The Steak Escape
Grilled sandwiches, baked potatoes, saladsBackground
Founded: 1982 Franchising since: 1983
The Steak Escape was established in Columbus, Ohio, in 1982 by Ken Smith and Mark Turner. One year later, Escape Enterprise Ltd. was formed, and Steak Escape started franchising mall sites, as well as locations in college campuses, airports and sports arenas. The privately held company specializes in genuine Philadelphia cheesesteaks and operates in more than 30 states as well as overseas.
Franchisor is a privately-held company with 35 employee(s); 3 employee(s) in franchise department.
Franchise Growth
Where Seeking Franchisees
In the U.S. Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, North carolina, North dakota, New hampshire, New jersey, New mexico, Nevada, New york, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode island, South carolina, South dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West virginia, Wyoming
Worldwide
Exclusive territories available.
The Steak Escape was established in Columbus, Ohio, in 1982 by Ken Smith and Mark Turner. One year later, Escape Enterprise Ltd. was formed, and Steak Escape started franchising mall sites, as well as locations in college campuses, airports and sports arenas. The privately held company specializes in genuine Philadelphia cheesesteaks and operates in more than 30 states as well as overseas.
|
222 Neilston St. Columbus, Ohio 43215 |
Phone: (614)224-0300 |
Franchisor is a privately-held company with 35 employee(s); 3 employee(s) in franchise department.
Franchise Growth
| Year | U.S. Franchises | Canadian Franchises | Foreign Franchises | Company Owned |
| 2009 | 93 | 0 | 5 | 5 |
| 2008 | 110 | 0 | 3 | 6 |
| 2007 | 113 | 0 | 3 | 10 |
| 2006 | 132 | 0 | 0 | 0 |
| 2005 | 148 | 3 | 1 | 9 |
Where Seeking Franchisees
In the U.S. Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, North carolina, North dakota, New hampshire, New jersey, New mexico, Nevada, New york, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode island, South carolina, South dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West virginia, Wyoming
Worldwide
Exclusive territories available.
Costs and Fees
|
Total investment: $190.2K-499.7K Franchise fee: $25K |
Ongoing royalty fee: 6% Term of agreement: 20 years, renewable |
Type of Financing Available
| In-House | Third Party | |
| Franchise Fee | No | No |
| Startup Costs | No | No |
| Equipment | No | No |
| Inventory | No | No |
| Accounts Receivable | No | No |
| Payroll | No | No |
Qualifications
Net worth requirement: $350K
Cash liquidity requirement: $100K
Business Experience:
- General business experience
Operations
- 90% of all franchisees own more than one unit
- Number of employees needed to run franchised unit: 20 - 25
- Absentee ownership of franchise is allowed. (75% of current franchisees are owner/operators)
Training and Support
Training
Ongoing Support
Marketing Support
- Available at headquarters: 3 weeks
- At franchisee's location: 1 week
Ongoing Support
- Newsletter
- Toll-free phone line
- Grand opening
- Internet
- Field operations/evaluations
Marketing Support
- National media