Pieology Franchise Cost, Revenue & Review 2026
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]. 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]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2024 FDD issuance
Overview
- Investment
- $304K – $808K
- 50th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 11th pct Service Resta…
- Units
- 109
- 78th 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 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 $304K – $808K including a $25K franchise fee, 5.0% ongoing royalty.
- RETURNSAudited 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).
- RISKVerdict A (Strongest tier), verdict score 71/100 (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).
- 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
- 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
- 2024
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost runs 16% below the typical quick-service restaurants franchise.
Source: FDD 2024 · 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%
- percentage · 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 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 Pieology unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
19%
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: 2024 FDD
Financial Performance
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).
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 average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
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 averages
How Pieology Compares
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 109
- Opened
- 2
- Last reporting year
- Closed
- 11
- Turnover rate
- 10.9%
- Company-owned
- 8
- 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
3-year detail · Item 20
- Opened (3yr)
- 2
- Closed (3yr)
- 11
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 1
- Reacquired (3yr)
- 0
- Franchisor bought back
- 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.
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
- 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.
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.
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.
Litigation (Item 3)
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)
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 71 / 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
- 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
What are you signing up for?
Ongoing fees run about 7.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · 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 |
| 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
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 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 109 total units in the United States, including 101 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 verdict score of 71 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?
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.