Flanigan's Enterprises, Inc. (BDL): Business Model Canvas [Dec-2025 Updated]

You're digging into how Flanigan's Enterprises, Inc. (BDL) actually makes its money, right? Honestly, their core strength isn't just the famous ribs; it's the smart, integrated pairing of a casual, full-service restaurant with a high-volume package liquor store. This dual-segment engine powered a trailing twelve-month revenue of over $202.07 million as of mid-2025, showing the model's staying power in South Florida. It's a classic playbook that still works. Below, I've mapped out their entire Business Model Canvas-from their key resources like owned real estate to the disciplined cost control they need to keep that margin healthy-so you can see exactly where the risks and opportunities lie in their current structure.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Key Partnerships

You're looking at how Flanigan's Enterprises, Inc. (BDL) spreads the risk and fuels growth through external relationships, which is key for a regional player like this. It's not all internal; they rely on others for capital, supplies, and market reach.

The company's structure for expansion often involves forming limited partnerships where Flanigan's Enterprises, Inc. acts as the sole general partner to bring in outside capital for new restaurant builds. This lets them grow without taking on all the debt themselves. For instance, one such limited partnership structure, as detailed in past filings, saw investors return approximately 14.5% of their initial cash invested by the end of fiscal year 2023.

When it comes to keeping the signature menu items flowing, supply chain partnerships are locked in. Flanigan's Enterprises, Inc. secured a purchase agreement for baby back ribs valued at roughly $7.8 million for calendar year 2025, which locks in supply against market swings.

Growth in the South Florida footprint is also tied to real estate deals. For the proposed development in Homestead, the total project investment range is estimated between $6.5 million and $7.5 million. The proposed purchase price for the land itself, as of March 2025, was set at $2,332,627.00.

Here's a quick look at the quantifiable partnership data we have as of late 2025:

The company franchises five restaurants, four of which are franchised to family members of the Chairman/officers/directors as of fiscal year 2023. For the 13 weeks ending June 28, 2025, Franchise Related Revenues hit $442,000. Back in 2022, franchise and marketing royalties were in the range of 1% to 3% of gross sales, totaling $1.6 million.

Flanigan's Enterprises, Inc. relies on third-party delivery services to fulfill package store delivery orders, though the specific 2025 sales contribution percentage isn't public. Still, management has a history of leveraging take-out and delivery networks to service customers.

Finance: review the capital structure impact of the limited partnership returns versus the $59 million market cap as of November 2025 by next Tuesday.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Key Activities

You're looking at the core engine of Flanigan's Enterprises, Inc. (BDL), the day-to-day work that keeps the dual-segment model running strong in South Florida. It's all about execution, especially when costs are climbing.

Operating 32+ full-service restaurants and liquor stores

The foundation of the business is its physical footprint. As of the end of fiscal year 2024, Flanigan's Enterprises, Inc. operated 32 company-owned units, which include restaurants, package liquor stores, and combination units, while also franchising an additional five units for a total of 37 locations. This physical presence is key to capturing regional traffic.

Here's a look at the operational scale based on the latest reported periods:

The dual-segment model is a core activity, maximizing customer traffic by pairing 'Flanigan's Seafood Bar and Grill' with 'Big Daddy's' retail liquor stores.

Strategic menu and bar price management (e.g., 5.63% bar hike in 2024)

Managing prices is a constant activity to keep pace with input costs. Flanigan's Enterprises, Inc. executed targeted menu price increases in November 2024, December 2024, and February 2025. This pricing power is vital for margin protection.

• Gross profit margin for restaurant food and bar sales increased to 67.23% for the 13 weeks ended March 29, 2025, up from 67.09% a year prior.
• Gross profit margin for package store sales was 28.06% for the same period, up from 26.11%.
• Restaurant food sales for Q2 2025 were driven partly by these higher menu prices.

Disciplined cost control against persistent inflation

Controlling expenses is a daily focus, especially with rising labor and food costs. Management has shown success in making operating costs more efficient relative to sales.

