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               <td colspan="2" style="color: #ffffff; font-family: 'Helvetica', sans-serif; font-size: 1px; letter-spacing: 0px; line-height: 120%; padding: 20px 0;">
                The chicken chain is known for having the lowest entry cost of any major fast-food franchise — but there’s a catch.
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                This edition of The Hustle was brought to you by
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                 Aircall
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                ... because connection matters.
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                    Issue #89
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                     <img alt="The Hustle, Sunday, January 19, 2020" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fheader_20200119090323.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXNHX:daIOOhpMywYVrsQHlW3I3Lhl3ttmkJkQ4ca7g96o2Fo" style="display: block; height: auto; width: 100%;"/>
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                    Sunday, January 19, 2020
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                <h2 style="font-family: Helvetica, sans-serif; font-size: 30px; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 36px;">
                 <strong>
                  Why it only costs $10k to ‘own’ a Chick-fil-A franchise
                 </strong>
                </h2>
                <p style="color: #737373; font-family: Helvetica, sans-serif; font-size: 18px; font-style: italic; line-height: 120%; margin: 0; padding-bottom: 10px;">
                 The chicken chain is known for having the lowest entry cost of any major fast-food franchise — but there’s a catch.
                </p>
                <p style="font-family: Helvetica, sans-serif; font-size: 13px; line-height: 120%; margin: 0; padding-bottom: 24px;">
                 <strong>
                  BY
                  <a style="color: #ed4d1f; text-decoration: none; text-transform: uppercase;">
                   Zachary Crockett
                  </a>
                 </strong>
                </p>
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                <p style="margin-left: 24px;">
                 In America, the majority of fast-food restaurants aren’t owned by the corporation itself, but by franchisees —  individuals who pay for the right to use a brand name.
                </p>
                <p style="margin-left: 24px;">
                 Instead of buying and developing new properties with their own money, most national chains (franchisors) will allow a party or individual (franchisee) to front the development bill and take a stab at ownership in exchange for a cut of the sales.
                </p>
                <p style="margin-left: 24px;">
                 Many people dream of buying a fast-food franchise of their own, but few can afford it.
                </p>
                <p style="margin-left: 24px;">
                 All told, it might cost a franchisee upwards of $2m to develop, build, and buy the right to open a McDonald’s or a KFC. Many chains won’t even look at your application unless you have a net worth of $1m and $500k in readily spendable cash sitting around.
                </p>
                <p style="margin-left: 24px;">
                 But there’s an exception to this: A franchise at Chick-fil-A — one of America’s oldest, largest, and most profitable chains — can be yours for just
                 <strong>
                  $10k
                 </strong>
                 .
                </p>
                <p style="margin-left: 24px;">
                 Before we get into how this is even remotely possible, let’s first take a step back and look at the economics of a traditional fast-food franchise deal.
                </p>
                <h4 style="border-left-color: #ff5a41; border-left-style: solid; border-left-width: 6px; display: block; font-size: 18px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-left: 15px;">
                 <strong>
                  How much does it cost to buy a fast-food franchise?
                 </strong>
                </h4>
                <p style="margin-left: 24px;">
                 To better understand the capital required to acquire and launch a fast-food franchise,
                 <em>
                  The Hustle
                 </em>
                 spoke with more than a dozen franchise owners and analyzed data from
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  franchise disclosure documents
                 </a>
                 filed by 22 of the largest domestic chains.
                </p>
                <p style="margin-left: 24px;">
                 For starters, it’s a feat just to
                 <strong>
                  qualify
                 </strong>
                 to buy a fast-food franchise from one of the big players -- a franchisee has to be
                 <em>
                  prettttttt-y pretttttt-y
                 </em>
                 wealthy.
                </p>
                <p style="margin-left: 24px;">
                 The average chain we looked at requires an applicant to have a
                 <strong>
                  minimum net worth of $1m
                 </strong>
                 ($500k of which is liquid). Burger chains and chicken chains appear to have the highest barrier to entry: To launch a Wendy’s, you need to have at least $5m in the bank, with $2m in liquid assets.
                </p>
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                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fmin%2520net%2520worth_20200119090441.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXNHX:daIOOhpMywYVrsQHlW3I3Lhl3ttmkJkQ4ca7g96o2Fo" style="height: auto; padding-top: 10px; width: 100%;"/>
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                <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px 25px;">
                 Zachary Crockett / The Hustle
                </p>
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                <p style="margin-left: 24px;">
                 If you’re fortunate enough to get accepted, the first thing you’ll do is dish out a
                 <strong>
                  franchise fee
                 </strong>
                 — an upfront, one-time payment for the right to enter into business with the chain.
