Brand Shoutouts
Founded September 2019 by Brandon Landry and Jacob Dugas in Baton Rouge, LA. First Can did $2.4M from 800 square feet. Full franchise economics, 24 primary sources, and an honest look at the pipeline-to-open gap after the 2025 CEO transition.
By Justin K. Sellers · 20 min read · March 11, 2026
The first Smalls Sliders Can opened in September 2019 on Nicholson Drive in Baton Rouge, Louisiana.
It did $2.4 million in its first year out of 800 square feet.
When Smalls founder Brandon Landry saw those numbers, the brand’s trajectory was set. “When we started, we were thinking that if we could just do around $1.3 million in sales, we’d have a really good business,” said Drew Brees, early investor and co-owner. The system average is now tracking above $2 million.
Today, Smalls Sliders says it has 375 Cans open or in development across 30 states, while Franchise Times data indicates roughly 20 units were actually open. The brand changed CEOs in April 2025, rebuilt its executive leadership team by November 2025, and is targeting 22 states under active development.
The question operators should ask: is this a brand with proven unit economics and exceptional leadership at the wheel — or a buzz story that hasn’t translated the pipeline into open, profitable Cans yet?
[FAQ_SECTION]
Brandon Landry didn’t come to Smalls Sliders as an outsider to the restaurant industry.
Landry is the founder and CEO of Walk-On’s Sports Bistreaux, the Louisiana-born sports bar concept. He founded Smalls in 2019 alongside Jacob Dugas, his nephew and co-founder. His co-investor from day one: Drew Brees, then-active NFL quarterback and future Hall of Famer.
The concept was simple: sliders had been confined to sports bars and fast-food relics (White Castle, Krystal) for decades. Landry believed a brand dedicated entirely to a premium, fresh, cooked-to-order slider — out of a compact, purpose-built space — could own that format.
The first Can: a recycled modular shipping container on Nicholson Drive, Baton Rouge. Purpose-built, orange, impossible to miss.
10 Point Capital, the QSR-focused private equity firm that would eventually back Smalls, had already invested in Walk-On’s in 2020 and watched it grow from 42 to nearly 70 locations. When they saw the Smalls model — unit economics, brand energy, founding team — they invested in mid-2022 when there were only four Cans open.
Morven Groves, managing partner of 10 Point Capital, put it plainly: “We’ve made a conscious decision to invest in best-in-class talent to be able to scale.”
Maria Rivera, who built the franchise program from scratch and grew the brand from nine Cans to 375 open or in development, departed in March 2025.
In April 2025, Charles Watson was named CEO. Watson spent 15 years at Tropical Smoothie Café, the last six as CEO — during which time he grew the brand to 1,500+ locations and tripled systemwide revenue to $1.42 billion.
In November 2025, Watson’s executive team was completed: Ryan Crumley as CDO (ex-Dave’s Hot Chicken, Driven Brands, Dunkin’) and Michael Alberici promoted to CMO (ex-Cinnabon, Olive Garden).
This brand has entirely new executive leadership as of late 2025. Every franchisee evaluating Smalls Sliders is buying into a team that has been in place less than 12 months. That’s a critical variable.
Still active. Built Walk-On’s from a single Baton Rouge bar into a multi-state sports bistreaux brand. Founded Smalls with the same playbook: Louisiana roots, national ambition, 10 Point Capital backing.
Charles Watson — CEO (appointed April 2025)Tropical Smoothie Café veteran. 15 years at the brand, 6 as CEO. Grew Tropical Smoothie from under 900 to 1,500+ units. Tripled systemwide revenue to $1.42B. Led the brand through its Blackstone acquisition. Scott Pressly, 10 Point Capital managing partner, specifically recruited Watson.
Ryan Crumley — Chief Development Officer (appointed November 2025)20+ years of QSR and retail expansion experience. Most recently Chief Growth Officer at Tidal Wave Auto Spa, growing it to 300+ locations. Prior roles at Dave’s Hot Chicken, Driven Brands, and Dunkin’ — where he oversaw 500+ restaurant openings and 250+ remodels. The CDO who knows both the hot challenger brand side (Dave’s) and the mature franchise development side (Dunkin’).
