Franopolis

    Bonchon Business and Restaurant

    Franchise research report · reviewed 2026 disclosure data

    Reviewed sources

    Bonchon Business and Restaurant franchise specializes in Korean fried chicken and Asian fusion cuisine, known for its signature double-fried chicken with soy ga

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    Headline figures

    Bonchon Business and Restaurant quick facts

    Is Bonchon Business and Restaurant a franchise?
    Yes. Bonchon Business and Restaurant offers franchises through a Franchise Disclosure Document. At the end of 2025, it reported 148 franchised and 0 company-owned outlets (2026 FDD, Item 20, PDF p. 87).
    How much does it cost to open a Bonchon Business and Restaurant franchise?
    The Bonchon Business and Restaurant Franchise Disclosure Document reports separate estimated initial investments by format: $262,382 for 3 months) $20,000- $60,000 see note 17 as expenses occur after opening various total — 262382 (2026 FDD, Item 7, PDF p. 31); $772,536 for 3 months) $20,000- $60,000 see note 17 as expenses occur after opening various total — 772536 (2026 FDD, Item 7, PDF p. 28); $47,000 for 0- $5,000 see note 2 as third party specifies as incurred attorney/ accountant total — 47000 (2026 FDD, Item 7, PDF p. 37). These formats are not combined. Each is the franchisor's disclosed estimate, not a quote. Details
    What is the Bonchon Business and Restaurant initial franchise fee?
    The disclosed initial franchise fee for a standard single unit is $35,000 (2026 FDD, Item 5, PDF p. 12). Other fee options (for example multi-unit or conversion) are listed separately in the report. Details
    What ongoing fees does Bonchon Business and Restaurant charge?
    The disclosed ongoing royalty is $5 (2026 FDD, Item 6, PDF p. 13). The brand or advertising fund contribution is 4% (2026 FDD, Item 6, PDF p. 14). Other recurring fees are listed in Item 6. Details
    Does Bonchon Business and Restaurant disclose financial performance (Item 19)?
    Yes. The Bonchon Business and Restaurant FDD includes an Item 19 financial performance representation (2026 FDD, Item 19, PDF p. 84). Figures apply only to the locations and period each one covers. Details
    How many Bonchon Business and Restaurant locations are there?
    The FDD reports 148 outlets at the end of 2025 (2026 FDD, Item 20, PDF p. 87). Existing locations do not indicate territory availability. Details
    Is Bonchon Business and Restaurant a good franchise to buy?
    Franopolis does not rate or recommend franchises. From the reviewed FDD: Item 19 includes financial performance figures; check which locations and period they cover; Item 20 lists outlet openings, closures and transfers; Item 6 includes a brand or advertising fund contribution on top of royalty; Item 20 also lists current and former franchisees you can contact. Review the full FDD with a franchise attorney and accountant before deciding.

    From reviewed FDD figures only. Not a recommendation or projection.

    What the disclosures show

    1. 1The 2026 FDD (Item 7) estimates opening costs separately by format: $262,382 (3 months) $20,000- $60,000 See Note 17 As expenses occur After opening Various TOTAL — 262382); $772,536 (3 months) $20,000- $60,000 See Note 17 As expenses occur After opening Various TOTAL — 772536); $47,000 (0- $5,000 See Note 2 As third party specifies As Incurred Attorney/ Accountant TOTAL — 47000); several initial fee options apply.
    2. 2Item 19 covers 30 separate groups: revenue and other measures for 26 Franchised locations; revenue and other measures for 3 Franchised locations; revenue and other measures for 96 Franchised locations; other measures and revenue for Franchised locations; revenue and other measures for Franchised locations; revenue and other measures for Franchised locations; other measures and revenue for Franchised locations; revenue and other measures for 6 Franchised locations; other measures and revenue for 24 Franchised locations; revenue and other measures for 24 Franchised locations; revenue and other measures for 7 Franchised locations; revenue and other measures for 24 Franchised locations; revenue and other measures for 24 Franchised locations; other measures and revenue for 6 Franchised locations; revenue and other measures for 3 Franchised locations; revenue and other measures for 4 Franchised locations; other measures for Franchised locations; other measures for Franchised locations; other measures for Franchised locations; other measures for Franchised locations; other measures for Franchised locations; other measures and revenue for 6 Franchised locations; other measures for 6 Franchised locations; other measures for 4 Franchised locations; revenue for 24 Franchised locations; other measures for 24 Franchised locations; other measures for 24 Franchised locations; other measures for 7 Franchised locations; revenue for 24 Franchised locations; revenue for 24 Franchised locations. They are not combined.
    3. 3Outlets grew by 5 in 2025, to 148 (United States, as labeled in the FDD, Item 20).

