Mici Handcrafted ItalianFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Mici Handcrafted Italian franchise requires a total initial investment of $244K – $587K, including a $45K franchise fee and an ongoing 6.0% royalty[2]. Per the 2022 FDD, average unit revenue was $1.3M[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2022 FDD issuance
Overview
- Investment
- $244K – $587K
- 13th pct Service Resta…
- Avg gross sales
- $1.3M
- 14th pct Service Resta…
- Royalty
- 6.0%
- 26th pct Service Resta…
- Units
- 7
- 17th pct Service Resta…
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Each dollar invested generates 3.1x in gross revenue, well above the typical 1.5-2.5x range.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
50% cash-on-cash return (based on EBITDA). Above the 20% threshold most investors target.
Bottom line
- Total investment $244K – $587K including a $45K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $1.3M/year, with an estimated 50% cash-on-cash return (based on EBITDA).
- Verdict A (Top Quintile) with a risk score of 32/100.
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Mici Franchising, LLC
- Parent company
- MHI Restaurant Group LLC
- CEO title
- Chief Executive Officer
- Elliot Schiffer
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- CO
- HQ
- 2373 Central Park Blvd, Unit 107, Denver, CO 80238
- Auditor
- Kezos & Dunlavy
- Audited financials
- Franchisor revenue
- $0
- vs $0 prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
- ⚠ Going-concern note
- Disclosed in FDD 2022
- Status as of 2022; may have been resolved in a later filing we don't yet have.
Overview
About
Mici franchisees operate upscale Italian casual-dining restaurants featuring handcrafted pasta, wood-fired pizzas, and Italian wines. Day-to-day operations include managing kitchen staff and food preparation quality, overseeing front-of-house service, maintaining inventory of specialty ingredients, and executing regional marketing while adhering to the brand's artisanal positioning.
- CEO
- Elliot Schiffer
- Headquarters
- CO
- Founded
- 2020
- FDD year
- 2022
- States available
- 0
FDD Item 7 · 2022 filing · 17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $45K | $45K | |
| Small waresnot refundable | $11K | $15K | |
| Furniture, Fixtures & Equipmentnot refundable | $118K | $181K | |
| Audio Video Equipmentnot refundable | $500 | $3K | |
| Restaurant Decorationsnot refundable | $1K | $3K | |
| Computer / POS System & KDS For Kitchen Displaynot refundable | $10K | $14K | |
| Leasehold Improvements (net of landlord tenant allowances)not refundable | $10K | $185K | |
| Signagenot refundable | $8K | $15K | |
| Licensesnot refundable | $6K | $9K | |
| Professional Feesnot refundable | $500 | $4K | |
| Architecture Fees & Permitsnot refundable | $3K | $19K | |
| Office Equipment & Suppliesnot refundable | $800 | $2K | |
| Opening Inventorynot refundable | $6K | $13K | |
| Trainingnot refundable | $3K | $17K | |
| Security Deposits | $0 | $8K | |
| Grand Opening Programnot refundable | $12K | $12K | |
| Additional Funds - 3 Monthsnot refundable | $10K | $44K | |
| Total initial investment | $244K | $587K |
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.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$130K
10.0% margin
Unlevered ROIC
29%
EBITDA / total invested capital
Payback
3.4 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $244K – $587K
- Better than avg vs category
- Liquid capital req'd
- $10K – $44K
- Better than avg vs category
- Franchise fee
- $45K – $45K
- Better than avg vs category
- Royalty
- 6.0%
- Net Sales · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 2.0 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $1K |
| Training fee | $6K |
| Transfer fee | $23K |
| Renewal fee | $10K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $1.3M
- Per unit, per year
- Median gross sales
- N/A
- Avg ebitda
- $207K
- Reported as EBITDA in FDD Item 19
- Cash-on-cash
- 49.9%
- Based on EBITDA / investment midpoint
- Item 19 type
- Affiliate Locations
- Sample size
- 5 units
- vs category median 13 · small
- Range (low → high)
- $1.1M→$1.5M
- Cohort dispersion (min → max)
- Reporting year
- 2021
- Fiscal year the figures cover
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Mici Handcrafted Italian Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 7
- 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
- 7
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
- Multi-unit owners
- 1.0%
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 6
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 3 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $714K
- Median loan
- $714K
- 50th percentile
- Charge-off rate
- 0.0%
- 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)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 1
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Mici Handcrafted Italian's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 1 lenders with concentration factor
- Per-state charge-off rates across 1 states
- Startup risk premium and job creation velocity
- 1-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Mici presents moderate-to-cautionary risk due to micro-system scale, unclear growth prospects, and lack of transparent unit-level financial data despite healthy average metrics.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 32 / 100 rating
- 01MINOROnly 7 units systemwide with unknown/stagnant growth trajectory raises expansion viability concerns
- 02MINORHigh investment range ($244K-$587K) paired with modest average net income ($207K) yields 16% ROI at best, creating extended payback period
- 03MEDNo Item 19 financial performance representations disclosed, making it impossible to verify if average unit economics apply across all locations
- 04HIGHAbsence of disclosed litigation combined with 'going concern' status suggests potential undisclosed operational or financial issues
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 20 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Denver, Colorado |
| Jury trial waiver | Yes |
| Governing law | Colorado |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 17 hrs
- On-the-job training
- 120 hrs
- Training location
- Franchisor's location and on-site at franchisee's restaurant
- Time to open
- 9 mo
- From signing to launch
- POS system
- Thrive POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Thrive POS
Item 20 · call current owners
Franchisee Contacts
5 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Mici Handcrafted Italian · FDD (2022) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Mici Handcrafted Italian franchise?
The total investment to open a Mici Handcrafted Italian franchise ranges from $244K – $587K, with an initial franchise fee of $45K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Mici Handcrafted Italian franchise owners earn?
According to Item 19 of the Mici Handcrafted Italian FDD, the average gross sales per unit is $1.3M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Mici Handcrafted Italian's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Mici Handcrafted Italian (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 Mici Handcrafted Italian franchise locations are there?
As of their most recent FDD filing, Mici Handcrafted Italian has 7 total units in the United States, including 0 franchised units and 7 company-owned units.
Is Mici Handcrafted Italian a good franchise to buy?
FranchiseVerdict rates Mici Handcrafted Italian as a A-grade franchise with a risk score of 32 out of 100, 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.
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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.