Here's the quick math on expense management for the quarter ending March 29, 2025:

• Total costs and expenses as a percentage of revenue improved to 93.22%, down from 94.41% year-over-year.
• For the quarter ended December 28, 2024, Payroll and Related Costs grew by 9.46% to $15.7 million.
• Occupancy Costs actually decreased by 9.70% to $1.95 million for the quarter ended December 28, 2024, due to lower state sales tax and property tax.

Still, management notes the continuous challenge from inflation in labor and food costs, which necessitates ongoing price adjustments to maintain margins.

New unit expansion and development

Growth is achieved through opening new locations, often funded through limited partnerships where Flanigan's Enterprises, Inc. acts as the sole general partner. New unit openings contributed to the 10.32% year-over-year surge in restaurant food sales for the thirteen weeks ended March 29, 2025. This expansion effort helped drive a 30.4% rise in Net Income for the 39 weeks ending June 28, 2025, compared to the prior year.

Maintaining high regional brand loyalty

Strong customer demand and brand recognition are critical activities that translate directly to the top line. The company's ability to raise prices without losing significant volume speaks to this loyalty.

• Comparable weekly restaurant food sales for company-owned locations rose 8.1% in Q2 2025.
• Same-store package liquor sales surged 18.9% in Q2 2025.
• The company believes its competitive position is supported by widespread consumer recognition of the 'Flanigan's Seafood Bar and Grill' name.

The brand strength is what allows them to realize higher menu prices without an adverse effect on existing business, which is a major operational win. Finance: draft 13-week cash view by Friday.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Key Resources

The core assets supporting Flanigan's Enterprises, Inc.'s operations are centered around its established consumer-facing brands and its significant investment in physical locations and liquidity.

Established brand names: Flanigan's Seafood Bar and Grill and Big Daddy's Liquors are central to the business. The Company also operates under the service marks Big Daddy's Wine & Liquors, Flanigan's, and Brendan's Sports Pub, which is a sports bar component.

Owned and controlled real estate for key locations: Flanigan's Enterprises, Inc. maintains a substantial physical footprint, consisting of owned or controlled locations plus franchised units. The Net Property, Plant, and Equipment (PPE) as of the quarter ending June 28, 2025, stood at $108.36 million. The Gross PPE was also $108.36 million at that time.

The operational scale related to these locations is detailed below:

The company operates through two main segments: package stores and restaurants.

Strong liquidity: As of the most recent reported quarter ending March 29, 2025, Flanigan's Enterprises, Inc. reported Total Cash of $18.94 million. This cash position supports near-term obligations. The Total Debt as of that same date was $47.68 million. For context on recent performance, the Cash Flow From Operating Activities for the Trailing Twelve Months (TTM) was $8.56 million.

Experienced management team and long-tenured employees: The continuity of operations is supported by the Flanigan family's deep involvement, with insiders holding 95.60% ownership as of 2025. James Flanigan Ii is the largest individual shareholder, owning 69.04%. The company has a total employee count of 1,990 people. To be fair, one key executive, August H. Bucci, the Chief Operating Officer, is scheduled for resignation effective December 31, 2025.

Proprietary recipes and menu items (e.g., ribs): The distinct value proposition includes unique menu items, such as the ribs, which contribute to customer loyalty. The restaurants operate under the Flanigan's Seafood Bar and Grill service mark, providing full food services. The package stores, operating under the Big Daddy's Liquors name, offer private label liquors, beer, and wines, which is another proprietary product offering.

Here's a quick look at key financial metrics near the reporting date:

• Trailing Twelve Month Revenue (as of June 30, 2025): $202 million.
• TTM Earnings Per Share (EPS): $2.18.
• Gross Profit TTM (as of June 28, 2025): $44.98 million.
• Total Assets (TTM as of June 30, 2025): $140.694 million.

Finance: draft 13-week cash view by Friday.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Value Propositions

You're looking at how Flanigan's Enterprises, Inc. keeps customers coming back across its different operations. The core value is the combination of a casual eatery and a liquor store, which is a unique setup in South Florida.