    From reviewed FDD figures only. Not a recommendation or projection.

    Franchises under $50kOther brands whose disclosed Item 7 low end fits this budget.Compare outlet trendsPut Item 20 counts side by side with up to 3 other brands.

    Bonchon Business and Restaurant head-to-head

    Closest peers in the same subcategory, side by side from reviewed FDD figures. Not a ranking or recommendation.

    Bonchon Business and RestaurantVSIHOP
    Compare head-to-head
    Bonchon Business and RestaurantVSApplebee's Neighborhood Grill + Bar
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    Bonchon Business and RestaurantVSBrinker International Payrollmpany L P
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    Bonchon Business and RestaurantVSGolden Corral
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    Costs · Items 5–7

    What does it cost to open?

    Estimated opening costs and the fees payable to the franchisor.

    Startup Investment — Item 7

    Range across 3 single-unit formats

    2026 FDD · Item 7

    Formats disclosed in Item 7 (3)

    Each format has its own total. The total depends on the format you choose.

    • 0- $5,000 See Note 2 As third party specifies As Incurred Attorney/ Accountant TOTAL — 47000PDF p. 37$47,000
    • 3 months) $20,000- $60,000 See Note 17 As expenses occur After opening Various TOTAL — 262382PDF p. 31$262,382
    • 3 months) $20,000- $60,000 See Note 17 As expenses occur After opening Various TOTAL — 772536PDF p. 28$772,536

    Standard single-unit franchise fee

    2026 FDD · Item 5 · PDF p. 12
    Discounted and multi-unit options are separate; see all fees.

    Ongoing Fees — Item 6

    Selected recurring charges; payment bases and conditions remain attached to each fee.

    full 12 months of operations, after which the weekly Continuing Royalty rate will be — 5%Main ongoing fee

    68 reported fees, each with its payment basis, are listed below; they haven't been sorted into recurring, initial and occasional groups yet.

    Financial Performance — Item 19

    What results are disclosed—and for which locations?

    30 separate populations, shown apart. Revenue is not owner income.

    26 locations

    Revenue and other measures · 26 locations

    Who is counted
    Mature Fast Casual restaurants
    Excluded
    Mature full12months; excludes16new,2opened-and-closed,4closed>14daysoroperated<300days,12permanentlyclosed.
    Method
    Unaudited weekly royalty reports and POS polling; revenues net documented refunds/credits/discounts and sales taxes; not profit.

    These groups are never combined.

    Outlet Changes — Item 20

    How has the outlet count changed?

    United States, as labeled in the FDD · counts as of 2025 of each year.

    2026 FDD · Item 20 · PDF p. 87

    Net +21 outlets, 2023–2025

    0127202314320241482025+16+5

    Year-end counts reported in Item 20. The scale starts at zero; the labels between the dots show each year's change. Openings and closures for 2025 haven't been pulled from the Item 20 tables yet, so no turnover or churn is shown.

    Questions to investigate

    Prompts based on what this brand's reviewed disclosures do and don't show — not conclusions. Join free as a member to save questions to your research.

    For the franchisor

    • Which line items in the 2026 Item 7 estimate ($47,000 – $772,536) vary most by market, and why?

    • Which initial fee option would apply to my situation, and what conditions or discounts affect it?

    • Which locations are included in the Item 19 figures, and which were excluded?

    • Reported units went from 143 to 148 in 2025. How many new units opened, closed or changed hands?

    • Is a territory available in my area, and how is it defined in my agreement?

