Which Wich® Franchise Cost, Revenue & Review 2026
- Investment
- $254K – $822K
- Disclosed sales
- not disclosed
- SBA charge-off
- 24.8%
- on 135 loans
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]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. SBA 7(a) loans show a 24.8% charge-off rate across 135 loans[1]. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored4 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $254K – $822K
- 37th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 48th 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 median · 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.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict D (Below average), verdict score 31/100 (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).
- GROWTHNegative: net -37 franchised outlets in the latest year (5 opened, 42 closed); 16 signed but not yet open (Item 20).
- DECLINESystem 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
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
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 11% above 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%
- 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 |
| Inventory (initial) | $8K – $12K |
| Total fee load | 9.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
WHICH WICH® makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one WHICH WICH® unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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% — above the Quick-Service Restaurants median of 7.5%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 medians
How Which Wich® Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
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
- 42
- Terminated
- 3
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 17
- Term expired, not renewed (per Item 20)
- Turnover rate
- 28.0%
- 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
Last fiscal year · Item 20 exits and transfers
- Terminated
- 3
- Not renewed
- 17
- Transferred
- 11
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 16
- 0.11 per open outlet · Item 20 Table 5
- 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).
Where the owners are · Item 20 owner list
180 current owners across 29 states.
- TX 48
- NC 22
- CA 14
- IL 10
- VA 10
- FL 9
- GA 9
- CO 6
- IN 6
- KY 6
- SC 6
- PA 4
- +17 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
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%
- on 135 loans · 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.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Which Wich® from SBA 7(a) FOIA data.
- Principal loss rate
- 12.7%
- Avg SBA guarantee
- 73%
- Avg interest rate
- 6.31%
- Avg chargeoff amount
- $202K
- Lender concentration
- 17.8%
- Job velocity
- 6.3 per $100K
- Startup risk premium
- -5.8pp
- NAICS benchmark
- 8.7%
- NAICS 722513
- Jobs supported
- 2,720
Top SBA lendersTop lender holds 18% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Stearns Bank National Association | 24 | $4.9M | 31.6% |
| 2 | The Huntington National Bank | 12 | $2.3M | 33.3% |
| 3 | CRF Small Business Loan Company, LLC | 8 | $2.5M | 60.0% |
| 4 | JPMorgan Chase Bank, National Association | 6 | $1.9M | 33.3% |
| 5 | Truist Bank | 5 | $1.5M | 0.0% |
| 6 | First Financial Bank | 5 | $1.5M | 0.0% |
| 7 | LendingClub Bank, National Association | 5 | $1.3M | 40.0% |
| 8 | SouthState Bank, National Association | 4 | $2.9M | 0.0% |
| 9 | Manufacturers and Traders Trust Company | 4 | $700K | 50.0% |
| 10 | First Internet Bank of Indiana | 4 | $1.3M | 75.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 25 | 5 | 29.4% |
| CACalifornia | 12 | 3 | 25.0% |
| INIndiana | 11 | 1 | 10.0% |
| GAGeorgia | 10 | 0 | 0.0% |
| NCNorth Carolina | 10 | 0 | 0.0% |
| VAVirginia | 9 | 0 | 0.0% |
| MIMichigan | 7 | 1 | 14.3% |
| OHOhio | 6 | 4 | 66.7% |
| COColorado | 5 | 0 | 0.0% |
| MAMassachusetts | 5 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
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?
SBA loans charge off at 24.8% — 55% above the 16.0% national norm, i.e. higher 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
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
0 case reference(s): 0 pending, 0 settled.
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 31 / 100 verdict
- 01MEDSharp -31.8% net unit decline
- 02MINORNo Item 19 disclosure
- 03MINORPositive 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 | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory sizeℹ | Site-specific |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 1 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 4 |
| Mandatory arbitration | Yes |
| Arbitration location | AAA offices in the city where franchisor's principal business office is located |
| 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
- Site selection
- franchisee, subject to franchisor approval; one free site visit, additional visits $500 each
- Franchisor financing
- Not offered
- Item 10
- 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
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® makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns WHICH WICH®?
WHICH WICH® is franchised by Which Wich Franchise, Inc.. Source: FDD Item 1, 2025 filing.
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 D-grade franchise with a verdict score of 31 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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?
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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.