PieologyFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
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]. The 2024 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 0.0% charge-off rate across 23 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $304K – $808K
- 18th pct Service Resta…
- Avg gross sales
- N/A
- 28th pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 109
- 42nd 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
Only 0.0% of 23 SBA loans charged off, well below the 16% franchise average.
Franchised units fell from 111 to 101 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $304K – $808K including a $25K franchise fee, 5.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict A (Top Quintile) with a risk score of 29/100. SBA loan charge-off rate of 0.0% across 23 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- System 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
- Legal entity
- Pieology Franchise, LLC
- Parent company
- The Little Brown Box Pizza, LLC
- Incorporated in
- DE
- HQ
- 18101 Von Karman, Suite #1100, Irvine, CA 92612
- Auditor
- Moss Adams LLP
- Audited financials
- Franchisor revenue
- $6.3M
- vs $6.0M prior year
Overview
About
Franchisees operate fast-casual pizza restaurants where customers customize individual pizzas with toppings before they're fired in high-heat ovens. Day-to-day operations include managing front-of-house staff, handling inventory of fresh ingredients, executing made-to-order production, managing POS systems, and handling local marketing. Franchisees are responsible for P&L management, lease obligations, and typically work on-site during peak hours.
- CEO
- Shawn Thompson
- Headquarters
- CA
- Founded
- 2012
- FDD year
- 2024
- States available
- 13
FDD Item 7 · 2024 filing · 12 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
- Better than avg vs category
- Liquid capital req'd
- $20K – $50K
- Better than avg vs category
- Franchise fee
- $25K – $25K
- Better than avg vs category
- Royalty
- 5.0%
- percentage_of_gross · 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 |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Full-Service Restaurants averages
How Pieology Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 109
- Opened
- 2
- Last reporting year
- Closed
- 11
- Turnover rate
- 10.1%
- Company-owned
- 8
- Corporate units in the system
- % franchised
- 93%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (yr3)
- -8.2%
- Net unit change last year
- 3-yr CAGR
- -9.0%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 1
- Ceased ops
- 31.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 7 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 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%
- 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
Vintage analysis
Pieology charge-off rate by loan vintage
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Pieology's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 9 states
- Startup risk premium and job creation velocity
- 7-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 23 loans, banks have historically viewed this brand favorably for lending.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
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.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Moss Adams LLP
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 29 / 100 rating
- 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
- 04HIGHGoing Concern status is False, indicating potential financial instability at franchisor level
- 05MINORCompetitive QSR segment (fast-casual pizza) with strong incumbents (Blaze, MOD) makes unit-level differentiation difficult
- 06MED5% 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
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 |
| Territory radius | 0.3 mi |
| 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 | 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 | Delaware |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 46 hrs
- On-the-job training
- 146 hrs
- Training location
- franchisor facility and on-site
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
27 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Pieology · FDD (2024) PDF
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 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 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 109 total units in the United States, including 111 franchised units and 8 company-owned units. 2 new units were opened in the latest reporting year.
Is Pieology a good franchise to buy?
FranchiseVerdict rates Pieology as a A-grade franchise with a risk score of 29 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.
For franchisors
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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.