    For current and former owners

    • How did your actual startup costs and timeline compare with the Item 7 estimate?

    • How many hours a week do you work in the business, and in what role?

    • How do your results compare with the Item 19 figures, and what explains the difference?

    • What support from the franchisor has been most and least useful?

    For your advisors

    • Ask a franchise attorney to review the territory, renewal, transfer and termination terms.

    • Ask an accountant to build a cash-flow plan using your own assumptions, not the franchisor's.

    Sources & vintage history

    Every displayed fact is retained with its disclosure vintage, item, page, and reviewed status. Prior vintages remain on file rather than being overwritten.

    Citations (2026 FDD)

    1. [1]Standard initial franchise fee — Item 5 · PDF p. 12
    2. [2]Item 19 — Locations counted not stated in the reviewed record — Mature Fast Casual restaurants · PDF p. 84
    3. [3]Item 19 — Locations counted not stated in the reviewed record — Mature Delivery and Carryout Only restaurants · PDF p. 84
    4. [4]Item 19 — Locations counted not stated in the reviewed record — Mature Dine-In restaurants · PDF p. 84
    5. [5]Item 19 — Locations counted not stated in the reviewed record — Fast Casual lowest 25% · PDF p. 86; PDF p. 87
    6. [6]Item 19 — Locations counted not stated in the reviewed record — Fast Casual third highest 25% · PDF p. 86
    7. [7]Item 19 — Locations counted not stated in the reviewed record — Fast Casual second highest 25% · PDF p. 86
    8. [8]Item 19 — Locations counted not stated in the reviewed record — Fast Casual highest 25% · PDF p. 86
    9. [9]Item 19 — Locations counted not stated in the reviewed record — Fast Casual quartile1 · PDF p. 86
    10. [10]Item 19 — Locations counted not stated in the reviewed record — Dine-In quartile2 · PDF p. 85
    11. [11]Item 19 — Locations counted not stated in the reviewed record — Dine-In quartile4 · PDF p. 85
    12. [12]Item 19 — Locations counted not stated in the reviewed record — Fast Casual quartile2 · PDF p. 86
    13. [13]Item 19 — Locations counted not stated in the reviewed record — Dine-In quartile1 · PDF p. 85
    14. [14]Item 19 — Locations counted not stated in the reviewed record — Dine-In quartile3 · PDF p. 85
    15. [15]Item 19 — Locations counted not stated in the reviewed record — Fast Casual quartile4 · PDF p. 86
    16. [16]Item 19 — Locations counted not stated in the reviewed record — Mature Remote Kitchen restaurants · PDF p. 84
    17. [17]Item 19 — Locations counted not stated in the reviewed record — Fast Casual quartile3 · PDF p. 86
    18. [18]Item 19 — Locations counted not stated in the reviewed record — Dine-in highest 25% · PDF p. 85
    19. [19]Item 19 — Locations counted not stated in the reviewed record — Dine-in third quartile · PDF p. 86
    20. [20]Item 19 — Locations counted not stated in the reviewed record — Fast casual second quartile · PDF p. 86
    21. [21]Item 19 — Locations counted not stated in the reviewed record — Dine-in second highest 25% · PDF p. 85
    22. [22]Item 19 — Locations counted not stated in the reviewed record — Dine-in third highest 25% · PDF p. 85
    23. [23]Item 19 — Locations counted not stated in the reviewed record — Highest Quartile of Mature Franchised Fast Casual Restaurants · PDF p. 86
    24. [24]Item 19 — Locations counted not stated in the reviewed record — Lowest Quartile of Mature Franchised Fast Casual Restaurants · PDF p. 86
    25. [25]Item 19 — Locations counted not stated in the reviewed record — Third Quartile of Mature Franchised Fast Casual Restaurants · PDF p. 86
    26. [26]Item 19 — Locations counted not stated in the reviewed record — Mature franchised dine-in second highest quartile · PDF p. 85
    27. [27]Item 19 — Locations counted not stated in the reviewed record — 24 Mature Franchised Dine-In Restaurants in the Lowest Dine-In Quartile · PDF p. 86
    28. [28]Item 19 — Locations counted not stated in the reviewed record — Lowest Quartile of Mature Franchised Dine-In Restaurants · PDF p. 86
    29. [29]Item 19 — Locations counted not stated in the reviewed record — Second Highest Quartile of Mature Franchised Fast Casual Restaurants · PDF p. 86
    30. [30]Item 19 — Locations counted not stated in the reviewed record — Mature franchised dine-in restaurants in highest quartile · PDF p. 85
    31. [31]Item 19 — Locations counted not stated in the reviewed record — Mature franchised dine-in third highest quartile · PDF p. 85
    32. [32]Outlet counts — Item 20, Table 1 · PDF p. 87

