Which Wich® Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Which Wich is a fast-casual sandwich franchise where customers customize their order by marking a menu bag. Franchisees run shops managing made-to-order subs, counter service, and staffing.
FranchiseVerdict summary · 2026
A WHICH WICH® franchise requires a total initial investment of $254K – $822K, including a $30K franchise fee and an ongoing 6.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 24.8% charge-off rate across 135 loans[1]. FranchiseVerdict grade: F (Weakest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $254K – $822K
- 38th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 46th pct Service Resta…
- Units
- 150
- 80th pct Service Resta…
- SBA charge-off
- 24.8%
- % 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 $254K – $822K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSNo Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- RISKVerdict F (Weakest tier), verdict score 20/100 (higher is better). SBA loan charge-off rate of 24.8% across 135 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Which Wich Franchise, Inc.
- Incorporated in
- Texas
- HQ
- 1215 Viceroy Drive, Dallas, Texas 75247
- Auditor
- DNJ & ASSOCIATES
- Audited financials
- Franchisor revenue
- $6.6M
- vs $8.1M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Affiliated brands
- Earth Burger Global
- Paciugo Franchise International
- Which Wich Franchise Services
- Which Wich Franchise International
- Sinelli Concepts International
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Jeffrey P. Sinelli
- Headquarters
- TX
- Founded
- 2003
- FDD year
- 2025
- States available
- 25
Can you afford it, and what does the money buy?
Entry cost runs 18% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Development Fee | — | — | |
| Initial Franchise Fee | $30K | $30K | |
| Initial Application and Document Preparation Fee | $250 | $750 | |
| Site Selection Assistance | $0 | $1K | |
| First Month's Rent and Security Deposit | $2K | $14K | |
| Leasehold Improvements | $90K | $375K | |
| Store Design Consulting Services | $0 | $2K | |
| Furniture, Fixtures, Equipment, and Signage | $106K | $292K | |
| Initial Training Costs | $0 | $15K | |
| Pre-Opening Consultation | $0 | $1K | |
| Opening Assistance Costs | $0 | $5K | |
| Computer Hardware and Software | $2K | $15K | |
| Initial Inventory/Supplies | $8K | $12K | |
| Professional Services | $3K | $7K | |
| Opening Advertising Expenses | $4K | $10K | |
| Insurance | $250 | $3K | |
| Additional Funds (three months) | $10K | $40K | |
| Total initial investment | $254K | $822K |
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
- $254K – $822K
- Top 40% of category vs category
- Liquid capital req'd
- $10K – $40K
- Top 40% of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 6.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $300 |
| Transfer fee | $10K |
| Renewal fee | $15K |
| Total fee load | 9.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
WHICH WICH® 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 WHICH WICH® unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
17%
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: 2025 FDD
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
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 9.0% (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 -31.8% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
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 Which Wich® Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 150
- Opened
- 5
- Last reporting year
- Closed
- 22
- Terminated
- 3
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 17
- Term expired, not renewed (per Item 20)
- Turnover rate
- 33.3%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -31.8%
- Net unit change over 3 years
- 3-yr CAGR
- -31.8%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 8
- Closed (3yr)
- 16
- Terminated (3yr)
- 2
- Non-renewed (3yr)
- 32
- Transfers (3yr)
- 8
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 10
- Franchisor's next-year forecast
- Transfer rate
- 5.0%
- Owners selling to other franchisees
- Termination rate
- 15.4%
- Franchisor-initiated terminations
- Ceased ops
- 19.1%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 29 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.
Available to sell in · Item 12
- Indiana
- Michigan
- South Dakota
States where the franchisor is registered to sell new franchises (FDD registration filings).
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 135
- Loan volume
- $42.9M
- Median loan
- $280K
- 50th percentile
- Charge-off rate
- 24.8%
- 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)
- 75.2%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 56
- Defaults
- 27
- Typical loan rate
- 6.3%
- avg rate to borrowers
- Franchised industry avg
- 10.8%
- brand above franchise avg ↑
- Jobs supported
- 2,720
- 6.3 per loan
- Lender concentration
- 18%
- top lender's share
Borrower mix: 52% went to startups / new businesses, 48% to established operators
Franchise vs independent — in limited-service restaurants, franchised businesses charge off at 10.8% vs 10.0% for independents — franchising is associated with 8% higher SBA default risk in this category.
Vintage analysis
Which Wich® charge-off rate by loan vintage
Top lenders financing Which Wich® franchisees
Showing 3 of 56 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 Which Wich®'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 15 states
- Startup risk premium and job creation velocity
- 11-year lending trend
Instant access. No subscription.
A 24.8% charge-off rate means roughly 1 in 4 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Auditor raised a going-concern note (going_concern_note=true) on an established 20-year franchisor (began 2004), not an early-stage startup. Compounded by a -31.8% net unit decline and no Item 19 disclosure. Net worth is positive ($3.09M) and it was marginally profitable ($196K), but the going-concern doubt on a mature system is material.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $130,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · DNJ & ASSOCIATES⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 20 / 100 verdict
- 01MINORGoing-concern note raised by auditor on a mature (2004) franchisor
- 02MEDSharp -31.8% net unit decline
- 03MINOR33.3% turnover rate
- 04MINORNo Item 19 disclosure
- 05MINORPositive net worth $3.09M mitigates somewhat
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% 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 | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Site-specific |
| Protected territory | No |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 4 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Texas |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 30 hrs
- On-the-job training
- 50 hrs
- Training location
- On-site and franchisor facilities
- POS system
- Prescribed POS System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Prescribed POS System
Item 20 · call current owners
Franchisee Contacts
180 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
WHICH WICH® · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a WHICH WICH® franchise?
The total investment to open a WHICH WICH® franchise ranges from $254K – $822K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do WHICH WICH® franchise owners earn?
WHICH WICH® 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 WHICH WICH® 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 WHICH WICH® FDD and qualifies whose outlets they describe.
What is WHICH WICH®'s franchise failure rate?
Based on SBA 7(a) loan data, WHICH WICH® has a charge-off rate of 24.8% across 135 loans, meaning 24.8% 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 WHICH WICH® franchise locations are there?
As of their most recent FDD filing, WHICH WICH® has 150 total units in the United States, including 150 franchised units and 0 company-owned units. 5 new units were opened in the latest reporting year.
Is WHICH WICH® a good franchise to buy?
FranchiseVerdict rates WHICH WICH® as a F-grade franchise with a verdict score of 20 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 WHICH WICH®, 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.