Cody's Original Roadhouse

Cody's Original Roadhouse is a full service casual dining franchise founded in 1994 by Nick Kapioltas and Marion Davidson. The concept draws on 1940s and 1950s American roadhouse restaurants and began franchising in 1996. Marion Davidson remained an owner during the early development period. In December 2010, Mark Weber became President and a new owner, joined by Franck Maigne, a longtime Cody's franchisee who also acquired an ownership stake. The franchise system operates through COR Enterprises, Inc., with headquarters identified in Tampa, Tarpon Springs, and St. Petersburg, Florida. The franchise database lists Sebring, Florida as the current registration address. Cody's offers hand cut steaks, chicken, fresh fish, fajitas, BBQ ribs, and burgers in a family friendly setting. Meals are positioned at $2 to $4 below direct competitors in casual steak dining. The experience includes tubs of roasted peanuts for table snacking, an open kitchen where guests can watch food preparation, and, at select locations, nightly entertainment with 2 for 1 drink specials. The tagline is "Just Plain Good Food." Marketing is aimed at value seeking families and working adults in Florida's coastal and inland markets. The system reached 14 to 15 operating locations in 2018 across west central and north Florida. The current franchise database lists 3 total units. The opportunity therefore sits within a large global restaurant category but has a much smaller current system than its earlier operating history suggests.

The global full service restaurant market was estimated at approximately $1.6 trillion in 2024 and is projected to reach $1.8 trillion by 2030 at a compound annual growth rate of approximately 2.8 percent. Another industry estimate places the market at $1.59 trillion in 2025 and $2.05 trillion by 2035, reflecting a CAGR of 2.6 percent. Mordor Intelligence projects growth from $1.42 trillion in 2025 to $1.72 trillion by 2031 at a 3.26 percent CAGR. In the United States, the full service restaurant industry was estimated at $422.1 billion in 2024 and is expected to grow at approximately 3.5 percent annually through 2035. North America represents roughly 45 percent of global full service restaurant market share, while the broader U.S. restaurant franchise market is projected to reach $893.9 billion in 2024. Consumers increasingly consider atmosphere, chef transparency, and interactive service along with food quality. Restaurant technology now includes AI driven menu recommendations, contactless payments, automated reservations, and data analytics for dynamic pricing. Delivery services are projected to grow at a 7.15 percent CAGR through 2031, although dine in service accounted for 65.83 percent of restaurant sales in 2025. Consumers are also showing greater interest in locally sourced and organic ingredients, and approximately 60 percent express a growing preference for diverse international cuisines. Weight loss medications create a potential risk because they may reduce restaurant visit frequency. The market offers long term growth, but full service operators still face meaningful operating complexity.

Industry benchmarks provide context for the Cody's investment because the current franchise disclosure does not provide every cost or performance detail needed for a complete model. Initial franchise fees for full service and casual dining systems commonly range from $25,000 to $50,000, with some reaching $90,000. Restaurant royalty rates commonly range from 4 percent to 9 percent of gross sales, and some systems charge as much as 12 percent. Marketing fund contributions generally range from 2 percent to 5 percent of total revenue and may support regional and national campaigns, digital marketing, and promotions. Total restaurant investment depends on the format, location, and whether the project involves new construction or conversion of an existing food service space. Industry data places simpler restaurant franchise investments between $100,000 and $300,000. A full service casual dining restaurant with a complete kitchen, seating, and branded interior may require from $100,000 to over $1 million. Labor is another major expense, commonly representing 28 to 33 percent of restaurant revenue. PeerSense gives the brand a Franchise Performance Index score of 43, categorized as Fair. A buyer should review the investment with a franchise attorney and independent accountant and request the current Franchise Disclosure Document through formal inquiry to COR Enterprises, Inc.