    "PDF p." is the page in the PDF file; "printed p." is the number printed on the FDD page. Source document: FDD

    Territory & operations

    183 addresses in Franopolis's imported location list. Coverage may differ from Item 20 outlet counts.

    These are contract disclosures, not confirmation that any territory is currently available.

    Legal & agreement

    Franchisor financial statements

    Fiscal yearMeasureReported value
    2025deferred revenues$257,551
    2025prepaid expenses and other current assets$115,903
    2025deferred revenues, net of current portion$1,672,105
    2025accounts receivable, net$142,832
    2025cash$5,814,738
    2025due to related parties$164,291
    2025net incomeMore than one value recorded for this year — open the FDD source before comparing$1,033,773
    2025income from operations$1,039,479
    2025franchisee advertising fees$3,291,406
    2025prepaid commissions$7,904
    2025total revenues$13,980,851
    2025total liabilities$2,575,801

    These figures describe the franchisor company, not individual franchise locations.

    SBA-backed loans to franchisees

    Loading…

    Source: U.S. Small Business Administration 7(a) & 504 FOIA data. Loan volume is not a measure of franchisee success.

    Related research

    Brands in the same subcategory first, then the wider industry, ordered by shared business format, overlapping investment range, Item 20 outlet count and search interest. This is not a ranking or recommendation.

    IHOPApplebee's Neighborhood Grill + BarBrinker International Payrollmpany L PGolden CorralHuddle HouseHome Grown Industries Of Georgia

    Head-to-head comparisons

    Bonchon Business and Restaurant vs IHOPBonchon Business and Restaurant vs Applebee's Neighborhood Grill + BarBonchon Business and Restaurant vs Brinker International Payrollmpany L PBonchon Business and Restaurant vs Golden CorralBonchon Business and Restaurant vs Huddle HouseBonchon Business and Restaurant vs Home Grown Industries Of Georgia
    Compare reviewed facts

    At a glance

    Business history

    Not reviewed

    Owner participation

    Not reviewed

    Territory language

    Litigation disclosure

    Not reviewed

    Bankruptcy disclosure

    Not reviewed

    Agreement term

    Not reviewed

    Reader notes on wording

    Our automated check found that these summaries may not match the FDD's exact wording. Read the FDD excerpt itself; it is the authoritative text. Core cost, fee, Item 19 and outlet figures are not affected.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: ss Revenues earned being $1,212,628and the lowest Annual Gross Revenues earned being — 1038926

      “2. As of December 31, 2025, there were 26 Mature Franchised Fast Casual Restaurants, of which 74 performed in the second highest 25% of all Mature Franchised Fast Casual Restaurants (the “Second Highest Fast Casual Quartile Restaurants”). Of the 74 Second Highest Fast Casual Quartile Restaurants, 3 (or 43%) met or exceeded the Average Annual Gross Revenues, with the second highest Annual Gross Revenues earned being $1,212,628and the lowest Annual Gross Revenues earned being $1,038,926. ”

      Note: PDF page 86 conflicts on the second-highest Fast Casual quartile size: the narrative says 74 restaurants while Table B lists 7. The FDD does not settle which population the $1,038,926 minimum represents.

