Cookie Plug Franchise Cost, Revenue & Review 2026
- Investment
- $174K – $568K
- Disclosed sales
- $303K
- gross sales, not profit
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Cookie Plug is a quick-service franchise selling oversized, hip-hop-themed gourmet cookies. Franchisees run the shops and kiosks, managing baking, staffing, and takeout and delivery.
FranchiseVerdict summary · 2026
A Cookie Plug franchise requires a total initial investment of $174K – $568K, including a $40K franchise fee and an ongoing 7.0% royalty[2]. Per the 2025 FDD, average unit revenue was $303K[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Limited operating history: franchising since 2024. A system this young has fewer than three years of Item 20 outlet history and rarely enough SBA loans for a charge-off rate, so its grade rests on less evidence than an established system's. Read its Item 20 tables and talk to its first franchisees before relying on the grade. Other new franchisors
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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $174K – $568K
- 16th pct Service Resta…
- Avg gross sales
- $303K
- 1st pct Service Resta…
- Royalty
- 7.0%
- 90th 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 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 $174K – $568K including a $40K franchise fee, 7.0% ongoing royalty.
- RETURNSAverage unit revenue of $303K/year (median $299K).
- RISKVerdict B (Above average), verdict score 53/100 (higher is better).
- GROWTHPositive: net +10 franchised outlets in the latest year (25 opened, 15 closed); 6 signed but not yet open (Item 20).
- GROWTHSystem growing at 250.0% 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
- BAA Brands, LLC
- Predecessor
- BMF Brands LLC / The Cookie Plug Group LLC
- Prior franchisor entity
- CEO title
- Founder and Chief BMF
- Erik Martinez
- Incorporated in
- WY
- HQ
- 821 E Virginia St, Evansville, IN 47711
- Auditor
- Reese CPA LLC
- Audited financials
Affiliated brands
- What Up Dough
- BMF Brands
- Doughp Designs
- is BMF Brands
- Plug Walk
- Doughp Dealer
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Erik Martinez
- Headquarters
- IN
- Founded
- 2024
- FDD year
- 2025
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost runs 24% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $30K | $40K | |
| Training Expenses | $500 | $4K | |
| Equipment, Fixtures and Decor | $60K | $125K | |
| POS System, Hardware and Software | $2K | $6K | |
| Camera System | $2K | $3K | |
| Signs | $2K | $25K | |
| Grand Opening Advertising | $10K | $20K | |
| Real Estate Improvements | $25K | $225K | |
| Insurance | $1K | $2K | |
| Permits | $700 | $5K | |
| Lease Deposit | $0 | $8K | |
| Professional Fees | $5K | $15K | |
| Initial Order of Cookie Dough and Toppings | $7K | $10K | |
| Initial Order of Branded Apparel | $1K | $3K | |
| Initial Inventory | $4K | $11K | |
| Other Opening Costs | $1K | $10K | |
| Additional Funds - 3 months | $25K | $58K | |
| Total initial investment | $174K | $568K |
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
- $174K – $568K
- Top 40% of category vs category
- Liquid capital req'd
- $25K – $58K
- Middle of category vs category
- Franchise fee
- $40K – $40K
- Middle of category vs category
- Royalty
- 7.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 2.0% |
| Technology fee | $700 |
| Training fee | $500 |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $4K – $11K |
| Total fee load | 9.0% of rev |
What do units actually make?
Average unit sales run 69% below the quick-service restaurants norm.
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Cookie Plug until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
Total invested capital · disclosed
$413K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
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, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Cookie Plug 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 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.
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%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
- Avg gross sales
- $303K
- Per unit, per year
- Median gross sales
- $299K
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 revenue
- Sample size
- 5 outlets
- vs category median 19 · small
- Range (low → high)
- $226K→$434KCited, not corroborated — printed on page 54 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- 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 781 Quick-Service Restaurants brands
Revenue is only 0.8x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
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 $303K/year in gross sales. Revenue-to-investment ratio: 0.8x.
Fee burden
Total ongoing fee load of 9.0% — above the Quick-Service Restaurants median of 7.5%.
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 5 outlets — treat as directional only.
Operator retention
System expanding at 250.0% CAGR over 3 years across 31 units — operators are staying and new ones are joining.