Michael Alberici — Chief Marketing Officer (promoted November 2025)Joined Smalls in 2023 as SVP of Marketing. Background: Cinnabon, Olive Garden, Universal Destinations. Promoted from within — which signals Watson saw continuity value in the brand identity Alberici had already built.
Clint Penfield — Chief Operating Officer (joined mid-2025)Joined shortly after Watson. Responsible for operational consistency as the brand scales beyond its Louisiana and Gulf Coast core.
Drew Brees — Co-owner, Investor, FranchiseeFormer NFL quarterback, future Hall of Famer, and the most publicly associated face of the brand. Brees is actively building his own franchise locations, not just lending his name.
Jacob Dugas — Co-founder (nephew of Brandon Landry)Co-founder who led early operations and franchise development alongside the founding team.
The Leadership Risk Worth NamingMaria Rivera built this franchise system. She recruited Don Crocker (ex-Chick-fil-A, Inspire Brands) as CDO in April 2024. Eight months after Crocker joined, Rivera was gone. Crocker’s current status at the brand is unclear in public filings — the November 2025 press release announcing Ryan Crumley as CDO does not mention Crocker by name.
In a 12-month period, Smalls Sliders went through a CEO departure, a CDO hire, a CEO replacement, an apparent CDO change, and a new CDO appointment. That’s significant leadership volatility for a brand scaling through its most critical franchise growth phase.
In our view, Watson’s track record at Tropical Smoothie — growing from under 900 to 1,500+ locations while tripling systemwide revenue to $1.42 billion — is exactly the execution profile this brand needs at this stage. The question is not whether Watson is capable. The question is whether a new CEO and a new C-suite team can execute their first franchise development cycle together without the institutional memory that Rivera, who built the program from scratch, carried when she left.
Core menu: Original Slider (fresh, never-frozen beef patty, toasted buttered bun, pickles, Smauce®), Biggie Smalls (double patty; bacon version available), Grilled Cheese, seasoned waffle fries, queso dipping sauce, Smauce® (proprietary mayo/ketchup-based signature dipping sauce), milkshakes (vanilla, chocolate, cookies & cream), and fountain drinks.
Nine SKUs total. That’s not a limited menu — that’s a deliberately singular product identity. Everything in the Can exists to support the slider.
The beef is fresh, never frozen, hand-pattied daily, cooked to order every time. The face-to-face ordering model at the walk-up window — workers take orders directly with guests rather than through a speaker, similar to Chick-fil-A’s approach — is built around the quality narrative.
The Pricing SignalA two-slider combo with fries and a fountain drink: $8.99. A four-slider meal: $13.99.
In a QSR category where combo meal prices have exceeded $10–12 at McDonald’s, Wendy’s, and Burger King, those price points are a value positioning statement. At those volumes per Can, operators need throughput discipline to make the economics work.
Every Smalls Sliders location is a prefabricated modular building — 750 to 800 square feet — constructed at a climate-controlled factory, then dropped on-site.
The build is designed around two primary customer touchpoints: a double-lane drive-thru and a walk-up window. No dining room. No indoor seating.
What This Means for Operators:- Faster openings: No traditional construction timeline. The Can is manufactured, transported, and installed. - Smaller site: 0.5 to 1 acre with 100–120 feet of frontage. Traffic requirement: ≥25,000 average daily. - Lower build cost: Restaurant building and site work runs $814,913–$1,212,396 per FDD. - Enhanced depreciation: Modular structure may qualify for accelerated depreciation schedules. Operators should verify with their accountant. - Operational simplicity: Under 12 SKUs means tighter labor, consistent training, faster throughput.
The Risk Operators Need to UnderstandThe first Thibodaux franchise Can opened in May 2022 and immediately had a 60–75 car stack for almost two weeks. That demand signal was extraordinary. But the brand encountered product shortages and traffic problems it “didn’t have answers to.”
Opening momentum is real. In our view, the Can model’s speed advantage — factory-built, dropped on-site, no traditional construction timeline — is the most genuinely novel operational contribution Smalls makes to the franchise landscape. Whether the four-wall economics sustain after the grand opening period is the question the FDD’s Item 19 has to answer for each operator’s specific market.
