Country Waffles Breakfast & Lunch Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Country Waffles is a breakfast and lunch restaurant franchise serving waffles, pancakes, and comfort fare. Franchisees run the restaurants, managing the kitchen, table service, and staffing.
FranchiseVerdict summary · 2026
A Country Waffles Breakfast & Lunch franchise requires a total initial investment of $312K – $809K, including a $35K franchise fee and an ongoing 5.0% royalty[2]. The 2023 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2023 FDD issuance
Overview
- Investment
- $312K – $809K
- 14th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 16
- 18th 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 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 $312K – $809K including a $35K franchise fee, 5.0% ongoing royalty.
- RETURNSAudited financial statements for fiscal years ended December 31, 2021 (most recent) and 2020. FY2021 revenues from services $422,879; cost of services $72,550; gross profit $350,329; operating income $97,108; other income $29,904; net income $114,524. Franchisor (Country Waffles, Inc., a California corporation) had a negative stockholders' equity / accumulated deficit of $(293,506) at 12/31/2021.
- RISKVerdict B (Above average), verdict score 48/100 (higher is better).
- DATANo 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
Corporate structure & franchisor financials
- Legal entity
- Country Waffles, Inc.
- Parent company
- None
- Predecessor
- None
- Prior franchisor entity
- CEO title
- Chief Executive Officer and Director
- Joe T. Ghazale
- Incorporated in
- CA
- HQ
- 4011 Jewett Avenue, Bakersfield, California 93301
- Auditor
- Dedekian, George, Small & Markarian Accountancy Corporation
- Audited financials
- Franchisor revenue
- $423K
- vs $193K prior year
Overview
About
- CEO
- Joe T. Ghazale
- Headquarters
- CA
- Founded
- 1987
- FDD year
- 2023
- States available
- 1
Can you afford it, and what does the money buy?
Entry cost runs 52% below the typical full-service restaurants franchise.
Source: FDD 2023 · Items 5–7
FDD Item 7 · 2023 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $30K | $90K |
| Equipment, build-out, other | $247K | $684K |
| Total initial investment | $312K | $809K |
Source: Country Waffles Breakfast & Lunch 2023 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
- $312K – $809K
- Top 40% of category vs category
- Liquid capital req'd
- $30K – $90K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Top 40% of category vs category
- Royalty
- 5.0%
- percentage · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $0 |
| Transfer fee | $18K |
| Renewal fee | $10K |
| Inventory (initial) | $25K – $35K |
| Total fee load | 7.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Country Waffles Breakfast & Lunch did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Country Waffles Breakfast & Lunch unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
13%
Below the 30–60% attractive-franchise band
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: 2023 FDD
Financial Performance
Audited financial statements for fiscal years ended December 31, 2021 (most recent) and 2020. FY2021 revenues from services $422,879; cost of services $72,550; gross profit $350,329; operating income $97,108; other income $29,904; net income $114,524. Franchisor (Country Waffles, Inc., a California corporation) had a negative stockholders' equity / accumulated deficit of $(293,506) at 12/31/2021.
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 7.0% (near the Full-Service Restaurants average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System expanding at 6.7% CAGR over 3 years across 16 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 Full-Service Restaurants averages
How Country Waffles Breakfast & Lunch Compares
Is the system healthy?
Source: FDD 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 16
- Opened
- 1
- Last reporting year
- Closed
- 2
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 12.5%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -6.7%
- Net unit change over 3 years
- 3-yr CAGR
- +6.7%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 2
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state 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.
1
states with franchisees (per FDD Item 12)
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $320K
- Median loan
- $320K
- average
- Charge-off rate
- N/A
- limited sample (1 loan) — rate not shown below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- 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
Country Waffles presents CAUTION-level risk due to undisclosed unit economics, minimal system growth, and lack of performance transparency that prevents informed investment analysis.
Litigation (Item 3)
No litigation required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Dedekian, George, Small & Markarian Accountancy Corporation
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 48 / 100 verdict
- 01MINORNo Item 19 financial performance disclosure (revenue/net income) makes ROI validation impossible
- 02MEDMinimal system growth of 6.7% YoY with only 16 units suggests limited scalability or market validation
- 03MINORWide investment range ($311,800–$808,600) indicates inconsistent build-out costs or territory variability
- 04MINORNo going concern statement is unusual and may indicate financial uncertainty at corporate level
- 05MINORHigh franchise fee ($35,000) relative to system size and growth rate suggests reliance on recruitment vs. franchisee success
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2023 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 15 years |
|---|---|
| Renewal term | 15 years |
| Allowed renewalsℹ | 2 |
| Territory type | protected |
| 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 | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Arbitration location | Bakersfield, California |
| Jury trial waiver | Yes |
| Governing law | CA |
| 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
- 142 hrs
- Training location
- Franchisee's Restaurant or another Country Waffles Breakfast & Lunch designated by franchisor
- Ongoing training
- Required
- Site selection
- Franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- None currently required
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: None currently required
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Country Waffles Breakfast & Lunch franchise?
The total investment to open a Country Waffles Breakfast & Lunch franchise ranges from $312K – $809K, 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 Country Waffles Breakfast & Lunch franchise owners earn?
Country Waffles Breakfast & Lunch does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the Country Waffles Breakfast & Lunch 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 Country Waffles Breakfast & Lunch FDD and qualifies whose outlets they describe.
What is Country Waffles Breakfast & Lunch's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Country Waffles Breakfast & Lunch (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 Country Waffles Breakfast & Lunch franchise locations are there?
As of their most recent FDD filing, Country Waffles Breakfast & Lunch has 16 total units in the United States, including 16 franchised units and 0 company-owned units. 1 new units were opened in the latest reporting year.
Is Country Waffles Breakfast & Lunch a good franchise to buy?
FranchiseVerdict rates Country Waffles Breakfast & Lunch as a B-grade franchise with a verdict score of 48 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?
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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.