In this exclusive Franchise Chatter FDD Talk post, you’ll learn the following:

Section I – Estimated initial investment (franchise costs) for a Bojangles franchise, based on Item 7 of the company’s 2024 FDD

Section II – Initial franchise fee, royalty fee, and marketing fee for a Bojangles franchise, based on Items 5 and 6 of the company’s 2024 FDD

Section III – Number of franchised and company-owned Bojangles outlets at the start of the year and the end of the year for 2021, 2022, and 2023, based on Item 20 of the company’s 2024 FDD

Section IV – News updates on the Bojangles franchise opportunity

Section V – Presentation and analysis of Bojangles’ financial performance representations (average revenues and/or profits), based on Item 19 of the company’s 2024 FDD, including information on the:

• fiscal year 2023 gross sales ranges of franchised, company-operated, and all Bojangles full-size restaurants with the bone-in chicken menu that were operated continuously for the period from December 26, 2022 to December 31, 2023, by percentage (over $5,000,000; $3,000,000 to $4,999,999; $2,000,000 to $2,999,999; $1,600,000 to $1,999,999; $1,400,000 to $1,599,999; $1,200,000 to $1,399,999; $1,000,000 to $1,199,999; $900,000 to $999,999; and under $900,000)

• fiscal year 2023 average, median, highest, and lowest gross sales for the franchised, company-operated, and all Bojangles full-size restaurants with the bone-in chicken menu that were operated continuously for the period from December 26, 2022 to December 31, 2023

• food and supplies costs and restaurant labor (including payroll taxes and benefits) for all company-operated Bojangles full-size restaurants with the bone-in chicken menu that were open in fiscal year 2023, including those restaurants not open for a full year in fiscal year 2022

• average check, percentage of annual sales from drive-thru and carry-out orders, and percentage of sales per day part for all company-operated Bojangles full-size with the bone-in chicken menu that were open in fiscal year 2023, including those restaurants not open for a full year in fiscal year 2023

• fiscal year 2023 average, median, highest, and lowest gross sales for the company-operated Bojangles full-size restaurants with the boneless chicken only menu that were operated continuously for the period from December 26, 2022 to December 31, 2023

• food and supplies costs and restaurant labor (including payroll taxes and benefits) for all company-operated Bojangles full-size restaurants with the boneless chicken only menu that were open in fiscal year 2023, including those restaurants not open for a full year in fiscal year 2022

• average check, percentage of annual sales from drive-thru and carry-out orders, and percentage of sales per day part for all company-operated Bojangles full-size with the boneless chicken only menu that were open in fiscal year 2023, including those restaurants not open for a full year in fiscal year 2023

• fiscal year 2023 gross sales ranges of franchised, company-operated, and all Bojangles express restaurants that were operated continuously for the period from December 26, 2022 to December 31, 2023, by percentage (over $4,000,000; $2,000,000 to $3,999,999; $1,000,000 to $1,999,999; $800,000 to $999,999; $600,000 to $799,999; and under $600,000)

• fiscal year 2023 average, median, highest, and lowest gross sales for the franchised, company-operated, and all Bojangles express restaurants that were operated continuously for the period from December 26, 2022 to December 31, 2023

• food and supplies costs and restaurant labor (including payroll taxes and benefits) for all company-operated Bojangles express restaurants that were open in fiscal year 2023, including those restaurants not open for a full year in fiscal year 2023

• average check, percentage of annual sales from drive-thru and carry-out orders, and percentage of sales per day part for all company-operated Bojangles express restaurants that were open in fiscal year 2023, including those restaurants not open for a full year in fiscal year 2023

Section VI – Key ratios, comparables, computations, and analyses for the Bojangles franchise opportunity (exclusive content for Platinum subscribers)

