Board & Brew Franchise Cost, Revenue & Review 2026
- Investment
- $697K – $1.1M
- Disclosed sales
- not disclosed
- SBA charge-off
- Under 10 loans (7)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Board & Brew is a sandwich restaurant franchise known for deli sandwiches and its signature sauces. Franchisees run the shops, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Board & Brew franchise requires a total initial investment of $697K – $1.1M, including a $35K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $697K – $1.1M
- 29th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 8th pct Service Resta…
- Units
- 31
- 23rd pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-Service Restaurants median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $697K – $1.1M including a $35K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 69/100 (higher is better).
- GROWTHPositive: net +2 franchised outlets in the latest year (2 opened, 0 closed); 4 signed but not yet open (Item 20).
- GROWTHSystem growing at 31.6% CAGR over 3 years with 31 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- BBRG, LLC
- Ultimate parent
- JJ&N Enterprises, Inc.
- FDD Item 1, page 6 of the 2025 FDD
- CEO title
- President and Manager
- Tom Powers
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- CA
- HQ
- 1212 Camino Del Mar, Del Mar, California 92014
- Auditor
- Schild & Co., Inc.
- Audited financials
- Franchisor revenue
- $2.5M
- vs $2.1M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Tom Powers
- Headquarters
- CA
- Founded
- 2012
- FDD year
- 2025
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost runs 35% above the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
The filing's Item 7 TOTAL row prints $697,000 to $1,131,000. Its own line items add to $727,000 to $1,131,000. The total is shown as the franchisor printed it; the lines are listed as printed. FILING ARITHMETIC: the HIGH column foots exactly ($1,131,000).
Full Item 7 breakdown14 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $35K | $35K | |
| Travel/Living Expenses for Initial Training | $4K | $15K | |
| Architectural drawings and layouts | $20K | $25K | |
| Lease for Outlet premises | $30K | $36K | |
| Construction and leasehold Improvements - net of landlord contribution | $250K | $600K | |
| Equipment, furniture and fixtures | $270K | $276K | |
| Point of Sale system (including cash register, two EMV terminals, and 1st year support and maintenance) | $22K | $34K | |
| Initial Inventory and Supplies | $25K | $25K | |
| Interior/Exterior Signs and Graphics | $15K | $24K | |
| Initial Advertising (including Grand Opening Expenses) | $3K | $3K | |
| Business Licenses and Permits | $3K | $3K | |
| Professional fees - legal and accounting | $2K | $7K | |
| Business Insurance (including workers' compensation) | $3K | $3K | |
| Additional funds for first 3 months | $45K | $45K | |
| Total initial investment | $727K | $1.1M |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $697K – $1.1M
- Top 40% of category vs category
- Liquid capital req'd
- $45K – $45K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Top 40% of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $500 |
| Transfer fee | $10K |
| Renewal fee | $2K |
| Inventory (initial) | $25K – $25K |
| Total fee load | 6.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Board & Brew makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Board & Brew unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2025 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 6.0% (near the Full-Service Restaurants median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System expanding at 31.6% CAGR over 3 years across 31 units — operators are staying and new ones are joining.
Multi-unit rate
Only 9% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Full-Service Restaurants medians
How Board & Brew Compares
Category median of published Full-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 31
- Opened
- 2
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 6
- Corporate units in the system
- % franchised
- 81%
- vs corporate-owned
- Multi-unit owners
- 9.1%
- Net growth (3-yr)
- +31.6%
- Net unit change over 3 years
- 3-yr CAGR
- +31.6%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 4
- 0.13 per open outlet · Item 20 Table 5
- Projected new
- 1
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 2 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
2
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
23 current owners across 2 states.
- CA 22
- AZ 1
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 7 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 7
- Loan volume
- $4.3M
- Median loan
- $620K
- average
- Charge-off rate
- Under 10 loans (7)
- Insufficient SBA coverage: 7 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (7)
- 5-yr charge-off
- Under 10 loans (7)
- Loans approved 2021+
- Active lenders
- 0
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Board & Brew presents meaningful investment risk due to absent financial disclosure (Item 19), modest unit growth, prior regulatory violation, and high capital requirements relative to unproven unit economics.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
One concluded action: JJ&N (affiliate) filed a Notice of Violation with California Department of Corporations on April 30, 2012, relating to an unregistered franchise offering to a California-based licensee. The franchisor was not directly involved.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Schild & Co., Inc.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Total revenues for FY2024 of $2,534,787 comprise franchise fees ($61,562), royalty fees ($2,390,456), and creative fund fees ($82,769). Vendor rebate ($296,362) and legal settlement ($41,800) are reported as other income, totaling $338,162.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 69 / 100 verdict
- 01MEDSlow unit growth of only 8.7% YoY with just 31 units suggests limited brand momentum and market traction
- 02MINOR2012 California franchise registration violation by affiliate JJ&N indicates compliance/governance issues within franchise organization
- 03MINORNo 'Going Concern' flag is positive, but combined with opaque financials increases execution risk for franchisees
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | San Diego County, California |
| Jury trial waiver | No |
| Governing law | CA |
| Litigation count | 1 |
View Item 3 litigation summary
One concluded action: JJ&N (affiliate) filed a Notice of Violation with California Department of Corporations on April 30, 2012, relating to an unregistered franchise offering to a California-based licensee. The franchisor was not directly involved.
Items 10, 11
Training & Operations
- Classroom training
- 24 hrs
- On-the-job training
- 120 hrs
- Training location
- Tustin, California and San Clemente, California
- Ongoing training
- Optional
- Time to open
- 12 mo
- From signing to launch
- Site selection
- Franchisee selects, franchisor must approve
- Franchisor financing
- Not offered
- Item 10
- POS system
- Focus POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Focus POS
Item 20 · call current owners
Franchisee Contacts
23 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Board & Brew franchise?
The total investment to open a Board & Brew franchise ranges from $697K – $1.1M, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Board & Brew franchise owners earn?
Board & Brew makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Board & Brew?
Board & Brew is franchised by BBRG, LLC. The ultimate parent named in the FDD is JJ&N Enterprises, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Board & Brew FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the Board & Brew FDD and qualifies whose outlets they describe.
What is Board & Brew's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Board & Brew (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Board & Brew franchise locations are there?
As of their most recent FDD filing, Board & Brew has 31 total units in the United States, including 25 franchised units and 6 company-owned units. 2 new units were opened in the latest reporting year.
Is Board & Brew a good franchise to buy?
FranchiseVerdict rates Board & Brew as a B-grade franchise with a verdict score of 69 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
Are you the franchisor?
If you represent Board & Brew, you can request corrections or provide updated information.
Other Full-Service Restaurants franchises
Compare similar franchise opportunities in the Full-Service Restaurants category
Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.