Who nominates candidates for the Jersey Mike's Coach Rod Smith Program?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
ction fee in the amount financed with JMFS.
Candidates for the Coach Rod Smith Program will be managers of existing Je rsey Mike's restaurants nominated by senior management of JMFS. Not all nominees will be granted the right to participate in the Coach Rod Smith Program. JMFS will select individuals in its sole discretion. If you are selected to participate, and you enroll, in the Coach Rod Smith Program, you will be required to execute an amendment to the Franchise Agreement, a Promissory Note with Guaranty and Assumption of Obligations, and a Security Agreement, examples of which are attached as Exhibit M of this Disclosure Document.
If you are selected by JMFS for the Coach Rod Smith Program, and you choose to participate, the repayment term for the fina noing will be five years. However, at JMFS's discretion, the loan will be amortized either over a five-year or seven-year period, and if JMFS decides to amortize the loan over a seven-year period, you will pay the remaining balance in the form of a balloon payment after five years. The annual interest rate will be a fixed interest rate be tween 6% and 10.5%, depending on your qualifications. Repayment will begin on the earlier of (i) the date 60 days after you open your Jersey Mike's restaurant or (ii) the date that is the 12 to 24 month anniversary of the date of the Promissory Note. Such time frame may vary depending on your qualifications and the amount of time anticipated for your Jersey Mike's restaurant to open. You may prepay the note at any time without penalty. If your landlord reimburses you with a tenant improvement allowance upon the build out of your Restaurant, you must immediately pay JMFS the tenant improvement allowance amount, payable against the amount advanced under the Promissory Note.
Source: Item 10 — FINANCING (FDD pages 33–35)
What This Means (2025 FDD)
According to Jersey Mike's 2025 Franchise Disclosure Document, candidates for the Coach Rod Smith Program are nominated by senior management of JMFS. These candidates are managers of existing Jersey Mike's restaurants. However, not all nominees will be granted the right to participate in the program, as JMFS selects individuals in its sole discretion.
The Coach Rod Smith Program provides participants with loans to cover the capital costs associated with developing Jersey Mike's restaurants. JMFS may finance up to 100% of the restaurant's development costs, but the total amount can vary by location. In some cases, participants may be required to contribute up to 20% of the development costs, with JMFS financing the remaining 80%. The initial franchise fee, real estate, and construction fees may be included in the amount financed with JMFS, at JMFS's discretion.
If selected for the Coach Rod Smith Program and choosing to participate, the repayment term for the financing is five years. JMFS has the discretion to amortize the loan over either a five-year or seven-year period. If amortized over seven years, a balloon payment for the remaining balance is due after five years. The annual interest rate is fixed between 6% and 10.5%, depending on the franchisee's qualifications. Repayment begins either 60 days after the restaurant opens or 12 to 24 months after the Promissory Note date, with the specific timeframe varying based on qualifications and the anticipated time to open the restaurant.