Cousins Subs

Franchise buyers entering the competitive Limited Service Restaurants category face brand saturation and changing consumer preferences. A careful review should consider the operating model, market position, product distinction, and growth plan. Cousins Subs, an American sub sandwich shop, offers a franchise opportunity that warrants detailed financial and operational review.

Cousins Subs began in 1972 in Milwaukee, Wisconsin, when cousins Bill Specht and James Sheppard brought East Coast style sub sandwiches from New Jersey to the local market. The first location opened at 60th Street and Silver Spring Drive in Milwaukee. Early collaboration with a local baker produced the brand’s signature bread and supported the “Better Bread, Better Subs” slogan. Cousins Submarines, Inc. is a private company headquartered in Menomonee Falls, Wisconsin.

Leadership remains connected to the founding family. Christine Specht Palmert, daughter of co founder Bill Specht, became CEO in 2015 after serving as President and Chief Operating Officer and succeeding her father upon his retirement. Jason Westhoff is President. William F. Specht remained involved in the brand’s legacy until his death on May 9, 2024, at age 80. In 2013, Cousins Subs created The Make It Better Foundation to support health and wellness, hunger, and youth education.

As of December 2024, Cousins Subs had nearly 100 locations. The 2025 Franchise Disclosure Document reports 94 units, consisting of 36 franchised owned locations and 58 company owned locations. In August 2022, the system was reported to have 50 franchise locations and 44 corporate owned locations across Wisconsin and the Chicagoland area, also totaling 94 units. In October 2019, the brand had approximately 100 or more locations across Wisconsin, Illinois, and Indiana. Its current footprint remains concentrated in the Upper Midwest, with established operations in Wisconsin and Indiana and developing markets in Illinois, Minnesota, and Arizona.

The Limited Service Restaurants category and sub sandwich segment serve customers seeking convenient, customizable, and value oriented meals. Demand is supported by urbanization, busy schedules, quick service needs, and interest in fresh, made to order food. Sub sandwiches also offer menu flexibility, convenient grab and go service, and a perception of being healthier than burgers or fried foods.

Franchise investment in this category is supported by established supply chains, relatively simple operations compared with full service dining, and the potential for high transaction volume. Competition includes national chains, regional brands, and independent operators, so product distinction and operating efficiency matter. A growing working population, continued demand for lunch and dinner, and wider use of digital ordering and delivery may create opportunities for brands such as Cousins Subs. Its focus on deli fresh and grilled subs on freshly baked bread gives it a defined product position.

The Cousins Subs franchise fee is $17,500. Established brands in the Limited Service Restaurants sector may charge franchise fees from $25,000 to $50,000 or more. The total initial investment ranges from $128,900 to $341,840. Costs can vary based on the store format, including inline and end cap locations, drive thru potential, real estate, tenant improvements, new construction, or conversion of an existing space.

The source does not provide specific liquid capital or net worth requirements. These figures are relevant when assessing whether a buyer has enough capital for the initial investment and working capital. Royalty payments and advertising fund contributions also affect long term ownership costs, while sector averages often place royalties between 5% and 8% and advertising funds between 1% and 4%. Cousins Subs is privately owned and focuses on regional density and brand revitalization. SBA eligibility may also matter to qualified applicants, although PeerSense does not lend or approve loans.

A Cousins Subs location centers on deli fresh and grilled subs served on freshly baked bread, with daily work that includes food preparation, customer service, inventory management, and local marketing. Typical staffing may include a general manager, assistant managers, and crew members. The labor plan is intended to cover peak periods while maintaining consistent service. Store formats may include urban storefronts and suburban strip centers, with drive thru capability possible at select locations.

Cousins Subs training covers operational procedures and brand standards, including food safety, preparation, customer service, and local marketing. Corporate support may include field consultant visits, point of sale and inventory technology, system marketing, and supply chain management. Territory protections and exclusivity should be reviewed because they generally define where another Cousins Subs location may open. The brand is pursuing multi unit development with franchise partners in the Midwest. This may favor buyers who can manage several locations, though a semi absentee structure with capable management may also be possible.

Other public information and industry benchmarks may help with analysis.

Historical results provide additional context.

Cousins Subs closed over 40 locations during the Great Recession in 2009 to focus on quality and strengthen the remaining system. The chain had 115 units in 2013 and declined to 65 franchised locations by 2020, according to 2020 FDD data. The 2025 FDD reports 94 total units, including 36 franchised owned and 58 company owned locations, showing renewed expansion and significant corporate ownership.

The brand is pursuing multi unit growth with franchise partners in the Midwest. In August 2018, Cousins Subs announced a plan to open 40 new locations in the Chicago market by 2025. By July 2021, six locations were operating in the Chicago area, and all Chicago area locations have since closed. The company had previously signed multi unit franchise groups for Chicagoland development. Its regional recognition, especially in Wisconsin, the “Better Bread, Better Subs” position, and a customer base developed over five decades support its competitive position. The brand is also updating digital ordering, delivery, and its menu to address demand for freshness and quality.

A suitable franchise candidate may be an experienced business operator or someone with a strong management background. The role requires team leadership, customer service knowledge, and the ability to follow operating standards in a fast paced restaurant. Cousins Subs actively seeks multi unit operators and expects franchisees to develop and manage several locations within a designated territory.

Expansion territories are concentrated in Wisconsin, Indiana, Illinois, Minnesota, and Arizona. Wisconsin and Indiana have historically performed best because of existing brand recognition and operating infrastructure. The period from signing a franchise agreement to opening can vary with real estate, construction, and permits, but typically takes 6 to 12 months. Buyers should also review the franchise term, renewal provisions, transfer rules, and resale requirements before signing. PeerSense provides franchise research and capital advisory support, including SBA lending history, Loan Activity Scores, location maps with Google ratings, FDD financial data, and comparison tools. PeerSense is not a lender and does not approve loans.