Apple Spice®
Bottom line
- Total investment $393K – $572K including a $49K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $885K/year (median $727K).
- Rated MODERATE with a risk score of 61/100. SBA loan default rate of 0.0% across 18 loans (below the industry average).
- No protected territory and the franchisor reserves the right to compete in your area. Clarify territorial boundaries before signing.
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one APPLE SPICE® unit return on the cash you put in?
Unlevered ROIC · per unit
25%
Below typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 APPLE SPICE® units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$1.4M
on $7.1M purchase
Total debt
$5.7M
SBA $3.5M + senior + seller note
Overview
About
Apple Spice franchisees operate what appears to be a food service, beverage, or specialty retail location (likely apple-based products, ciders, or spice-themed goods). Day-to-day operations involve inventory management, customer service, point-of-sale transactions, and maintaining brand standards across a small 32-unit system.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 17 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator — not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Apple Spice presents HIGH RISK due to going concern status, non-disclosed profitability, stagnant unit growth, unprotected territory, and absence of validated financial performance data.
Score breakdown · what drove the 61 / 100 rating
- 01HIGHGoing Concern status indicates franchisor financial distress or viability questions
- 02MEDNet income not disclosed despite $884K average revenue — suggests poor profitability or data withholding
- 03MINOROnly 32 units with unknown growth trajectory — system appears stagnant or contracting
- 04MINORNo protected territory — franchisees face internal brand cannibalization and competition
- 05MEDHigh initial investment ($393K-$571K) with 6% royalty against undisclosed profit margins
- 06MINORItem 19 financial performance data absent — inability to validate ROI claims
- 07MINOR10-year term locks capital with unclear exit or resale market for only 32-unit system
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
17 numbers
One-time purchase · CSV download · Validation questions included
FDD download
APPLE SPICE® · FDD (2025) PDF