    • Item 19 · PDF p. 87 · 2026 FDD

      Our summary: oss Revenues earned being $734,401 and the lowest Annual Gross Revenues earned being — 377773

      “4. As of December 31, 2025, there were 104 Mature Franchised Fast Casual Restaurants, of which 64 performed in the lowest 25% of all Mature Franchised Fast Casual Restaurants (the “Lowest Fast Casual Quartile Restaurants”). Of the 64 Lowest Fast Casual Quartile Restaurants, 4 (or 67%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $734,401 and the lowest Annual Gross Revenues earned being $377,773. ”

      Note: PDF page 87 labels $377,773 the lowest annual Gross Revenues but also labels $734,401 the lowest for the same group. The FDD does not reconcile the figures; the group-size conflict also remains.

    • Item 19 · PDF p. 87 · 2026 FDD

      Our summary: Met/exceeded average count

      “4. As of December 31, 2025, there were 104 Mature Franchised Fast Casual Restaurants, of which 64 performed in the lowest 25% of all Mature Franchised Fast Casual Restaurants (the “Lowest Fast Casual Quartile Restaurants”). Of the 64 Lowest Fast Casual Quartile Restaurants, 4 (or 67%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $734,401 and the lowest Annual Gross Revenues earned being $377,773. ”

      Note: PDF page 87 reports 4 restaurants meeting or exceeding average among 64 in the Lowest Fast Casual Quartile, while pages 84–86 report 26 mature Fast Casual restaurants and Table B lists 6 in the lowest quartile. The population conflict is unresolved.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: ss Revenues earned being $1,076,400and the lowest Annual Gross Revenues earned being — 429352

      “4. As of December 31, 2025, there were 96 Mature Franchised Dine-In Restaurants, of which 24 performed in the lowest 25% of all Mature Franchised Dine-In Restaurants (the “Lowest Dine-In Quartile Restaurants”). Of the 24 Lowest Dine-In Quartile Restaurants, 12 (or 50%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $1,076,400and the lowest Annual Gross Revenues earned being $429,352. Mature Franchised Fast Casual Restaurants Quartiles Average Annual Sales Median Annual Sales 1 Highest 25% (6 Mature Franchised Fast Casual Restaurants) $1,574,030 $1,508,362 2 Second 25% (7 Mature Franchised Fast Casual Restaurants) $1,130,202 $1,126,622 3 Third 25% (4 Mature Franchised Fast Casual Restaurants) $866,370 $845,476 4 Lowest 25% (6 Mature Franchised Fast Casual Restaurants) $616,997 $664,159 Notes ”

      Note: The Dine-In lowest-quartile note on PDF page 86 labels both $1,076,400 and $429,352 as the lowest annual Gross Revenues. The FDD does not resolve which figure is the minimum.

    • Item 19 · PDF p. 87 · 2026 FDD

      Our summary: e 104 Mature Franchised Fast Casual Restaurants, of which 64 performed in the lowest — 25%

      “4. As of December 31, 2025, there were 104 Mature Franchised Fast Casual Restaurants, of which 64 performed in the lowest 25% of all Mature Franchised Fast Casual Restaurants (the “Lowest Fast Casual Quartile Restaurants”). Of the 64 Lowest Fast Casual Quartile Restaurants, 4 (or 67%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $734,401 and the lowest Annual Gross Revenues earned being $377,773. ”

      Note: PDF page 87 describes 104 Mature Fast Casual Restaurants and 64 in the lowest quartile, while pages 84–86 describe 26 Mature Fast Casual Restaurants and Table B lists 6 in the lowest quartile. The FDD does not reconcile these populations.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: tile Restaurants”). Of the 74 Second Highest Fast Casual Quartile Restaurants, 3 (or — 43%

      “2. As of December 31, 2025, there were 26 Mature Franchised Fast Casual Restaurants, of which 74 performed in the second highest 25% of all Mature Franchised Fast Casual Restaurants (the “Second Highest Fast Casual Quartile Restaurants”). Of the 74 Second Highest Fast Casual Quartile Restaurants, 3 (or 43%) met or exceeded the Average Annual Gross Revenues, with the second highest Annual Gross Revenues earned being $1,212,628and the lowest Annual Gross Revenues earned being $1,038,926. ”

      Note: The narrative on PDF page 86 says 74 restaurants were in the second-highest Fast Casual quartile, while Table B lists 7 restaurants in that group. The FDD does not reconcile this population conflict for the 43% figure.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: he Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being — 1076400

