At a Glance
Products & Services: Chicken wings, burgers, salads, steaks
Number of Locations: 67
Total Investment: $1.4M - $3.7M
Began Franchising: 1997
About Quaker Steak & LubeIn 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.
Startup Costs, Ongoing Fees and Financing
Franchise Fee: $40,000
Ongoing Royalty Fee: 10%
Term of Franchise Agreement: 20 years, renewable
Financial RequirementsNet Worth: $3,000,000
Liquid Cash Available: $1,000,000
Operations90% 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..
|Financing Type||In-House||Third Party|