Gatsby GlassFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Gatsby Glass franchise requires a total initial investment of $196K – $256K, including a $60K franchise fee. Per the 2025 FDD, average unit revenue was $1.1M[2]. SBA 7(a) loans show a 4.7% charge-off rate across 43 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 21, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $196K – $256K
- 69th pct Home Services
- Avg gross sales
- $1.1M
- 33rd pct Home Services
- Royalty
- N/A
- Units
- 94
- 53rd pct Home Services
- SBA default
- 4.7%
- system-wide median varies by category
Quick verdict · Home Services · color = vs category peers
Green = >15% above Home Services 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
Each dollar invested generates 5.0x in gross revenue, well above the typical 1.5-2.5x range.
The system grew 88% year-over-year. Fast growth means demand, but can strain support.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
Bottom line
- Total investment $196K – $256K including a $60K franchise fee.
- Average unit revenue of $1.1M/year (median $884K).
- Verdict A (Top Quintile) with a risk score of 25/100. SBA loan charge-off rate of 4.7% across 43 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- 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
- HPB Glass LLC
- Parent company
- JEZ Investments LLC
- Predecessor
- BJSD Acquisition
- Prior franchisor entity
- Incorporated in
- PA
- HQ
- 2525 N. 117th Avenue, Third Floor, Omaha, NE 68164
- Auditor
- Forvis Mazars, LLP
- Audited financials
- Franchisor revenue
- $96K
- vs $1.4M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Affiliated brands
- HorsePower Nation
- HPB Glass Holdings
- HPB Automotive Sales
- HPB Accounting
- HPB Blinds and Shutters
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Gatsby Glass franchisees operate retail glass and glazing shops specializing in custom glass products, storefront installation, and related services. Daily operations include customer sales, glass cutting/fabrication, installation project management, and crew supervision. The business model relies on local commercial and residential demand for custom glass solutions.
- CEO
- Anthony “Tony” Hulbert
- Headquarters
- NE
- Founded
- 2020
- FDD year
- 2025
- States available
- 16
FDD Item 7 · 2025 filing · 21 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $60K | $60K | |
| Insurance (90 days)not refundable | $3K | $5K | |
| Tuition Feenot refundable | $5K | $5K | |
| Travel and Living Expenses while Trainingnot refundable | $2K | $4K | |
| Opening Packagenot refundable | $12K | $15K | |
| Initial Inventory Packagenot refundable | $3K | $5K | |
| Rent & Utilities (90 days)not refundable | $6K | $14K | |
| Vehiclesnot refundable | $36K | $41K | |
| Licenses Certificates and Permitsnot refundable | $0 | $3K | |
| Professional Feesnot refundable | $1K | $11K | |
| Technology Feenot refundable | $2K | $2K | |
| Special Software Feenot refundable | $900 | $900 | |
| Contact Center Feenot refundable | $1K | $4K | |
| Dues and Subscriptionsnot refundable | $800 | $2K | |
| Leasehold Improvementsnot refundable | $0 | $3K | |
| Brand Marketing Feenot refundable | $16K | $16K | |
| Initial Marketing Expenditure and Local Advertising Expenditure (90 days)not refundable | $20K | $20K | |
| Digital Management Feenot refundable | $2K | $2K | |
| Accounting Services Feenot refundable | $2K | $2K | |
| ZeePartnerships Feenot refundable | $5K | $5K | |
| Total initial investment | $196K | $256K |
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
$113K
10.0% margin
Unlevered ROIC
44%
EBITDA / total invested capital
Payback
27 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $196K – $256K
- Below avg, review vs category
- Liquid capital req'd
- $20K – $40K
- Near category avg vs category
- Franchise fee
- $60K – $60K
- Near category avg vs category
- Royalty
- The greater of (i) tiered percentage (3% to 5%) of Gross …
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $792 |
| Transfer fee | $12K |
| Renewal fee | $12K |
| Inventory (initial) | $15K – $20K |
| Total fee load | 6.0% of rev |
A 6.0% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $1.1M
- Per unit, per year
- Median gross sales
- $884K
- Item 19 type
- Averages and Medians
- Sample size
- 8 units
- vs category median 25 · small
- Range (low → high)
- $596K→$2.7M
- Cohort dispersion (min → max)
- Transparency tier
- revenue_only
- Categorical assessment of disclosure depth
- Reporting year
- 2024
- Fiscal year the figures cover
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 349 Home Services brands
Revenue is 5.0x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
vs Home Services averages
How Gatsby Glass Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 94
- Opened
- 76
- Last reporting year
- Closed
- 32
- Turnover rate
- 34.0%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- +88.0%
- Net unit change last year
3-year detail · Item 20
- Opened (3yr)
- 44
- Transfers (3yr)
- 8
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 19 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
- California
- Hawaii
- Illinois
- Indiana
- Maryland
- Michigan
- South Dakota
States where the franchisor is registered to sell new franchises (FDD registration filings).
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 43
- Loan volume
- $13.2M
- Median loan
- $350K
- 50th percentile
- Charge-off rate
- 4.7%
- 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
- 25.0%
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 2
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Gatsby Glass'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 15 states
- Startup risk premium and job creation velocity
- 4-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Gatsby Glass presents meaningful investment risk due to contracting unit base, unresolved parent company litigation, and absent profitability disclosures despite substantial franchise fees.
Litigation (Item 3)
1 case reference(s): 1 pending, 0 settled.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Forvis Mazars, LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
Score breakdown · what drove the 25 / 100 rating
- 01MEDUnit count declined 12% YoY (94 units, 88% retention) indicating system contraction and potential franchisee dissatisfaction
- 02HIGHActive litigation involving parent company ownership/governance raises questions about franchisor stability and leadership direction
- 03MEDNet income not disclosed in FDD Item 19 makes ROI impossible to verify; only average revenue of $1.13M provided without profitability context
- 04MEDHigh initial investment ($195k-$256k) combined with undisclosed net income creates significant financial risk for franchisees
- 05MINORMinimum royalty fee of $500/month ($6,000 annually) creates cash flow pressure for struggling locations, especially in early years
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 | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Territory population | 200,000 |
| Online sales rights | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Pennsylvania |
| Litigation count | 1 |
View Item 3 litigation summary
1 case reference(s): 1 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 116 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and at franchisor location
- Franchisor financing
- Not offered
- Item 10
- POS system
- e-CCM System / Required Software
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: e-CCM System / Required Software
Item 20 · call current owners
Franchisee Contacts
33 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Gatsby Glass · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Gatsby Glass franchise?
The total investment to open a Gatsby Glass franchise ranges from $196K – $256K, with an initial franchise fee of $60K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Gatsby Glass franchise owners earn?
According to Item 19 of the Gatsby Glass FDD, the average gross sales per unit is $1.1M. The median is $884K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Gatsby Glass's franchise failure rate?
Based on SBA 7(a) loan data, Gatsby Glass has a charge-off rate of 4.7% across 43 loans, meaning 4.7% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Gatsby Glass franchise locations are there?
As of their most recent FDD filing, Gatsby Glass has 94 total units in the United States, including 5 franchised units and 0 company-owned units. 76 new units were opened in the latest reporting year.
Is Gatsby Glass a good franchise to buy?
FranchiseVerdict rates Gatsby Glass as a A-grade franchise with a risk score of 25 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.