Flowers Baking Co. of Norfolk, LLC Franchise Cost, Revenue & Review 2026
- Investment
- $58K – $286K
- Disclosed sales
- $690K
- gross sales, not profit
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Flowers Baking Co. franchises independent distributor routes delivering Flowers-brand breads and snack cakes, such as Nature's Own and Wonder, to retailers. Franchisees own a protected delivery route, restocking store shelves and managing accounts rather than a storefront.
FranchiseVerdict summary · 2026
A Flowers Baking Co. of Norfolk, LLC franchise requires a total initial investment of $58K – $286K, including a $50K – $150K franchise fee. Per the 2025 FDD, average unit revenue was $690K[2]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
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 scored4 of 4 headline figures on this page cite a page of the filing.
Overview
- Investment
- $58K – $286K
- 2nd pct Service Resta…
- Avg gross sales
- $690K
- Partial period11th pct Service Resta…
- Royalty
- Not extracted
- Units
- 162
- 81st 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 $58K – $286K including a $50K franchise fee.
- RETURNSAverage unit revenue of $690K/year.
- RISKVerdict A (Strongest tier), verdict score 83/100 (higher is better).
- GROWTHPositive: net +1 franchised outlets in the latest year (1 opened, 0 closed) (Item 20).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Flowers Baking Co. of Norfolk, LLC
- Parent company
- Flowers Bakeries, LLC
- FDD Item 1, page 6 of the 2025 FDD
- Ultimate parent
- Flowers Foods, Inc.
- FDD Item 1, page 6 of the 2025 FDD
- Predecessor
- Hampton Roads Baking Company, LLC (formerly Tidewater Baking Company, LLC)
- Prior franchisor entity
- CEO title
- President
- Linda Smith
- Incorporated in
- VA
- HQ
- 1209 Corprew Avenue, Norfolk, Virginia 23504
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $5.1B
- vs $5.1B prior year
Overview
About
- CEO
- Linda Smith
- Headquarters
- VA
- Founded
- 2000
- FDD year
- 2025
- States available
- 5
Can you afford it, and what does the money buy?
Entry cost runs 65% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown7 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $50K | $150K | |
| Business Licenses, Incorporation Fees, Other Prepaid Expensesnot refundable | $0 | $2K | |
| Additional Funds / Three Monthsnot refundable | $3K | $4K | |
| Opening Inventorynot refundable | $5K | $30K | |
| Vehicle(s)not refundable | $0 | $100K | |
| Initial Insurance Coveragenot refundable | $40 | $100 | |
| Processing Feenot refundable | $500 | $500 | |
| Total initial investment | $58K | $286K |
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
- $58K – $286K
- Top 40% of category vs category
- Liquid capital req'd
- $3K – $4K
- Top 40% of category vs category
- Franchise fee
- $50K – $150K
- Bottom third — review vs category
- Royalty
- No royalty fee; franchisees purchase products from franch…
- Ad fund
- No advertising fund; franchisor provides advertising mate…
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Transfer fee | $25 |
| Inventory (initial) | $5K – $30K |
What do units actually make?
Average unit sales run 29% below the quick-service restaurants norm.
Covers a partial period, not a full year
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 Flowers Baking Co. of Norfolk, LLC 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 royalty rate, ad fund rate, 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
$175K
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 Flowers Baking Co. of Norfolk, LLC 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 royalty rate, ad fund rate, 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 royalty rate, ad fund rate, 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
Covers a partial period, not a full year
- Avg gross sales
- $690K
- Per unit/yr · from the Item 19 franchised-cohort breakdown (no single system-wide average disclosed)
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- partial-period revenue
- Sample size
- 160 outlets
- vs category median 19 · large
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 781 Quick-Service Restaurants brands
Revenue is 4.0x 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 $690K/year in gross sales. Revenue-to-investment ratio: 4.0x.
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 roughly stable (-0.6% 3-year CAGR) with 162 units.
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 Flowers Baking Co. of Norfolk, LLC 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
- 162
- Opened
- 1
- Last reporting year
- Closed
- 0
- Turnover rate
- N/A
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 99%
- vs corporate-owned
- Net growth (3-yr)
- +0.6%
- Net unit change over 3 years
- 3-yr CAGR
- -0.6%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 5
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 5 states 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.
5
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
9 current owners across 2 states.
- VA 8
- MD 1
Counts only, from the list the franchisor prints in Item 20; 114 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 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: officers or affiliates. The franchisor is not a named party in these cases.
No litigation is required to be disclosed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 21 attaches only the audited consolidated financial statements of Flowers Foods, Inc. (ultimate parent) and its subsidiaries (FYs ended 12/28/2024, 12/30/2023, 12/31/2022, plus unaudited 4/19/2025). The franchisor (Flowers Baking Co. of Norfolk, LLC) provides no separate financials; the actual statement figures and auditor are not present in this disclosure text (Exhibit L not included).
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
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
Score breakdown · what drove the 83 / 100 verdict
- 01MEDSevere unit decline: 162 units with only 0.6% YoY growth suggests stagnation or contraction
- 02MEDNet income not disclosed combined with low average revenue ($13,276) raises profitability concerns
- 03MEDHigh franchise fee ($100,000) relative to disclosed average revenue creates poor ROI visibility
- 04MINORRoyalty rate unknown — potential hidden costs or unfavorable payment structures
- 05MEDContract term unknown suggests incomplete disclosure or unfavorable terms
- 06MINORFlat unit growth in declining baked goods retail sector indicates competitive weakness
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Territory type | Protected territory |
|---|---|
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | No |
| Transfer requires consent | Yes |
| Termination notice | 90 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | VA |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and off-site
- Ongoing training
- Optional
- Site selection
- Franchisor
- Franchisor financing
- Offered
- Item 10
- POS system
- Zebra TC75x / TC 77 touch computer with iPLAN web-based ordering system
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Zebra TC75x / TC 77 touch computer with iPLAN web-based ordering system
Item 20 · call current owners
Franchisee Contacts
123 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 Flowers Baking Co. of Norfolk, LLC franchise?
The total investment to open a Flowers Baking Co. of Norfolk, LLC franchise ranges from $58K – $286K, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Flowers Baking Co. of Norfolk, LLC franchise owners earn?
According to Item 19 of the Flowers Baking Co. of Norfolk, LLC FDD, the average gross sales per unit is $690K. Important context: Covers a partial period, not a full year. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Flowers Baking Co. of Norfolk, LLC?
Flowers Baking Co. of Norfolk, LLC is franchised by Flowers Baking Co. of Norfolk, LLC. Its parent company is Flowers Bakeries, LLC. The ultimate parent named in the FDD is Flowers Foods, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Flowers Baking Co. of Norfolk, LLC 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 Flowers Baking Co. of Norfolk, LLC FDD and qualifies whose outlets they describe.
What is Flowers Baking Co. of Norfolk, LLC's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Flowers Baking Co. of Norfolk, LLC (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 Flowers Baking Co. of Norfolk, LLC franchise locations are there?
As of their most recent FDD filing, Flowers Baking Co. of Norfolk, LLC has 162 total units in the United States, including 160 franchised units and 2 company-owned units. 1 new units were opened in the latest reporting year.
Is Flowers Baking Co. of Norfolk, LLC a good franchise to buy?
FranchiseVerdict rates Flowers Baking Co. of Norfolk, LLC as a A-grade franchise with a verdict score of 83 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?
If you represent Flowers Baking Co. of Norfolk, LLC, you can request corrections or provide updated information.
Other Quick-Service Restaurants franchises
Compare similar franchise opportunities in the Quick-Service Restaurants category
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.