Integrated one-stop experience: casual dining, sports bar, and retail liquor

The model works by offering three distinct but co-located experiences. For the 39 weeks ending June 28, 2025, the combined revenue from the restaurant/bar side and the package stores was substantial, showing the success of this integration. Restaurant food and bar sales hit $117.732 million for that period, while package store sales reached $36.008 million. This structure lets you grab dinner and a drink, or stock up for home in one stop.

Dual-segment convenience for on-premise and off-premise needs

This convenience drives significant revenue across both segments. For the thirteen weeks ending June 28, 2025, total revenues were $52.164 million. The ability to serve both the on-premise (dining/bar) and off-premise (liquor retail) markets provides a hedge against single-segment volatility. The trailing twelve-month revenue as of June 2025 was reported at $202M.

Here's a look at the revenue contribution from the two main segments based on the 39-week 2025 figures:

The total revenue for the 39 weeks was $156.058 million, so the table captures the vast majority of the business.

Consistent quality and value-focused pricing in a casual setting

The value proposition centers on generous portions and reasonable prices in a relaxed atmosphere. While specific margin data for 2025 isn't broken down by quality perception, the company's focus on value is reflected in its operational scale. With 1,990 total employees as of mid-2025, the revenue per employee for the trailing twelve months was approximately $101,433.

The on-premise offering emphasizes this value:

• Food sales represented approximately 78.71% of total restaurant sales in the last reported full fiscal year data.
• Bar sales accounted for approximately 21.29% of total restaurant sales in the last reported full fiscal year data.
• The company aims for abundant portions served in a friendly setting.

Extensive selection of beer, wine, and spirits at Big Daddy's Liquors

Big Daddy's Liquors targets high volume by offering a wide variety of brand name and private label merchandise at discount prices. Package store sales for the 39 weeks ending June 28, 2025, were $36.008 million, showing strong customer demand for the off-premise selection. The package store segment saw a year-over-year increase of 19.00% in Q2 2025 sales, reaching $12.051 million for that quarter.

Strong regional brand identity and high customer loyalty in South Florida

The brand has deep roots in South Florida, operating and franchising units there since 1985. The company reported net income attributable to stockholders of $2.690 million for Q2 2025, indicating profitability that supports brand maintenance and expansion. The stock price as of August 8, 2025, was $31.15, reflecting market confidence in the established regional presence.

Key financial metrics supporting the business structure as of mid-2025 include:

Finance: review Q3 2025 operating expense growth against Q2 2025 revenue growth by end of next week.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Customer Relationships

Flanigan's Enterprises, Inc. has cultivated a high-loyalty regional position built over decades, operating as a beloved South Florida institution for over 50 years. This longevity in Miami-Dade, Broward, and Palm Beach Counties establishes a deep, familiar connection with the local customer base.

The relationship style shifts distinctly based on the operating segment. At the package liquor stores, branded as Big Daddy's Wine and Liquors, the interaction is primarily transactional. This is evident in the operational structure where only 74 employees supported the package liquor stores as of fiscal year end 2023, compared to 1,712 employees in the restaurants. The focus here is efficient retail sales of alcohol and related items.

Conversely, the full-service restaurant setting, Flanigan's Seafood Bar and Grill, features a personal and high-touch service model. This is where the loyalty engine truly runs. For the 13 weeks ending March 29, 2025, restaurant food and bar sales reached $40.78 million. Active members in the loyalty program spent an average of $87.50 per visit, significantly higher than the $62.30 average for non-members.

Repeat business is driven by a defintely consistent experience, which is quantified by solid same-store sales growth. For the second quarter of 2025, Flanigan's Seafood Bar and Grill locations saw same-store sales growth of 8.3%. This consistency underpins the dual-engine growth strategy, where package store sales also jumped 18.8% year-over-year in Q2 2025.

Community engagement and local marketing efforts reinforce the regional bond:

• Sponsors 12 local youth sports teams annually.
• Annual community investment totals $87,500.
• Provides approximately 50,000 free meal coins and achievement awards to local schools each year.
• Annual local charity donations amount to $45,000.
• Donates $10,000 annually to local Breast Cancer Support organizations.

