Cousins Maine LobsterFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Cousins Maine Lobster franchise requires a total initial investment of $267K – $969K, including a $40K franchise fee. Per the 2025 FDD, average unit revenue was $891K[2]. Verdict grade: B. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $267K – $969K
- 15th pct Service Resta…
- Avg gross sales
- $891K
- 8th pct Service Resta…
- Royalty
- N/A
- Units
- 5
- 13th pct Service Resta…
- SBA default
- 25.0%
- system-wide median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-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
The system contracted 29% year-over-year. Investigate why units are closing.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
Bottom line
- Total investment $267K – $969K including a $40K franchise fee.
- Average unit revenue of $891K/year (median $636K).
- Verdict B (Above Average) with a risk score of 55/100.
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- CML Storefront, LLC
- CEO title
- President
- Shaun Higgins
- CEO experience
- 10 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- ME
- HQ
- 125 John Roberts Road, Unit #2, South Portland, ME 04106
- Auditor
- Velez Hardy
- Audited financials
- Franchisor revenue
- $490K
- vs $396K prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Affiliated brands
- Cousins Maine Lobster
- CML Franchise
- Cousins Seafood Distribution
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Franchisees operate mobile food carts, brick-and-mortar restaurants, or hybrid concepts serving lobster rolls and seafood dishes. Day-to-day operations include food prep, customer service, inventory management, permitting compliance (especially for mobile units), seasonal demand navigation, and payment of the greater of 6% or $3,500 monthly royalties to the franchisor.
- CEO
- Shaun Higgins
- Headquarters
- ME
- Founded
- 2017
- FDD year
- 2025
- States available
- 4
FDD Item 7 · 2025 filing · 18 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $40K | $40K | |
| Application Feenot refundable | $500 | $4K | |
| Deposit Accountnot refundable | $20K | $20K | |
| Leasehold Improvements | $90K | $400K | |
| Rent and Security Deposit | $3K | $36K | |
| Utility Deposits | $0 | $5K | |
| Furniture, Fixtures & Equipment | $5K | $150K | |
| Initial Inventory (Startup Package) | $30K | $80K | |
| Signage | $5K | $40K | |
| Insurance | $1K | $5K | |
| Office Equipment & Supplies | $250 | $5K | |
| Computer Equipment (Hardware, Software, POS System, etc.) | $8K | $24K | |
| Travel and Living Expenses for Training | $5K | $10K | |
| Licenses & Permits | $2K | $15K | |
| Legal & Accounting | $5K | $15K | |
| General Contractor | $750 | $40K | |
| Grand Opening Advertising | $1K | $3K | |
| Additional Funds - three months | $50K | $75K | |
| Total initial investment | $267K | $966K |
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.
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
$89K
10.0% margin
Unlevered ROIC
13%
EBITDA / total invested capital
Payback
7.6 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $267K – $969K
- Better than avg vs category
- Liquid capital req'd
- $50K – $75K
- Better than avg vs category
- Franchise fee
- $40K – $40K
- Better than avg vs category
- Royalty
- the greater of 6% of your Gross Sales or $3,500 per month
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty (flat) | greater of 6% of Gross Sales or $3,500 per month |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $250 |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $30K – $80K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $891K
- Per unit, per year
- Median gross sales
- $636K
- Item 19 type
- Historical
- Sample size
- 3 units
- vs category median 13 · small
- Range (low → high)
- $614K→$1.4M
- Cohort dispersion (min → max)
- Quartile band
- $519K→$1.5M
- Bottom 25% → top 25%
- Transparency tier
- limited
- Categorical assessment of disclosure depth
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Cousins Maine Lobster Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 5
- Opened
- 0
- Last reporting year
- Closed
- 2
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 28.6%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -28.6%
- Net unit change last year
- 3-yr CAGR
- -42.9%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 17
- Closed (3yr)
- 2
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 1
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 1
- Franchisor bought back
- Projected new
- 2
- Franchisor's next-year forecast
- Transfer rate
- 0.1%
- Owners selling to other franchisees
- Termination rate
- 0.1%
- Franchisor-initiated terminations
- Ceased ops
- 0.1%
- Units that stopped operating
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.
Available to sell in · Item 12
- Hawaii
- Illinois
- Maryland
- Michigan
- North Dakota
- Rhode Island
- Washington
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 9 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 9
- Loan volume
- $3.2M
- Median loan
- $317K
- 50th percentile
- Charge-off rate
- 25.0%
- 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)
- 75.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 7
- Defaults
- 1
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Cousins Maine Lobster's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 6 lenders with concentration factor
- Per-state charge-off rates across 4 states
- Startup risk premium and job creation velocity
- 5-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Cousins Maine Lobster presents meaningful risk: a collapsing franchise system (down 80% in unit count), undisclosed profitability, recent franchisee litigation, and high fixed royalties that may exceed profits at lower revenue levels.
Litigation (Item 3)
CML Franchise LLC v. Todd Adams LLC - breach of franchise contract and implied covenant of good faith and fair dealing. Case settled July 5, 2024 for $27,514.15 stipulated judgment.
Largest disclosed settlement: $27,514
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Velez Hardy⚠ Going-concern note flagged
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: Yes
Score breakdown · what drove the 55 / 100 rating
- 01MEDUnit count declined 20% year-over-year (4 units remaining) — severe system contraction signals fundamental business model or support issues
- 02MEDNet income not disclosed in FDD Item 19 — inability to validate profitability claims against $267K-$969K investment range
- 03HIGHRecent litigation (July 2024) shows franchisor enforcement action; settlement suggests franchisee distress and potential operational/support gaps
- 04MINORRoyalty floor of $3,500/month ($42K annually) creates breakeven pressure on lower-performing units, especially with average revenue of $891K
- 05MINORWide investment range ($702K spread) indicates inconsistent unit economics and unclear path to ROI across different formats
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 | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius or population |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 5 mi |
| Territory population | 50,000 |
| 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 | 15 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 14 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Portland, Maine |
| Jury trial waiver | Yes |
| Governing law | Maine |
| Litigation count | 1 |
View Item 3 litigation summary
CML Franchise LLC v. Todd Adams LLC - breach of franchise contract and implied covenant of good faith and fair dealing. Case settled July 5, 2024 for $27,514.15 stipulated judgment.
Items 10, 11
Training & Operations
- Classroom training
- 74 hrs
- On-the-job training
- 116 hrs
- Training location
- On-site and corporate
- Site selection
- franchisee
- Franchisor financing
- Offered
- Item 10
- POS system
- Revel
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Revel
Item 20 · call current owners
Franchisee Contacts
21 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Cousins Maine Lobster · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Cousins Maine Lobster franchise?
The total investment to open a Cousins Maine Lobster franchise ranges from $267K – $969K, 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 Cousins Maine Lobster franchise owners earn?
According to Item 19 of the Cousins Maine Lobster FDD, the average gross sales per unit is $891K. The median is $636K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Cousins Maine Lobster's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Cousins Maine Lobster (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 Cousins Maine Lobster franchise locations are there?
As of their most recent FDD filing, Cousins Maine Lobster has 5 total units in the United States, including 4 franchised units and 0 company-owned units.
Is Cousins Maine Lobster a good franchise to buy?
FranchiseVerdict rates Cousins Maine Lobster as a B-grade franchise with a risk score of 55 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.
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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.