Which Wich®Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
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]. Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $254K – $822K
- 46th pct Service Resta…
- Avg gross sales
- N/A
- 59th pct Service Resta…
- Royalty
- 6.0%
- 44th pct Service Resta…
- Units
- 150
- 77th pct Service Resta…
- SBA default
- 24.8%
- system-wide median varies by category
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-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
24.8% of SBA loans charged off across 135 loans, above the 16% franchise average.
Franchised units fell from 220 to 150 over 3 years. Investigate why operators are leaving.
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.
- Verdict F (Bottom Quintile) with a risk score of 100/100. 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, 2010–2024).
- System contracting at -31.8% 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
- Which Wich Franchise, Inc.
- Incorporated in
- TX
- HQ
- 1215 Viceroy Drive, Dallas, Texas 75247
- Auditor
- DNJ & ASSOCIATES
- Audited financials
- Franchisor revenue
- $6.6M
- vs $8.1M prior year
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
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.
- CEO
- Jeffrey P. Sinelli
- Headquarters
- TX
- Founded
- 2003
- FDD year
- 2025
- States available
- 25
FDD Item 7 · 2025 filing · 17 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
- Near category avg vs category
- Liquid capital req'd
- $10K – $40K
- Better than avg vs category
- Franchise fee
- $25K – $30K
- Better than avg 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 |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Quick-Service Restaurants averages
How Which Wich® Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 150
- Opened
- 5
- Last reporting year
- Closed
- 42
- Turnover rate
- 28.0%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -19.8%
- Net unit change last year
- 3-yr CAGR
- -31.8%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 5
- Closed (3yr)
- 42
- Terminated (3yr)
- 2
- Non-renewed (3yr)
- 32
- Transfers (3yr)
- 11
- 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
Vintage analysis
Which Wich® 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 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.
Risk analysis
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.
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
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 100 / 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
| 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
181 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 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 220 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 risk score of 100 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.