- September 2019: First Can, Nicholson Drive, Baton Rouge - December 2021: Second Can opens; franchising officially launches - May 2022: First franchise Can opens, Thibodaux, LA - July 2022: 10 Point Capital equity investment - May 2023: Franchising program re-opens after strategic pause - End 2023: 11 Cans open, 155 sold - August 2024: 300 Cans open or in development; 6 states sold out - April 2025: Charles Watson named CEO; 375 Cans open or in development - November 2025: Full C-suite appointed; 22 states under development
Key Note on the Gap Between “In Development” and “Open”Franchise Times Top 400 (2025) lists Smalls Sliders at 21 units open. The brand’s own communications consistently reference 375 Cans “open or under development.”
That is a roughly 350-unit gap between the pipeline and the open Can count. In QSR franchise development, pipeline announcements are meaningful signals of operator interest. But as 10 Point Capital’s Morven Groves himself noted: “There are plenty of brands where the pipeline is 100 units, and five years later, there are five units open.”
Operators should request current open Can count and 12-month opening velocity from the brand directly during due diligence. That number matters more than the pipeline count.
Franchise vs. Corporate Split Analysis:Smalls Sliders operates on a franchise-primary model with founder-led corporate ownership of the original Baton Rouge Can and strategic locations. The first Can on Nicholson Drive was built and operated by Brandon Landry and Jacob Dugas directly — a founder-owned proof of concept that generated $2.4 million in year one before any franchise program existed. When franchising launched in December 2021 and the first franchise Can opened in Thibodaux in May 2022, the expansion began shifting to independent operators.
As of 2025, Franchise Times Top 400 lists 21 Cans actually open. The brand references 375 Cans open or in development. That gap — 354 Cans sold but not yet generating revenue for franchisees — is the most operationally significant number in the Smalls Sliders story.
In our view, the pipeline-to-open gap is not a red flag on its own — it is a franchise development timing reality that every early-stage franchisor with a modular construction model faces. The Can model’s speed advantage is supposed to compress that gap. Whether Watson and Crumley can convert 350+ agreements into opened, profitable Cans by end of 2026 is the franchise split story that operators need to monitor. A brand that has 375 in development and 21 open has proven its ability to sell franchises. It has not yet proven its ability to support 375 operators through to profitable opening.
[LOCKIN] Smalls Sliders reports 375 Cans in development but approximately 21 open — a roughly 18% conversion rate from commitment to operation. Before signing a 5-Can minimum commitment, request from the brand directly: the current number of open Cans by state, the average time from agreement signing to Can opening, and Item 20 contact information for operators who have already opened. Call three of those operators and ask: How long did your opening actually take? Was corporate support adequate during your ramp-up? Has your AUV grown, stayed flat, or declined since your first three months? The $1.697M average AUV from Item 19 reflects 21 locations — a small sample. Verify that it reflects your target market before committing. [/LOCKIN]
| Item | Amount | |---|---| | Total Investment Range | $1,297,825 – $1,993,734 | | Franchise Fee | $35,000 | | Royalty | 6% of gross monthly sales | | Marketing/Advertising Fee | 2–3% of monthly sales | | Net Worth Requirement | $4,000,000 minimum | | Liquid Capital Required | $1,500,000 | | Typical Multi-Unit Development | 5 Cans |
Sources: Franchise Times Top 400 (2025); FDD Item 19; QSR Magazine (2024); smallsslidersfranchising.com
Competitive AUV Comparison:| Brand | AUV | Investment Range | |---|---|---| | Smalls Sliders (FDD avg) | $1.70M | $1.30M–$1.99M | | Smalls Sliders (top performer) | $2.64M | $1.30M–$1.99M | | Dave’s Hot Chicken | $3.1M | $386K–$1.6M | | Shake Shack | $4.8M | N/A (company-owned) | | Five Guys | $1.4M | $314K–$974K | | White Castle | N/A | Does not franchise |
Sources: FDD Item 19; QSR Magazine; Restaurant Business; Franchise Disclosure Documents
The AUV picture requires clarity: $1,697,000 is the FDD-reported average. $2M+ is the system tracking figure cited by Drew Brees in 2023. And one specific unit that opened December 15, 2022 generated $2,641,000 in its first full year — approximately $50,000 per week.
