Franchising

Gyro Shack owners gearing up for major expansion

Provided

July 16, 2020

Gyro Shack, which was recently acquired by Boise-based entrepreneurs Mark Urness and Matt Jeffries, is launching an aggressive franchising strategy, according to a company press release.

Urness and Jeffries, who have built several businesses together over the past decade — including a retail store and service center with 700-plus units and MyBullfrog.com, which merged with Go Wireless in 2015 — had been running multiple Gyro Shack franchise locations before buying the nine-unit company.

"When Mark and I evaluate businesses to invest in, we look for a concept with a solid foundation and strong bones, and for restaurants, of course we have to love the food too," said Jeffries, who has restaurant operations experience dating back more than 20 years. "We are excited about our recent investment and can't wait to help bring Gyro Shack to new areas alongside like-minded franchisees that believe in our service culture."

The enhanced approach includes emphasizing the importance of a service culture, implementing new training methods pushing staff and managers to the next level, revamping the loyalty program and creating an educational experience in stores for customers and staff.

Urness and Jeffries have set their sights on targeted franchise growth, honing in on the western half of the United States, with plans to open a corporate location in Phoenix this year and to add five franchise locations in 2021.

"It's a phenomenal opportunity to work with leaders like Matt and Mark, who share our ambitious, exciting vision of growth for Gyro Shack," Seth Brink, president of the the company said. "With an outstanding leadership team, a sound strategy and effective franchise sales process, I'm positive talented franchise candidates will recognize the virtues of the opportunity we have to offer."

The franchise model is ideal, according to the owners, because it has a flexible design and small footprint. The drive-thru and delivery option make up 76% of store revenues, keeping overhead low with just a small portion of the restaurant reserved for dine-in. Locations can range from less than 500 square feet up to 1,800 square feet. The brand's franchise expansion plans are focused on growth through single-unit and multi-unit deals in priority markets including Arizona, Utah, Idaho, Nevada, Montana, New Mexico, Colorado and Wyoming.

As the brand continues to expand into key markets, Gyro Shack is seeking qualified single-unit and multi-unit owners. Ideal franchisees should have three to five years of restaurant experience and must be lovers of Greek food. Single-unit franchisees must have a minimum net worth of $500,000 and meet the minimum liquid assets requirement of $200,000 and multi-unit franchisees must have a minimum net worth of $1,000,000 and meet the minimum liquid assets requirement of $300,000, according to the release.

Founded by Gus Zaharioudakis, Gyro Shack began as a food truck and two restaurants in former coffee drive-through kiosks.