Farm Stores / Swiss Farms Franchise Cost, Revenue & Review 2026
- Investment
- $145K – $249K
- Disclosed sales
- $824K
- gross sales, not profit
- SBA charge-off
- Under 10 loans (4)
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Farm Stores is a drive-thru convenience store franchise offering fresh dairy, groceries, and made-to-order coffee and food without leaving the car. Franchisees run the stores, managing inventory, foodservice, and staffing.
FranchiseVerdict summary · 2026
A Farm Stores / Swiss Farms franchise requires a total initial investment of $145K – $249K, including a $15K – $25K franchise fee and an ongoing 6.0% royalty[2]. Item 5 conditions this fee. The figure shown is the lowest amount the filing discloses, and the filing ties that amount to a qualifying condition — so it is not necessarily what a first-time single-unit franchisee pays. Per the 2023 FDD, average unit revenue was $824K[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
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 scored7 of 8 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $145K – $249K
- 16th pct Retail
- Avg gross sales
- $824K
- 10th pct Retail
- Royalty
- 6.0%
- 20th pct Retail
- Units
- 44
- 18th pct Retail
- SBA charge-off
- N/A
Quick verdict · Retail · color = vs category peers
Green = favorable by >10% vs Retail 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 $145K – $249K including a $15K franchise fee, 6.0% ongoing royalty. Item 5 conditions this fee. The figure shown is the lowest amount the filing discloses, and the filing ties that amount to a qualifying condition — so it is not necessarily what a first-time single-unit franchisee pays.
- RETURNSAverage unit revenue of $824K/year (median $698K).
- RISKVerdict B (Above average), verdict score 51/100 (higher is better).
- GROWTHNegative: net -2 franchised outlets in the latest year (8 opened, 10 closed); 15 signed but not yet open (Item 20).
- TERMSNo protected territory and the franchisor reserves the right to compete in your area. Clarify territorial boundaries before signing.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Farm Stores Franchising, LLC
- Predecessor
- Farm Stores Corporation
- Prior franchisor entity
- CEO title
- President and CEO
- Maurice Bared
- Incorporated in
- DE
- HQ
- 2937 S.W. 27th Avenue, Suite 301, Coconut Grove, Florida 33133
- Auditor
- Brunt Matz Group PA
- Audited financials
- Franchisor revenue
- $4.1M
- vs $5.0M prior year
Overview
About
- CEO
- Maurice Bared
- Headquarters
- FL
- Founded
- 2014
- FDD year
- 2023
- States available
- 11
Can you afford it, and what does the money buy?
Entry cost runs 41% below the typical retail franchise.
Source: FDD 2023 · Items 5–7
Item 5 conditions this fee. The figure shown is the lowest amount the filing discloses, and the filing ties that amount to a qualifying condition — so it is not necessarily what a first-time single-unit franchisee pays.
FDD Item 7 · 2023 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $15K | $15K |
| Working capital (3–6 mo) | $75K | $100K |
| Equipment, build-out, other | $55K | $134K |
| Total initial investment | $145K | $249K |
Source: Farm Stores / Swiss Farms 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
- $145K – $249K
- Top 40% of category vs category
- Liquid capital req'd
- $75K – $100K
- Middle of category vs category
- Franchise fee
- $15K – $25K
- Conditional fee
- Royalty
- 6.0%
- Set by a formula · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Training fee | $200 |
| Transfer fee | $5K |
| Renewal fee | $10K |
| Inventory (initial) | $12K – $15K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales land near the retail norm.
Source: FDD 2023 · 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 Farm Stores / Swiss Farms 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
$285K
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 Farm Stores / Swiss Farms 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: 2023 FDD
Financial Performance
- Avg gross sales
- $824K
- Per unit, per year
- Median gross sales
- $698K
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
- Sample size
- 38 outlets
- vs category median 46
- Range (low → high)
- $202K→$2.0MCited, not corroborated — printed on page 66 of the 2023 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2022
- Fiscal year the figures cover
- Source filing
- FDD 2023
- Disclosed in the 2023 filing, covering 2022
- Transparency
- 4 / 10
- vs category median 3 / 10 · above
Compared against 278 Retail brands
Revenue is 4.2x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
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 $824K/year in gross sales. Median is $698K — top performers pull the average up, so a typical unit earns less. Revenue-to-investment ratio: 4.2x.
Fee burden
Total ongoing fee load of 7.0% (near the Retail median).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 7.3% CAGR over 3 years across 44 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 Retail medians
How Farm Stores / Swiss Farms Compares
Category median of published Retail 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 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 44
- Opened
- 8
- Last reporting year
- Closed
- 10
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 22.7%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -4.3%
- Net unit change over 3 years
- 3-yr CAGR
- +7.3%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 4
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 15
- 0.34 per open outlet · Item 20 Table 5
- Projected new
- 13
- Franchisor's next-year forecast
- Transfer rate
- 9.1%
- Owners selling to other franchisees
- Ceased ops
- 22.7%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 3 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.
Where the owners are · Item 20 owner list
5 current owners across 4 states.