                </p>
                <p style="margin-left: 24px;">
                 At an average of
                 <strong>
                  ~$30k
                 </strong>
                 , franchise fees make up only a small part of a franchisee’s total investment. The rights to big burger chains like Jack in the Box and Burger King will set you back $50k; sandwich chains like Subway can be had for $15k.
                </p>
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                <a style="color: #ff5a41; text-decoration: none;">
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Ffranchise%2520fee_20200119090526.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXNHX:daIOOhpMywYVrsQHlW3I3Lhl3ttmkJkQ4ca7g96o2Fo" style="height: auto; padding-top: 10px; width: 100%;"/>
                </a>
                <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px 25px;">
                 Zachary Crockett / The Hustle
                </p>
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               <td class="ignore-defaults brief-style" style="font-family: Helvetica, sans-serif; font-size: 16px; letter-spacing: .3px; line-height: 20px; padding-right: 5px; padding-top: 10px;">
                <p style="margin-left: 24px;">
                 The bulk of the cost, though, lies in the development of the store: Real estate, building fees, equipment, inventory, and everything else necessary to get a new restaurant off the ground.
                </p>
                <p style="margin-left: 24px;">
                 “The [chain] doesn’t want any liability with financing or developing,” says Reas Kondraschow, who owns 9 Five Guys in Broward County, Florida. “When it comes time to build, the franchisor is generally pretty hands-off.”
                </p>
                <p style="margin-left: 24px;">
                 It’s the franchisee’s responsibility to cover all of these costs prior to opening.
                </p>
                <p style="margin-left: 24px;">
                 This figure, called the
                 <strong>
                  total initial investment
                 </strong>
                 , varies widely based on the type of storefront (mall, drive-thru, dine-in) and the location. A McDonald’s in a small Southern town might cost 50% less than one in a major city.
                </p>
                <p style="margin-left: 24px;">
                 For this reason, the estimated cost of a franchise is listed as a range in franchise disclosure reports. The chart below visualizes the lowest and highest range of what a given franchise might cost. (We ranked the results by the highest estimate.)
                </p>
               </td>
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               <td>
                <a style="color: #ff5a41; text-decoration: none;">
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Fcost_20200119090558.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXNHX:daIOOhpMywYVrsQHlW3I3Lhl3ttmkJkQ4ca7g96o2Fo" style="height: auto; padding-top: 10px; width: 100%;"/>
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                <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px 25px;">
                 Zachary Crockett / The Hustle
                </p>
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              <!-- START BODY TEXT -->
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               <td class="ignore-defaults brief-style" style="font-family: Helvetica, sans-serif; font-size: 16px; letter-spacing: .3px; line-height: 20px; padding-right: 5px; padding-top: 10px;">
                <p style="margin-left: 24px;">
                 Overall, the average fast-food franchise costs between
                 <strong>
                  $777k and $1.9m
                 </strong>
                 to open. Though, according to the franchisees we spoke with, it’s realistic to expect to be on the higher end of this.
                </p>
                <p style="margin-left: 24px;">
                 Shareef Aminmadani, whose family runs 64 Taco Bell franchises in Tennessee and Kentucky, tells
                 <em>
                  The Hustle
                 </em>
                 that his initial investment usually breaks down like so:
                </p>
                <ul style="font-family: Helvetica, sans-serif; font-size: 16px; line-height: 20px; margin: 0 0 0 30px; padding-bottom: 14px; padding-left: 12px;">
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  Franchise fee:
                  <strong>
                   $45k
                  </strong>
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  Building:
                  <strong>
                   $900k
                  </strong>
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  Equipment:
                  <strong>
                   $380k
                  </strong>
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  Real estate:
                  <strong>
                   $250k
                  </strong>
                  to
                  <strong>
                   $1m
                  </strong>
                 </li>
                </ul>
                <p style="margin-left: 24px;">
                 TOTAL:
                 <strong>
                  $1.6m
                 </strong>
                 to
                 <strong>
                  $2.3m
                 </strong>
                </p>
                <p style="margin-left: 24px;">
                 Like other franchisees we spoke with, Aminmadani pays ~
                 <strong>
                  25%
                 </strong>
                 of this amount ($400k-$575k) in cash, then uses loans and/or investors to cover the rest.
                </p>
                <p style="margin-left: 24px;">
                 And what does a chain get out of letting someone else build and own a property under its brand name? Aside from the franchise fee mentioned above, it generally takes a royalty fee of anywhere from
                 <strong>
                  4-8% of the store’s monthly sales
                 </strong>
                 . For his Taco Bells, Aminmadani pays 5.5%.
