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Below is an in-depth analysis and side-by-side comparison of Famous Dave's vs Mr. Mike's Steakhouse & Bar including start-up costs and fees, business experience requirements, training & support and financing options.
Start-Up Costs and Fees |
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Investment | $481,750 - $4,495,750 | $600,000 - $1,200,000 |
Franchise Fee | $45,000 | $50,000 |
Royalty Fee | 5% | - |
Advertising Fee | 1%Nat'l + 1.5% local | - |
Year Founded | 1995 | 1960 |
Year Franchised | 1998 | 0 |
Term Of Agreement | 20 years | - |
Term Of Agreement | 20 years | - |
Renewal Fee | 50% of then-current fee | - |
Business Experience Requirements |
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Experience | * Prefer Ownership/management experience in full service, casual dining restaurants, in or near the desired territories. * Multi unit experience is a big plus. * Single units will be considered depending on market conditions, demographics and other criteria. * If Area Development Agreement is chosen, minimum of three units required to be developed. * Minimum LIQUID net worth of $750,000. * Minimum per unit development costs could range from approx $900,000 to $4,000,000. * Proven commitment to customer service and quality food. | - |
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/Yes | -/- |
Inventory | No/No | -/- |
Receivables | No/No | -/- |
Payroll | No/No | -/- |
Training & Support |
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Training | - | - |
Support | Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives | - |
Marketing | Co-op advertising, Ad slicks, Regional advertising | - |
Operations |
Franchisees required to buy multiple units/master licenses; 84% of all franchisees own more than one unit Number of employees needed to run franchised unit: 65 Absentee ownership of franchise is NOT allowed. (97% of current franchisees are owner/operators) | - |
Expansion Plans |
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US Expansion | Yes | - |
Canada Expansion | No | - |
International Expansion | No | - |
Mr. Mikes SteakhouseCasual came to life in 2010 from the passion and the love of food and fun of Mike Cordoba, Al Cave and Robin Chakrabarti, three entrepreneurs who saw the potential in the heritage brand Mr. Mikes. Sharing core values of family, friends and fun, Mike, Robin, Al recreated Mr. Mikes into a place where people can connect through unique experiences driven by memorable moments on a platform of great food, ambiance, and being proud Canadians…..SteakhouseCasual.
At MR MIKES, we don't presume to be average or ordinary.