by Marisa Cioffi | May 2, 2023 | Blog
When exploring franchise opportunities, it’s important to consider the potential for franchise resales, even if it’s not at the forefront of your mind. Having a solid resale program at your fingertips can be a major advantage down the road.
While we expect our franchisees to operate their businesses for many years, it’s only natural that they’ll eventually start to think about selling their business when the time comes to retire. By having a reliable franchise resale program in place, you can rest assured that you’ll receive a fair price for your business that accurately reflects the effort and time you put into building its value.
At The Great Greek Mediterranean Grill, we take franchise resales seriously and have established franchise resale and transfer programs through our parent company, United Franchise Group (UFG), and its affiliates.
What Are Franchise Resales?
Franchise resales refer to the process of selling an existing franchise business to a new owner. This means that the franchisee is selling their rights to operate the franchise to someone else, along with any existing assets, customers, and goodwill associated with the business.
These types of transactions can occur for a variety of reasons, such as retirement, relocation, or a desire to move on to other ventures. In most cases, resales are subject to approval by the franchisor, who must ensure that the new owner meets the same criteria and standards as the original franchisee.
You Should Choose a Resale if…
- You’re ready to completely move on from your franchise.
- You’re looking to make a straightforward exchange of money for the rights to the business.
What Is a Franchise Transfer?
A franchise transfer refers to the process of transferring ownership of a franchise from one franchisee to another. This can happen for a variety of reasons, such as the original franchisee wanting to sell their business or retire or the franchisor requiring a transfer due to a breach of contract or other issues. The new franchisee must typically meet the franchisor’s criteria and sign a new franchise agreement, which includes fees and ongoing obligations, in order to take over the franchise.
You Should Choose a Transfer if…
- You might still have some role in your franchise but will transfer ownership to a business associate or family member.
- You want to step down as franchisee but might still be contracted for some services.
How UFG Helps with Resale and Transfer of Great Greek Mediterranean Grill Franchises
Selling or transferring your Great Greek Mediterranean Grill franchise can be a daunting task, but with the help of United Franchise Group (UFG), the process can be made smoother and more efficient. UFG offers a range of services to its franchisees to help them with the sale or transfer of their business.
One of the key advantages of working with UFG is that they have an experienced team that can prepare a comprehensive business analysis and valuation. This is important as it provides a realistic picture of the business’ performance and financials, which can be attractive to potential buyers. Unlike other franchise brands, UFG has an in-house team that can handle this, saving franchisees the trouble of having to find and hire an outside contractor.
UFG also has a well-established network of affiliates, including Transworld, that specialize in buying and selling businesses. By leveraging these resources, UFG can market your franchise through proven systems, increasing the likelihood of a successful sale.
Finding the right buyer is crucial to ensure a smooth transition of ownership. UFG takes care of this by meeting with and qualifying potential buyers, ensuring they have the necessary qualifications to take over The Great Greek Mediterranean Grill franchise.
Lastly, UFG assists with preparing offers and closing sales. Once a potential buyer has been identified, UFG’s team will guide them through the process of closing the deal while ensuring that all information is handled with the utmost discretion.
The Benefits of Partnering with a UFG Brand
Partnering with a UFG brand comes with a plethora of advantages that are hard to ignore. With years of experience in the franchising industry, UFG has established itself as leaders in the space. Their franchise sales and franchise transfer programs are just two of the many perks you can avail yourself of by partnering with them.
The Great Greek Mediterranean Grill offers an array of benefits to our partners, including discounted franchise fees for those who co-brand or open multiple units, access to marketing resources to promote your authentic greek food brand, expert assistance in scouting for real estate locations, valuable brand recognition, and business coaching to help you achieve your goals.
So, whether you’re an entrepreneur looking to establish a new business or an established brand looking to expand, partnering with a UFG brand is a smart decision that will reap rewards for years to come.
Are you ready to join the Great Greek Mediterranean Grill family, or are you interested in our franchise resale opportunities? Contact us today to get started!
by Marisa Cioffi | May 2, 2023 | Uncategorized
Opening a fast-casual restaurant franchise with The Great Greek Mediterranean Grill is a great business opportunity in a growing industry with high demand. With the increasing availability of healthier food options in fast-casual restaurants, people can make healthier food choices more easily, creating a global market for healthier food options. The industry is expected to continue to grow, with a projected CAGR of 11.5% during the forecasted period of 2023-2028.
The Great Greek Grill offers a fast-casual food franchise opportunity to aspiring entrepreneurs who want to own a restaurant with a distinctive and tasty menu and fresh, high-quality food that won’t break the bank. With over 30 years of experience in the hospitality industry, we have established a strong reputation for guiding our franchisees toward building successful businesses. We achieve this through our exceptional training program, dedication to customer satisfaction, and serving authentic dishes in generous portions at affordable prices. Are you an ideal candidate for our franchise opportunity? Read more to find out.
The Cost of Opening a Fast-Casual Restaurant Franchise with Us
Starting a business requires hard work, dedication, and investment, especially during the initial stages. An ideal candidate for the Great Greek Grill should have the following:
- Industry experience
- Multiple streams of revenue
- A proven track record
- The capital to cover the following:
Franchise Fee
Upon signing a franchise agreement with us, a one-time restaurant franchise fee of $39,500 is required. This comprehensive fee covers a range of essential services, such as location selection assistance, lease negotiation support, and site build-out guidance. You will also receive initial training, aid in recruiting and training staff, access to our suppliers, a startup marketing kit, and assistance with the launch and ramp-up of your restaurant.
Liquid Capital
To become a franchisee with The Great Greek Grill, you’re required to have liquid capital of roughly $225,000 that is not borrowed, in the bank, and readily available for investment. This sum should suffice to cover the following:
- Construction expenses
- Rent
- Wages
- Advertising, and
- Other costs that come with establishing a business
The higher your liquid capital, the more streamlined the startup process will be.