The honest read: the system average is around $1.7M. Top performers are at $2.6M+. The gap between those numbers is where operator experience, site selection, and market density live.
On a $1.3M–$2M investment at $1.7M AUV, payback runs approximately 4–6 years per QSR Research Hub analysis at 12–16% net margin (above the QSR industry average of 6–9%; represents optimistic top-performer assumptions). Better unit economics require top-quartile performance.
- QSR Magazine 40/40 List 2022: America’s Hottest Startup Fast Casuals - QSR 50 Contenders list, 2023 - Nation’s Restaurant News: Breakout Brands of 2023 - Entrepreneur Top New & Emerging Franchises, 2023 - Franchise Times Top 400, #472 (2025)
On the Product:
I found the sliders to have a much better flavor than White Castle, and at times, they even make you question if you’re still eating fast food. — GuiltyEats.com review, 2025
Someone mentioned Smalls Sliders and I immediately thought of Krystal or White Castle but then I tried them for myself. — Yelp, Baton Rouge flagship
On Demand Signal:
We can’t field the calls and the level of interest fast enough. — Drew Brees, QSR Magazine, 2023
On Opening Experience:
That unit just completely blew us away with the sales that it did, to the point where we said, ‘Whoa, this is even bigger than we ever thought it could be.’ — Richard Leveille, VP Franchise Development, on Thibodaux opening, QSR Magazine
On Employee Experience:
THE CHALLENGING:Management is great, it’s family oriented. Nothing is stressful, very beginner friendly. — Indeed review, Flowood MS, October 2024
Wait Time and Service Inconsistency:
DO NOT work here! The management is HORRIBLE. They pay people differently and pick and choose who gets overtime. — Indeed review, February 2025
Market Perception:
The White Castle Perception ProblemFinally went to Smalls Sliders in McKinney… it was just AIGHT tbh. If I was in McKinney and REALLY wanted a slider I would go, but going out of my way for these? Nah. — TikTok review, Dallas area, 2025
Customers consistently compare Smalls to White Castle or Krystal on first encounter — then revise upward after tasting the product. That’s a brand awareness challenge: the product outperforms its category perception. Converting first-time skeptics requires trial, which requires marketing investment in each new market.
The Pipeline-to-Open PatternMultiple Yelp listings for Smalls locations show low review counts (39–78 reviews) relative to the brand’s social media presence and coverage volume. For a brand with “legendary openings,” the thin public review record outside Louisiana raises a question: are newer-market Cans generating the same engagement levels as the Gulf Coast originals?
1. The Unit Economics at Top Performers Are Genuinely Strong. $2.4 million in Year 1 from 800 square feet is exceptional. A unit opened December 2022 generated $2,641,000 in its first full year — approximately $50,000 per week. Watson’s stated focus on “disciplined growth” and “profitability for franchise partners” is the right framing.
2. Charles Watson’s Tropical Smoothie Track Record Is Credible. Tropical Smoothie Café is a 1,500-unit system that grew under Watson from under 900 locations, tripled revenue to $1.42 billion, and was acquired by Blackstone. In our view, that’s the highest-credibility CEO hire Smalls Sliders could have made at this stage. Watson has done exactly what Smalls needs done — at scale, under PE ownership, with a franchise community that measured his performance quarterly.
3. The Can Model Is a Real Operational Differentiator. Prefabricated modular construction, dropped on site, compresses the timeline between franchise agreement and revenue-generating Can. Ryan Crumley (new CDO) has direct experience opening 300+ locations at Tidal Wave Auto Spa using a similar footprint-first model.
4. Drew Brees Is More Than a Celebrity Investor. Brees is a co-owner, franchisee, and investor simultaneously. He’s building his own Can portfolio in Louisiana. That alignment creates a credibility signal that pure celebrity investors don’t provide.
