PIEOLOGY

Item 7 in the 2024 FDD lays out the initial investment from $304,000 to $807,500, covering build-out for a 1,200-2,500 sq ft space, equipment, and $25,000 franchise fee. Ongoing fees hit 5% royalty plus 2% brand fund, standard for food concepts but pressuring margins without Item 19 earnings data—which Pieology skips, leaving you to infer from SBA records where 25 loans averaged $540,676. This financing volume suggests banks see payback potential, but you'd need to validate through discovery day chats.

System metrics paint a mixed picture: 101 franchised units plus 8 corporate (down from 110 total in 2022, an 8% drop), with just 1 projected new unit and 1 transfer. Since franchising in 2012 from Irvine, CA, Pieology's single-unit or multi-unit deals target urban/suburban spots for quick, artisanal eats. The shrinkage flags possible market saturation or ops hurdles, so gauge territory availability and local demand before committing—solid niche if you nail execution, but momentum lags peers.