Do you want to open a seafood business by buying SlapFish franchise? If YES, here is how much it cost to open SlapFish franchise successfully. If you are looking towards opening a SlapFish Franchise, it will be nice for you to have a preview of what the company represents before going ahead to make enquiries about the total cost of opening the franchise in your location.
SlapFish was founded in 2012 and they began franchising in 2013, about 7 years ago. The founder and current CEO of the company is Andrew Gruel and the company has her corporate head office at 19696 Beach Blvd, Huntington Beach, CA 92648, USA. Currently they have 12 franchise units in the United States of America and they are located in California, Maryland, New Mexico, and Utah.
Slapfish takes the fine dining mantra and puts it into a fast-casual model and designed so that anyone can step in and run a seafood business. Slapfish is a classic and sustainable American Seafood Franchise – seafood redefined with a fresh attitude, simple flavors and a healthy smack of the gourmet.
Slapfish has made healthy, chef-driven seafood approachable and affordable for the masses, with signature items that include the ‘lobsticle’, baja mahi sandwich and house-made, original dipping sauces. Slapfish is leading a seafood franchise revolution, with chef-crafted sustainable seafood in a fast casual format.
Slapfish takes the fine dining mantra and puts it into a fast casual model. It was designed so that anyone can step in and run a seafood business. Featured on The Cooking Channel and voted OC Weekly’s Best Seafood Restaurant, Slapfish offers socially responsible, chef-driven seafood recipes at affordable fast casual prices. Their franchisees receive benefits including:
Exceptional purchasing power through direct fisherman relationships, Sustainable seafood resources/data, gourmet menus and recipes, Systems, manuals and operating procedures, Real Estate Support and Site Selection and much more.
By partnering with Slapfish you are becoming part of a network of fishermen, processors and experts that you can rely on for high-quality seafood. You never have to worry about supply, sourcing, sustainability, or being priced out of the market.
They research in detail all the seafood that is served out of the Slapfish kitchen. Whether you are buying directly from Slapfish Trading or through approved purveyors, the seafood is always ridiculously fresh. Founder & Chef Andrew Gruel built the Slapfish business by creating strong, direct relationships with local fisherman to cut out the middleman in their seafood sourcing.
These relationships are very difficult to create and maintain, and allow them a competitive edge over other restaurants when it comes to purchasing and pricing. Here are areas where you are expected to spend money and the cost associated with it;
Financial Investment Required to Open a SlapFish Franchise
1. Initial Investment Range: $447,600 – $757,650
2. Franchise Fee: $30,000
3. Royalty Fee: 6 percent of Gross Sales
And the Due Date for this fee is Paid by electronic funds transfer every Friday for the preceding Reporting Period. The amount of the Royalty Fee for any renewal term will be that provided in the Franchise Agreement executed for such renewal term.
Please note that “Gross Revenues” include all revenues generated from the provision of any and all services and/or the sale of any and all products and, whether by the franchisee or a third-party provider, that relate to or arise from the Franchised Business. It does not include taxes collected from customers.
- Local Advertising Spend, Local Marketing Fund, or Cooperative Advertising Contribution: At least 1 percent per calendar year and the Due Date: for this is Monthly.
Please note that each local advertising Cooperative may elect to increase the monthly contribution if approved by a two-thirds majority of the members, and the minimum contribution is subject to adjustment by an amount not to exceed the increase in the CPI.
Centers owned by SlapFish and its affiliates are also members of their respective local Cooperative and each company-owned Center has the same voting rights as the franchised locations within the Cooperative.
If the company-owned Centers comprise the majority of a given Cooperative, the maximum and minimum fees for that Cooperative will be consistent with the range stated in this Item 6.
- Liquidated Damages Under Area Development Agreement: This fee varies but the Due Date is Payable within 30 days of the termination of the Development Agreement.
- Audit Costs: All costs and expenses associated with the audit, reasonable accounting and legal costs.
- Indemnity: This fee will vary under the circumstances and the Due Date is As incurred.
Please note that you must reimburse SlapFish if it is held liable for claims arising out of your franchise operations.
- Insurance: Reimbursement of costs the franchisor’s out-of-pocket costs.
- Equipment, Supply, or Supplier Testing or Inspecting: Fee not to exceed the actual costs of inspecting and testing. (Due Date: Due on receipt of invoice.)
Please note that This fee covers the cost of testing or inspecting equipment, supplies, or suppliers you propose.
- POS Hardware and Software: Depends upon vendor and products purchased. (Due Date: Depends upon vendor and products purchased.)
- Attorneys’ Fees and Costs: Will vary under circumstances. (Due Date: As incurred.)
Payable to SlapFish if it is forced to retain independent counsel and seek damages or injunctive relief to enforce the Franchise Agreement (whether or not suit is filed) or if SlapFish is required to defend your unsuccessful claim against it.
- Veteran Incentives: This is open for negotiation with the company.
- Term of Agreement and Renewal: The length of the initial franchise term is 10 years. If requirements are met, franchisees can renew for one additional term of 10 years.
- Financial Assistance: SlapFish has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, and payroll et al.
- Initial Investment: $447,600 – $757,650
- Net-worth Requirement: $500,000
- Liquid Cash Requirement: $250,000
- Ongoing Initial Franchise Fee: $30,000 – $30,000
- Working Capital: $5,000 to $120,000
- Ongoing Royalty Fee: 6%
- Ad Royalty Fee: 2%.