5. The Founding Operator Quality Bar Is High. The brand requires prior franchising, restaurant operations, or business leadership experience. Net worth requirement of $4M and $1.5M liquid screens for operators with the resources to weather a ramp period.
What They Need to Nail As They Scale:1. Pipeline-to-Open Conversion. 375 Cans open or in development with 21 confirmed open (per Franchise Times 2025) is the most important tension in this brand right now. Watson’s stated focus on “enhancing operational efficiency” and “strengthening franchisee support” is the right diagnosis. In our view, the next 24 months’ opening velocity will determine whether the pipeline is a leading indicator or a marketing number — and Watson has the credibility from Tropical Smoothie to know exactly what that conversion math needs to look like on a monthly basis. His job is to run it.
2. Leadership Continuity. A CEO departure, an apparent CDO departure, and a full C-suite rebuild in 12 months is significant for a brand in rapid franchise scale-up. Watson’s track record creates confidence. But new leadership teams take 12–18 months to operationalize at the franchise support level. Operators entering agreements now should understand they’re early in Watson’s execution cycle.
3. Consumer Awareness Outside Home Markets. Thin review volume at newer-market locations, combined with the persistent White Castle/Krystal first-impression problem, suggests the brand’s consumer awareness lags its franchise development pace. In our view, Michael Alberici’s appointment as CMO — with Cinnabon and Olive Garden marketing at scale in his background — is the brand’s acknowledgment that awareness is the gap. The “Legendary Opening” model of long lines and giveaways works once. Sustaining AUV after Week 4 requires systematic marketing investment that newer-market operators may need to lead locally while the national brand engine builds.
4. Employee Experience Consistency. Indeed reviews flag management inconsistency across locations — particularly on pay equity and staffing practices. For a 9-SKU concept where the people are the product, inconsistent people management is a brand risk. Casey Halbach (Chief People Officer) is actively building scalable HR infrastructure. This is a watch item for franchisee-operators entering markets away from the core.
- Multi-unit operator with prior franchise or QSR experience (required by brand) - $4,000,000 net worth / $1,500,000 liquid minimum (non-negotiable) - Willing to commit to 5-Can development minimum - Interested in modular/drive-thru-only format (no dining room model) - Operating in or near confirmed development states (Southeast, Midwest, Southwest, West Coast) - Comfortable being early in a new CEO’s execution cycle - Strong local marketing capability to drive awareness past grand opening
Red Flags:- First-time franchisee — the brand screens them out and the financial requirements filter further - Expecting White Castle-level economics ($1.4M AUV at Five Guys-comparable investment) - Looking for a brand with a complete, battle-tested multi-year playbook (this leadership team is under 12 months in) - Markets without the traffic counts or residential density required (25,000 ADT, 35,000 residents within 7 minutes) - Operators who need immediate consumer brand recognition (awareness outside core markets is still building)
- A modular build model that compresses time to opening - Top-performer unit economics of $2.4M–$2.6M from 800 square feet - A CEO (Watson) with a documented 1,500-unit scale-up track record - A CDO (Crumley) who has opened 500+ restaurants across multiple systems - 9 SKUs and under 12 ingredients — lowest operational complexity in the burger segment - 10 Point Capital backing with Walk-On’s and Slim Chickens in the same portfolio
You’re accepting:- Leadership team entirely new as of 2025 — still building execution rhythm - $1.7M system AUV average vs. $2.4M–$2.6M top-performer range - 375 in development but 21 confirmed open per Franchise Times 2025 - Consumer awareness lag in markets outside Gulf Coast / Southeast core - $4M net worth / $1.5M liquid entry bar is among the highest in QSR franchise development
The Question:Can you commit to a 5-Can development agreement, bring the local marketing investment a newer market requires, and operate a 9-SKU modular drive-thru concept through the growth phase of a new leadership team’s execution cycle — in exchange for top-performer unit economics that rival the segment’s best?