Operations require coordination among front of house employees, back of house staff, and kitchen management across several meal periods. The open kitchen is part of the operating design and the customer experience, allowing guests to watch food preparation while supporting the brand's freshness and value positioning at $2 to $4 below comparable casual steak competitors. A typical unit may require a general manager, assistant managers, line cooks, prep cooks, servers, hosts, and bar staff where full beverage service is offered. Nightly entertainment at select locations, 2 for 1 happy hour programs running from 11 a.m. to 7 p.m. seven days a week at some units, and rotating promotions add scheduling demands. Employee feedback from the Tarpon Springs location through February 2024 showed mixed workplace experiences. These issues can affect training expense, service consistency, and customer satisfaction. Reviews from the Port Charlotte location in late 2025 and early 2026 were also mixed. Guests praised properly prepared steaks, fresh rolls, and ribs that some considered better than those of larger national competitors. Other reviews cited forgotten items, bland side dishes, and tough prime rib. A prospective franchisee should review territory rights, exclusivity, training length and content, field support visit frequency, and technology access directly with the franchisor.

Those results indicate sales stability and customer retention during the post recession recovery period. For comparison, the U.S. full service restaurant industry generates $422.1 billion annually, and casual dining brands with strong regional identities and consistent execution often report annual unit volumes between $2 million and $5 million, depending on market, format, and seating capacity. The current database lists 3 total units, including 1 franchised unit. Buyers should also request detailed discussions with current and former franchisees through the Item 20 contact list in the FDD.

Cody's growth history shows expansion during its first two decades of franchising followed by consolidation. The system grew from 13 units in 2008, including four company owned and nine franchised locations, to a range of 10 to 11 units between 2011 and 2013 according to Franchimp data. By June 2018, it had 14 to 15 locations in west central and north Florida, and nearly one third had opened during the prior three years. The 2018 plan called for doubling the Florida footprint and adding as many as 50 restaurants across the southeastern United States within five years. Target markets included Tampa Bay, Orlando, West Palm Beach, Jacksonville, and Southwest Florida. Eight locations were in the Tampa Bay area, the brand's deepest market and strongest regional name recognition area. More recent development included a December 2021 opening at On Top of the World, a retirement community in Ocala, Florida. That location was operated by Allen and Amy Musikantow through Cody's American Restaurants LLC. They also operate two locations in The Villages, a 55 plus community in central Florida with over 130,000 residents. A second Ocala area restaurant was scheduled to open in July 2022 with nightly live entertainment, hand cut steaks, fresh seafood, and an all day 2 for 1 happy hour seven days a week. Retirement communities may therefore represent a high frequency, value oriented customer market. Cody's competitive position is based on its Florida brand recognition, meals priced $2 to $4 below casual steak national chains, and a 1940s and 1950s roadhouse atmosphere. Buyers must determine whether the current 3 unit system is a base for renewed growth or evidence of a deeper contraction.

The likely franchise candidate is an owner operator with food service management experience or experience running multiple restaurant units. The model requires attention to labor, kitchen operations, and guest service. Allen and Amy Musikantow's presence in retirement and active adult communities indicates that experience serving older customers in high frequency, value oriented dining settings may be useful. In 2018, Cody's identified Tampa Bay, Orlando, Jacksonville, West Palm Beach, and Southwest Florida as priority expansion markets. Florida's population growth continues to support restaurant demand as the state adds retirees and working age migrants at rates above national averages. Territory availability should be confirmed directly with COR Enterprises, Inc., including which Florida and southeastern U.S. markets remain open. A full service casual dining opening commonly takes six to eighteen months after signing the franchise agreement. The schedule depends on site selection, permitting, construction or renovation, and hiring and training. Transfer and resale rules, renewal terms, and rights of first refusal also require review in the current Franchise Disclosure Document and franchise agreement. Buyers with hospitality management experience, suitable real estate in the target Florida markets, and enough operating capacity to manage a full service staff are better prepared to assess the opportunity.

A Cody's Original Roadhouse investment may require $100,000 to over $1 million across a multiyear operating period in a demanding restaurant segment. The case for the brand includes nearly three decades of Florida operating history, pricing that places meals $2 to $4 below national casual dining competitors, and a regional dining identity built around experience based features. Site selection, capable management, and cost control remain central. PeerSense provides independent due diligence information that includes SBA lending history, the Loan Activity Score, location maps with Google ratings, FDD financial data, and comparison tools. Buyers can compare Cody's Original Roadhouse with other full service restaurant franchises in the database using consistent metrics. Historical system sales, current unit trends, FDD franchisee contacts, and category comparisons can support a more informed capital decision than franchisor marketing materials alone. PeerSense is a commercial capital advisory firm that introduces franchise buyers to SBA and conventional lenders. It is not a lender and does not approve or provide loans.