Now that you’ve done your research and are ready to take the plunge, it’s time to get serious about becoming a franchisee. Buying a franchise is a complex investment, so there are several criteria you must meet in order to become a Hungry Howie’s franchisee.
Franchisee Candidate Criteria
Hungry Howie’s looks for franchisee candidates who espouse their core values of integrity, family, reliability, hunger for growth, and positive energy. In addition, franchisee candidates should have a commitment to their employees and their community. Prior restaurant experience is not a requirement, although it can be an advantage.
As detailed in the Franchise Disclosure Document, absentee ownership is not allowed. All franchisees must be owner-operators, although multi-unit franchisees may utilize a management company or store managers to help with day-to-day operations. The length of the initial franchise term is 10 years, and it can be renewed for an additional 10 years if the franchise is in good standing.
Hungry Howie’s is still a family-owned business and they look for franchisees who will maintain an atmosphere that is supportive and fun. They have been honored by Crain’s Cool Places to Work in Michigan and by the Detroit Free Press as a Top Workplace, and look for franchisees who are as committed to creating a thriving workplace as they are committed to growing their business.
Franchisee Financial Requirements
In order to qualify for a Hungry Howie’s franchise, you must have a good credit history and prove that you have $300,000 net worth, $100,000 in liquid assets, and the ability to get financing for up to $275,000. Once you have met the financial requirements and your credit has checked out, you will be invited to apply, and pay the $25,000 franchise fee. Hungry Howie’s offers a 50% discount on the franchise fee for qualifying veterans.
Other expenses include a franchise fee that is 5.5% of gross sales plus 7% of gross sales contribution to the marketing budget. The marketing fee includes national, regional, and local marketing and advertising.
Although Hungry Howie’s does not offer financing, they can direct you to sources that have provided financing to franchisees in the past. Hungry Howie’s is also on the Small Business Administration’s (SBA) Franchise Registry list, which streamlines the loan application approval process if you apply for a loan from the SBA.
Hungry Howie’s is dedicated to cultivating a favorable environment that promotes success among its franchisees. If you fit the above criteria, you could be the next Hungry Howie’s franchisee.