In our view, Smalls Sliders is the rare early-stage franchise opportunity where the founding unit economics are already documented to be exceptional — $2.4M from 800 square feet in year one is not a marketing claim, it’s an FDD-verifiable data point — and the leadership team now in place has the operational credibility to convert a 375-Can pipeline into an operating system. The risk is execution timing, not concept quality. If you have the capital, the experience, and the patience for a brand still translating a massive pipeline into open Cans — this warrants serious due diligence.
If you need a complete playbook, proven franchise support infrastructure, and strong consumer awareness in your target market on Day 1 — evaluate Watson’s progress at the 18-month mark before committing.
Interested in bringing Smalls Sliders to your market?
Visit their franchise page for territory availability and FDD (Franchise Disclosure Document). Specifically request Item 19 (Financial Performance Representations) to verify the full AUV distribution across the system — system average vs. top performers — broken down by market, opening year, and operator type.
Requirements: prior franchise or QSR experience required. $4,000,000 net worth. $1,500,000 liquid capital. 5-Can development minimum. 0.5–1 acre site with 25,000+ ADT.
Visit Franchise PageEvery Brand Shoutout is built on independently sourced information:
Financial Data: Franchise Disclosure Documents (FDDs), Franchise Times Top 400, QSR Magazine unit economics reporting, FDD Item 19 Customer Reviews: Yelp, TripAdvisor, TikTok, GuiltyEats.com (prioritizing 2024–2025, newest markets) Leadership Information: Nation’s Restaurant News, QSR Magazine, Restaurant Business, press releases, IFA announcements Growth Metrics: Official press releases, QSR Magazine reporting, Franchise Times Top 400 (2025) Employee Perspectives: Indeed.com reviews, multiple locations, 2024–2025We never ask brands for permission before publishing. Our job is independent analysis, not marketing material. If something in this piece doesn’t match your experience — good or bad — that’s valuable information for the operator community.
Sponsors get placement, not editorial control. We write what the research shows.
This analysis draws on 24 public sources including FDD analyses, customer reviews, industry press, and employee reviews.
Several questions remain unanswered:
We don’t know the current open Can count with precision.Franchise Times Top 400 (2025) lists 21 units. Brand communications reference 375 open or in development. The gap is real and material. Operators should request the current open unit roster directly from the brand before any agreement.
We don’t know Don Crocker’s current status at the brand.Crocker was announced as CDO in April 2024. The November 2025 press release announcing Ryan Crumley as CDO does not reference Crocker’s departure or status. This is an open question that franchise candidates should ask directly.
We don’t know franchisee satisfaction or renewal rate.The franchise program re-opened in May 2023. Most franchisees are in their first term. No multi-term renewal data exists yet. Item 20 of the FDD (current and former franchisee contacts) is the most important document to review.
We don’t know the AUV distribution by market or vintage.The $1,697,000 FDD average and the $2M+ system tracking figure likely reflect different measurement periods and unit sets. Location-level revenue data broken down by market, opening year, and operator type is not publicly available.
We don’t know whether Watson’s Tropical Smoothie playbook directly translates to drive-thru-only modular QSR.Tropical Smoothie operates inline, endcap, and drive-thru units. Smalls is exclusively a drive-thru and walk-up window concept. Watson’s franchise scaling expertise is directly applicable. Whether his specific unit economics optimization experience translates to the Can model requires watching his first 12 months of results.
This deep dive was produced independently. The brand profiled did not participate in, review, or approve this research prior to publication. All financial claims, unit economics, and operational assessments are sourced from publicly available materials and cited accordingly.
QSR Research Hub is an independent publication. We receive no compensation from any brand featured in our Brand Shoutouts.
