Pieology Franchise Cost, Revenue & Review 2026
- Investment
- $304K – $808K
- Disclosed sales
- not disclosed
- SBA charge-off
- 0.0%
- on 23 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Pieology is a fast-casual franchise serving build-your-own, fast-fired personal pizzas made to order. Franchisees run restaurants managing assembly-line service, fresh inventory, and staffing.
FranchiseVerdict summary · 2026
A Pieology franchise requires a total initial investment of $304K – $808K, including a $25K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. SBA 7(a) loans show a 0.0% charge-off rate across 23 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2025 filing · Data extracted: · Last cited check: · Staleness risk: medium - a newer filing may exist
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $304K – $808K
- 49th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 83
- 73rd pct Service Resta…
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants median · 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 $304K – $808K including a $25K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 56/100 (higher is better). SBA loan charge-off rate of 0.0% across 23 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -24 franchised outlets in the latest year (0 opened, 24 closed) (Item 20).
- DECLINESystem contracting at -9.0% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Pieology Franchise, LLC
- Parent company
- The Little Brown Box Pizza, LLC d/b/a Pieology
- FDD Item 1, page 10 of the 2025 FDD
- CEO title
- Chief Executive Officer
- Shawn Thompson
- Incorporated in
- DE
- HQ
- 18101 Von Karman, Suite #1100, Irvine, CA 92612
- Auditor
- Moss Adams LLP
- Audited financials
- Franchisor revenue
- $5.4M
- vs $6.0M prior year
Overview
About
- CEO
- Shawn Thompson
- Headquarters
- CA
- Founded
- 2012
- FDD year
- 2025
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost runs 14% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown12 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $25K | $25K | |
| Initial Training Feenot refundable | $15K | $15K | |
| Construction, Remodeling, Leasehold Improvements and Decorating Costsnot refundable | $100K | $337K | |
| Fixed Assets, Furniture, Fixtures, and Equipmentnot refundable | $75K | $200K | |
| Signagenot refundable | $10K | $35K | |
| Computer Systemnot refundable | $15K | $20K | |
| Three Months' Rentnot refundable | $20K | $45K | |
| Security Deposit | $0 | $30K | |
| Opening Inventory and Suppliesnot refundable | $8K | $15K | |
| Pre-Opening Advertisingnot refundable | $10K | $20K | |
| Training Expenses (for all trainees)not refundable | $6K | $16K | |
| Additional Funds - 3 monthsnot refundable | $20K | $50K | |
| Total initial investment | $304K | $808K |
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
- $304K – $808K
- Middle of category vs category
- Liquid capital req'd
- $20K – $50K
- Top 40% of category vs category
- Franchise fee
- $25K – $25K
- Top 40% of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Training fee | $15K |
| Transfer fee | $13K |
| Renewal fee | $25K |
| Inventory (initial) | $8K – $15K |
| Total fee load | 7.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Pieology makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Pieology 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 annual revenue, 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.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 7.0% (near the Quick-Service Restaurants median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -9.0% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Multi-unit rate
Only 1% 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 Quick-Service Restaurants medians
How Pieology Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 83
- Opened
- 0
- Last reporting year
- Closed
- 24
- Turnover rate
- 28.9%
- Company-owned
- 6
- Corporate units in the system
- % franchised
- 93%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (3-yr)
- -9.0%
- Net unit change over 3 years
- 3-yr CAGR
- -9.0%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 1
- Franchisor's next-year forecast
- Ceased ops
- 31.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 9 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.
Where the owners are · Item 20 owner list
31 current owners across 10 states.
- CA 18
- FL 2
- GU 2
- NV 2
- TX 2
- AL 1
- AZ 1
- CT 1
- HI 1
- ID 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 23
- Loan volume
- $12.5M
- Median loan
- $482K
- 50th percentile
- Charge-off rate
- 0.0%
- on 23 loans · 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)
- 100.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 12
- Defaults
- 0
- Typical loan rate
- 6.4%
- avg rate to borrowers
- Franchised industry avg
- 13.2%
- brand beats franchise avg ↓
- Jobs supported
- 1,886
- 15.1 per loan
- Lender concentration
- 48%
- top lender's share
Borrower mix: 80% went to startups / new businesses, 20% to established operators
Franchise vs independent — in full-service restaurants, franchised businesses charge off at 13.2% vs 9.7% for independents — franchising is associated with 36% higher SBA default risk in this category.
