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The long-time franchise veteran will be stepping down from the international brand.
The executive vice president and chief financial officer of Domino’s Pizza, Jeffrey D. Lawrence, will be retiring from the global pizza brand after more than 20 years of service; five of which he served in his current role.
Lawrence has agreed to continue serving as CFO until his successor is identified, and will continue to serve as an advisor to CEO Ritch Allison until the end of 2020.
“Wow. What a ride,” said Lawrence. “To be able to be part of the Domino’s growth story over the past two decades has been a dream come true. Domino’s is about opportunity, and the constant opportunities I’ve had to learn, grow, and lead have been simply amazing. From a lead role in our IPO, to partnering with our U.S. and international franchisees to get to number one, to helping shape our digital transformation over the past decade – I’ve had the chance to work with amazing people to sell more pizza and have more fun.”
Ritch Allison celebrated the hard work Lawrence has put in over his lengthy career with Domino’s Pizza: “Jeff has been a trusted teammate for more than two decades at Domino’s and has been a key contributor to the success of our global brand. As our CFO, he has an outstanding track record of creating strategic value for our great system. Jeff’s career accomplishments speak for themselves. I join the entire Domino’s global community in celebrating his career and wish him all the best.”
Source: Globalfranchisemagazine
Frequently Asked Questions (FAQS) About Pizza Franchises
Pizza is a very good business. Consider these 3 advantages to owning a pizza business:
1. Consumer demand: 13% of Americans over age 2 eat pizza on any given day. It’s popular all over. It is most popular in the Northeast and Midwest, according to PMQ Magazine. 3 We eat 3 billion pies per year.
2. Profitability: Ingredient costs are relatively low compared to the price charged, ensuring profitability.
3. Growing industry: The pizza industry is $47 billion a year, and franchises constitute $36.4 billion of that, according to research firm IBISWorld. It is forecast to continue growing over the next five years.
Pizza has become a food staple — whether deep dish, thin crust, unusual toppings or more. Among food franchises it is one of the most popular categories. You get the benefits of the franchise system and branding, together with sound business fundamentals and help choosing locations.
Accordion Sample DesThe amount you make with franchise pizza depends on the type of pizza business you operate. For example, the average Dominoes owner might expect to make between $107,000 to $116,000 per year, according to Glassdoor. However, a Papa John’s franchise owner might make about $142,000 before taxes, says Franchise.com. First, of course, you need to subtract out costs related to food, labor, marketing, supplies, royalty fees and real estate associated with these franchises.cription
Yes, a pizza franchise can be profitable. For example, the top 75 percent of Marco’s Pizza restaurants made between $543,093 and $1,736,679 in net royalty sales in 2019. The average store spent about 31 percent on food and supplies and 25 percent on labor. The exact amount each store makes depends on the size, market, and expenses.
Opening a pizza franchise can cost anywhere from $25,000 to over $1 million, depending on locations of your franchise business and other factors. Most fall somewhere between $200,000 and $600,000. Those that just offer a mobile component or pickup and delivery service tend to be cheaper. Large, dine-in restaurant locations with extensive menus fall on the more expensive end of the spectrum.
