Toppers Pizza Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$510,000 - $690,285
Franchise Fee
$15,000
Total US Locations
71
Business Summary
Toppers Pizza operates pizza restaurants that specialize in on-premises dining, carry-out, and delivery of pizza, breadsticks, and other related premium food and beverage products. Toppers Pizza also offers opportunities for area developers to open multiple restaurants in select markets. The restaurants use Toppers Pizza's exclusive system, which includes specific recipes, procedures, proprietary products, and marketing techniques.
Corporate History
Toppers Pizza LLC was initially incorporated in 1992 as an Illinois corporation. The company converted to a Wisconsin corporation in March 2021, and then to a Wisconsin limited liability company in October 2021. Toppers Pizza has been offering franchises for its pizza restaurants since 2000.
Financial Overview
Investment Range
$510,000 - $690,285
Franchise Fee (Low)
$15,000
Franchise Fee (High)
$30,000
Royalty %
5.5%
Marketing %
3%
Equipment Costs (Low)
$391,400
Equipment Costs (High)
$451,785
Working Capital
$37,500
Audited Financials
Yes
Offers Financing
Yes
Audit Opinion
Unqualified opinion
Financial Health Notes
Toppers Pizza LLC's financial statements show that the company has consistently had negative working capital for the fiscal years ending December 29, 2024, December 31, 2023, and January 1, 2023, as well as for the unaudited period ending February 25, 2025. This means that its current liabilities have exceeded its current assets. However, Toppers Pizza LLC has maintained positive net income for all audited fiscal years and generated strong positive cash flows from its operating activities. The independent auditor's report does not raise any concerns about Toppers Pizza LLC's ability to continue as a going concern, indicating that the company is expected to continue its operations despite the negative working capital.
Financing Details
Toppers Pizza currently offers a Sponsorship Program Financing option to qualified franchisees. This program can finance a reduced initial franchise fee of $15,000 and an additional amount, up to $100,000, towards the initial investment in the restaurant. Toppers Pizza determines the specific loan amount based on the franchisee's needs. The loan has a ten-year term, with no payments due until the second anniversary of the issue date. Interest accrues monthly on the outstanding principal balance at the then-current Prime Rate plus 2.25%. The loan can be prepaid at any time without penalty. In case of default, Toppers Pizza can demand immediate payment of the full outstanding balance and has the right to terminate the Franchise Agreement.
Performance Metrics
Total US Locations
71
Franchised Units
55
Corporate Units
16
Avg Square Footage
1,500
Franchising Since
2000
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
Toppers Pizza LLC has no litigation that is required to be disclosed in Item 3 of the FDD.
Bankruptcy History
Toppers Pizza LLC has no bankruptcy information that is required to be disclosed in Item 4 of the FDD.
Agreement Terms
Initial Term
10 years
Renewal Term
5 years
Renewal Conditions
Toppers Pizza franchisees can renew for up to two additional five-year terms if they meet certain conditions. These conditions include fully performing all obligations under the Franchise Agreement and any other agreements with Toppers Pizza or its affiliates. Franchisees must not have committed two or more uncured breaches of the agreement within any 24-month period. They need to secure the right to continue occupying their restaurant's space, complete any required remodeling to current brand standards, sign a general release of claims against Toppers Pizza and its affiliates, and be current on all payments. Additionally, franchisees must provide necessary written notice to their landlord to extend the lease term. When renewing, franchisees may be required to sign a new franchise agreement with materially different terms and conditions.
Training & Support Program
Franchisor Assistance
Toppers Pizza provides franchisees with pre-opening and post-opening assistance. Before opening, the franchisor helps with site selection and approval, provides design and layout specifications for the restaurant, and offers project management assistance for a franchisee's first restaurant, which includes help with regulatory requirements, establishing a project team (architects, contractors, vendors), and coordinating construction. Toppers Pizza also provides a template for the initial marketing program. After opening, franchisees receive ongoing support including access to an online Operations Manual, standard reporting forms, and optional or mandatory supplementary training courses. Field representatives visit restaurants to offer advice, consultation, and on-site training, with fees applying for additional training. Toppers Pizza manages a Brand Development Fund for national, regional, and local advertising, public relations, and promotional campaigns, which franchisees contribute to. A mandatory online ordering system and specific computer systems (PiZMET POS) are required, with Toppers Pizza providing site maintenance and enterprise reporting software for a fee. Toppers Pizza also maintains independent access to franchisee sales and operational data.
Initial Training Hours
384
Training Location
Headquarters in Whitewater, Wisconsin, and/or a designated training restaurant, or virtually
Ongoing Support
After opening, Toppers Pizza franchisees receive ongoing support including access to an online Operations Manual, standard reporting forms and charts of accounts. Toppers Pizza may offer or require supplementary training to franchisees or their managers on topics important to restaurant operations, with franchisees responsible for travel and living expenses and fees for optional courses. Field representatives may visit restaurants for advice, consultation, or on-site training, with additional on-site training incurring a daily fee per trainer plus travel expenses. Franchisees are also required to use and receive support for the mandatory Online Ordering System and the PiZMET POS system, which includes site maintenance and enterprise reporting software for fees. Toppers Pizza also manages a Brand Development Fund for continuous marketing and advertising efforts, which franchisees contribute to, and may require participation in cooperative advertising programs.
Franchise Requirements
Ideal Candidate Profile
Toppers Pizza looks for franchisees who are committed to managing their restaurant, often preferring candidates who have served as general managers of Toppers Pizza restaurants through its Sponsorship Program. A principal owner with at least a 10% ownership interest must act as a 'Managing Partner' and dedicate full-time effort to managing the restaurant(s). If operating multiple restaurants, the Managing Partner focuses on overall development and operations, while each restaurant requires an experienced manager who meets Toppers Pizza's qualifications and completes initial training.
Industry Experience Required
No
Management Experience Required
Yes
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
retail
Owner Participation
full-time
Territory Type
protected
Staff Count
25
Territory Size Requirements
Toppers Pizza grants a 'Protected Area' to franchisees, which is defined as a circular area with a radius of 0.5 miles from the restaurant's location, provided there are at least 30,000 households within that area. If there are fewer than 30,000 households, the radius is extended in 1/8-mile increments until either 30,000 households are reached or the radius becomes 1 mile, whichever comes first. The Protected Area will not exceed the boundaries of the designated 'Search Area,' which is determined by factors such as population and geography.
Staffing Notes
Toppers Pizza requires specific staffing roles and commitment levels from its franchisees. If a franchisee operates a single restaurant, a principal owner with at least a 10% ownership interest must be designated as the 'Managing Partner' and commit full-time efforts to personally managing and supervising the restaurant. This Managing Partner must also satisfactorily complete Toppers Pizza's initial training program unless a Restaurant Manager has been engaged for this purpose. If a franchisee operates multiple restaurants, the Managing Partner must dedicate full-time efforts exclusively to the development and overall operation of all restaurants. In this multi-unit scenario, each individual restaurant must have an appointed 'Restaurant Manager' who is experienced, meets Toppers Pizza's minimum qualifications (including training completion), and devotes full-time effort exclusively to managing and operating that specific restaurant.