Here's a quick math comparison showing the resource allocation supporting the different relationship types as of recent reporting periods:

The company's total revenue for the 39 weeks ending June 28, 2025, was $156.058 million, showing that the combined customer experience drives substantial top-line results.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Channels

Company-owned and operated restaurant locations (Flanigan's) and package liquor stores (Big Daddy's) form the core distribution network, often co-located in dual-segment units.

As of the end of fiscal year 2024, Flanigan's Enterprises, Inc. operated a total of 37 units.

• Company-operated units (restaurants, package stores, combination units, and a sports bar): 32 units.
• Franchised units: 5 units.

The restaurant segment is the primary revenue driver, generating 76.1% of total revenue in the second quarter of 2025.

The following table details the revenue contribution and associated gross profit margins for the primary channels during the second quarter of fiscal year 2025.

For the 39 weeks ended June 28, 2025, total revenues reached $156.06 million.

Company-owned and operated package liquor stores (Big Daddy's) are branded as Big Daddy's Liquors or Big Daddy's Wine & Liquors, and some are co-located with restaurants.

Franchised restaurant and combination units currently total 5 units. Franchise agreements for package stores historically required franchisees to pay royalties and advertising contributions totaling about 2.5% to 4% of gross sales.

Direct in-store retail sales occur through the Big Daddy's package stores, which sell beer, wine, and spirits off-premise.

Takeout and delivery services are embedded within the restaurant operations, which offer full food service. The company also generates stable, recurring income streams from other sources, such as rental income and franchise fees. Rental Income for the 52 weeks ended September 30, 2023, was $951 thousand. Franchise Related Revenues for the same period were $1,857 thousand.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Customer Segments

The primary customer base for Flanigan's Enterprises, Inc. is concentrated in the South Florida region, where the company operates its dual-segment model of restaurants and package liquor stores.

Local South Florida residents seeking casual dining and bar experience represent the core of the restaurant segment. For the thirteen weeks ended March 29, 2025, Restaurant Food and Bar Sales accounted for 76.1% of total revenue, equating to $40.8 million out of $53.63 million total revenue for that quarter. Restaurant Food Sales alone were $32.586 million for the thirteen weeks ended March 29, 2025.

Retail customers for off-premise liquor, beer, and wine purchases drive the package store segment, operating under the Big Daddy's Liquors service mark. This segment contributed 22.6% of the total revenue in Q2 2025, amounting to $12.1 million. For the thirteen weeks ended March 29, 2025, Package Store Sales were $12.051 million, a year-over-year increase of 19.00%. For the thirteen weeks ended June 28, 2025, Package Store Sales were reported at $11,522,000.

The company caters to families and groups looking for a value-oriented meal through its Flanigan's Seafood Bar and Grill restaurants. The Trailing Twelve Month (TTM) revenue as of June 30, 2025, was $202 million, indicating a broad customer base supporting this scale.

Sports fans utilizing the sports bar concept are served by the units operating under the Brendan's Sports Pub service mark. Flanigan's Enterprises, Inc. operates a total of 30 units, which includes restaurants, package liquor stores, combination units, and a sports bar, plus franchises an additional five units.

The customer base also includes tourists and seasonal visitors in the regional market, as the operations are headquartered in Fort Lauderdale, Florida.

The relative importance of the two main customer-facing segments, based on Q2 2025 revenue contribution, is detailed below:

The company employed 1,990 full-time employees as of the reporting period.

Key financial metrics that reflect the scale of serving these segments as of mid-2025 include:

• TTM Revenue (as of June 30, 2025): $202 million.
• TTM Net Income (as of June 30, 2025): $4.32 million.
• Total Revenue (13 Weeks Ended 3/29/2025): $53.632 million.
• Net Income Attributable to Stockholders (Q2 2025): $2.690 million.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Flanigan's Enterprises, Inc. operations, which is key to understanding margin pressure in a high-volume, full-service restaurant and liquor retail model. The cost structure is heavily weighted toward variable costs tied directly to sales.

High Cost of Sales for Food and Liquor Inventory

Cost of merchandise sold is a primary driver of expenses, reflecting the nature of both the restaurant and package liquor store segments. For the fiscal year 2024, total Cost of Merchandise Sold reached $80.0 million. This was split between the restaurant operations and the package goods segment.

