Green MillFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Green Mill franchise requires a total initial investment of $1.7M – $2.5M, including a $45K franchise fee and an ongoing 4.0% royalty[2]. The 2024 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 0.0% charge-off rate across 10 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $1.7M – $2.5M
- 47th pct Service Resta…
- Avg gross sales
- N/A
- 28th pct Service Resta…
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 16
- 25th pct Service Resta…
- SBA default
- 0.0%
- 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
Only 0.0% of 10 SBA loans charged off, well below the 16% franchise average.
Franchising since 1991. Systems this mature have refined operations and brand recognition.
Franchised units fell from 19 to 16 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $1.7M – $2.5M including a $45K franchise fee, 4.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict A (Top Quintile) with a risk score of 49/100. SBA loan charge-off rate of 0.0% across 10 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- No 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
- Legal entity
- Green Mill Restaurants, LLC
- Parent company
- Hightop Brands, LLC
- Predecessor
- Green Mill Restaurants
- Prior franchisor entity
- CEO title
- Director, Chairman of the Board, Member and Chief Executive Officer
- Paul Dzubnar
- CEO experience
- 2010 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- MN
- HQ
- 1342 Grand Avenue, St. Paul, MN 55105
- Auditor
- CliftonLarsonAllen LLP
- Audited financials
- Franchisor revenue
- $3.1M
- vs $2.8M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- of ours is Crooked Pint
- is Green Mill on the Go
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Green Mill franchisees operate casual dining establishments (likely bowling alleys with food/beverage service based on brand heritage). Day-to-day operations include managing food preparation, customer service, facility maintenance, lane operations, and managing staff across multiple revenue streams (food, beverages, and recreational activities).
- CEO
- Paul Dzubnar
- Headquarters
- MN
- FDD year
- 2024
- States available
- 3
FDD Item 7 · 2024 filing · 14 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $45K | $45K | |
| Training-Related Expensesnot refundable | $90K | $115K | |
| Rent Security Deposit and First Month's Rent | $0 | $17K | |
| Leasehold Improvementsnot refundable | $900K | $1.2M | |
| Equipment and Trade Fixturesnot refundable | $450K | $850K | |
| Signagenot refundable | $35K | $50K | |
| Opening Inventory and Smallwaresnot refundable | $50K | $70K | |
| Insurancenot refundable | $10K | $20K | |
| Initial Advertising and Promotional Costs | $25K | $25K | |
| Miscellaneous Start-Up Costsnot refundable | $10K | $16K | |
| Liquor Licensenot refundable | $4K | $10K | |
| Quality Control Inspection Feenot refundable | $2K | $2K | |
| Academy Feenot refundable | $1K | $1K | |
| Additional Funds - 3 monthsnot refundable | $50K | $75K | |
| Total initial investment | $1.7M | $2.5M |
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
- $1.7M – $2.5M
- Near category avg vs category
- Liquid capital req'd
- $50K – $75K
- Better than avg vs category
- Franchise fee
- $45K – $45K
- Better than avg vs category
- Royalty
- 4.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 1.5%
- typical 3–5%
- Total fee load
- 5.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 4.0% of gross sales |
| Marketing / ad fund | 1.5% of gross sales |
| Transfer fee | $9K |
| Renewal fee | $0 |
| Inventory (initial) | $50K – $70K |
| Total fee load | 5.5% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Full-Service Restaurants averages
How Green Mill Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 16
- Opened
- 0
- Last reporting year
- Closed
- 1
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 6.3%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -5.9%
- Net unit change last year
- 3-yr CAGR
- -15.8%
- Compounded over last 3 years
3-year detail · Item 20
- Non-renewed (3yr)
- 1
- Transfers (3yr)
- 0
- Projected new
- 0
- Franchisor's next-year forecast
- Continuity rate
- 94.1%
- Units that stayed open
- Termination rate
- 6.3%
- Franchisor-initiated terminations
- Ceased ops
- 6.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 4 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
- Minnesota
- North Dakota
- South Dakota
- 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 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 10
- Loan volume
- $7.5M
- Median loan
- $150K
- 50th percentile
- Charge-off rate
- 0.0%
- 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)
- 100.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 4
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Green Mill's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 3 lenders with concentration factor
- Per-state charge-off rates across 2 states
- Startup risk premium and job creation velocity
- 5-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 10 loans, banks have historically viewed this brand favorably for lending.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Green Mill presents elevated risk due to declining unit growth, opaque financials, substantial capital requirements, and apparent franchisor going concern issues.
Litigation (Item 3)
No litigation required to be disclosed
Largest disclosed settlement: $55,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CliftonLarsonAllen LLP
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: No
Score breakdown · what drove the 49 / 100 rating
- 01MEDUnit count declined 5.9% YoY (16 units) — indicates shrinking franchise system with potential viability concerns
- 02MINORNo Item 19 financial disclosure (Avg Revenue/Net Income not provided) — impossible to validate ROI claims or unit economics
- 03MEDHigh initial investment ($1.67M–$2.49M) paired with undisclosed profitability — extreme financial risk for franchisees
- 04HIGHGoing Concern status is FALSE — suggests franchisor financial instability or operational challenges requiring investigation
- 05MINORSmall unit count (16 locations) limits support infrastructure, brand recognition, and supply chain leverage
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 | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Geographical area delineated by boundary streets or highways |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 15,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Minnesota |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 75 hrs
- On-the-job training
- 400 hrs
- Training location
- On-site at franchised restaurant
- Field support
- 80 hrs/yr
- On-site visits per year
- Site selection
- joint
- POS system
- Ingage Infinity Service
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Ingage Infinity Service
Item 20 · call current owners
Franchisee Contacts
5 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Green Mill · FDD (2024) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Green Mill franchise?
The total investment to open a Green Mill franchise ranges from $1.7M – $2.5M, with an initial franchise fee of $45K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Green Mill franchise owners earn?
Green Mill 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 Green Mill's franchise failure rate?
Based on SBA 7(a) loan data, Green Mill has a charge-off rate of 0.0% across 10 loans, meaning 0.0% 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 Green Mill franchise locations are there?
As of their most recent FDD filing, Green Mill has 16 total units in the United States, including 19 franchised units and 0 company-owned units.
Is Green Mill a good franchise to buy?
FranchiseVerdict rates Green Mill as a A-grade franchise with a risk score of 49 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.
For franchisors
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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.