Bottom line
- Total investment $254K – $822K including a $30K franchise fee, 6.0% ongoing royalty.
- No Item 19 financial performance data disclosed — the franchisor chose not to publish revenue figures.
- Rated MODERATE with a risk score of 63/100. SBA loan default rate of 0.0% across 165 loans (below the industry average).
- System contracting at -3180% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one WHICH WICH® unit return on the cash you put in?
Unlevered ROIC · per unit
17%
Below typical band (30–60%)
Overview
About
Franchisees operate customizable sandwich shops where customers build their own sandwiches by marking a menu board, differentiating the brand through personalization. Day-to-day operations include food prep, customer service, inventory management, and maintaining brand standards across a QSR format with relatively quick throughput.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 20 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 phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
WHICH WICH® presents HIGH RISK due to contracting franchise system, missing financial disclosures, unprotected territories, and unclear unit economics amid significant YoY decline.
Score breakdown · what drove the 63 / 100 rating
- 01MEDSevere unit decline of 19.8% YoY indicates systematic contraction and franchisee attrition
- 02MEDNo Item 19 financial performance data disclosed limits ability to validate ROI claims
- 03MINORUnprotected territory creates direct competition risk from other franchisees and company-owned locations
- 04MINORWide investment range ($253.5K–$822.2K) suggests inconsistent startup costs and unclear cost structure
- 05MINOR150 units is below critical mass for brand recognition and supplier negotiating power
- 06MED6% royalty on undisclosed revenue makes profitability assessment impossible
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
94 numbers
One-time purchase · CSV download · Validation questions included
FDD download
WHICH WICH® · FDD (2025) PDF