Walk-On's Sports Bistreaux

## Executive Summary

Walk-Ons Sports Bistreaux is a premium Louisiana-inspired sports bar and restaurant franchise founded in 2003 by former LSU basketball walk-ons Brandon Landry and Jack Warner. Co-owned by NFL legend Drew Brees since 2015, the brand was named the #1 Sports Bar in America by ESPN in 2012. With approximately 80 locations and a 20-unit development deal signed in late 2024, Walk-Ons is positioned for significant growth with private equity partner 10 Point Capital envisioning a 500+ unit brand. The 2024 introduction of a smaller-footprint prototype signals strategic evolution to accelerate expansion.

## The Business

Walk-Ons Sports Bistreaux combines Louisiana Cajun and Creole cuisine with an upscale sports bar atmosphere. The menu features scratch-made Southern comfort food including gumbo, jambalaya, po-boys, and signature appetizers alongside a full bar program. The brand emphasizes a family-friendly environment with exceptional guest experiences, differentiating from typical sports bar concepts through food quality and service standards. Locations range from traditional full-service restaurants to the newly introduced smaller format designed for enhanced delivery and catering capabilities.

## The Numbers

**Investment Overview:** - Total Investment: $1,555,000 - $7,056,000 - Initial Franchise Fee: $60,000 - Royalty Fee: 5% of gross sales - Marketing Fee: 3% (1% local, 2% national) - Liquid Capital Required: $200,000

**Area Development:** - Area Development Fee: 50% of franchise fee ($30,000) per unit - Multi-unit development agreements available

**Unit Economics:** - Average Unit Volume (AUV): $4,779,000 per year - Strong revenue generation supports premium investment level

**System Size:** - Current Unit Count: ~78-80 locations - Franchise Times Top 400: Ranked #175 (2025) - Target: 500+ units (per 10 Point Capital vision)

## System Health

**Growth Trajectory:** - Founded: 2003 in Baton Rouge, Louisiana - Franchising Since: 2014 - Unit Growth: 33 units (2019) to 80 units (2023) - 100-unit pipeline announced - Goal: 50 locations and 100 licenses in next three years

**Recent Developments (2024-2025):** - November 2024: 20-unit development deal with Port Royal Brands (Georgia/Tennessee) - October 2024: New smaller prototype introduced with enhanced to-go and tech features - 2025: First corporate stores since 2016 planned for Atlanta area - Private equity backing from 10 Point Capital

**Notable Franchisees/Partners:** - Drew Brees (Co-Owner) - Dak Prescott (Franchisee) - Derrick Brooks (Franchisee) - Dabo Swinney (Franchisee) - Phil Sanford/Port Royal Brands (20-unit deal)

## Franchisee Experience

**Training Program:** - 400 hours of on-the-job training - 29 hours of classroom training - Additional online training modules - Hands-on experience day in operating location - Business plan development and review process - Discovery Day at Baton Rouge headquarters - Personal interview with executive team

**Ongoing Support:** - Operational guidance and team visits - Marketing assistance at local and national levels - New smaller prototype option for development flexibility - Strong franchise community culture

**Franchisee Profile:** - Restaurant or hospitality experience preferred - Passion for guest experience and community involvement - Sufficient capital for premium investment level - Multi-unit operators welcomed

## Risk Assessment

**Potential Concerns:** - High investment requirement ($1.5M - $7M+) - Full-service restaurant complexity and labor intensity - Casual dining sector headwinds and consumer spending sensitivity - Some underperforming stores closed recently (unit count flat 2023-2024) - Long build-out timeline for full-size locations - Regional cuisine concept may have geographic limitations

**Mitigating Factors:** - Strong AUV ($4.8M) supports investment level - New smaller prototype reduces investment and speeds development - Celebrity ownership and athlete franchisees provide marketing value - Private equity backing ensures growth capital - ESPN #1 Sports Bar recognition provides brand credibility - Unique Louisiana cuisine differentiates from generic sports bars - Expansion into corporate stores signals franchisor confidence

## Competitive Position

**Market Category:** Casual dining / Sports bar / Full-service restaurant

**Direct Competitors:** - Buffalo Wild Wings - Twin Peaks - Hooters - Tilted Kilt - Local sports bars and casual dining concepts

**Indirect Competitors:** - Applebees, Chilis (casual dining) - Local Louisiana/Cajun restaurants - Fast-casual concepts capturing share

**Competitive Advantages:** - Unique Louisiana cuisine positioning - High-profile ownership (Drew Brees) - Strong athlete/celebrity franchisee roster - #1 ESPN Sports Bar recognition - Premium food quality vs. typical sports bars - Family-friendly atmosphere expands customer base

**Competitive Challenges:** - Higher price point than many competitors - Casual dining sector facing headwinds - Regional cuisine may not resonate in all markets - High investment creates barrier to rapid expansion

## Validation Questions

1. What are the specific requirements and timeline for the new smaller prototype vs. traditional format? 2. What was the reason for recent store closures and how were those markets evaluated? 3. What is the breakdown of franchisee vs. corporate location performance? 4. How does the brand support franchisees in markets unfamiliar with Louisiana cuisine? 5. What are realistic labor costs and staffing requirements for a full-service location? 6. What financing options are available and what terms do lenders typically offer? 7. Can you provide unit-level economics beyond AUV (food costs, labor, EBITDA margins)?

## Data Gaps

- Four-wall EBITDA and profit margins not publicly disclosed - Specific reasons for recent closures not detailed - New prototype investment range not confirmed - Break-even timeline and ramp-up period data unavailable - Franchisee satisfaction survey results not published - Geographic performance variations not disclosed - Detailed labor and food cost benchmarks not available

--- *Report generated from publicly available sources including franchise disclosure documents, press releases, and industry publications. Prospective franchisees should conduct thorough due diligence including reviewing the complete FDD and speaking with current franchisees before making investment decisions.*