BojanglesFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Bojangles franchise requires a total initial investment of $720K – $3.8M, including a $35K franchise fee and an ongoing 4.0% royalty[2]. Per the 2024 FDD, average unit revenue was $2.4M[2]. SBA 7(a) loans show a 8.0% charge-off rate across 26 loans[1]. Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $720K – $3.8M
- 91st pct Service Resta…
- Avg gross sales
- $2.4M
- 55th pct Service Resta…
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 813
- 92nd pct Service Resta…
- SBA default
- 8.0%
- system-wide median varies by category
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 326 to 285 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $720K – $3.8M including a $35K franchise fee, 4.0% ongoing royalty.
- Average unit revenue of $2.4M/year (median $2.1M).
- Verdict F (Bottom Quintile) with a risk score of 98/100. SBA loan charge-off rate of 8.0% across 26 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- 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
- Legal entity
- Bojangles Opco, LLC
- Parent company
- Walker Parent, Inc.
- Incorporated in
- DE
- HQ
- 9432 Southern Pine Boulevard, Charlotte, North Carolina 28273
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $594K
- vs $647K prior year
Overview
About
Bojangles franchisees operate quick-service restaurant locations specializing in fried chicken, biscuits, and breakfast items. Day-to-day operations include managing kitchen and front-of-house staff, inventory procurement, food preparation, customer service, marketing, and P&L management across what is typically a single location with $2.35M in average annual revenue.
- CEO
- Jose Armario
- Headquarters
- NC
- Founded
- 1977
- FDD year
- 2024
- States available
- 16
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $30K | $181K |
| Equipment, build-out, other | $655K | $3.6M |
| Total initial investment | $720K | $3.8M |
Source: Bojangles 2024 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$400K
17.0% margin
Unlevered ROIC
17%
EBITDA / total invested capital
Payback
5.9 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $720K – $3.8M
- Below avg, review vs category
- Liquid capital req'd
- $30K – $181K
- Below avg, review vs category
- Franchise fee
- $20K – $35K
- Near category avg vs category
- Royalty
- 4.0%
- Gross Sales · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 5.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 4.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $125 |
| Transfer fee | $5K |
| Renewal fee | $18K |
| Total fee load | 5.0% of rev |
A 5.0% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $2.4M
- Per unit, per year
- Median gross sales
- $2.1M
- Item 19 type
- Actual Sales and Selected Expenses
- Sample size
- 767 units
- vs category median 28 · large
- Range (low → high)
- $444K→$7.7M
- Cohort dispersion (min → max)
- Transparency
- 7 / 5
- vs category median 4 / 5 · above
Compared against 453 Quick-Service Restaurants brands
vs Quick-Service Restaurants averages
How Bojangles Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 813
- Opened
- 34
- Last reporting year
- Closed
- 14
- Turnover rate
- 1.7%
- Company-owned
- 285
- Corporate units in the system
- % franchised
- 65%
- vs corporate-owned
- Net growth (yr3)
- +4.1%
- Net unit change last year
- 3-yr CAGR
- +6.5%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 38
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 20 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 contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 26
- Loan volume
- $27.1M
- Median loan
- $896K
- 50th percentile
- Charge-off rate
- 8.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 92.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 13
- Defaults
- 2
Vintage analysis
Bojangles charge-off rate by loan vintage
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Bojangles's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 8 states
- Startup risk premium and job creation velocity
- 12-year lending trend
- SBA 504 real estate/equipment data
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Bojangles presents moderate-to-cautious risk: slow growth, unprotected territories, active litigation, high capital requirements, and opaque profitability data warrant deep validation before $700K+ commitment.
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 98 / 100 rating
- 01MINORSlow unit growth (4.1% YoY) indicates mature/declining system momentum with only 813 units
- 02MEDHigh initial investment range ($720K-$3.8M) with 4% royalty burden and no disclosed net income data creates profitability uncertainty
- 03HIGHThree pending/recent litigation cases involving audit rights, confidentiality violations, and deceptive practices suggest franchisor-franchisee tension and governance issues
- 04MINORNo protected territory exposure creates direct competition risk and cannibalization potential within franchise system
- 05MEDMissing Item 19 (Average Unit Volumes) prevents validation of $2.35M average revenue claim and actual profitability benchmarks
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 2 |
| Protected territory | No |
| Online sales rights | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | North Carolina |
| Litigation count | 4 |
Items 10, 11
Training & Operations
- Classroom training
- 16 hrs
- On-the-job training
- 520 hrs
- POS system
- Xenial
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Xenial
Item 20 · call current owners
Franchisee Contacts
558 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Bojangles · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Bojangles franchise?
The total investment to open a Bojangles franchise ranges from $720K – $3.8M, 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 Bojangles franchise owners earn?
According to Item 19 of the Bojangles FDD, the average gross sales per unit is $2.4M. The median is $2.1M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Bojangles's franchise failure rate?
Based on SBA 7(a) loan data, Bojangles has a charge-off rate of 8.0% across 26 loans, meaning 8.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Bojangles franchise locations are there?
As of their most recent FDD filing, Bojangles has 813 total units in the United States, including 326 franchised units and 285 company-owned units. 34 new units were opened in the latest reporting year.
Is Bojangles a good franchise to buy?
FranchiseVerdict rates Bojangles as a F-grade franchise with a risk score of 98 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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 Bojangles, you can request corrections or provide updated information.
Claim this brandOther Quick-Service Restaurants franchises
Compare similar franchise opportunities in the Quick-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.