                </p>
               </td>
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              <!-- END BODY TEXT -->
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               <td>
                <a style="color: #ff5a41; text-decoration: none;">
                 <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252Froyalty_20200119090626.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1kXNHX:daIOOhpMywYVrsQHlW3I3Lhl3ttmkJkQ4ca7g96o2Fo" style="height: auto; padding-top: 10px; width: 100%;"/>
                </a>
                <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px 25px;">
                 Zachary Crockett / The Hustle
                </p>
               </td>
              </tr>
              <!-- START BODY TEXT -->
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               <td class="ignore-defaults brief-style" style="font-family: Helvetica, sans-serif; font-size: 16px; letter-spacing: .3px; line-height: 20px; padding-right: 5px; padding-top: 10px;">
                <p style="margin-left: 24px;">
                 When properly leveraged, this model is a win-win for both parties: The chain can expand quickly and pass off the financial liability of owning and operating a store; the franchisee gets to own a business with a pre-established brand and a built-in customer base.
                </p>
                <p style="margin-left: 24px;">
                 But at Chick-fil-A, things are done a bit differently.
                </p>
                <h4 style="border-left-color: #ff5a41; border-left-style: solid; border-left-width: 6px; display: block; font-size: 18px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-left: 15px;">
                 <strong>
                  Why Chick-fil-A franchises are so cheap
                 </strong>
                </h4>
                <p style="margin-left: 24px;">
                 Take another look at the charts above, and you’ll see that Chick-fil-A stands out in a few ways:
                </p>
                <ul style="font-family: Helvetica, sans-serif; font-size: 16px; line-height: 20px; margin: 0 0 0 30px; padding-bottom: 14px; padding-left: 12px;">
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  It has no minimum net worth requirement.
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  It has the lowest franchise fee of any chain ($10k).
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  It has (by far) the lowest total investment cost for a franchisee ($10k).
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  It charges (by far) the highest royalty fee.
                 </li>
                </ul>
                <p style="margin-left: 24px;">
                 The reason for this? Unlike other franchise models, Chick-fil-A — not the franchisee —
                 <strong>
                  covers nearly the entire cost
                 </strong>
                 of opening each new restaurant (which, according to its financial disclosures, runs from $343k to $2m). The franchisee only pays the $10k franchise fee.
                </p>
                <p style="margin-left: 24px;">
                 Chick-fil-A pays for (and retains ownership of) everything — real estate, equipment, inventory — and in return, it takes a MUCH bigger piece of the pie.
                </p>
                <p style="margin-left: 24px;">
                 While a franchise like KFC takes 5% of sales, Chick-fil-A commands
                 <strong>
                  15% of sales + 50% of any profit
                 </strong>
                 .
                </p>
               </td>
              </tr>
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                </a>
                <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px 25px;">
                 Zachary Crockett / The Hustle
                </p>
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               <td class="ignore-defaults brief-style" style="font-family: Helvetica, sans-serif; font-size: 16px; letter-spacing: .3px; line-height: 20px; padding-right: 5px; padding-top: 10px;">
                <p style="margin-left: 24px;">
                 This model makes sense for Chick-fil-A for a few reasons.
                </p>
                <p style="margin-left: 24px;">
                 At
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  $4.2m per store
                 </a>
                 , Chick-fil-A’s average revenue is the highest of any fast-food chain in America, dwarfing both direct competitors (KFC; $1.2m) and bigger brands (McDonald’s; $2.8m). That’s especially impressive considering that all Chick-fil-A restaurants are
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  closed
                 </a>
                 on Sunday.
                </p>
                <p style="margin-left: 24px;">
                 Based on these figures, Chick-fil-A’s 15% royalty alone (not including its 50% cut of profits) might work out to around $600k per store, per year.  (And remember: It still owns the property and equipment.)
                </p>
                <p style="margin-left: 24px;">
                 This set-up can also work out to be a pretty sweet deal for Chick-fil-A’s franchisees. That is, if you can land the job.
                </p>
                <h4 style="border-left-color: #ff5a41; border-left-style: solid; border-left-width: 6px; display: block; font-size: 18px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-left: 15px;">
                 <strong>
                  A lower acceptance rate than Stanford
                 </strong>
                </h4>
                <p style="margin-left: 24px;">
                 According to Chick-fil-A,
                 <strong>
                  60k people
                 </strong>
                 apply to be operators every year — and only
                 <strong>
                  ~80
                 </strong>
                 are selected.
                </p>
                <p style="margin-left: 24px;">
                 With a
                 <strong>
                  0.13% acceptance rate
                 </strong>
                 , it’s harder to become a Chick-fil-A franchisee than it is to get into Stanford University (4.8%), get a job at Google (0.23%), or even become a special agent for the Secret Service (1%).