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 medians
How Cookie Plug Compares
Category median of published Quick-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
- 25
- Last reporting year
- Closed
- 15
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Turnover rate
- 48.4%
- Company-owned
- 3
- Corporate units in the system
- % franchised
- 90%
- vs corporate-owned
- Net growth (3-yr)
- Outlier (see FDD)
- Likely small-sample artifact
- 3-yr CAGR
- Outlier (see FDD)
- Likely small-sample artifact
Last fiscal year · Item 20 exits and transfers
- Terminated
- 1
- Signed, not yet open
- 6
- 0.19 per open outlet · Item 20 Table 5
- Projected new
- 8
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 13 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.
Available to sell in · Item 12
- Indiana
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
30 current owners across 13 states.
- CA 9
- NC 3
- PA 3
- AZ 2
- FL 2
- MI 2
- NV 2
- TX 2
- AL 1
- IN 1
- OH 1
- OR 1
- +1 more states
Counts only, from the list the franchisor prints in Item 20; 1 entries carry no state. 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 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
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
1) Ryan Usrey et al v. Christopher Wyland, Erik Martinez et al - corporate ownership dispute filed Oct 2022, settled Nov 2022. 2) Lotus Leaf LLC et al v. Sharon M. Leite et al (Michigan, 2025) - Vitamin Shoppe franchisee suit against former Vitamin Shoppe employees including Cookie Plug's President Denker, not related to Cookie Plug system.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Reese CPA LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Franchisor BAA Brands, LLC was formed July 2, 2024 (inception); audited statements for the period July 2, 2024 through December 31, 2024 show $0 revenues and $0 net income. Total assets $5,000 (cash), zero liabilities, members' equity $5,000 (single $5,000 member contribution).
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- 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 53 / 100 verdict
- 01HIGHTwo active litigation cases involving franchise law violations and corporate ownership disputes create legal uncertainty and reputational risk
- 02MEDHigh initial investment ($174K–$568K) paired with 7% royalty rate leaves limited margin for error; average net income of $108K yields only 35.6% net margin before accounting for rent, labor, and other overhead
- 03MINORRapid unit growth (55.6% YoY) on small base (31 units) suggests early-stage franchise with unproven unit economics and retention; high growth can mask underlying franchise satisfaction issues
- 04HIGHLitigation involving David Denker and alleged Michigan Franchise Investment Law violations suggest potential corporate compliance gaps that could expose franchisees to legal liability
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% 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 |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 50,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Not allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 5 days |
| Curable defaultsℹ | 1 |
| Mandatory arbitration | No |
| Arbitration location | Indiana |
| Jury trial waiver | Yes |
| Governing law | IN |
| Litigation count | 2 |
View Item 3 litigation summary
1) Ryan Usrey et al v. Christopher Wyland, Erik Martinez et al - corporate ownership dispute filed Oct 2022, settled Nov 2022. 2) Lotus Leaf LLC et al v. Sharon M. Leite et al (Michigan, 2025) - Vitamin Shoppe franchisee suit against former Vitamin Shoppe employees including Cookie Plug's President Denker, not related to Cookie Plug system.
Items 10, 11
Training & Operations
- Classroom training
- 17 hrs
- On-the-job training
- 24 hrs
- Training location
- Anaheim California, Evansville Indiana, or designated virtual/training center; OJT at designated Cookie Plug outlet in southern California
- Ongoing training
- Required
- Field support
- 5 hrs/yr
- On-site visits per year
- Time to open
- 4 mo
- From signing to launch
- Site selection
- Franchisee with franchisor approval
- 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
31 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 Cookie Plug franchise?
The total investment to open a Cookie Plug franchise ranges from $174K – $568K, 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 Cookie Plug franchise owners earn?
According to Item 19 of the Cookie Plug FDD, the average gross sales per unit is $303K. The median is $299K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Cookie Plug?
Cookie Plug is franchised by BAA Brands, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Cookie Plug 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 Cookie Plug FDD and qualifies whose outlets they describe.
What is Cookie Plug's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Cookie Plug (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 Cookie Plug franchise locations are there?
As of their most recent FDD filing, Cookie Plug has 31 total units in the United States, including 28 franchised units and 3 company-owned units. 25 new units were opened in the latest reporting year.
Is Cookie Plug a good franchise to buy?
FranchiseVerdict rates Cookie Plug as a B-grade franchise with a verdict score of 53 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?
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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.