Green Mill Franchise Cost, Revenue & Review 2026
- Investment
- $1.7M – $2.5M
- Disclosed sales
- not disclosed
- SBA charge-off
- Limited · 10 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Green Mill is a casual-dining franchise serving pizza, pasta, and wings in a restaurant-and-bar setting. Franchisees run the restaurants, managing the kitchen, bar, and dining service.
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]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. 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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $1.7M – $2.5M
- 37th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 16
- 17th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-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 $1.7M – $2.5M including a $45K franchise fee, 4.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 48/100 (higher is better).
- GROWTHNegative: net -1 franchised outlets in the latest year (0 opened, 1 closed) (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Green Mill Restaurants, LLC
- Parent company
- Hightop Brands, LLC
- FDD Item 1, page 6 of the 2024 FDD
- Predecessor
- Green Mill Restaurants, Inc. (GMR Predecessor)
- 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
- $2.8M
- vs $3.1M 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).
Same owner · FDD Item 1, page 6
2 other brands on this site name Hightop Brands, LLC as parent or ultimate parent in their own FDD.
Grouped by the owner's name as each filing prints it (this page: the 2024 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Paul Dzubnar
- Headquarters
- MN
- Founded
- 2010
- FDD year
- 2024
- States available
- 3
Can you afford it, and what does the money buy?
Entry cost runs 207% above the typical full-service restaurants franchise.
Source: FDD 2024 · Items 5–7
Full Item 7 breakdown14 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
- Top 40% of category vs category
- Liquid capital req'd
- $50K – $75K
- Top 40% of category vs category
- Franchise fee
- $45K – $45K
- Top 40% of category vs category
- Royalty
- 4.0%
- 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 |
| Technology fee | $3K |
| Transfer fee | $9K |
| Renewal fee | $0 |
| Inventory (initial) | $50K – $70K |
| Total fee load | 5.5% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Green Mill makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Green Mill 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 annual revenue, 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.
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: 2024 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 5.5% — below the Full-Service Restaurants median of 7.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -15.8% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
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 Full-Service Restaurants medians
How Green Mill Compares
Category median of published Full-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 2024 · Item 20
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 (3-yr)
- -15.8%
- Net unit change over 3 years
- 3-yr CAGR
- -15.8%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 1
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- 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 12 · 3 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.
3
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
2 current owners across 2 states.
- KS 1
- MN 1
Counts only, from the list the franchisor prints in Item 20. 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.
- Total loans
- 10
- Loan volume
- $7.5M
- Median loan
- $150K
- 50th percentile
- Charge-off rate
- Limited · 10 loans
- Limited SBA coverage: 10 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 10 loans
- 5-yr charge-off
- Limited · 10 loans
- Loans approved 2021+
- Active lenders
- 4
- Defaults
- 0
- Typical loan rate
- 5.0%
- avg rate to borrowers
- Franchised industry avg
- 21.6%
- n=4,736 loans
- Jobs supported
- 588
- 26.5 per loan
- Lender concentration
- 57%
- top lender's share
Franchise vs independent — in full-service restaurants, franchised businesses charge off at 21.6% vs 22.5% for independents — franchising is associated with 4% lower SBA default risk in this category.
Top lenders financing Green Mill franchisees
Showing 3 of 4 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Green Mill from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 57%
- Avg interest rate
- 5.05%
- Lender concentration
- 57.1%
- Job velocity
- 26.5 per $100K
- NAICS benchmark
- 24.7%
- NAICS 722110
- Jobs supported
- 588
Top SBA lendersTop lender holds 57% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Sunrise Banks National Association | 4 | $1.8M | 0.0% |
| 2 | Deerwood Bank | 2 | $275K | 0.0% |
| 3 | Village Bank | 1 | $193K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| MNMinnesota | 6 | 0 | 0.0% |
| WIWisconsin | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
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)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CliftonLarsonAllen LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Audited financial statement pages in Exhibit C are blank/not OCR-readable in the source text. The only franchisor revenue figure available is disclosed in Item 8: total revenues of $2,270,734.37 for the year ended December 31, 2022 (combined audited statements for Green Mill Restaurants, LLC and GMR, Inc.). FY2023 (most recent) revenue and balance-sheet figures are not recoverable from the text.
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
- Can negotiate own supplier terms: No
Score breakdown · what drove the 48 / 100 verdict
- 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
- 04MINORSmall unit count (16 locations) limits support infrastructure, brand recognition, and supply chain leverage
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 5.5% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| 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 | 10 |
| Mandatory arbitration | No |
| Arbitration location | Minnesota (court, not arbitration) |
| Jury trial waiver | No |
| Governing law | MN |
| 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
- Minneapolis/St. Paul, Minnesota area
- Ongoing training
- Required
- Field support
- 80 hrs/yr
- On-site visits per year
- Time to open
- 4 mo
- From signing to launch
- Site selection
- Franchisee selects; franchisor must approve
- Franchisor financing
- Not offered
- Item 10
- POS system
- Ingage I.T. Infinity Service
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Ingage I.T. Infinity Service
Item 20 · call current owners
Franchisee Contacts
2 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 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 makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Green Mill?
Green Mill is franchised by Green Mill Restaurants, LLC. Its parent company is Hightop Brands, LLC. Source: FDD Item 1, 2024 filing.
What is Item 19 in the Green Mill 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 Green Mill FDD and qualifies whose outlets they describe.
What is Green Mill's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Green Mill (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 Green Mill franchise locations are there?
As of their most recent FDD filing, Green Mill has 16 total units in the United States, including 16 franchised units and 0 company-owned units.
Is Green Mill a good franchise to buy?
FranchiseVerdict rates Green Mill as a B-grade franchise with a verdict score of 48 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
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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.