What was the total number of Potbelly Sandwich Works franchise transfers in 2024?

According to Potbelly Sandwich Works's 2025 Franchise Disclosure Document, there were zero franchise transfers in 2024. The FDD provides a table outlining the number of franchise transfers for the past three years.

For a prospective franchisee, this information indicates the stability of existing franchise locations. A high number of transfers could signal dissatisfaction among franchisees or difficulty in operating the business. The absence of transfers in 2024 suggests that franchisees are generally retaining their locations, which may be a positive sign.

It is important to note that while the table indicates zero transfers, the FDD also mentions that Exhibit J-2 lists franchisees who had outlets terminated, canceled, or not renewed, or who otherwise voluntarily or involuntarily ceased to do business under a Franchise Agreement, and that this list includes franchisees that transferred their Potbelly Shops to third parties. This suggests that transfers may occur but are classified differently or are included within other categories of franchise terminations or closures. A prospective franchisee may want to inquire about the reasons for this discrepancy to gain a clearer understanding of franchise transfers within the Potbelly Sandwich Works system.

Franchise transfers are a normal part of any franchise system as franchisees retire, move on to other ventures, or encounter personal circumstances that require them to sell their business. However, consistent low transfer rates can be a sign of a healthy and stable franchise system.