Five Iron Golf Leadership Leverages Franchisee Experience To Disrupt the Booming Sports Entertainment Market

The golf entertainment industry is growing, driven by both an increasing interest in performance-focused experiences and the entertainment component that blends sports and hospitality. Within the larger golf segment, the premier indoor golf category has become a clear performer. Five Iron Golf, the indoor golf simulation franchise, is demonstrating the power of an immersive, tech-forward and hospitality-driven model. 

“I lean a lot on my past,” said Joshua Frankel, vice president of franchise development and a former McDonald’s owner-operator. “It is how I relate to our current franchisees and the prospects interested in joining our brand. I understand the stresses that keep them up at night because I’ve experienced them myself.”

The indoor golf franchise provides a comprehensive entertainment and performance experience, featuring golf lessons, leagues, custom fittings, simulator rentals and premium food and beverage offerings. The brand’s focus on true hospitality rather than performance alone differentiates it in the market, broadens the target audience and drives scalability for franchisees.

With momentum building globally, Five Iron Golf is on pace to close 2026 with nearly 60 locations and represents a compelling investment opportunity for entrepreneurs looking to get into the sports entertainment space with a forward-thinking, hospitality-driven brand.

“We consider ourselves to be at the forefront of technology,” Frankel said. “We are building out a whole host of proprietary tech. Our recent announcements about getting into tournaments and embedding in gaming represent the future.”

Frankel joined 1851 Franchise Publisher Nick Powills on a recent episode of the “Meet the Franchise” podcast to discuss Five Iron Golf’s unique model, the brand’s real estate positioning and how his own background as a third-generation McDonald’s owner-operator influences his current approach to development. A transcript of Frankel’s interview with Powills has been provided below. It has been edited for brevity, clarity and style.

Nick Powills: All right, Joshua, first you, then the brand. How did you accidentally fall into franchising? What is your franchise backstory?

Joshua Frankel: My introduction to franchising was a little different than most, as I started on the franchisee side. I was a third-generation McDonald's owner-operator. I grew up in a franchising family, fell in love with the concept and did that for a number of years. Ultimately, when I exited and sold my portfolio, I joined the franchisor side.

Powills: I love that. Now we have to dive into the McDonald's stuff. How do you even get into it? Was it a family business? Was it yours? Talk about your journey.

Frankel: It was a family business. As a third-generation operator, I joined my mother in the business back in 2008. We had two restaurants at the time. I was lucky and humble enough to work with her for 11 years. We grew our portfolio from two to 10 restaurants before we ended up selling in 2019.

Powills: So, you were third generation, and there were two restaurants. Looking backward at the history of the ownership in your family, what prevented scale? And in 2008, when you got involved, what changed that mindset to go from two to 10?

Frankel: It is interesting to note that it was more than just my mother and me. My uncle was in the business at the time as well, and my grandfather was the patriarch of the business. Ultimately, there were more than two restaurants, but they ended up being divvied out across different parts of our family.

When we had two restaurants, we were in an area that was landlocked. We needed to move to grow. We initially started in Maryland and then expanded into West Virginia. Ultimately, we ended up selling five restaurants and buying 10 in Atlanta, Georgia.

Powills: What was the trigger that made you say, "All right, we're ready to sell the portfolio," or was it just a timing thing?

Frankel: Several reasons drew us to that conclusion. Part of it was that my mother was ready for her next chapter heading toward retirement. It was probably just the right time to make a change.

Powills: All right. So, you started as a franchisee, and now you are on the franchisor side. I assume just the franchisor side — you haven't become a franchisee of Five Iron yet?

Frankel: No, I have not become a franchisee of Five Iron. There were some other stops in between McDonald's and here, but I joined Five Iron in early 2023.

Powills: With that lens, you went through a family business, scaling a business and exiting a business. If I were to extract your value in a franchise growth role, it is that you understand that journey.

How much are you leaning on that experience to connect with candidates and talk about their journey?

Frankel: That is a great question. I lean in with the product, of course. I wouldn’t be successful in my current role if it wasn't for the incredible product we have at Five Iron. The founders built an incredible business and saw a ton of success across many different locations. It is still growing today, which originally brought up the notion that maybe we should franchise this.

As far as how I've been able to grow this with my team, I lean a lot on my past. It is how I relate to our current operating franchisees and the prospects interested in joining our brand. As I like to say, I understand the stresses that keep them up at night because I've experienced them myself. I would never suggest that owning a McDonald's and a Five Iron Golf are exactly the same, but there are certain synergies to owning a small business that I can fall back on and relate to.

Powills: Out of curiosity, because Enlightened Hospitality is behind this, did the "other burger guy" have an influence on your decision that this was something you wanted to run with?

Frankel: Enlightened Hospitality came in probably three or six months after I joined the brand. Danny Meyer is a one-of-one as far as I'm concerned. Having his name and his team behind us has been a major catalyst for how we've been able to grow this brand, especially on the social and event sides. It is another notch of credibility for people who are interested in joining the brand as a franchisee when they see a name like Danny Meyer affiliated with it.

Powills: That is part of the positioning when you get to the franchise website; you call out that partnership alongside Callaway.

I want to ask a question as if I were looking at this as an investor, and there is a bit of a McDonald's question in this. Frankly, this applies to any business with an investment north of $1.5 million. If it were me, I would look to secure land as part of the deal because then I would have multiple turns on the business. I could build up Five Iron, sell it off as an asset, hold onto the land, be the landlord, and continue on. When I look at the Item 19 and what the investment is, if I engineer it the right way, it is a longer payout on the initial investment, but it can turn into generational wealth if managed correctly.

