FranchiseVerdict
Giordano’s® Restaurants logo
FV-01053·MODERATEExcellent81

Giordano’s® Restaurants

Food & Beverage - Full ServiceFranchising since 1980Website
Investment
$609K – $2.1M
74th pct Full Service
Avg revenue
57th pct Full Service
Royalty
6.0%
54th pct Full Service
Units
60
75th pct Full Service
SBA default
0.0%
vs <3% typical

Bottom line

  • Total investment $609K – $2.1M including a $40K franchise fee, 6.0% ongoing royalty.
  • No Item 19 financial performance data disclosed — the franchisor chose not to publish revenue figures.
  • Rated MODERATE with a risk score of 57/100. SBA loan default rate of 0.0% across 16 loans (below the industry average).
  • System contracting at -11.1% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).

Item 1 · who you're contracting with

The Franchisor

Legal entity
VPC Pizza Franchise, LLC
Parent company
VPC Pizza Intermediate LLC
Incorporated in
Delaware
HQ
60 E. Superior Street, Suite 300, Chicago, Illinois 60611
Auditor
BDO USA, P.C.
Audited financials
Franchisor revenue
$4.0M
vs $3.7M prior year

Yale framework · single-unit ROIC

Returns Analysis

Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.

The model · Yale framework

What would one Giordano’s® Restaurants unit return on the cash you put in?

Revenue · per unit, per year
$
Item 19 not disclosed — typing your own estimate
Franchisor take · royalty + ad fund
Royaltytyp 68%
%
Ad fundtyp 35%
%
Operating costs · category default: generic
COGS
%
Labor
%
Rent / occupancy
%
Other operating
%
Total invested capital · what you actually put in
Initial investment
$
FDD Item 7: $609K–$2.1M
Working capital
$
FDD reports $5K–$30K

Unlevered ROIC · per unit

8%

Below typical band (30–60%)

0%30–60% Yale band80%

Store EBITDA · annual
$113K
EBITDA margin
15.0%
Total invested
$1.4M
Payback
144 mo
Unit-level only. A multi-unit portfolio gives up roughly 5–15% of this to shared services (corporate G&A) before reaching the ~10-unit break-even Yale describes.

Overview

About

Franchisees operate deep-dish Chicago-style pizza restaurants, managing food preparation, customer service, delivery logistics, and point-of-sale operations. Day-to-day responsibilities include inventory management, staff scheduling, quality control of signature stuffed pizzas, and local marketing within their protected territory. Franchisees must comply with brand standards while managing labor costs and food pricing volatility in a competitive QSR market.

CEO
Nicholas Scarpino
Founded
1974
FDD year
2025
States available
4

Item 7 · what it costs

The Vitals

Total investment
$609K – $2.1M
All-in to open one unit
Liquid capital
$5K – $30K
Cash you must have on hand
Franchise fee
$40K
Royalty
6.0%
Percentage of Gross Revenues · typical 6–8%
Ad fund
2.0%
typical 3–5%
Total fee load
8.0%
vs 9–13% typical

Item 19

Financial Performance

This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.

Item 20 · unit dynamics

The Growth Chart

Total units
60
Opened
1
Last reporting year
Closed
2
Turnover rate
3.3%
Company-owned
28
Corporate units in the system
% franchised
53%
vs corporate-owned
Multi-unit owners
1.0%
Net growth (yr3)
-3.0%
Net unit change last year
3-yr CAGR
-11.1%
Compounded over last 3 years
2023
32-2
Franchised units
2024
33
Franchised units
2025
36
Franchised units

Year-over-year franchised unit counts and net change. Source: FDD Item 20.

Item 20 · 5 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).

AK
ME
VT
NH
MA
RI
CT
NY
NJ
PA
DE
MD
DC
WA
OR
CA
NV
ID
MT
WY
UT
CO
AZ
NM
ND
SD
NE
KS
OK
TX
MN
IA
MO
AR
LA
WI
IL
MS
TN
MI
IN
KY
AL
OH
WV
GA
VA
NC
SC
FL
HI
Registered · 5 states
Not registered

States derived from franchisee phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.

Government records

SBA Loan Data

Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.

Total loans
16
Loan volume
Avg loan
Default rate
0.0%
vs <3% typical · system-wide
5-yr default

FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17

Risk & Legal

57
Risk · 0-100
MODERATE57 / 100

Giordano's presents elevated risk due to declining unit count, zero financial disclosure, and high capital requirements with no transparent performance benchmarks to justify investment.

Score breakdown · what drove the 57 / 100 rating

  1. 01MINORUnit count declining 3.0% YoY indicating system contraction and potential market saturation or operational challenges
  2. 02MEDNo Item 19 financial performance representations disclosed—inability to validate revenue/profitability claims creates investment opacity
  3. 03MEDHigh capital requirements ($609K-$2.056M) combined with undisclosed average unit volumes creates unknown ROI and payback period
  4. 04MINORProtected territory is sole competitive advantage but does not offset lack of financial transparency or shrinking franchisee base
  5. 05MINOR10-year term locks franchisees into declining system; renewal risk unclear given current unit trajectory

Severity inferred from the FDD text · not a regulatory classification

FDD Items 5, 6, 12, 17 · continued from Risk & Legal

Contract & Territory Detail

Territory
negotiated boundaries
Protected territory
Yes
Initial term
10 years
Renewal term
5 years
Online sales rights
Restricted
Franchisor can compete
Yes
Hire a manager?
Allowed
Litigation count
0
Right of first refusal
Yes
Franchisor can buy back on resale
Mandatory arbitration
Yes
Jury trial waiver
Yes
Non-compete
2 yrs
Post-termination restriction
Owner-operator
Required
Governing law
Illinois

Item 11

Training & Operations

Classroom training
70 hrs
On-the-job training
250 hrs

Item 20

Franchisee Contacts

Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.

Franchisee contacts

37 numbers

Locked
(312) 701-••••
The Franchisor is VPC Pizza Franchise, LLC, located at
IL
(847) 983-••••
IL
(815) 609-••••
IL

One-time purchase · CSV download · Validation questions included

FDD download

Giordano’s® Restaurants · FDD (2025) PDF

Single-page checkout · instant download · CSV export of contacts available separately above