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Updated RecentlyThe Steak Escape vs My Friend's Place Franchise Comparison
Below is an in-depth analysis and side-by-side comparison of The Steak Escape vs My Friend's Place including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
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| Investment | $190,200 - $1,300,000 | $156,650 - $260,400 |
| Franchise Fee | $25,000 | $20,000 |
| Royalty Fee | 6% | 5% |
| Advertising Fee | - | 1% |
| Year Founded | 1982 | 1980 |
| Year Franchised | 1983 | 1980 |
| Term Of Agreement | 20 years | - |
| Term Of Agreement | 20 years | - |
| Renewal Fee | - | - |
Business Experience Requirements |
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| Experience | - | |
Financing Options |
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| In-House/3rd Party | In-House/3rd Party | |
| Franchise Fees | No/No | -/- |
| Start-up Costs | No/No | -/- |
| Equipment | No/No | -/- |
| Inventory | No/No | -/- |
| Receivables | No/No | -/- |
| Payroll | No/No | -/- |
Training & Support |
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| Training | - | 1. Headquarters 12 Business Days 2. Franchisee Site 12 Business Days |
| Support | Newsletter, Toll-free phone line, Grand opening, Internet, Field operations/evaluations | Field Operation Evaluation Field Training: At Additional Cost Initial Store Opening Inventory Control: At Additional Cost |
| Marketing | - | - |
| Operations |
International franchisees required to buy multiple units/master licenses Number of employees needed to run franchised unit: 20 - 25
Absentee ownership of franchise is allowed. (75% of current franchisees are owner/operators) | Average Number of Employees: 2 Full-time, 2 Part-time Passive Ownership: Not Allowed |
Expansion Plans |
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| US Expansion | - | Yes |
| Canada Expansion | No | - |
| International Expansion | Yes | - |
Company Overviews
About The Steak Escape
The Steak Escape was established in Columbus, Ohio, in 1982 by Ken Smith and Mark Turner. One year later, Escape Enterprise Ltd. was formed, and Steak Escape started franchising mall sites, as well as locations in college campuses, airports and sports arenas. The privately held company specializes in genuine Philadelphia cheesesteaks and operates in more than 30 states as well as overseas.
About My Friend's Place
A quality franchise opportunity for your financial independence and future. Our restaurants cater to the quality-oriented customer interested in a quick, yet light and healthy lunch, specializing in sandwiches, salads, soups and home-made desserts. MY FRIEND'S PLACE is a 'Fresh Food Express!'