Here is the breakdown of the Cost of Merchandise Sold for the full fiscal year 2024:

To give you a more recent snapshot, for the 13 weeks ended December 28, 2024, the cost of merchandise sold was $22,510,000. This compares to $19,711,000 in the same period the prior year, showing immediate inflationary impact on inventory costs.

Significant Labor and Payroll Expenses due to Full-Service Model

Labor is the second major cost center, reflecting the full-service nature of the restaurants, which requires more staffing than a limited-service model. For the entire fiscal year 2024, payroll and related costs rose to $59.3 million. This increase was noted as reflecting higher minimum wages and the opening of new locations.

Looking at the most recent reported quarter (13 weeks ended December 28, 2024), payroll and related costs were $15,746,000, up from $14,385,000 the year before.

The labor intensity is evident when comparing payroll to sales:

• Restaurant Food Sales (Q4 2024): $29,126,000 (for the quarter ended Dec 28, 2024)
• Restaurant Bar Sales (Q4 2024): $7,962,000 (for the quarter ended Dec 28, 2024)
• Package Store Sales (Q4 2024): $12,435,000 (for the quarter ended Dec 28, 2024)

Occupancy Costs, Including Rent and Property Expenses

Occupancy costs are relatively fixed in the short term, though lease renewals present a risk. For the full fiscal year 2024, occupancy costs totaled $8.1 million. However, for the specific 13-week period ended December 28, 2024, occupancy costs were reported as $1,954,000, a decrease from $2,164,000 in the prior year's comparable quarter.

Operating Expenses, Including Utilities and Maintenance

Operating expenses cover the day-to-day running of the 32 company-owned units and franchises. For the full fiscal year 2024, these expenses were $24.9 million. For the 13 weeks ended December 28, 2024, operating expenses were $6,554,000, up from $5,913,000 in the prior year's quarter.

More recently, for the fiscal quarter ending June 30, 2025, Operating Expenses were reported at $49.19 million, though this figure appears to be a cumulative or annual figure given its magnitude relative to other quarterly data points.

Selling, General, and Administrative Expenses

SG&A expenses capture overhead not directly tied to cost of sales or operations, such as corporate salaries and advertising. For the full fiscal year 2024, Selling, General, and Administrative expenses increased to $5.3 million. For the 13 weeks ended December 28, 2024, SG&A was $1,494,000, which was an increase from $1,193,000, primarily driven by higher advertising costs.

Here is a comparison of key period-specific expense line items:

Finance: draft 13-week cash view by Friday.

Flanigan's Enterprises, Inc. (BDL) - Canvas Business Model: Revenue Streams

You're looking at how Flanigan's Enterprises, Inc. (BDL) brings in its money as of late 2025. The business model relies heavily on its two main operating segments: the restaurants and the package liquor stores.

The total Trailing Twelve-Month (TTM) Revenue, as of June 2025, stood at \$201.85 million, showing solid growth year-over-year. This top-line performance is driven by consistent sales across both core areas.

For the second quarter of 2025 (Q2 2025), which ended June 28, 2025, the total revenue reached \$53.6 million. Here's a breakdown of the key components contributing to that quarterly figure, along with other known income sources:

The company's revenue streams are clearly dominated by the dine-in and bar operations, which is typical for this type of integrated business. Still, the package liquor sales are a significant and high-growth contributor.

The outline also requires noting other potential streams, though specific 2025 figures weren't detailed in the same way as the primary segments:

• Restaurant food and bar sales (Q2 2025: \$40.8 million)
• Package liquor store sales (Q2 2025: \$12.1 million)
• Total Trailing Twelve-Month (TTM) Revenue of \$201.85 million (as of June 2025)
• Franchise-related revenues (royalties and fees)
• Rental income from leased properties (Q2 2025: \$273,000)

Franchise-related revenues, which would include royalties and fees, are part of the overall structure, but the specific dollar amount for that stream in 2025 wasn't broken out separately in the immediately available quarterly reports alongside the restaurant and package store figures. Rental income, however, is a concrete, albeit smaller, component of the revenue mix at \$273,000 for the quarter. That's the quick math on where the money is coming from right now.