Meet One of the Area Representatives Helping Jeremiah’s Grow by Over 200 Units
It’s under exceptionally sweet circumstances that David Hung and his business partners are bringing about the dawn of a new ice age in South Florida.
Not only was Jeremiah’s Italian Ice a staple during his high school and college years in Winter Park, Florida, it’s also where he took his wife on their first date.
“I had no conception at the time that I’d go on to own nearly 20 Jeremiah’s shops,” David said with a laugh. “It’s pretty amazing.”
Today, David is the Director of Commercial Real Estate at Keller Williams Lake Nona and has partnered with the Bento Group, owned by brothers Johnny and Jimmy Tung, to become Area Representatives with Jeremiah’s.
Together they will bringing the coolest brand on the market to Dade, Broward and Palm Beach counties along Florida’s southern coastline – opening at least four locations every year over the next five years.
Scooping Up an Irresistible Franchise Opportunity
It’s an aggressive expansion plan that asserts the restaurateurs’ position as Top Frog in the super-hot Florida restaurant scene.
The Bento Group has nearly doubled its footprint of sleek, award-winning Pan-Asian fast-casual restaurants to 16 locations in Central Florida over the past two years – and there are nine more in different stages of development.
In fact, it’s because of the Bento Group’s meteoric rise that the partners were able to hop on the Jeremiah’s franchise opportunity as quickly as they did.
Johnny Tung and Jeremy Litwack, Jeremiah’s Founder and CEO, were both receiving the Orlando Business Journal’s Fast 50 awards, which recognizes Central Florida’s fastest growing private companies. The two entrepreneurs kept in touch, and as soon as Jeremiah’s started franchising, Johnny leapt at the chance.
“We just signed the lease for our first store and are actively looking to secure our second and third locations,” said David.
Jumping on a Cool Opportunity While It’s Still Hot
David and his partners are scooping up the benefits of a hot commercial real estate market.
“We’re always looking for better opportunities and locations – really taking advantage of the market right now, especially with the current climate of the pandemic,” said David.
And with average high temperatures in South Florida hovering near the 80-degree mark, even in the winter, David knew Jeremiah’s premium frozen treats was something everyone would love year round.
“There is no better business to own in the area,” he added.
Guided by the Culture of Cool
David and his partners jumped at the chance to grow with Jeremiah’s after seeing some of the sweetest numbers in the dessert industry, but were ultimately sold by the brand’s distinct culture. As anyone who’s had a taste of the Jeremiah’s experience can tell you, our Culture of Cool is simply irresistible.
“The great thing about Jeremiah’s is the great sense of opportunity, the opportunity they give to their employees in helping them learn about business and entrepreneurship,” David explained.
It’s rare that a franchise brand works so hard to help teach hourly employees the fundamentals of business, he added.
It’s this amazing culture that ignited the interest of Pivotal Growth Partners (PGP), an accelerator focusing on emerging brands, in helping Jeremiah’s reach its potential. PGP has more than 50 years of combined franchising experience and a network of expert financial, operational, marketing and growth and development partners. The accelerator recognized the stellar leadership team Jeremiah’s had put in place, delicious unit-level economics and incredible brand loyalty.
The three business partners at the Bento Group recognized how this sweet partnership between Jeremiah’s and PGP demonstrated just the right combination of ingredients for an irresistible investment opportunity.
The Coolest, Simplest, Most Scalable Franchise Opportunity
Jeremiah’s fundamental simplicity is another reason David decided to hop on board with the Frog Squad. Having been exposed to restaurant operations, he recognizes how the complexity of a menu coupled with front and back-of-the-house operations puts pressure on operators to get it just right to be successful.
“I think Jeremy [Litwack] and the team have done a really great job streamlining operations,” David added.
Because of the franchise model’s sweet simplicity, David and his partners knew they could scale their investment quickly, taking advantage of synergies built by developing a strong multi-unit footprint.
“The market availability was wide open,” said David, “and the margins are fantastic.”
This, along with a low initial investment, small store footprint and comparatively low overhead costs, made it a no-brainer to sign on as Area Representatives.
How to Get Started with Jeremiah’s Italian Ice Franchise
David and his business partners are aiming to open their first location during the first quarter of 2021, with the goal of opening 18 locations in total. They’ve been part of a huge wave of franchisees to sweep up all of Florida’s franchise territories in less than 12 months.
The Bento Group is one of eight new Area Representative partners that will be developing 224 units over the next five years. The new Jeremiah’s Italian Ice franchise stores will be located across Florida, Texas, Georgia, Louisiana, Mississippi, Alabama, North Carolina, South Carolina and Tennessee.
Jump on the coolest franchise while it’s still hot. Bring Jeremiah’s to your community and take advantage of our $589,960 average unit volume*, 50.2 percent gross profits** and 1.17 to 2.44*** average return on investment. Contact us to download our franchise brochure today!
* Average unit volume means the 2019 average “Gross Sales” (as that term is defined in our FDD) for our 22 company- and affiliate-owned Jeremiah’s Italian Ice Shops that were open for all of 2019. During 2019, 10 of those 22 Jeremiah’s Italian Ice Shops (45%) had gross sales that equaled or exceeded that average. The median Gross Sales for the 22 Jeremiah’s Italian Ice Shops in 2019 was $589,397. Our FDD contains additional information about the Gross Sales of the 22 Jeremiah’s Italian Ice Shops during the first quarter of 2020, which reflected a drop in volume due to the global pandemic. Please refer to Item 19 of our FDD for all of the relevant details.
** Average gross profit means the 2019 average Gross Sales of our 22 Jeremiah’s Italian Ice Shops minus the average “Food and Paper Costs” and “Labor Costs” (as those terms are defined in the FDD), but not including occupancy. During 2019, 10 of the 22 Jeremiah’s Italian Ice Shops (45%) had gross profits that equaled or exceeded the average. The median gross profit for the 22 Jeremiah’s Italian Ice Shops in 2019 was $291,715. This figure does not account for additional costs that franchisees incur, such as ongoing royalties and marketing fees (added in, the average gross profit would be 43.2%). Please refer to Item 19 of our FDD for all of the relevant details.
*** Average return on investment is calculated as the average gross sales for 2019 (noted above) divided by high and low investment for a new in-line or stand-alone Jeremiah’s Italian Ice Shop (taken from Item 7 of our May 11, 2020 FDD). The median ROI for 2019 was 1.15 to 2.40.