      “4. As of December 31, 2025, there were 96 Mature Franchised Dine-In Restaurants, of which 24 performed in the lowest 25% of all Mature Franchised Dine-In Restaurants (the “Lowest Dine-In Quartile Restaurants”). Of the 24 Lowest Dine-In Quartile Restaurants, 12 (or 50%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $1,076,400and the lowest Annual Gross Revenues earned being $429,352. Mature Franchised Fast Casual Restaurants Quartiles Average Annual Sales Median Annual Sales 1 Highest 25% (6 Mature Franchised Fast Casual Restaurants) $1,574,030 $1,508,362 2 Second 25% (7 Mature Franchised Fast Casual Restaurants) $1,130,202 $1,126,622 3 Third 25% (4 Mature Franchised Fast Casual Restaurants) $866,370 $845,476 4 Lowest 25% (6 Mature Franchised Fast Casual Restaurants) $616,997 $664,159 Notes ”

      Note: The Dine-In lowest-quartile note on PDF page 86 labels both $1,076,400 and $429,352 as the lowest annual Gross Revenues. The FDD does not resolve which figure is the minimum.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: ge Annual Gross Revenues, with the second highest Annual Gross Revenues earned being — 1212628

      “2. As of December 31, 2025, there were 26 Mature Franchised Fast Casual Restaurants, of which 74 performed in the second highest 25% of all Mature Franchised Fast Casual Restaurants (the “Second Highest Fast Casual Quartile Restaurants”). Of the 74 Second Highest Fast Casual Quartile Restaurants, 3 (or 43%) met or exceeded the Average Annual Gross Revenues, with the second highest Annual Gross Revenues earned being $1,212,628and the lowest Annual Gross Revenues earned being $1,038,926. ”

      Note: The claim concerns the second-highest Fast Casual quartile, but PDF page 86 gives conflicting group sizes: 74 in its narrative and 7 in Table B. The FDD does not settle the applicable group population.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: artile Restaurants”). Of the 4 Third Highest Fast Casual Quartile Restaurants, 2 (or — 29%

      “3. As of December 31, 2025, there were 26 Mature Franchised Fast Casual Restaurants, of which 4 performed in the third highest 25% of all Mature Franchised Restaurants (the “Third Highest Fast Casual Quartile Restaurants”). Of the 4 Third Highest Fast Casual Quartile Restaurants, 2 (or 29%) met or exceeded the Average Annual Gross Revenues, with the highest Annual Gross Revenues earned being $988,085 and the lowest Annual Gross Revenues earned being $768,674.”

      Note: PDF page 86 reports 2 of 4 third-highest Fast Casual restaurants meeting or exceeding average, but labels this 29%; these figures conflict and the FDD does not reconcile them.

    • Item 19 · PDF p. 86 · 2026 FDD

      Our summary: Met/exceeded average count

      “2. As of December 31, 2025, there were 26 Mature Franchised Fast Casual Restaurants, of which 74 performed in the second highest 25% of all Mature Franchised Fast Casual Restaurants (the “Second Highest Fast Casual Quartile Restaurants”). Of the 74 Second Highest Fast Casual Quartile Restaurants, 3 (or 43%) met or exceeded the Average Annual Gross Revenues, with the second highest Annual Gross Revenues earned being $1,212,628and the lowest Annual Gross Revenues earned being $1,038,926. ”

      Note: PDF page 86 says 3 of 74 second-highest Fast Casual restaurants met or exceeded average, while Table B lists 7 in that group. This unresolved population conflict prevents verification of the count in context.

    • Item 19 · PDF p. 87 · 2026 FDD

      Our summary: ual Quartile Restaurants”). Of the 64 Lowest Fast Casual Quartile Restaurants, 4 (or — 67%

      “4. As of December 31, 2025, there were 104 Mature Franchised Fast Casual Restaurants, of which 64 performed in the lowest 25% of all Mature Franchised Fast Casual Restaurants (the “Lowest Fast Casual Quartile Restaurants”). Of the 64 Lowest Fast Casual Quartile Restaurants, 4 (or 67%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $734,401 and the lowest Annual Gross Revenues earned being $377,773. ”

      Note: PDF page 87 states 4 of 64 lowest Fast Casual quartile restaurants met or exceeded average; pages 84–86 instead identify 26 mature Fast Casual restaurants and 6 in the lowest quartile. The applicable group is unresolved.

