FranchiseVerdict
Corndogs by Mr. Cow logo
FV-00630·MODERATEExcellent81

Corndogs by Mr. Cow

Food & Beverage - Quick ServiceFranchising since 2021Website
Investment
$144K – $262K
22nd pct Quick Service
Avg revenue
60th pct Quick Service
Royalty
4.0%
2nd pct Quick Service
Units
19
42nd pct Quick Service
SBA default

Bottom line

  • Total investment $144K – $262K including a $25K franchise fee, 4.0% ongoing royalty.
  • No Item 19 financial performance data disclosed — the franchisor chose not to publish revenue figures.
  • Rated MODERATE with a risk score of 62/100.
  • No Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.

Item 1 · who you're contracting with

The Franchisor

Legal entity
1st R. Trading, LLC
Incorporated in
Georgia
HQ
3362 Hartford Mill Place, Duluth, Georgia 30097
Auditor
PNJK Partners, LLP
Audited financials
Franchisor revenue
$497K
vs $534K prior year

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 Corndogs by Mr. Cow unit return on the cash you put in?

Revenue · per unit, per year
$
Item 19 not disclosed — typing your own estimate
Franchisor take · royalty + ad fund
Royaltytyp 68%
%
Ad fundtyp 35%
%
Operating costs · category default: qsr
COGS
%
Labor
%
Rent / occupancy
%
Other operating
%
Total invested capital · what you actually put in
Initial investment
$
FDD Item 7: $144K–$262K
Working capital
$
FDD reports $15K–$25K

Unlevered ROIC · per unit

57%

In Yale's "attractive" band (30–60%)

0%30–60% Yale band80%

Store EBITDA · annual
$128K
EBITDA margin
17.0%
Total invested
$223K
Payback
21 mo
Unit-level only. A multi-unit portfolio gives up roughly 5–15% of this to shared services (corporate G&A) before reaching the ~10-unit break-even Yale describes.

Overview

About

Franchisees operate quick-service food stands or kiosks specializing in corndogs and related fried snacks. Daily operations include food preparation, inventory management, customer service, and facility maintenance. Revenue model relies on high-volume, low-margin transactions typical of limited-menu food concepts.

CEO
Yun Ho Kim
Founded
2021
FDD year
2026
States available
8

Item 7 · what it costs

The Vitals

Total investment
$144K – $262K
All-in to open one unit
Liquid capital
$15K – $25K
Cash you must have on hand
Franchise fee
$25K
Royalty
4.0%
Gross Revenues · typical 6–8%
Ad fund
1.0%
typical 3–5%
Total fee load
5.0%
vs 9–13% typical

Item 19

Financial Performance

This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.

Item 20 · unit dynamics

The Growth Chart

Total units
19
Opened
4
Last reporting year
Closed
2
Turnover rate
10.5%
Company-owned
0
Corporate units in the system
% franchised
100%
vs corporate-owned
Multi-unit owners
9.5%
Net growth (yr3)
+11.8%
Net unit change last year
3-yr CAGR
+26.7%
Compounded over last 3 years
2024
19+2
Franchised units
2025
17
Franchised units
2026
15
Franchised units

Year-over-year franchised unit counts and net change. Source: FDD Item 20.

Item 20 · 11 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).

AK
ME
VT
NH
MA
RI
CT
NY
NJ
PA
DE
MD
DC
WA
OR
CA
NV
ID
MT
WY
UT
CO
AZ
NM
ND
SD
NE
KS
OK
TX
MN
IA
MO
AR
LA
WI
IL
MS
TN
MI
IN
KY
AL
OH
WV
GA
VA
NC
SC
FL
HI
Registered · 11 states
Not registered

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.

No SBA loan data available for this brand.

FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17

Risk & Legal

62
Risk · 0-100
MODERATE62 / 100

High-risk investment in micro-franchise with undisclosed financials, questionable franchisor stability, and minimal system scale — profitability claims cannot be validated.

Score breakdown · what drove the 62 / 100 rating

  1. 01MINORNo Item 19 financial disclosure (avg revenue and net income not provided) — impossible to assess actual profitability or ROI on $144k-$262k investment
  2. 02HIGHGoing Concern status is FALSE, indicating potential financial instability or uncertainty at franchisor level
  3. 03MEDModest unit growth of 11.8% YoY with only 19 total units suggests limited brand traction and scale
  4. 04MED4% royalty structure with no disclosed revenue benchmarks makes it difficult to model break-even scenarios
  5. 05MINORSmall franchise system (19 units) increases operational fragility and support quality concerns

Severity inferred from the FDD text · not a regulatory classification

FDD Items 5, 6, 12, 17 · continued from Risk & Legal

Contract & Territory Detail

Territory
Radius or Geographical Area
Protected territory
Yes
Initial term
5 years
Renewal term
5 years
Online sales rights
Restricted
Franchisor can compete
Yes
Hire a manager?
Not allowed
Litigation count
0
Right of first refusal
Yes
Franchisor can buy back on resale
Mandatory arbitration
Yes
Jury trial waiver
Yes
Non-compete
1 yrs
Post-termination restriction
Owner-operator
Required
Governing law
Georgia

Item 11

Training & Operations

Classroom training
36 hrs
On-the-job training
68 hrs
POS system
Clover
Operating tech stack

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

Locked
(401) 462-••••
Director Rhode Island Dept. of Business Regulations
RI
(517) 373-••••
MI
(805) 637-••••
CA

One-time purchase · CSV download · Validation questions included

FDD download

Corndogs by Mr. Cow · FDD (2026) PDF

Single-page checkout · instant download · CSV export of contacts available separately above