Uncle Sharkii Poke Bar Franchise
Audited FinancialsRisk Score
Pending analysis
Investment Range
$95,000 - $300,000
Franchise Fee
$17,500
Total US Locations
13
Business Summary
Uncle Sharkii operates restaurants that specialize in Hawaiian-Asian fusion cuisine, primarily serving Poke, which is a raw fish salad. Additionally, Uncle Sharkii locations offer hot and cold beverages, including Boba Milk Tea, and soft serve desserts. These restaurants operate in various settings like malls, Walmart stores, and theme parks.
Corporate History
Uncle Sharkii Franchising, LLC was formed in Texas on May 14, 2021. The Uncle Sharkii brand and its franchise offering originated from a predecessor entity, also named Uncle Sharkii Franchising LLC, which was a California limited liability company. This California entity began offering Uncle Sharkii franchises in August 2019 and operated until its conversion to the Texas entity in May 2021, with all assets transferred. Fen Reyes, the Founder and CEO, and Raymond Reyes, the Co-Founder and COO, have been with Uncle Sharkii since its inception in February 2019. The company does not currently own or operate any Uncle Sharkii locations.
Financial Overview
Investment Range
$95,000 - $300,000
Franchise Fee (Low)
$17,500
Franchise Fee (High)
$35,000
Royalty %
5.5%
Equipment Costs (Low)
$29,500
Equipment Costs (High)
$160,000
Working Capital
$17,500
Audited Financials
Yes
Offers Financing
No
Audit Opinion
Unqualified opinion
Financial Health Notes
Uncle Sharkii Franchising, LLC's financial condition, as presented in its financial statements, raises questions about the company's ability to provide services and support to its franchisees.
Financing Details
Uncle Sharkii does not offer any direct or indirect financing options to its franchisees. Additionally, the company does not guarantee any notes, leases, or other financial obligations for franchisees. Franchisees are responsible for securing their own funding.
Performance Metrics
Total US Locations
13
Franchised Units
9
Corporate Units
4
Avg Square Footage
950
Franchising Since
2019
Legal & Compliance Analysis
Recent Litigation
No
Bankruptcy
No
Litigation Summary
Uncle Sharkii has no litigation to report, indicating a clean legal record for the company.
Bankruptcy History
Uncle Sharkii has no bankruptcy history to report for itself or its key management.
Agreement Terms
Initial Term
10 years
Renewal Term
10 years
Renewal Conditions
To renew their Uncle Sharkii franchise, franchisees must be in good standing and have complied with all provisions of their agreement and the operations manual. They must provide Uncle Sharkii with timely advance written notice of their intent to renew (6-12 months before the term ends). Franchisees will also need to sign Uncle Sharkii's then-current franchise agreement, which may have different terms, and execute a general legal release of claims against Uncle Sharkii. Additionally, the restaurant location must be modernized to meet current brand standards, and a renewal fee, which is 10% of the then-current franchise fee, must be paid.
Training & Support Program
Franchisor Assistance
Pre-opening: Uncle Sharkii helps franchisees by approving their location and providing site selection guidelines. The company loans franchisees a confidential operations manual and provides access to prototype design plans, specifications, décor, and layout for the restaurant. Uncle Sharkii also assists with an initial marketing initiative, provides opening and immediate post-opening support via phone or in-person, and offers a training program. Franchisees also receive a marketing training package, a Grand Opening Training Package, an unclesharkii.com domain email address, and access to a Franchisee Portal on the company website. Ongoing: After opening, Uncle Sharkii may provide periodic telephone and email assistance for daily operations, marketing, advertising, personnel, and other operating issues, including reviews and analyses. The company updates the operations manuals regularly to incorporate new developments. It makes initial training available for replacement managers (for a fee). Uncle Sharkii advises on sources of supply for equipment, services, products, and materials, and works to negotiate supply contracts. The company assists with sales promotions, administers a system-wide Brand Fund, and, at its option, maintains a website with a standard web page for franchisees. Franchisees also get access to print and television advertisements when available.
Initial Training Hours
68
Training Location
Roseville, CA or Honolulu, HI (with some remote options)
Ongoing Support
After opening, Uncle Sharkii may provide periodic telephone and electronic mail assistance on daily operations, marketing, advertising, personnel, and other operating issues, and review operations. The company updates the manuals to incorporate improvements. It makes available initial training for replacement managers (for a fee). Uncle Sharkii advises on sources of supply, assists with sales promotions, administers a system-wide Brand Fund, and may provide access to manuals, franchisee resources, company news, and a standard webpage. It also provides access to print and television advertisements when they exist.
Franchise Requirements
Ideal Candidate Profile
Uncle Sharkii seeks individuals or legal entities willing to have an Operating Principal or trained manager personally manage the franchised business at all times. Ideal Uncle Sharkii franchisees must meet the brand's educational, managerial, and business standards, demonstrate good moral character, a strong business reputation, and a favorable credit rating. They should possess the aptitude and ability to operate an Uncle Sharkii restaurant, potentially evidenced by prior related business experience, and have adequate financial resources and capital to fund the business, considering the purchase price. Candidates should not have previously operated a business in competition with Uncle Sharkii. Applicants may undergo criminal and financial background checks.
Industry Experience Required
No
Management Experience Required
No
Sales Experience Required
No
Technical Skills Required
No
Operational Details
Location Type
retail
Owner Participation
Supervisory
Territory Type
non-exclusive
Territory Size Requirements
Uncle Sharkii does not provide an exclusive territory for single-unit franchisees. For those participating in the Development Program, Uncle Sharkii will designate an exclusive 'Development Area' for a specified number of locations, but the FDD does not provide specific details on how this geographic area is defined or measured (e.g., by radius, population, or zip codes).
Staffing Notes
Uncle Sharkii requires that an Operating Principal or a trained manager personally manage each Uncle Sharkii franchised business at all times. If the franchisee is an individual, they or a trained manager must fulfill this role. All Operating Principals, managers, and any replacement managers must attend and successfully complete the initial training program. While an equity interest is not required for managers, every individual attending initial training, including supervisory employees and independent contractors, must sign a Nondisclosure, Nonsolicitation, and Noncompetition Agreement. Uncle Sharkii franchisees are responsible for maintaining a competent, conscientious, and trained staff sufficient to operate the restaurant in compliance with the brand's standards. Although Uncle Sharkii provides suggestions and guidance on labor and employment matters, the franchisee retains full responsibility and control over their employees' hiring, termination, compensation, working hours, conditions, and day-to-day activities, except as necessary to protect the brand and marks. Mandatory operating procedures do not dictate specific employment terms or personnel policies for the franchisee's staff. A trained employee must always be present when an Uncle Sharkii restaurant is open for business.