                </p>
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                 Zachary Crockett / The Hustle
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                <p style="margin-left: 24px;">
                 Chick-fil-A Operators go through a screening process that often lasts months.
                </p>
                <p style="margin-left: 24px;">
                 Quincy L.A. Springs IV, a Chick-fil-A Operator in Atlanta, had to complete 10 rounds of interviews, write 12 essays, and provide a copy of his high-school transcript. Once selected, he went through an “extensive, multi-week training program” covering everything from menu education to employment law.
                </p>
                <p style="margin-left: 24px;">
                 In lieu of wealthy investors, Chick-fil-A selects franchisees who are involved in their local communities. The company’s aim, says a spokesperson, is to find people who are willing to be “highly involved” in day-to-day operations. (While not a stated requirement, adhering to “
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  Christian values
                 </a>
                 ” also doesn’t hurt an applicant’s chances).
                </p>
                <p style="margin-left: 24px;">
                 “You run every aspect of the restaurant six days a week,” says Jeremiah Cillpam, a Chick-fil-A franchise owner in Los Angeles. In return for 60-hour work-weeks, an operator might take home 5-7% of revenue (around
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  $150-$250k
                 </a>
                 per year).
                </p>
                <p style="margin-left: 24px;">
                 But from an investment perspective, certain things about being a Chick-fil-A franchisee aren’t so enticing:
                </p>
                <ul style="font-family: Helvetica, sans-serif; font-size: 16px; line-height: 20px; margin: 0 0 0 30px; padding-bottom: 14px; padding-left: 12px;">
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  They don’t own the restaurant or equipment (everything belongs to corporate).
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  They don’t have any equity stake in the business.
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  In most cases, they aren’t permitted to “own” multiple locations.
                 </li>
                 <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
                  They aren’t permitted to run any other business.
                 </li>
                </ul>
                <p style="margin-left: 24px;">
                 In essence, Chick-fil-A operators aren’t truly business owners — or even franchisees in the traditional sense.
                </p>
                <p style="margin-left: 24px;">
                 “When people start a business, they want flexibility and real ownership,” says Kenny Rose, CEO of
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  Semfia
                 </a>
                 , a firm that educates people on franchise investing. “But as a Chick-fil-A franchisee, you’re basically just working a traditional management job.”
                </p>
                <h4 style="border-left-color: #ff5a41; border-left-style: solid; border-left-width: 6px; display: block; font-size: 18px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-left: 15px;">
                 <strong>
                  “A war for pennies”
                 </strong>
                </h4>
                <p style="margin-left: 24px;">
                 Outside of FDD forms, financials on fast-food franchises are shrouded in mystery. Under FTC regulations, franchisors aren’t permitted to throw around earnings claims and franchisees are often hesitant to share their profit margins and ROI.
                </p>
                <p style="margin-left: 24px;">
                 According to the annual reports of publically-traded fast-food chains, margins for franchised restaurants are usually razor-thin, ranging from less than 1% (
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  Pizza Hut
                 </a>
                 ) up to 13% (
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  KFC
                 </a>
                 ).
                </p>
                <p style="margin-left: 24px;">
                 This can be especially true at enormous chains like McDonald’s, where overhead can
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  eat into profits
                 </a>
                 faster than the Hamburglar.
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                <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 20px 25px;">
                 Zachary Crockett / The Hustle
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                 Those who own multiple franchises — or an empire of them — can make millions. But research published by
                 <a style="-webkit-text-fill-color: #ff5a41; color: #ff5a41; text-decoration: none;">
                  Franchise Business Review
                 </a>
                 found that 51% of food franchisees earn less than $50k per year and only around 7% take in $250k.
                </p>
                <p style="margin-left: 24px;">
                 “As a fast-food franchise owner, you’re often fighting a war for pennies,”  says Rose. “Food is the most competitive industry known to man: It has the highest investment level of any industry, the highest failure rate, and the lowest margins.”
                </p>
                <p style="margin-left: 24px;">
                 At Chick-fil-A, some of these risks are mitigated by a low initial investment, booming sales, and good margins — but this comes at the expense of true ownership.
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                  of sales tips
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                 Aircall’s sales development tutorial cave of wonders is
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                  available here for free
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                 and all you gotta do to access this friggin’ trove is enter your email.
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                 Here’s just a taste of
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                  some of the topics
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                 covered:
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                  How to Perfect the SDR to AE Handoff
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                  How to Sell at Trade Shows
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                  Booking Demos with Urgency
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                <p style="margin-left: 24px;">
                 It’s all presented by Aircall’s Senior Director of Sales Development, Bryan Elsesser, who has over a decade of sales experience.
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