Vintage analysis
Pieology charge-off rate by loan vintage
Top lenders financing Pieology franchisees
Showing 3 of 12 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.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Pieology from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 75%
- Avg interest rate
- 6.39%
- Lender concentration
- 47.8%
- Job velocity
- 15.1 per $100K
- NAICS benchmark
- 7.4%
- NAICS 722511
- Jobs supported
- 1,886
Top SBA lendersTop lender holds 48% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Gulf Coast Bank and Trust Company | 11 | $7.2M | 0.0% |
| 2 | CapitalSpring SBLC, LLC | 2 | $717K | 0.0% |
| 3 | Columbia Bank | 1 | $482K | 0.0% |
| 4 | Midwest Regional Bank | 1 | $472K | 0.0% |
| 5 | Byline Bank | 1 | $450K | 0.0% |
| 6 | Rio Bank | 1 | $478K | N/A |
| 7 | PNC Bank, National Association | 1 | $319K | 0.0% |
| 8 | East West Bank | 1 | $460K | 0.0% |
| 9 | The Huntington National Bank | 1 | $483K | 0.0% |
| 10 | Webster Bank National Association | 1 | $425K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 11 | 0 | 0.0% |
| FLFlorida | 2 | 0 | 0.0% |
| NVNevada | 2 | 0 | 0.0% |
| OROregon | 2 | 0 | 0.0% |
| TXTexas | 2 | 0 | -- |
| CTConnecticut | 1 | 0 | 0.0% |
| IDIdaho | 1 | 0 | -- |
| KYKentucky | 1 | 0 | 0.0% |
| OHOhio | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
With a 0.0% charge-off rate across 23 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% below the 16.0% national norm, i.e. lower 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
Pieology presents moderate-to-high risk due to contracting unit base, absent financial transparency, and unclear unit profitability in a saturated fast-casual pizza category.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation is required to be disclosed in this Item.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Moss Adams LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Audited financial statements of Pieology Franchise, LLC (the franchisor) as of/for fiscal years ending Dec 25, 2023 and Dec 26, 2022. All figures in whole US dollars. Balance sheet reconciles: total liabilities 3,671,745 + member's equity 3,703,757 = total assets 7,375,502. FY2023 total revenue 5,447,413 comprises franchise development fees, franchise royalties (net), and marketing fees; FY2022 total revenue 6,039,668. Auditor firm name was not legible/captured in the extracted text (report signed in Irvine, CA, March 28, 2024).
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
Score breakdown · what drove the 56 / 100 verdict
- 01MINORUnit count declining 8.2% YoY (109 units) signals contraction and potential market saturation or operational challenges
- 02MEDNo Item 19 financial disclosure (Avg Revenue and Net Income not disclosed) prevents ROI validation and suggests franchisor may be hiding weak unit economics
- 03MEDHigh investment range ($304K-$807.5K) with no disclosed average unit economics creates uncertainty about profitability and payback period
- 04MINORCompetitive QSR segment (fast-casual pizza) with strong incumbents (Blaze, MOD) makes unit-level differentiation difficult
- 05MED5% royalty on undisclosed sales makes it impossible to model actual net income and franchisee cash flow
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% 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 territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Not allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | Yes |
| Arbitration location | Irvine, California |
| Jury trial waiver | Yes |
| Governing law | DE |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed in this Item.
Items 10, 11
Training & Operations
- Classroom training
- 46 hrs
- On-the-job training
- 156 hrs
- Training location
- Affiliate's certified training restaurant
- Ongoing training
- Required
- Site selection
- franchisor approval required
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
31 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Pieology franchise?
The total investment to open a Pieology franchise ranges from $304K – $808K, 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 Pieology franchise owners earn?
Pieology makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Pieology?
Pieology is franchised by Pieology Franchise, LLC. Its parent company is The Little Brown Box Pizza, LLC d/b/a Pieology. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Pieology 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 Pieology FDD and qualifies whose outlets they describe.
What is Pieology's franchise failure rate?
Based on SBA 7(a) loan data, Pieology has a charge-off rate of 0.0% across 23 loans, meaning 0.0% 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 Pieology franchise locations are there?
As of their most recent FDD filing, Pieology has 83 total units in the United States, including 77 franchised units and 6 company-owned units.
Is Pieology a good franchise to buy?
FranchiseVerdict rates Pieology as a B-grade franchise with a verdict score of 56 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?
If you represent Pieology, you can request corrections or provide updated information.
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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.