Pizza Forum Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$258,000 - $983,500
Franchise Fee
$18,500
Min Cash Required
$15,000
Total US Locations
40
Business Summary
Pizza Forum or Greek's Pizzeria operates casual, family-oriented food establishments that primarily offer a specialized menu of pizza, pasta, wraps, sandwiches, salads, and assorted beverages, including beer and wine. These locations feature a unique proprietary amusement enclosure designed for adults and children, emphasizing an appealing environment for families and friends. The business focuses on eat-in customers, with carry-out also available, and locations are typically destination-oriented, ranging from 7,000 to 8,000 square feet and seating 150 to 200 patrons.
Corporate History
Pizza Forum LLC was formed by Athanasios (Chris) Karamesines, building upon his extensive experience in the pizza and pasta business. Mr. Karamesines originally established Greek's Pizzeria in 1969, which was later incorporated in Indiana in 1977. He secured the first franchise registration for Greek's Pizzeria in 1978. Pizza Forum LLC itself received its initial franchise registration in Indiana in 1994. Mr. Karamesines managed the Muncie Greek's Pizzeria from 1978 until 2004 and now oversees all Pizza Forum/Greek's Pizzeria operations as the sole member and manager of Pizza Forum LLC.
Financial Overview
Investment Range
$258,000 - $983,500
Franchise Fee (Low)
$18,500
Franchise Fee (High)
$18,500
Minimum Cash Required
$15,000
Royalty %
5%
Marketing %
1%
Equipment Costs (Low)
$199,000
Equipment Costs (High)
$865,000
Working Capital
$17,500
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
Pizza Forum LLC's auditors issued an unqualified opinion on the consolidated financial statements, indicating that they are presented fairly. However, the notes to the financial statements highlight significant concerns regarding the company's liquidity, as its current liabilities exceeded current assets by $766,801 at the end of 2023 and $235,970 at the end of 2022. These conditions have led to substantial doubt about Pizza Forum LLC's ability to continue operating as a going concern. Management plans to address these issues by increasing sales through franchise expansion and company store growth, reducing operating expenses, and securing additional debt or equity financing.
Financing Details
Pizza Forum LLC does not offer any direct or indirect financing options to its franchisees. The company also does not guarantee any leases, notes, or other financial obligations that franchisees may incur.
Performance Metrics
Total US Locations
40
Franchised Units
40
Corporate Units
0
Avg Square Footage
7,500
Franchising Since
1994
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
Pizza Forum has no litigation that is required to be disclosed in its Offering Circular, indicating a clean legal record for the company.
Bankruptcy History
Pizza Forum, LLC and its key personnel have no bankruptcy history that is required to be disclosed in this Offering Circular.
Agreement Terms
Initial Term
10 years
Renewal Term
10 years
Renewal Conditions
To renew their Pizza Forum franchise for an additional ten-year term, franchisees must provide written notice between six and nine months before the current term expires. They are required to renovate and modernize their premises to meet the company's then-current standards, ensure they are not in default of any agreements, and have satisfied all monetary obligations. Franchisees must also prove their right to continue possessing the approved location, sign the then-current franchise agreement (which may include higher royalty and advertising fees), pay a renewal fee equal to 81.5% of the initial franchise fee (payable in 30 monthly installments), sign a general release (with an exception for Indiana Code 23-2-2.7), and comply with current qualification and training requirements, though initial training is not re-required.
Training & Support Program
Franchisor Assistance
Pizza Forum provides various types of assistance to its franchisees. Before opening, the company offers site selection guidelines, on-site evaluations for proposed locations (after receiving necessary documentation and a letter of intent), and an initial training program for one individual. For an additional fee, Pizza Forum can provide a schematic layout for the franchisee's architect and will offer on-site pre-opening and opening supervision. Franchisees also receive a copy of the Confidential Operating Materials and information on approved suppliers. Ongoing support includes periodic advice and written materials on operations and new developments, updates to the operating manual, quality control inspections, and the sale of promotional materials at cost. Franchisees contribute 1% of gross sales to a National Advertising Fund (when established) and must spend 3% locally, with a portion potentially directed to regional cooperatives. Additionally, Pizza Forum has an open-door policy, allowing franchisees to call headquarters with questions or concerns, and provides refresher training courses for a fee.
Initial Training Hours
106
Training Location
Muncie, IN or on-site
Ongoing Support
After opening, Pizza Forum franchisees receive continuing advice and written materials on managing and operating their business, including new developments in equipment and food preparation. The franchisor loans copies of its Confidential Operation Materials, which may be updated periodically. Pizza Forum conducts inspections and evaluations as it deems advisable to maintain quality standards and sells point-of-purchase and promotional items at cost plus overhead. Franchisees are permitted to purchase proprietary sauces, doughs, and mixes. An open-door policy allows franchisees to contact headquarters for support, and they or their staff may be required to attend refresher courses and seminars, for which fees may apply.
Franchise Requirements
Ideal Candidate Profile
Pizza Forum or Greek's Pizzeria seeks franchisees who will provide direct, day-to-day, full-time supervision of their business. If the franchisee chooses to hire a General Manager, that manager must be full-time and have satisfactorily completed the franchisor's training program, while the franchisee must remain actively involved in overseeing operations. Ideal candidates should possess strong business abilities, aggressiveness, and effort. The business also requires that at least one key management staff member (either the general manager or a manager) has one year of experience in the casual dining business.
Industry Experience Required
Yes
Management Experience Required
Yes
Sales Experience Required
No
Technical Skills Required
No
Min Years Experience
1
Operational Details
Location Type
retail
Owner Participation
Supervisory
Territory Type
Limited
Staffing Notes
Pizza Forum requires the franchisee to maintain a competent, conscientious, and trained staff. This includes having a fully-trained, full-time manager and a general manager on the payroll at all times, with at least one of them possessing one year of experience in the casual dining business. Any employee, officer, director, or equity owner exposed to confidential materials or attending training must sign a Covenants Agreement to maintain confidentiality. The franchisor also provides training for various roles, including Production, Food Prep, Line Cooking, Server, Host/Server, and Maintenance, indicating a typical restaurant operational structure.