The provided FDD excerpts do not detail specific net worth or liquid capital requirements for qualifying as a franchisee.
Do I get an exclusive or protected territory?
No, you do not get an exclusive territory. You may face competition from other franchisees, outlets owned by the company, or other channels of distribution and competitive brands that the company controls [p.28]. Your territory is defined based on specific criteria but does not guarantee exclusivity [p.29].
What training and ongoing support does the franchisor provide?
The franchisor provides initial training at their headquarters or another location they specify [p.26], which must be completed satisfactorily before opening the franchise [p.67]. Additionally, the franchisor may offer mandatory additional training programs up to 4 days each year and an annual business meeting or conference for up to 3 days [p.22]. Failure to attend these trainings can result in a default of the Franchise Agreement [p.22].
How many franchised outlets are there, and how many have closed or been terminated?
As of December 31, 2023, there were 22 franchised outlets in operation [p.38]. According to the FDD, Exhibit F lists any terminations, cancellations, non-renewals, or other business cessations for franchises that have occurred during the last fiscal year, but specific numbers are not provided in the excerpts [p.42].
Does the franchisor share any financial performance or earnings information?
The franchisor may provide historic financial performance representations for its affiliate-owned and franchised outlets, but it does not make any representations about a franchisee's future financial performance. The franchisor is also prohibited from authorizing employees or representatives to make such representations [p.39]. Any financial performance information provided must have a reasonable basis and be included in the disclosure document [p.37].
What am I restricted to selling, and where must I buy supplies?
You are restricted to offering and selling all products and services that are part of the System, including those incorporated in the future, and only what has been previously approved by the franchisor [p.31]. You may have to buy or lease items from the franchisor or a limited group of suppliers designated by them, which might be more expensive than other options [p.3].