Cicis Pizza Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Cicis Pizza is a franchise known for its all-you-can-eat pizza, pasta, and dessert buffet, plus a to-go model. Franchisees run high-volume restaurants managing buffet production, service, and staffing.
FranchiseVerdict summary · 2026
A Cicis Pizza franchise requires a total initial investment of $695K – $1.0M, including a $15K – $30K franchise fee and an ongoing 5.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.4M[2]. SBA 7(a) loans show a 24.1% charge-off rate across 438 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $695K – $1.0M
- 29th pct Service Resta…
- Avg gross sales
- $1.4M
- Net sales7th pct Service Resta…
- Royalty
- 5.0%
- 8th pct Service Resta…
- Units
- 270
- 35th pct Service Resta…
- SBA charge-off
- 24.1%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-Service Restaurants avg · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $695K – $1.0M including a $30K franchise fee, 5.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.4M/year (median $1.4M), with an estimated 10% cash-on-cash return (based on ADJUSTED EBITDA(6) $158,533 11.3%).
- RISKVerdict B (Above average), verdict score 53/100 (higher is better). SBA loan charge-off rate of 24.1% across 438 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- FLAGBankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- On Smile LLC
- Parent company
- CiCi Acquisition Company, LLC
- Ultimate parent
- Sunil D. Dharod Revocable Trust
- CEO title
- Chief Executive Officer
- Sunil Dharod
- Incorporated in
- DE
- HQ
- 13355 Noel Road, Suite 1645, Dallas, TX 75240
- Auditor
- RSM US LLP
- Audited financials
- Franchisor revenue
- $42.5M
- vs $41.4M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- JMC Restaurant Distribution
- Yes Caps
- CiCi Services
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Sunil Dharod
- Headquarters
- TX
- Founded
- 2021
- FDD year
- 2025
- States available
- 22
Can you afford it, and what does the money buy?
Entry cost runs 25% below the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown25 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee (Buffet Restaurant)not refundable | $30K | $30K | |
| Leasehold Improvements (Buffet Restaurant) | $325K | $349K | |
| Equipment and Supplies for Game Room (Buffet Restaurant) | $80K | $250K | |
| Impact Fees (Buffet Restaurant) | $0 | $20K | |
| Equipment, Furniture and Fixtures (Buffet Restaurant) | $164K | $217K | |
| Signage and Graphics (Buffet Restaurant) | $11K | $20K | |
| Insurance (Buffet Restaurant) | $500 | $2K | |
| Business Licenses (Buffet Restaurant) | $1K | $4K | |
| Opening Inventory/Supplies (Buffet Restaurant) | $28K | $34K | |
| Promotional Expenses (Buffet Restaurant) | $10K | $15K | |
| Training Costs (Buffet Restaurant) | $11K | $36K | |
| Deposits and other Pre-Opening Costs (Buffet Restaurant) | $9K | $17K | |
| Additional Funds - 3 months (Buffet Restaurant) | $25K | $45K | |
| Initial Franchise Fee (To Go Restaurant)not refundable | $15K | $15K | |
| Leasehold Improvements (To Go Restaurant) | $77K | $184K | |
| Impact Fees (To Go Restaurant) | $0 | $5K | |
| Equipment, Furniture and Fixtures (To Go Restaurant) | $88K | $114K | |
| Signage and Graphics (To Go Restaurant) | $5K | $10K | |
| Insurance (To Go Restaurant) | $375 | $2K | |
| Business Licenses (To Go Restaurant) | $1K | $3K | |
| Total initial investment | $937K | $1.5M |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $695K – $1.0M
- Top 40% of category vs category
- Liquid capital req'd
- $25K – $45K
- Top 40% of category vs category
- Franchise fee
- $15K – $30K
- Top 40% of category vs category
- Royalty
- 5.0%
- Tiered by sales volume · typical 6–8%
- Ad fund
- 5.0%
- typical 3–5%
- Total fee load
- 10.0%
- vs 9–13% typical
- Payback period
- 9.9 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of net sales |
| Marketing / ad fund | 5.0% of net sales |
| Technology fee | $100 |
| Training fee | $3K |
| Transfer fee | $8K |
| Renewal fee | $8K |
| Inventory (initial) | $28K – $34K |
| Total fee load | 10.0% of rev |
What do units actually make?
Average unit sales run 21% below the full-service restaurants norm.
Reported as net sales, not gross sales
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Cicis Pizza until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
Total invested capital · disclosed
$902K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings
The FDD reports $159K as ADJUSTED EBITDA(6) $158,533 11.3%. This is a disclosed figure, not our estimate — we publish no modelled profit for Cicis Pizza.
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Cicis Pizza unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
Reported as net sales, not gross sales
- Avg gross sales
- $1.4M
- Per unit, per year
- Median gross sales
- $1.4M
- Avg adjusted ebitda(6) $158,533 11.3%
- $159K
- Reported as ADJUSTED EBITDA(6) $158,533 11.3% in FDD Item 19
- Cash-on-cash
- 10.1%
- Based on ADJUSTED EBITDA(6) $158,533 11.3% / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- net sales
- Sample size
- 240 outlets
- vs category median 18 · large
- Range (low → high)
- $659K→$3.3M
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 9 / 10
- vs category median 3 / 10 · above
Compared against 802 Full-Service Restaurants brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $1.4M/year in gross sales. Revenue-to-investment ratio: 1.6x.
