Fire+Ice

Investing more than a million dollars in a restaurant franchise requires close review of the operating model, labor needs, and real estate costs. FiRE + iCE combines interactive cooking with customizable menus and has operated since 1997, when it was founded in Boston, Massachusetts. Its flagship is in Boston's historic theater district, with additional locations in Anaheim near Disneyland, Lake Tahoe, and San Francisco's Fisherman's Wharf at Pier 39. These sites are in tourist dense, high traffic areas where interactive dining can support premium pricing and repeat visits from changing groups of consumers. The nationwide franchise program launched on July 12, 2018, through a partnership with Better Way Franchise Group. Ryan Combe, the firm's managing partner, serves as a partner of FiRE + iCE. The brand has offices at 1851 The Paseo, Kansas City, MO 64108, at 72 120 East Beaver Creek Road, Suite 200, Richmond Hill, Ontario, and at D 77, Sector 63, Noida, Uttar Pradesh 201307. PeerSense prepared this analysis independently and is not sponsored by or affiliated with FiRE + iCE or Better Way Franchise Group.

FiRE + iCE operates in experiential dining, a growing part of the U.S. full service restaurant industry. Millennial and Gen Z diners have shown a willingness to pay more for meals that provide an experience in addition to food. The concept is built around interactive, customizable, and social dining, which distinguishes it from more conventional casual restaurants. Its cooking show format requires specialized operating systems and a trusted brand, creating a barrier for independent operators seeking to copy it at scale. The menu serves meat lovers, vegans, and adventurous foodies, which can help groups with different preferences dine together. The category remains less consolidated than fast casual and quick service restaurants, giving early franchisees a chance to build recognition in new markets before the segment becomes more established.

FiRE + iCE is positioned in the premium tier of full service restaurant investments because the model requires kitchen infrastructure for customized cooking and theatrical elements for the guest experience. The franchise fee is 50,000 dollars, due at signing, and covers the FiRE + iCE trademarks, proprietary business systems, and brand identity. Earlier 2018 Franchise Disclosure Document data listed a fee of up to 45,000 dollars. Total investment is approximately 1,200,000 dollars to 2,500,000 dollars. An earlier FDD listed 1,125,000 dollars to 3,000,000 dollars. Real estate conditions, construction costs, and leasehold improvements affect the range. Infrastructure and build out are estimated at 800,000 dollars to 1,600,000 dollars. Training and initial inventory cost 30,000 dollars to 60,000 dollars. Working capital is estimated at 150,000 dollars to 250,000 dollars, compared with an earlier FDD range of 160,000 dollars to 190,000 dollars. Franchisees pay a royalty of 5 percent of gross sales and a marketing and advertising fee of 2 percent, for a combined ongoing fee of 7 percent. Applicants are expected to show at least 1.5 million dollars in net worth and 500,000 dollars in liquid capital. Markets with high construction and real estate costs, including major coastal metro areas, may require planning toward the upper end of the range.

A FiRE + iCE location is a complex full service restaurant with interactive programming that must be executed consistently each shift. The model is owner operator oriented. Franchise agreements can impose opening requirements, with general industry patterns suggesting at least 60 operating hours per week across six days. The format also requires enough front of house staff to support the cooking experience. Employees need food preparation skills and the ability to interact with guests. Labor shortages can leave restaurants below their preferred staffing levels, creating a direct service risk for an interaction based concept. Initial training totals 254 hours, including 51 hours of classroom instruction and 203 hours of on the job training. Pre opening assistance includes site selection, lease negotiation, architecture and design, vendor introductions, supply chain setup for ingredients and equipment, and local licensing and compliance support. Ongoing assistance includes operational training updates, business development resources, and marketing programs. FiRE + iCE does not provide exclusive territory protection, so buyers should assess possible competition from additional locations before selecting a trade area.

Royalty and advertising fees at 7 percent would equal approximately 217,000 dollars annually on 3.1 million dollars in sales. Actual results would depend on local labor costs, lease terms, and achieved revenue. The 2018 FDD recorded one franchised location in operation, with zero franchisee outlet growth in 2015 and one unit by 2017.

Franchising activity began in 2016, followed by the formal nationwide launch on July 12, 2018, with Better Way Franchise Group. The system reported zero franchisee outlets in 2015 and one franchised unit by 2017, with development activity tracked through 2020. Boston's theater district, Anaheim near Disneyland, Lake Tahoe, and San Francisco's Fisherman's Wharf at Pier 39 serve as visible sites in leisure markets. The Pier 39 location places the brand in one of the West Coast's most visited tourist destinations and exposes it to millions of annual visitors. An industry publication named FiRE + iCE among the top 11 Japanese steakhouses in America. The concept's differentiation is based on 27 years of operating history since its 1997 founding, an interactive format requiring substantial capital and operating skill, offices in the United States, Canada, and India, and a menu that can serve carnivores, vegans, and families in one dining room. The stated expansion plan focuses on bringing the concept to new U.S. cities through entrepreneurial operators, making domestic franchise development the main near term growth path rather than international licensing.

A suitable buyer is a well capitalized entrepreneur with experience in hospitality management, food and beverage operations, or multi unit retail. The 1.5 million dollar net worth requirement and 500,000 dollar liquid capital requirement favor applicants with prior business success or accumulated wealth. The 1,200,000 dollar to 2,500,000 dollar investment is generally beyond the reach of first time investors with limited balance sheets. The 254 hour training program, including 203 hours of on the job preparation, points to a need for direct operating involvement rather than absentee management. Available territories are described as new U.S. cities that can support premium positioning and high customer volume. Because the site profile favors tourist dense, high traffic, entertainment adjacent areas, buyers should test visitor volume and local spending patterns in the proposed trade area. Since territories are not exclusive, markets near existing FiRE + iCE locations should be evaluated for possible internal competition and modeled with conservative revenue assumptions.

The 50,000 dollar franchise fee, 1,200,000 dollar to 2,500,000 dollar total investment, 5 percent royalty, and 2 percent marketing fee create a higher cost structure than entry level franchise opportunities. The early stage franchise system and absence of exclusive territory protection should receive close review before any capital is committed. The Loan Activity Score is 42, which represents a Fair rating. PeerSense is a commercial capital advisory firm that provides franchise research and introduces buyers to SBA and conventional lenders. It does not lend, fund, or approve loans. Its franchise research includes SBA lending history, Loan Activity Score analysis, location maps with Google ratings, FDD financial data, and comparison tools for evaluating FiRE + iCE against experiential dining and full service restaurant franchises.