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Quaker Steak & Lube

2014 Franchise 500
#329
At a Glance

Products & Services: Chicken wings, burgers, salads, steaks

Number of Locations: 67

Total Investment: $1.4M - $3.7M

Founded: 1974

Began Franchising: 1997

About Quaker Steak & Lube

In 1974, with gas prices rising and gas stations closing around the country, George "Jig" Warren III and Gary "Moe" Meszaros sought to preserve the culture of those old gas stations by opening Quaker Steak & Lube, a "cook-your-own-steak" restaurant and decorating the restaurant with old muscle cars.

The company began franchising in 1997, and new locations continue to use vintage cars in their decor. The menu, meanwhile, has expanded beyond steaks to include chicken wings, hamburgers, sandwiches, salads, ribs, appetizers, desserts and more.

Franchise Units

Year U.S. Canadian International Company Owned
2014 47 1 0 19
2013 45 1 0 12
2012 40 1 0 8
2010 33 1 0 6
Where Seeking Franchisees: Franchisor is seeking new franchise units throughout the U.S.
Direct Capital

Startup Costs, Ongoing Fees and Financing

Total Investment: $1,394,000 - $3,701,000
Franchise Fee: $40,000
Ongoing Royalty Fee: 10%
Term of Franchise Agreement: 20 years, renewable
Financial Requirements
Net Worth: $3,000,000
Liquid Cash Available: $1,000,000
Operations
90% of all franchisees own more than one unit. Number of employees needed to run franchised unit: 100 - 125. Absentee ownership of franchise is NOT allowed..
Direct Capital
Financing Type In-House Third Party
Franchise Fee
Startup Costs
Equipment
Inventory
Accounts Receivable
Payroll

How This Franchise Supports Franchisees

Training: Available at headquarters: 8-10 weeks.
Ongoing Support: Newsletter, Meetings, Toll-free phone line, Grand opening, Internet, Security/safety procedures, Field operations/evaluations, Purchasing cooperatives
Marketing Support: Co-op advertising, National media, Regional advertising,

Franchise Ranking History

Franchise 500®: #329 (2014), #324 (2013), #286 (2011),