Fee burden
Total ongoing fee load of 10.0% — above the Full-Service Restaurants average of 7.6%.
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Multi-unit rate
Only 12% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Full-Service Restaurants averages
How Cicis Pizza Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 270
- Opened
- 0
- Last reporting year
- Closed
- 4
- Terminated
- 4
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 5.6%
- Company-owned
- 19
- Corporate units in the system
- % franchised
- 93%
- vs corporate-owned
- Multi-unit owners
- 11.8%
3-year detail · Item 20
- Opened (3yr)
- 2
- Closed (3yr)
- 11
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 2
- Transfers (3yr)
- 29
- Reacquired (3yr)
- 7
- Franchisor bought back
- Termination rate
- 66.7%
- Franchisor-initiated terminations
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 17 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Available to sell in · Item 12
- California
- Hawaii
- Illinois
- Indiana
- Michigan
- Minnesota
- New York
- North Dakota
- Rhode Island
- South Dakota
- Virginia
- Washington
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 438
- Loan volume
- $131.8M
- Median loan
- $237K
- 50th percentile
- Charge-off rate
- 24.1%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 75.5%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 85
- Defaults
- 97
- Typical loan rate
- 5.9%
- avg rate to borrowers
- vs industry
- N/A
- NAICS 7222
- Jobs supported
- 7,233
- 6.6 per loan
- Lender concentration
- 25%
- top lender's share
Borrower mix: 0% went to startups / new businesses, 100% to established operators
Vintage analysis
Cicis Pizza charge-off rate by loan vintage
Top lenders financing Cicis Pizza franchisees
Showing 3 of 85 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
A 24.1% charge-off rate means roughly 1 in 4 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 24.1% — 50% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Declining unit count, multiple active litigations, weak profitability margins, and absence of financial disclosures create a HIGH RISK profile unsuitable for most franchisees.
Litigation (Item 3)
GCP Cici's/Dharod consolidated family ownership dispute (currently scheduled for July 2025 trial); Sutherland/Palumbo commercial lease suit (settled Sep 2022); 2 suits by CiCi Enterprises against franchisees for outstanding payments; 1 suit against franchisee to enforce post-termination obligations
Bankruptcy (Item 4)
Disclosed in last 7 years
Affiliates including CAC, CiCi Enterprises, JMC, CiCi Services filed voluntary Ch. 11 petition Jan 25, 2021 in N.D. Texas. Pre-packaged plan approved March 3, 2021; CiCi Enterprises emerged March 10, 2021. Cases closed by August 30, 2024.
Audited financials (Item 21)
Yes · RSM US LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
FY2024 combined total revenues of $42,546,700 comprise marketing fees $17,505,781, franchise royalties and technology fees $14,276,030, marketing income from vendors $9,752,184, incentive income from vendors $680,337, technology and support fees $260,000, and franchise fees $72,368. Net income $4,210,079 includes other income, net of $165,837. Financials are combined for On Smile LLC and CiCi Services Company, LLC.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 53 / 100 verdict
- 01MINORSystem contracted 3.8% YoY (270 units) indicating declining franchise health and potential unit closures
- 02HIGHMultiple active litigations including co-ownership disputes (Gala/Dharod), franchisee payment recovery suits (Bixby, Bankole), and post-termination enforcement actions suggesting franchisor-franchisee conflict and collection issues
- 03MINORNet income of $158,533 on $1.4M revenue (11.3% margin) is modest for pizza/buffet concept with high operational complexity and labor costs
- 04HIGHLitigation pattern reveals systemic issues: co-ownership conflicts suggest internal franchisor instability, while franchisee payment suits indicate cash flow problems across system
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 10.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 5 days |
| Termination groundsℹ | 18 |
| Curable defaultsℹ | 4 |
| Mandatory arbitration | No |
| Arbitration location | Texas (litigation only) |
| Jury trial waiver | No |
| Governing law | TX |
| Litigation count | 5 |
View Item 3 litigation summary
GCP Cici's/Dharod consolidated family ownership dispute (currently scheduled for July 2025 trial); Sutherland/Palumbo commercial lease suit (settled Sep 2022); 2 suits by CiCi Enterprises against franchisees for outstanding payments; 1 suit against franchisee to enforce post-termination obligations
Items 10, 11
Training & Operations
- Classroom training
- 23 hrs
- On-the-job training
- 277 hrs
- Training location
- Dallas/Ft. Worth Area, TX
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Cicis Approved POS System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Cicis Approved POS System
Item 20 · call current owners
Franchisee Contacts
100 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Cicis Pizza · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Cicis Pizza franchise?
The total investment to open a Cicis Pizza franchise ranges from $695K – $1.0M, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Cicis Pizza franchise owners earn?
According to Item 19 of the Cicis Pizza FDD, the average gross sales per unit is $1.4M. The median is $1.4M. Important context: Reported as net sales, not gross sales. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Cicis Pizza FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Cicis Pizza FDD and qualifies whose outlets they describe.
What is Cicis Pizza's franchise failure rate?
Based on SBA 7(a) loan data, Cicis Pizza has a charge-off rate of 24.1% across 438 loans, meaning 24.1% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Cicis Pizza franchise locations are there?
As of their most recent FDD filing, Cicis Pizza has 270 total units in the United States, including 251 franchised units and 19 company-owned units.
Is Cicis Pizza a good franchise to buy?
FranchiseVerdict rates Cicis Pizza as a B-grade franchise with a verdict score of 53 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.