Mod Pizza

Item 7 in the 2024 FDD pegs initial investment at $1,001,223 to $1,301,134, covering buildout, equipment, and opening costs for these made-to-order pizza spots—high for fast-casual but aligned with artisan positioning versus plain quick-service pies. Upfront franchise fee hits $30,000, followed by 5% royalty on gross sales plus 2% into the brand fund, totaling 7% ongoing—standard for the category yet burdensome without disclosed revenues to offset. No Item 19 means zero official sales or profit benchmarks, forcing reliance on private talks with the sparse 87 franchisees; this opacity amplifies risk in a model franchising since 2013 but dominated by 465 corporate outlets.

Growth stalled at +1% from 86 to 87 franchises last year, with only 2 new units projected—signaling caution amid pizza sector saturation. That lone SBA loan averaged $2,055,300, a hefty sum suggesting big capital needs but low volume of defaults or approvals raises flags on lender confidence. Transfers and terminations aren't detailed here, but the corp-heavy structure (84% of 552 total spots) implies robust company ops yet hesitant franchising push, making this a bet on brand momentum over proven franchise economics.