Are buyers looking at it similarly? Are they comfortable making a multi-million-dollar investment into a piece of dirt they don't own, or are they approaching it as a combination?

Frankel: For Five Iron, the investment is a little bit more collaborative, especially as it relates to the initial build-out. I'm not suggesting that you can't go after raw dirt and own the infrastructure, but where we have seen a majority of our success is in established office buildings and mixed retail areas. We have been successful in working with landlords to prove to them that we are a major amenity being added to their building. As a result, they contribute in the form of a tenant improvement allowance, which helps de-risk our initial investment.

Powills: For what it's worth, we did a lot of work with Regis, the office space company. It was fascinating because during the time we were transforming their growth from a partnership standpoint, plenty of landlords were struggling to fill spaces. If we could put a Regis in there, it would occupy part of their real estate. In that sense, Regis operated it on their behalf for a higher royalty.

Thinking about where I live on Michigan Avenue, there is plenty of dead real estate, but this concept has pure entertainment value. It could fit into a touristy area; it could be a great tool for golfers trying to practice, and it offers general entertainment. There are so many different levels to it.

If I am thinking of a target buyer, a commercial real estate owner is perfect. Another target would be high-net-worth individuals who have an affinity for golf, whom you can reach via digital targeting based on their proximity to high-end golf courses. The targeting doesn't seem tough. What are your comments on that?

Frankel: I agree. Whether it is the return to work or a newer, younger generation that wants amenities, having the ability to relax and unwind after spending time at the office is ideal.

There are a lot of synergies you can draw between golf and business, whether it is the art of deal-making on the green grass or indoor play. Now more than ever, golf is golf, whether you're playing it outdoors or indoors. We are hoping to make it more accessible for everyone and allow them a more comfortable space. If it is an introduction to the game, it is often less overwhelming and less intimidating to come into our space. There is also a great social element. You can come in, take a lesson and enjoy great food and beverages along with it.

Powills: How have sales and growth been going?

Frankel: Growth has been great. We have been growing our business since its inception. We are very fortunate to be entering new markets and seeing similar success. It is still early for us, but the franchisees we have brought into the system — both at home in the U.S. and around the globe — have been incredible partners and true brand ambassadors.

Powills: What is the goal for the rest of this year?

Frankel: The goal for the rest of this year is pretty aggressive. We currently sit at 18 franchises and 48 locations total. I think we will finish just shy of 60 locations by the end of this year, and that opening pace will continue to ramp up over the next couple of years.

Powills: Let's move toward the candidate who is watching this. Why should a candidate look at this business? 

Frankel: It comes down to a couple of reasons. Number one, the entertainment space is really hot. We have not focused on just one singular area; we have gone after multiple. While some concepts focus primarily on what we call the performance side of the business — lessons, leagues and fittings — we have all of that plus a robust membership model and a full social component. We are here for you in any capacity you want. We have great food and beverage, and we can host corporate and social events.

Technology is another differentiator. We consider ourselves to be at the forefront of technology, and we are building out a whole host of proprietary tech. Our recent announcements about getting into tournaments and embedding in gaming represent the future. We find ourselves to be the leader in the indoor golf space, and we are continuing to evolve in all aspects.

Powills: That is a great story. You are part of a pioneering group. You can look at Topgolf and Puttery or at how baseball is starting to get into the entertainment space. You see all these things happening around sports that create accessibility for all genders and ages. Clearly, you are capitalizing on that opportunity from a franchise standpoint. I can see what is happening from an international growth standpoint, and with you in the driver's seat for sales, you are very relatable to a buyer. A lot of things are headed in the right direction.

In closing, is there anything you want to say to anyone watching this?

Frankel: We are very humbled and excited about where we are and where we are headed. We are constantly looking for the right partners who want to continue with us on this journey. If you are interested, please reach out. It would be my pleasure to share our story and where we are heading.

Powills: One last question comes to mind regarding a brand-specific shift. My theory is that when Buffalo Wild Wings was experiencing its significant growth phase, the accessibility of high-volume sports and TVs in the home was rare. The cost of a DirecTV NFL package and a 50-inch television was super high. Now, the access to those things has increased, and costs have declined. For Buffalo Wild Wings to get to the next level, they need to take a page out of your playbook. They swung more toward the "Buffalo Wild Wings GO" model, which is fine, but I don't think their core product was ever tremendous — it was good, but not tremendous.

Now you have these big-box spaces out there that were conditioned for something similar to Five Iron. Are you seeing real estate conversions come up as part of the reason a franchisee comes through the door?

Frankel: That is a really good question, and it is something we have looked at. Ultimately, we want to prioritize the right size and the right location for the community. I don't know that there is a one-size-fits-all model, but there are opportunities to look at existing real estate and second-generation restaurant spaces that can convert quite nicely for us.

Powills: So, at the current stage, you haven't done any major conversions, but it is something you would entertain if it aligned from a real estate standpoint?

Frankel: We have done some conversions. I wouldn't suggest they are major franchise brands like the ones you mentioned, but we have seen quite a bit of success and have a few examples both domestically and internationally.

Powills: I love it. Joshua, thank you for sharing your story, and I look forward to seeing where Five Iron goes. I appreciate your time.

Watch the full interview above or on YouTube.