Section I – Bojangles Franchise Costs

• Franchise Fee:  $35,000
• Insurance:  $5,000 to $15,000
• Pre-opening Salaries, Travel, Living Expenses During Initial Training:  $100,000 to $160,000
• Site Selection:  $100 to $10,000
• Building:  $1,100,000 to $1,300,000
• Site Work:  $625,000 to $1,135,000
• Soft Costs:  $140,000 to $200,000
• Equipment, Furniture, Signage, and Fixtures:  $550,000 to $690,000
• Initial Inventory:  $15,000 to $32,000
• Utility Deposits and Business Licenses:  $220 to $21,700
• Additional Funds (3 months initial phase):  $30,000 to $181,000
• Total Estimated Bojangles Franchise Costs:  $2,600,320 to $3,779,700

Section II – Bojangles’ Initial Franchise Fee, Royalty Fee, and Marketing Fee

• Franchise Fee:  $20,000 to $35,000
• Royalty:  4% of total monthly Gross Sales
• Marketing Development Fund:  1% of total monthly Gross Sales
• Local Marketing Expenditure:  3% of total monthly Gross Sales less amounts spent on cooperative advertising
• Cooperative Advertising:  typically 2% of Gross Sales

Section III – Number of Franchised and Company-Owned Bojangles Outlets

Franchised

2021

• Outlets at the Start of the Year:  432
• Outlets at the End of the Year:  496
• Net Change:  +64

2022

• Outlets at the Start of the Year:  496
• Outlets at the End of the Year:  507
• Net Change:  +11

2023

• Outlets at the Start of the Year:  507
• Outlets at the End of the Year:  528
• Net Change:  +21

Company-Owned

2021

• Outlets at the Start of the Year:  326
• Outlets at the End of the Year:  277
• Net Change:  -49

2022

• Outlets at the Start of the Year:  277
• Outlets at the End of the Year:  281
• Net Change:  +4

2023

• Outlets at the Start of the Year:  281
• Outlets at the End of the Year:  285
• Net Change:  +4

Section IV – News Updates on the Bojangles Franchise

Section V – Financial Performance Representations (Average Revenues and/or Profits) for the Bojangles Franchise (Item 19, 2024 FDD)

• The following tables reflect information about the past financial performance of franchised and company-operated full-size traditional Bojangles restaurants (“Full-Size Restaurants”) with the Bone-In Chicken Menu, company-operated Full-Size Restaurants with the Boneless Chicken Only Menu, and franchised and company-operated Express Restaurants that were operated continuously for the period from December 26, 2022 to December 31, 2023 (“Fiscal Year 2023”), which includes 53 weeks.

• The system-wide Gross Sales of all franchised and company-operated Restaurants for Fiscal Year 2023 were $1,781,138,964.

• Annual sales shown for franchised Restaurants may be based on Bojangles’ fiscal year or the calendar year depending on how a particular franchisee has reported sales.

• Restaurants outside the United States and all special event concession operations are not included in any of the disclosures contained in Item 19.

• Expenses shown are only for company-operated Restaurants.

• The information contained in this Item 19 refers to specific franchised and company-operated Restaurants, and should not be considered as the actual or potential sales or costs that will be achieved by your Restaurant. A new franchisee’s individual financial results may differ from the results stated in this financial performance representation.

• “Gross Sales” used in all tables include revenue received by the applicable Restaurant, but exclude all sales tax and non-cash discounts; or more simply, Gross Sales are cash and credit sales received by franchised and company-operated Restaurants.

• All Food and Supplies and Restaurant Labor (including payroll taxes and benefits) expenses are shown as a percentage of Gross Sales from company-operated Restaurants.

Part 1 – Summary of Gross Sales Ranges of Full-Size Restaurants with the Bone-In Chicken Menu by Percentage for Fiscal Year 2023

Percentage of Franchised Restaurants

• Over $5,000,000:  2.90%
• $3,000,000 to $4,999,999:  17.19%
• $2,000,000 to $2,999,999:  33.93%
• $1,600,000 to $1,999,999:  23.44%
• $1,400,000 to $1,599,999:  10.49%
• $1,200,000 to $1,399,999:  5.36%
• $1,000,000 to $1,199,999:  4.24%
• $900,000 to $999,999:  0.89%
• Under $900,000:  1.56%