Royalty Fees
A monthly royalty fee of 6% of your gross sales revenue goes towards your monthly royalty fees. This contribution covers the resources and continual support provided by our brand and corporate team, including:
- Access to our suppliers
- Marketing and advertising services
- Recruitment and human resources assistance
- Management support
- Updates and advancements in the brand and offerings
Total Investment to Open an Authentic Greek Restaurant with Us
The total investment required for the Great Greek Grill ranges between $650,000 to $800,000. The range varies due to several factors, such as location, local demand, regional rates for construction, rent, supplies, equipment, and other relevant elements. This sum should cover all the necessary expenses for establishing a restaurant business.
It’s worth noting that there may be additional expenses to consider before the grand opening. These expenses may include insurance, consultancy, or legal service fees (if opted for) and lease deposits.
Franchising with the Great Greek Grill has many advantages, such as an established customer base that generates built-in demand, a successful track record, and an experienced network. Our franchise program provides the necessary training and resources to help you take advantage of this growing market and stand out from the competition.
Now is a great time to invest in a fast-casual restaurant franchise! Contact The Great Greek today to learn more.
by Marisa Cioffi | Apr 21, 2023 | Press
As leading restaurants continue to pivot to enhance the digital customer journey and navigate changes in customer behavior post-pandemic, technology has become a critical strategy for efficiency. At The Great Greek Mediterranean Grill, our tech tools have become even more effective since we integrated them in an enterprise system that takes the customer journey to a whole new level.
by Marisa Cioffi | Apr 10, 2023 | Press
In over 35 years of being in the business of selling—whether it is selling ideas, insights, expertise, products, businesses or services—I have found that there are three attributes that are the bedrock of successful sales: enthusiasm, conviction and control (ECC). On top of that, there is one important aspect to keep in mind for today: embracing change.
by Marisa Cioffi | Apr 5, 2023 | Blog
In recent years, there has been a significant shift towards healthy eating and living, with 50% of Americans actively trying to change their eating habits. As an aspiring restaurant and catering franchise owner, this shift towards health consciousness presents an exciting opportunity for restauranteurs to specialize in healthy and delicious food options as more people become mindful of their eating habits and actively seek improvements.
The Great Greek Mediterranean Grill is known not only for its exotic cuisine that’s beloved by many but also for its iconic dishes like gyros and souvlaki, which have become a household name. These dishes provide healthy, fresh, and nutritious options suitable for any event.
By investing in our healthy Greek cuisine restaurant and catering franchise, you can enjoy a range of benefits. For one, you can provide high-quality ingredients sourced from authentic third-generation Greek family recipes, offering bold and delicious flavors your customers will love. Here are some of the benefits you can enjoy by investing in a restaurant and catering business franchise with us:
Our Turnkey Authentic Greek Food Franchise Investment Is Designed to Help You Thrive
Investing in The Great Greek Grill franchise offers a range of advantages, including an established franchisor model with proven procedures refined over years of successful operation – giving you a competitive edge in the market. Our recognizable brand also has a loyal customer base that your franchise location can benefit from to ensure you get a reliable revenue stream from the outset.
Moreover, our turnkey investment opportunity perfectly aligns with current consumer preferences, offering a range of healthy, fresh, and delicious options with broad appeal. This enables you, as a franchisee, to provide a high-quality product that meets customer demand, which is likely to generate strong sales and profitability for your business.
Stand Out with Our Comprehensive Training Program
We offer a thorough training program with our restaurant and catering franchise opportunity to ensure your success. Upon becoming a new Great Greek Mediterranean Grill franchise owner, you’ll receive training at our UFG world headquarters in West Palm Beach, Florida, and on-site training at your location. In addition to access to online training tools and collaborative systems, you’ll also receive a comprehensive franchise operations manual.
That’s not all! Our cutting-edge training facility will equip you with a deep understanding of our business model, covering topics such as:
- Inventory management
- Marketing strategies
- Customer relations
- Food preparation techniques
- The process of hiring skilled employees
Your hands-on learning includes 22.5 hours of practical training and 32 hours of classroom training. With this extensive training, you’ll be fully prepared to run a successful Great Greek Mediterranean Grill franchise!
Our Ongoing Support Doesn’t Stop
Partnering with a franchise that offers ongoing support is important for the success of your business. At Great Greek Mediterranean Grill, we provide ongoing support to our franchise owners throughout the life of their business. We are dedicated to ensuring that your investment pays off by helping you run your business effectively and efficiently. To make this possible, we’ve developed several support resources to assist you, such as:
- An easy-to-use Point Of Sale (POS) system
- Customizable marketing materials
- A detailed operations manual.
Additionally, our ongoing support also includes the following:
- Product and menu development so you can stay up to date with current trends and customer preferences to ensure you’re offering a menu that is both appealing and profitable.
- Problem solving to help you navigate any challenges or issues that may arise. This can include anything from operational issues to disputes with landlords or vendors.
- Marketing and advertising materials, and guidance on how to effectively promote your restaurant. This can be especially valuable for franchisees who may not have a lot of experience in marketing.
- Consistency to ensure that all locations maintain the same quality, service, and branding – so your customers can expect the best service along with their tasty meals no matter their destination.
As a franchise that cares about franchisees, we maintain an open line of communication so that you can reach out to us with any questions or concerns whenever you need a helping hand. With our commitment to your success, you can feel confident about franchising with The Great Greek family!
Does a healthy Mediterranean cuisine franchise opportunity sound like an investment opportunity you’d like to explore? If so, contact us today, and our team of experts will reach out to you and get you started on your new authentic Greek restaurant business venture!
