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Great Steak & Potato Company, The
 

As the tagline states, Great Steak serves “America’s Premier Cheesesteak.” For more than 25 years, Great Steak has carried on the tradition of this hearty, affordable and all-American meal. Always cooked to order on an exhibition-style grill, Great Steak cheesesteaks are made with sirloin steak and topped with the customer’s choice of cheese and toppings and served on a freshly baked bun.The menu at Great Steak has grown from a single Cheesesteak sandwich to 14 core entrées, including the popular Chicken Philly and Super Steak sandwiches. Also on the menu are Great Steak’s famous fries—large, golden brown and overflowing from their signature cups. The Great Steak concept appeals to both men and women between the ages of 18-45.

Franchisor Background

Year Established:

  1982

Franchising Since:

  1985

Operating Units:

Franchised Units:240 99.2%  
Company-Owned Units:2 0.8%  
 ______ _____  
Total Operating Units:242 100%  
 

Geographic Distribution:

U.S.:192 96% In 31 States
Canada:0 0% In 0 Canadian Provinces
International:8 4% In 0 Foreign Countries
 ______ _____  
Total:200 100%  
 

North America:

States/Provinces with the largest number of operating units:
DensityUnits    
1. California40
2. Illinois27
3. Ohio20

Registered in Following Registration States:

   California, Florida, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Oregon, Rhode Island, South Dakota, Virginia, Washington, Wisconsin, District Of Columbia

Financial Requirements

Investment:

Minimum Net Worth:$320K
Cash Investment:$75-150K
Total Investment:$153.1-456K
Average Total Investment:$305K
 

Fees:

Initial Franchise Fee:$30K
Average Franchise Fee:$30K
On-Going Royalty:6%
Average Royalty:6%
Advertising Fee:2%

Average Number of Employees:

   2 Full-time, 12-15 Part-time

Space Needs (in square footage):

   600-2,000

Preferred Sites:

   Free-standing Building, Storefront, Strip Center, Regional Mall

Other Sites:

   Airport,University, Lifestyle Center

Encourage Conversions?

   Yes

Earnings Claims Provided?

   No

Listed in the SBA Registry?

   No

Support and Training

International Franchise Association:No
Canadian Franchise Association:No
Franchisee Association/Member:No
Size of Corporate Staff:250
Site Selection Assistance?Yes
Lease Negotiation Assistance?Yes
Financial Assistance?No
 

Marketing Support:

Co-Op Advertising:No
National Advertising:Yes
Regional Advertising:No
Local Advertising:No
Marketing Materials:None Specified
Additional Services:Grand Opening, In-house Marketing
Other Marketing Support:LSM Support, Marketing Representative available
 

On-Going Support:

Central Data Processing:At Additional Cost
Central Purchasing:Included in Fees
Field Operation Evaluation:Included in Fees
Field Training:Included in Fees
Initial Store Opening:Included in Fees
Inventory Control:Included in Fees
Franchisee Newsletter:Included in Fees
Regional or National Meetings:Included in Fees
800 Telephone Hotline:Included in Fees
 

Training:

1. Scottsdale, AZ1 Week
2. Local Franchise1 Week
 

Franchisee Qualifications

Ranked from 1 (unimportant) to 5 (important):
 
Financial Net Worth:4
General Business Experience:4
Specific Industry Experience:3
Formal Education:2
Psychological Profile:3
Personal Interview(s):4

Minority Representation

Units Owned by Minorities:

African-American:5%
Asian-American:40%
Hispanic:5%
Native American:0
Other:30%
Specific Minority:We employ a Korean consultant in California to help us reach the Asian community. We do not "change the rules" for any nationality and welcome all that are financially qualified. While not considered a minority, we do have over 30 franchisees from the Middle East.

Terms of Contract

Term of Initial Contract:10 Year(s)
Term of Renewal Period:10 Year(s)
Passive Ownership:Allowed
Area Development Agreements?Yes, for 0 Year(s)
Sub-Franchising Contracts?Yes
Franchisees Allowed to Expand Within Territory?Yes

Expansion Plans

Projected New Units Over Next 12 months:

   24
U.S.:Yes, All United States
Canada:Yes, All Canada
Overseas:Yes
 
 
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