Percentage of Company-Operated Restaurants

• Over $5,000,000:  0.00%
• $3,000,000 to $4,999,999:  10.04%
• $2,000,000 to $2,999,999:  43.63%
• $1,600,000 to $1,999,999:  23.94%
• $1,400,000 to $1,599,999:  10.42%
• $1,200,000 to $1,399,999:  5.79%
• $1,000,000 to $1,199,999:  3.09%
• $900,000 to $999,999:  2.32%
• Under $900,000:  0.77%

Percentage of All Restaurants

• Over $5,000,000:  1.84%
• $3,000,000 to $4,999,999:  14.57%
• $2,000,000 to $2,999,999:  37.48%
• $1,600,000 to $1,999,999:  23.62%
• $1,400,000 to $1,599,999:  10.47%
• $1,200,000 to $1,399,999:  5.52%
• $1,000,000 to $1,199,999:  3.82%
• $900,000 to $999,999:  1.41%
• Under $900,000:  1.27%

Part 2 – Average Gross Sales of Full-Size Restaurants with the Bone-In Chicken Menu for Fiscal Year 2023

Franchised

• Number of Restaurants:  448
• Average Gross Sales:  $2,350,216
• Number and Percentage of Restaurants Above Average:  172 (38%)
• Median Gross Sales:  $2,058,526
• Lowest Gross Sales:  $428,727
• Highest Gross Sales:  $7,208,035

Company-Operated

• Number of Restaurants:  259
• Average Gross Sales:  $2,128,495
• Number and Percentage of Restaurants Above Average:  119 (46%)
• Median Gross Sales:  $2,071,630
• Lowest Gross Sales:  $844,873
• Highest Gross Sales:  $4,893,050

All Restaurants

• Number of Restaurants:  707
• Average Gross Sales:  $2,268,992
• Number and Percentage of Restaurants Above Average:  288 (41%)
• Median Gross Sales:  $2,059,255
• Lowest Gross Sales:  $428,727
• Highest Gross Sales:  $7,208,035

Part 3 – Selected Expenses of Company-Operated Restaurants with the Bone-In Chicken Menu for Fiscal Year 2023

• Average Food and Supplies:  30.8%
• Average Restaurant Labor (including payroll taxes and benefits):  30.5%

Part 4 – Selected Sales Data of Company-Operated Restaurants with the Bone-In Chicken Menu for Fiscal Year 2023

• Average Check:  $11.06
• Average Percentage of Annual Sales from Drive-Thru and Carry-Out Orders:  86%
• Average Percentage of Sales Per Day Part (as a percentage of Annual Restaurant Gross Sales):  Breakfast: 37%; Lunch: 27%; Afternoon: 15%; Dinner: 16%; Late Night: 5%

Part 5 – Average Gross Sales of Company-Operated Full-Size Restaurants with the Boneless Chicken Only Menu for Fiscal Year 2023

Company-Operated

• Number of Restaurants:  3
• Average Gross Sales:  $3,237,714
• Number and Percentage of Restaurants Above Average:  1 (33%)
• Median Gross Sales:  $3,182,829
• Lowest Gross Sales:  $3,110,283
• Highest Gross Sales:  $3,420,031

Part 6 – Selected Expenses of Company-Operated Full-Size Restaurants with the Boneless Chicken Only Menu for Fiscal Year 2023

• Average Food and Supplies:  33.7%
• Average Restaurant Labor (including payroll taxes and benefits):  33.2%

Part 7 – Selected Sales Data of Company-Operated Full-Size Restaurants with the Boneless Chicken Only Menu for Fiscal Year 2023

• Average Check:  $12.49
• Average Percentage of Annual Sales from Drive-Thru and Carry-Out Orders:  83%
• Average Percentage of Sales Per Day Part (as a percentage of Annual Restaurant Gross Sales):  Breakfast: 34%; Lunch: 25%; Afternoon: 16%; Dinner: 17%; Late Night: 8%

Part 8 – Summary of Gross Sales Ranges of Express Restaurants by Percentage for Fiscal Year 2023

Percentage of Franchised Restaurants

• Over $4,000,000:  8.11%
• $2,000,000 to $3,999,999:  43.24%
• $1,000,000 to $1,999,999:  40.54%
• $800,000 to $999,999:  5.41%
• $600,000 to $799,999:  0.00%
• Under $600,000:  2.70%