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1. Smalls Sliders brand history timeline. smallsslidersfranchising.com/about (2025). https://smallsslidersfranchising.com/about
2. First Can Year 1 revenue $2.4M. QSR Magazine. "Drew Brees and Smalls Sliders Game Plan for National Stardom" (2023). https://www.qsrmagazine.com/growth/fast-casual/drew-brees-and-smalls-sliders-game-plan-for-national-stardom/
3. Drew Brees on AUV tracking $2M+. QSR Magazine. "Drew Brees and Smalls Sliders Game Plan for National Stardom" (2023). https://www.qsrmagazine.com/growth/fast-casual/drew-brees-and-smalls-sliders-game-plan-for-national-stardom/
4. 375 Cans open or under development, 30 states. IFA press release, February 2026; smallssliders.com CEO announcement. https://smallssliders.com
5. Franchise Times Top 400 #472, 21 units. Franchise Times (2025). https://www.franchisetimes.com/top-400-2025/472-smalls-sliders/article_05570542-6751-497f-a477-ec997616a8f4.html
6. Charles Watson named CEO, Maria Rivera departure. QSR Magazine. "Smalls Sliders Names Charles Watson CEO" (April 2025). https://www.qsrmagazine.com/news/smalls-sliders-names-charles-watson-ceo/
7. Ryan Crumley CDO, Michael Alberici CMO promotions; Clint Penfield COO. QSR Magazine. "Smalls Sliders Names Ryan Crumley CDO and Promotes Michael Alberici to CMO" (November 2025). https://www.qsrmagazine.com/news/smalls-sliders-names-ryan-crumley-cdo-and-promotes-michael-alberici-to-cmo/
8. 22 states under development; real estate guidelines. smallsslidersfranchising.com (2025). https://smallsslidersfranchising.com
9. Brandon Landry founder background; Walk-On’s origin. smallssliders.com/about; QSRweb.com (2023). https://smallssliders.com
10. Jacob Dugas co-founder; 10 Point Capital investment timeline. QSR Magazine. "Smalls Sliders Secures Equity Investment from 10 Point Capital" (2022). https://www.qsrmagazine.com/news/smalls-sliders-secures-equity-investment-10-point-capital/
11. 10 Point Capital investment rationale; Thibodaux opening; supply chain/operations building. QSR Magazine. "Small Sliders' Growth Story Enters Major Chapter." https://www.qsrmagazine.com/exclusives/small-sliders-growth-story-enters-major-chapter/
12. Don Crocker hired as CDO. NRN; FranchiseWire; Fast Casual (April 2024). https://www.nrn.com/people/inspire-brands-don-crocker-joins-smalls-sliders-lead-development
13. Nine SKUs, under 12 ingredients. Franchise Times (2025); Charles Watson interview. https://www.franchisetimes.com/franchise_news/smalls-sliders-names-tropical-smoothie-vet-charles-watson-as-ceo/article_dad22b3f-cb4b-4e2f-bd35-5399e0655bcb.html
14. Pricing: $8.99 two-slider combo, $13.99 four-slider. CultureMap San Antonio (2025). https://sanantonio.culturemap.com
15. Modular Can specs, site requirements, 5-Can development minimum. smallsslidersfranchising.com (2025). https://smallsslidersfranchising.com
16. FDD investment range; unit opening December 2022 at $2.641M; restaurant building $814K–$1.21M. QSR Magazine “300 Cans” (2024). https://www.qsrmagazine.com/food/burgers/smalls-sliders-slays-another-milestone-with-300-cans-in-development/
17. 300 Cans milestone, doubling from 200 since start of 2024; 6 states sold out. VerdictFoodservice / PRNewswire (August 2024). https://www.prnewswire.com
18. FDD average AUV $1,697,000; 21 franchise units. Smalls Sliders Franchising. FDD Item 19 financial performance representation (2024 FDD). Note: FDD vintage reflects prior operating year data; prospective franchisees should obtain the current FDD directly from Smalls Sliders Franchising LLC. https://smallsslidersfranchising.com
19. QSR 40/40 List 2022; QSR 50 Contenders 2023; NRN Breakout Brands 2023; Entrepreneur Top New & Emerging 2023. Brand press releases and awards program pages. https://www.qsrmagazine.com/the-list/qsr-4040/
20. Customer reviews, GuiltyEats.com (2025). https://guiltyeats.com
21. Customer reviews, Yelp and TikTok (2024–2025). https://www.yelp.com
22. Employee reviews, Indeed (2024–2025). https://www.indeed.com
23. Casey Halbach, Chief People Officer. Company announcement (2025). https://smallssliders.com
24. Consumer comparisons to White Castle/Krystal. GuiltyEats.com; Yelp reviews (2024–2025). https://guiltyeats.com