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Steak Escape

A franchise agreement takes place when the concerned parties involved are bound together through certain contractual provisions. This is an arrangement whereby someone with an idea for a business, the franchisor, sells to another person the franchisee the rights to use the business's name, sell a product, or provide a service to someone else. A franchise agreement will usually specify the given territory the franchisee retains exclusive control over the area protection, as well as the extent to which the franchisee will be supported by the franchisor.

In 1982, Steak Escape was established in Columbus, Ohio by Ken Smith and Mark Turner. One year later, Escape Enterprise Ltd. was formed and Steak Escape started franchising mall sites, as well as locations in college campuses, airports and sports arenas. The privately held company specializes in genuine Philadelphia cheesesteaks and operates in more than 30 states as well as overseas. It started franchising in 1983.

As a company, they trust in the core characteristics that have made the Steak Escape concept exclusive. Uncompromising freshness and quality, coupled with value and service, delivered in a friendly, open manner are the key ingredients that make up the foundation from which the Steak Escape brand was conceived. Their Franchisees must share their belief in these core characteristics, understand and subscribe to the passion that fuels them and be willing to commit to them.

The costs and fees include total investment of $190200 to $130000, franchise fee is $25000 and ongoing royalty fee is 6 percent and Term of agreement is 20 years, renewable. The company’s ranking in Franchise 500 is 458 in 2006, 366 in 2005, 403 in 2004, 217 in 2003, and 180 in 2002 according to rankings in Entrepreneur magazine 2002-2006.

They attempt to continuously improve the support they provide to their franchise family. Their highly skilled teams in field consulting, operations, marketing, and training are committed to the highest standards in support of your business. Their core competencies are built upon delivering a fresh product of the highest quality, in a friendly, open setting. The partnering of resources with functional expertise, allows them to deliver a variety of tactical tools designed to give each franchisee the skills needed to operate a Steak Escape franchise.

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