Percentage of Company-Operated Restaurants

• Over $4,000,000:  0.00%
• $2,000,000 to $3,999,999:  44.44%
• $1,000,000 to $1,999,999:  55.56%
• $800,000 to $999,999:  0.00%
• $600,000 to $799,999:  0.00%
• Under $600,000:  0.00%

Percentage of All Restaurants

• Over $4,000,000:  6.52%
• $2,000,000 to $3,999,999:  43.48%
• $1,000,000 to $1,999,999:  43.48%
• $800,000 to $999,999:  4.35%
• $600,000 to $799,999:  0.00%
• Under $600,000:  2.17%

Part 9 – Average Gross Sales of Express Restaurants for Fiscal Year 2023

Franchised

• Number of Restaurants:  37
• Average Gross Sales:  $2,117,580
• Number and Percentage of Restaurants Above Average:  15 (41%)
• Median Gross Sales:  $2,026,062
• Lowest Gross Sales:  $363,366
• Highest Gross Sales:  $5,421,561

Company-Operated

• Number of Restaurants:  9
• Average Gross Sales:  $1,834,626
• Number and Percentage of Restaurants Above Average:  4 (44%)
• Median Gross Sales:  $1,769,583
• Lowest Gross Sales:  $1,181,756
• Highest Gross Sales:  $2,370,115

All Restaurants

• Number of Restaurants:  46
• Average Gross Sales:  $2,062,220
• Number and Percentage of Restaurants Above Average:  21 (46%)
• Median Gross Sales:  $1,963,903
• Lowest Gross Sales:  $363,366
• Highest Gross Sales:  $5,421,561

Part 10 – Selected Expenses of Company-Operated Express Restaurants for Fiscal Year 2023

• Average Food and Supplies:  31.7%
• Average Restaurant Labor (including payroll taxes and benefits):  31.7%

Part 11 – Selected Sales Data of Company-Operated Express Restaurants for Fiscal Year 2023

• Average Check:  $10.79
• Average Percentage of Annual Sales from Drive-Thru and Carry-Out Orders:  92%
• Average Percentage of Sales Per Day Part (as a percentage of Annual Restaurant Gross Sales):  Breakfast: 37%; Lunch: 27%; Afternoon: 15%; Dinner: 16%; Late Night: 5%

• The Gross Sales information from “Full-Size Restaurants” refers to domestic free-standing Restaurants which are 1,400 to 3,900 square feet that were in operation during Fiscal Year 2023.

• The Gross Sales information from “Express Restaurants” refers to domestic restaurants operated and attached to another business such as a convenience store or a grocery store, generally 800 to 3,800 square feet, in operation during Fiscal Year 2023.

• Also included in “Express Restaurants” are small unit Restaurants operated as part of a food court or contained within an airport, college campus or travel plaza, “drive-thru only” Restaurants without interior seating, and walk-up units without drive-thru windows.

• “Food and Supplies” include costs of all food and food components, paper sold, and condiments given at retail level but exclude costs of kitchen and dining supplies and uniforms.

• “Restaurant Labor (including payroll taxes and benefits)” includes the combined costs of management and crew labor, including payroll taxes, all other fringe benefits such as bonus, disability, workers’ compensation insurance premiums, health and insurance benefits, 401(k) and other retirement plans.

• Restaurant Labor (including payroll taxes and benefits) does not include the cost of multi-unit Restaurant supervision above restaurant level.

• Bojangles relied on the royalty reports submitted by franchisees for their franchised Restaurants and the internal reports prepared by company personnel for company-operated Restaurants when preparing the information appearing in these tables. These results are unaudited, but Bojangles has no reason to question the accuracy of the reports submitted to it.

• Restaurants outside the United States are not included in any of the disclosures contained in Item 19.

• Some Bojangles Restaurants have earned this amount. There’s no assurance you’ll do as well.

Section VI – Bojangles Franchise Ratios, Comparables, Computations, and Analyses (Exclusive Content for Platinum Subscribers) ⬇️