    • Item 19 · PDF p. 87 · 2026 FDD

      Our summary: he Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being — 734401

      “4. As of December 31, 2025, there were 104 Mature Franchised Fast Casual Restaurants, of which 64 performed in the lowest 25% of all Mature Franchised Fast Casual Restaurants (the “Lowest Fast Casual Quartile Restaurants”). Of the 64 Lowest Fast Casual Quartile Restaurants, 4 (or 67%) met or exceeded the Average Annual Gross Revenues, with the lowest Annual Gross Revenues earned being $734,401 and the lowest Annual Gross Revenues earned being $377,773. ”

      Note: PDF page 87 labels both $734,401 and $377,773 as the lowest annual Gross Revenues for the same Lowest Fast Casual Quartile. The FDD does not resolve which is the minimum; the group-size conflict also remains.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Illinois 2023 — Terminations

      “2023 6 3 0 0 0 0 9”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Georgia 2025 — Reacquired

      “2025 2 1 0 0 0 0 3”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Illinois 2025 — End

      “2025 9 0 0 0 0 0 9”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — Opened

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Illinois 2023 — Start

      “2023 6 3 0 0 0 0 9”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — Ceased other

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Georgia 2025 — End

      “2025 2 1 0 0 0 0 3”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — Start

      “2024 10 0 0 0 0 1 9”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Florida 2024 — Start

      “2024 4 1 0 0 0 0 5”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — Terminations

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Georgia 2025 — Nonrenewals

      “2025 2 1 0 0 0 0 3”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — Reacquired

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — Nonrenewals

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — Start

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Georgia 2025 — Ceased other

      “2025 2 1 0 0 0 0 3”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Illinois 2023 — Opened

      “2023 6 3 0 0 0 0 9”

      Note: This is a state-level Item 20 row; the review scope permits only national/systemwide Total rows.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2023 — End

      “2023 10 0 0 0 0 0 10”

      Note: The cited Item 20 claim is a state-level row. This review permits only national/systemwide Total rows, so the state-specific figure is out of scope.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2025 — Nonrenewals

      “2025 9 0 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2025 — Terminations

      “2025 9 0 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Illinois 2023 — Reacquired

      “2023 6 3 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — End

      “2024 10 0 0 0 0 1 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — Terminations

      “2024 10 0 0 0 0 1 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — Reacquired

      “2024 10 0 0 0 0 1 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2025 — Opened

      “2025 9 0 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — Opened

      “2024 10 0 0 0 0 1 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 90 · 2026 FDD

      Our summary: Table 3 Illinois 2023 — Nonrenewals

      “2023 6 3 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2025 — Start

      “2025 9 0 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2025 — Reacquired

      “2025 9 0 0 0 0 0 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — Nonrenewals

      “2024 10 0 0 0 0 1 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 91 · 2026 FDD

      Our summary: Table 3 Maryland 2024 — Ceased other

      “2024 10 0 0 0 0 1 9”

      Note: This is not a verifiable national/systemwide Total row for Item 20.

    • Item 20 · PDF p. 88 · 2026 FDD

      Our summary: Table1 Company-owned 2023 Start

      “81 Column 1 Outlet Type Column 2 Year Column 3 Outlets at the Start of the Year Column 4 Outlets at the End of the Year Column 5 Net Change Company-Owned 2023 5 4 -1 2024 4 4 0 2025 4 3 -1 Total Outlets 2023 122 131 +9 2024 131 147 +16 2025 147 151 +4 ”

      Note: This is a state-specific Table 3 entry or a non-Total outlet-type row in Item 20. The required review scope is limited to national/systemwide Total rows.

    Independent analysis of franchisor-provided data. Not investment advice. Franopolis does not distribute FDDs.

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