Spitz Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Spitz is a fast-casual franchise serving Mediterranean street food like doner kebabs, wraps, and street-cut fries. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Spitz franchise requires a total initial investment of $579K – $1.2M, including a $35K franchise fee and an ongoing 5.5% royalty[2]. Per the 2025 FDD, average unit revenue was $1.8M[2]. SBA 7(a) loans show a 0.0% charge-off rate across 16 loans[1]. 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
- $579K – $1.2M
- 38th pct Service Resta…
- Avg gross sales
- $1.8M
- 20th pct Service Resta…
- Royalty
- 5.5%
- 26th pct Service Resta…
- Units
- 25
- 30th pct Service Resta…
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-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
- Total investment $579K – $1.2M including a $35K franchise fee, 5.5% ongoing royalty.
- Average unit revenue of $1.8M/year (median $1.7M), with an estimated 24% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Strongest tier), verdict score 88/100 (higher is better). SBA loan charge-off rate of 0.0% across 16 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- System growing at 100.0% CAGR over 3 years with 25 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Radwick Franchising, LLC
- Parent company
- None
- CEO title
- President
- Bryce Rademan
- CEO experience
- 19 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Delaware
- HQ
- 1725 Hillhurst Ave, Los Angeles, California 90027
- Auditor
- SingerLewak
- Audited financials
- Franchisor revenue
- $1.5M
- vs $2.0M prior year
Overview
About
- CEO
- Bryce Rademan
- Headquarters
- CA
- Founded
- 2013
- FDD year
- 2025
- States available
- 8
Can you afford it, and what does the money buy?
Entry cost runs 8% below the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown31 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Utility Deposits, Fees and Licenses | $500 | $4K | |
| Architectural and Engineering Fees | $15K | $30K | |
| Real Estate Improvements | $2K | $5K | |
| Leasehold/Construction | $300K | $565K | |
| Signage | $10K | $40K | |
| POS System and Software | $4K | $6K | |
| Furniture, Fixtures and Equipment | $130K | $180K | |
| Opening Inventory | $5K | $15K | |
| Beverage License Costs | $5K | $110K | |
| Grand Opening and Initial Advertising Expenditure | $6K | $10K | |
| Spitz Restaurant Premises (3 Months' Rent and one Month's Lease Deposit)not refundable | $28K | $56K | |
| Insurance - Liability & Workers Compensation (initial deposit) | $1K | $4K | |
| Legal Fees/Organizational Expenses | $3K | $5K | |
| Training Expenses (Including Travel and Living Expenses) | $5K | $10K | |
| Initial Franchise Fee | $35K | $35K | |
| Additional Funds (3 months) | $30K | $75K | |
| Food Truck | $150K | $160K | |
| Business and Food Truck Licenses | $500 | $2K | |
| POS System and Software (Food Truck) | $4K | $6K | |
| Opening Inventory (Food Truck) | $8K | $12K | |
| Total initial investment | $1.1M | $2.2M |
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
- $579K – $1.2M
- Top 40% of category vs category
- Liquid capital req'd
- $30K – $75K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Top 40% of category vs category
- Royalty
- 5.5%
- Gross Revenue · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.5%
- vs 9–13% typical
- Payback period
- 4.2 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $4K |
| Transfer fee | $18K |
| Renewal fee | $18K |
| Total fee load | 7.5% of rev |
What do units actually make?
Average unit sales run 20% above the full-service restaurants norm.
Source: FDD 2025 · Item 19
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
$193K
10.5% margin
Unlevered ROIC
21%
EBITDA / total invested capital
Payback
4.7 yrs
cash-on-cash, unlevered
Financial Performance
- Avg gross sales
- $1.8M
- Per unit, per year
- Median gross sales
- $1.7M
- Avg p&l bottom line
- $205K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 23.7%
- Based on P&L Bottom Line / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- Historical
- Sample size
- 14 units
- vs category median 16
- Range (low → high)
- $1.3M→$2.7M
- Cohort dispersion (min → max)
- Transparency
- 10 / 10
- vs category median 4 / 10 · above
Compared against 1273 Full-Service Restaurants brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $1.8M/year in gross sales. Revenue-to-investment ratio: 2.1x.
Fee burden
Total ongoing fee load of 7.5% (near the Full-Service Restaurants average).
Disclosure
Transparency score 10/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 100.0% CAGR over 3 years across 25 units — operators are staying and new ones are joining.
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 Full-Service Restaurants averages
How Spitz Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 25
- Opened
- 6
- Last reporting year
- Closed
- 0
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 5.0%
- Company-owned
- 5
- Corporate units in the system
- % franchised
- 80%
- vs corporate-owned
- Net growth (3-yr)
- +100.0%
- Net unit change over 3 years
- 3-yr CAGR
- +100.0%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 6
- Closed (3yr)
- 0
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 7
- Franchisor's next-year forecast
- Termination rate
- 4.0%
- Franchisor-initiated terminations
- Ceased ops
- 4.0%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 5 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.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 16
- Loan volume
- $5.4M
- Median loan
- $337K
- average
- 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
- 7
- Defaults
- 0
Vintage analysis
Spitz charge-off rate by loan vintage
Top lenders financing Spitz franchisees
Showing 3 of 7 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 Spitz's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 7 lenders with concentration factor
- Per-state charge-off rates across 6 states
- Startup risk premium and job creation velocity
Instant access. No subscription.
With a 0.0% charge-off rate across 16 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
Negative franchisor net worth of -$519,105 is the single disclosed concern; financial_distress is false and there is no going-concern doubt. Clean litigation, no bankruptcy, audited financials and Item 19 disclosed across a 25-unit system.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · SingerLewak
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 88 / 100 verdict
- 01MINORFranchisor net worth -$519,105
- 02MINORNo going-concern, financial_distress=false
- 03MINORNo litigation, no bankruptcy
- 04MEDAudited, Item 19 disclosed
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.5% 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 | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Radius |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 1 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 | 20 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 10 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Delaware |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 28 hrs
- On-the-job training
- 70 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- POS system
- Toast
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast
Item 20 · call current owners
Franchisee Contacts
6 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Spitz · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Spitz franchise?
The total investment to open a Spitz franchise ranges from $579K – $1.2M, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Spitz franchise owners earn?
According to Item 19 of the Spitz FDD, the average gross sales per unit is $1.8M. The median is $1.7M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Spitz's franchise failure rate?
Based on SBA 7(a) loan data, Spitz has a charge-off rate of 0.0% across 16 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 Spitz franchise locations are there?
As of their most recent FDD filing, Spitz has 25 total units in the United States, including 20 franchised units and 5 company-owned units. 6 new units were opened in the latest reporting year.
Is Spitz a good franchise to buy?
FranchiseVerdict rates Spitz as a A-grade franchise with a verdict score of 88 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
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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.