Buona Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Buona is a Chicago-style fast-casual franchise known for Italian beef sandwiches, plus pasta and sides. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Buona franchise requires a total initial investment of $1.3M – $5.3M, including a $40K franchise fee and an ongoing 4.0% royalty[2]. Per the 2025 FDD, average unit revenue was $3.3M[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $1.3M – $5.3M
- 96th pct Service Resta…
- Avg gross sales
- $3.3M
- Company-owned only34th pct Service Resta…
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 31
- 56th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants avg · 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 $1.3M – $5.3M including a $40K franchise fee, 4.0% ongoing royalty.
- RETURNSAverage unit revenue of $3.3M/year (median $3.4M) (company-owned outlets only - not franchisee performance), with an estimated 9% cash-on-cash return (based on Income (18)).
- RISKVerdict B (Above average), verdict score 54/100 (higher is better).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Chicago's Original Italian Beef Franchising LLC
- Parent company
- The Buona Companies, L.L.C.
- CEO title
- Co-Manager
- Carlo Buonavolanto
- CEO experience
- 39 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- IL
- HQ
- 7075 Veterans Blvd., Burr Ridge, IL 60527
- Auditor
- R.J. Augustine & Associates, Ltd.
- Audited financials
- Franchisor revenue
- $13K
- vs $7K prior year
Overview
About
- CEO
- Carlo Buonavolanto
- Headquarters
- IL
- Founded
- 2021
- FDD year
- 2025
- States available
- 3
Can you afford it, and what does the money buy?
Entry cost runs 396% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $40K | $40K |
| Working capital (3–6 mo) | $35K | $100K |
| Equipment, build-out, other | $1.2M | $5.1M |
| Total initial investment | $1.3M | $5.3M |
Source: Buona 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $1.3M – $5.3M
- Bottom third — review vs category
- Liquid capital req'd
- $35K – $100K
- Bottom third — review vs category
- Franchise fee
- $40K – $40K
- Middle of category vs category
- Royalty
- 4.0%
- percentage · typical 6–8%
- Ad fund
- 1.5%
- typical 3–5%
- Total fee load
- 0.1%
- vs 9–13% typical
- Payback period
- 10.8 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 4.0% of gross sales |
| Marketing / ad fund | 1.5% of gross sales |
| Technology fee | $5K |
| Training fee | $39K |
| Transfer fee | $30K |
| Renewal fee | $8K |
| Inventory (initial) | $15K – $40K |
| Total fee load | 0.1% of rev |
A 0.1% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
What do units actually make?
Average unit sales run 176% above the quick-service restaurants norm.
Company-owned outlets only - not franchisee performance
Source: FDD 2025 · Item 19
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
$550K
16.5% margin
Unlevered ROIC
16%
EBITDA / total invested capital
Payback
6.1 yrs
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings vs. model
The FDD reports $551K as Income (18). Our model estimates $550K SLEBITDA from the same revenue using category-average cost assumptions. These numbers differ because Income (18) deducts different expense categories than our model.
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one Buona unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
16%
Below the 30–60% attractive-franchise band
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 Buona units return on equity?
Equity IRR · 5-yr
25.5%
3.11× MOIC
Year-1 DSCR
3.28×
EBITDA ÷ debt service
Equity required
$17.2M
on $31.7M purchase
Total debt
$14.5M
SBA $5.0M + senior + seller note
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
Company-owned outlets only - not franchisee performance
- Avg gross sales
- $3.3M
- Per unit, per year
- Median gross sales
- $3.4M
- Avg income (18)
- $551K
- Reported as Income (18) in FDD Item 19
- Cash-on-cash
- 9.3%
- Based on Income (18) / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross sales and expenses
- Sample size
- 10 outlets
- vs category median 20
- Range (low → high)
- $2.6M→$3.8M
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 9 / 10
- vs category median 4 / 10 · above
Compared against 782 Quick-Service Restaurants brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $3.3M/year in gross sales. Revenue-to-investment ratio: 1.0x. Company-owned outlets only - not franchisee performance.
Fee burden
Total ongoing fee load of 0.1% — below the Quick-Service Restaurants average of 7.9%.
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Multi-unit rate
Only 25% 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 Quick-Service Restaurants averages
How Buona Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 31
- Opened
- 0
- 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
- 0.0%
- Company-owned
- 31
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
- Multi-unit owners
- 25.0%
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 6
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 3 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.
3
states with franchisees (per FDD Item 12)
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
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
Undisclosed financial performance claims, franchisor viability concerns, and opaque unit economics create material investment uncertainty despite no active litigation.
Litigation (Item 3)
No litigation required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · R.J. Augustine & Associates, Ltd.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 54 / 100 verdict
- 01HIGHGoing Concern = False indicates parent company financial instability or uncertainty about franchisor's viability
- 02MINORUnknown unit growth trajectory — 31 units is small; no disclosure of growth rate, closures, or turnover
- 03MINORModest 16.5% net margin (551k/3.3M revenue) leaves little buffer for underperformance or economic downturn
- 04MED4% royalty + operating costs may compress margins further if sales decline or foot traffic drops
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 0.1% 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 | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 60,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 14 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Chicago, Illinois metropolitan area |
| Jury trial waiver | Yes |
| Governing law | IL |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 378 hrs
- Training location
- Chicago, Illinois area at a franchisor-designated restaurant
- Ongoing training
- Required
- Field support
- 30 hrs/yr
- On-site visits per year
- Time to open
- 18 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Brink POS (by Brinks)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Brink POS (by Brinks)
Item 20 · call current owners
Franchisee Contacts
1 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Buona · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Buona franchise?
The total investment to open a Buona franchise ranges from $1.3M – $5.3M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Buona franchise owners earn?
According to Item 19 of the Buona FDD, the average gross sales per unit is $3.3M. The median is $3.4M. Important context: Company-owned outlets only - not franchisee performance. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Buona 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 Buona FDD and qualifies whose outlets they describe.
What is Buona's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Buona (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 Buona franchise locations are there?
As of their most recent FDD filing, Buona has 31 total units in the United States, including 0 franchised units and 31 company-owned units.
Is Buona a good franchise to buy?
FranchiseVerdict rates Buona as a B-grade franchise with a verdict score of 54 out of 100 (higher is better), 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 Buona, you can request corrections or provide updated information.
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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.