- FL 2
- KY 1
- NY 1
- TE 1
Counts only, from the list the franchisor prints in Item 20; 54 entries carry no state. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 4 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 4
- Loan volume
- $2.0M
- Median loan
- $490K
- average
- Charge-off rate
- Under 10 loans (4)
- Insufficient SBA coverage: 4 loans, rate hidden below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Under 10 loans (4)
- 5-yr charge-off
- Under 10 loans (4)
- Loans approved 2021+
- Active lenders
- 4
- 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
Swiss Farms presents HIGH RISK due to active fraud/misrepresentation litigation, shrinking unit base, undisclosed profitability metrics, and structural royalty burden that may not align with actual franchisee earnings.
Why this reads harsher than the B grade: the grade weighs financial health, unit economics, unit growth, scale, legal, and transparency across the whole filing, while this summary lists individual flags without that weighting. The flags are worth checking with current owners; neither is investment advice.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
D'Albero et al v. Farm Stores Franchising LLC et al, NJ Superior Court, UNN-L-486-23 - area representative franchisees alleging misrepresentations about success of Farm Stores locations, unfair real estate leases, and breach of contract; claims include NJ Consumer Fraud Act and Franchise Practices Act violations
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Brunt Matz Group PA
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
FY2022 audited total revenues include franchise fees $79,500, royalties $1,771,114, equipment/leasehold sales $290,500, dealer licensing fees $4,950, rebate income $139,326, other $130,638, and sub-lease revenues $1,685,660. Net loss driven partly by ASC 842 lease standard adoption. Auditor report dated May 17, 2023, Davie, Florida; CPA firm name not stated in the text.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 51 / 100 verdict
- 01MINORDeclining unit count (-4.3% YoY) indicates system contraction and potential franchisee dissatisfaction
- 02HIGHActive litigation (filed Feb 2023) alleging material misrepresentations about unit profitability and unfair real estate practices by affiliate — core business model issues
- 03MEDNet income not disclosed in Item 19 — inability to verify actual profitability despite $823,732 average revenue claim
- 04MINORHigh royalty structure (greater of 6% or $360/week = $18,720 annually minimum) creates significant fixed burden on lower-performing units
- 05MINORUnprotected territory exposes franchisees to direct competition from other brand units and cannibalization risk
- 06MINORFranchise fee ($25K) combined with royalty floor creates high break-even threshold for marginal locations
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 | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| 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 | 30 days |
| Mandatory arbitration | No |
| Arbitration location | Miami, Florida (principal office) |
| Jury trial waiver | Yes |
| Governing law | FL |
| Litigation count | 1 |
View Item 3 litigation summary
D'Albero et al v. Farm Stores Franchising LLC et al, NJ Superior Court, UNN-L-486-23 - area representative franchisees alleging misrepresentations about success of Farm Stores locations, unfair real estate leases, and breach of contract; claims include NJ Consumer Fraud Act and Franchise Practices Act violations
Items 10, 11
Training & Operations
- Classroom training
- 40 hrs
- On-the-job training
- 18 hrs
- Training location
- Corporate office in Coconut Grove, FL or Delaware County, PA; training store; franchisee's location
- Ongoing training
- Required
- Field support
- 40 hrs/yr
- On-site visits per year
- Time to open
- 3 mo
- From signing to launch
- Site selection
- Franchisor (Design Build) or Franchisee with franchisor approval (Buildout)
- Franchisor financing
- Not offered
- Item 10
- POS system
- Lightning (Lighning per FDD text) / Skoop mobile ordering
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Lightning (Lighning per FDD text) / Skoop mobile ordering
Item 20 · call current owners
Franchisee Contacts
59 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 Farm Stores / Swiss Farms franchise?
The total investment to open a Farm Stores / Swiss Farms franchise ranges from $145K – $249K, with an initial franchise fee of $15K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD). Item 5 conditions this fee. The figure shown is the lowest amount the filing discloses, and the filing ties that amount to a qualifying condition — so it is not necessarily what a first-time single-unit franchisee pays.
What do Farm Stores / Swiss Farms franchise owners earn?
According to Item 19 of the Farm Stores / Swiss Farms FDD, the average gross sales per unit is $824K. The median is $698K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Farm Stores / Swiss Farms?
Farm Stores / Swiss Farms is franchised by Farm Stores Franchising, LLC. Source: FDD Item 1, 2023 filing.
What is Item 19 in the Farm Stores / Swiss Farms 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 Farm Stores / Swiss Farms FDD and qualifies whose outlets they describe.
What is Farm Stores / Swiss Farms's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Farm Stores / Swiss Farms (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 Farm Stores / Swiss Farms franchise locations are there?
As of their most recent FDD filing, Farm Stores / Swiss Farms has 44 total units in the United States, including 44 franchised units and 0 company-owned units. 8 new units were opened in the latest reporting year.
Is Farm Stores / Swiss Farms a good franchise to buy?
FranchiseVerdict rates Farm Stores / Swiss Farms as a B-grade franchise with a verdict score of 51 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.
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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.