Glass Nickel Pizza Co. Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Glass Nickel Pizza Co. is a pizza franchise serving specialty pizzas and Italian fare for dine-in, carryout, and delivery. Franchisees run the restaurants, managing food prep, delivery, and staffing.
FranchiseVerdict summary · 2026
A Glass Nickel Pizza Co. franchise requires a total initial investment of $943K – $1.7M, including a $25K – $35K franchise fee and an ongoing 4.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $943K – $1.7M
- 93rd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 9
- 35th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-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 $943K – $1.7M including a $25K franchise fee, 4.0% ongoing royalty.
- RETURNSFigures from the audited Statements of Income and Balance Sheets of GN Independents, Inc. ("Franchisor"), the entity Item 21 relies on, for the fiscal year ended December 31, 2024 (yr2 = December 31, 2023). Stated in whole US dollars; statements are not scaled (in thousands). "Revenue" is the operating revenue line ($840,248 in 2024). other_revenue is non-operating Other Income (interest income $12,307 + miscellaneous income $4,149 = $16,456); interest expense of $8,523 excluded. Net worth ($135,011) = total assets $444,590 - total liabilities $309,579, which reconciles. Audited by Cherry Bekaert LLP, Charlotte, NC, report dated June 26, 2025.
- RISKVerdict A (Strongest tier), verdict score 63/100 (higher is better).
- DATANo Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- GN Independents, Inc.
- CEO title
- President/Co-Owner
- Megan Derleth Nicholson
- Incorporated in
- WI
- HQ
- 2916 Atwood Ave., Madison, Wisconsin 53704
- Auditor
- Chipstacks, Inc.
- Audited financials
- Franchisor revenue
- $840K
- vs $844K prior year
Affiliated brands
- WauKeza
- Pupperoni
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Megan Derleth Nicholson
- Headquarters
- WI
- Founded
- 2006
- FDD year
- 2025
- States available
- 1
Can you afford it, and what does the money buy?
Entry cost runs 101% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown18 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Fee | $25K | $25K | |
| Real Estate/Rent | $5K | $15K | |
| Utility Deposits | $0 | $3K | |
| Leasehold Improvements | $150K | $400K | |
| Furniture, Fixtures & Equipment | $275K | $350K | |
| POS System | $35K | $65K | |
| Initial Inventory | $15K | $20K | |
| Insurance | $10K | $30K | |
| Signage | $10K | $30K | |
| Office Equipment & Supply | $16K | $38K | |
| Grand Opening or Pre-Opening | $0 | $8K | |
| Vehicle | $0 | $40K | |
| Training | $15K | $50K | |
| Uniforms | $2K | $4K | |
| Licenses & Permits | $500 | $3K | |
| Legal & Accounting | $15K | $20K | |
| Initial Payroll/Training Wages | $20K | $30K | |
| Additional Funds (3 months) | $150K | $200K | |
| Total initial investment | $743K | $1.3M |
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
- $943K – $1.7M
- Bottom third — review vs category
- Liquid capital req'd
- $150K – $300K
- Bottom third — review vs category
- Franchise fee
- $25K – $35K
- Top 40% of category vs category
- Royalty
- 4.0%
- percentage · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 18.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 4.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $12 |
| Training fee | $15K |
| Transfer fee | $10K |
| Renewal fee | $0 |
| Inventory (initial) | $15K – $35K |
| Total fee load | 18.5% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Glass Nickel Pizza Co. did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Glass Nickel Pizza Co. unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
8%
Below the 30–60% attractive-franchise band
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
Figures from the audited Statements of Income and Balance Sheets of GN Independents, Inc. ("Franchisor"), the entity Item 21 relies on, for the fiscal year ended December 31, 2024 (yr2 = December 31, 2023). Stated in whole US dollars; statements are not scaled (in thousands). "Revenue" is the operating revenue line ($840,248 in 2024). other_revenue is non-operating Other Income (interest income $12,307 + miscellaneous income $4,149 = $16,456); interest expense of $8,523 excluded. Net worth ($135,011) = total assets $444,590 - total liabilities $309,579, which reconciles. Audited by Cherry Bekaert LLP, Charlotte, NC, report dated June 26, 2025.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 18.5% — above the Quick-Service Restaurants average of 7.9%.
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
Net unit growth roughly flat at 0.0%.
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 Quick-Service Restaurants averages
How Glass Nickel Pizza Co. Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 9
- Opened
- 0
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- +0.0%
- Net unit change over 3 years
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Continuity rate
- 100.0%
- Units that stayed open
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
1
states with franchisees (per FDD Item 12)
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Glass Nickel presents meaningful investment risk due to undisclosed financials, minimal system scale, going concern questions, and territorial vulnerability despite a respectable 4% royalty rate.
Litigation (Item 3)
No litigation required to be disclosed.
Largest disclosed settlement: $35,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Chipstacks, Inc.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
Score breakdown · what drove the 63 / 100 verdict
- 01MINORNo financial performance disclosure (Item 19) — cannot validate ROI or profitability claims
- 02HIGHGoing Concern status is FALSE — suggests potential financial instability at corporate level
- 03MINOROnly 9 units systemwide — extremely small franchise system with unproven scalability
- 04MINORUnprotected territory — franchisees face direct competition from other brand locations
- 05MINORHigh initial investment ($933K–$1.7M) relative to system size and lack of performance data
- 06MINORUnknown unit growth trajectory — no visibility into system momentum or franchisee success rates
- 07MED5-year term is relatively short — limited runway to recoup investment before renegotiation
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 18.5% 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 | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | protected |
| Protected territory | No |
| 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 | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Dane County, Wisconsin |
| Jury trial waiver | Yes |
| Governing law | WI |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 399 hrs
- Training location
- Franchisor headquarters in Madison, Wisconsin and franchised restaurant
- Ongoing training
- Required
- Time to open
- 6 mo
- From signing to launch
- Site selection
- Franchisee selects from designated area; franchisor approves
- Franchisor financing
- Not offered
- Item 10
- POS system
- Microworks PrISM
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Microworks PrISM
Item 20 · call current owners
Franchisee Contacts
5 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Glass Nickel Pizza Co. · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Glass Nickel Pizza Co. franchise?
The total investment to open a Glass Nickel Pizza Co. franchise ranges from $943K – $1.7M, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Glass Nickel Pizza Co. franchise owners earn?
Glass Nickel Pizza Co. does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Glass Nickel Pizza Co. 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 Glass Nickel Pizza Co. FDD and qualifies whose outlets they describe.
What is Glass Nickel Pizza Co.'s franchise failure rate?
SBA 7(a) loan charge-off data is not available for Glass Nickel Pizza Co. (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Glass Nickel Pizza Co. franchise locations are there?
As of their most recent FDD filing, Glass Nickel Pizza Co. has 9 total units in the United States, including 9 franchised units and 0 company-owned units.
Is Glass Nickel Pizza Co. a good franchise to buy?
FranchiseVerdict rates Glass Nickel Pizza Co. as a A-grade franchise with a verdict score of 63 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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.