Huckleberry’s Franchise Cost, Revenue & Review 2026
- Investment
- $482K – $1.6M
- Disclosed sales
- $2.0M
- gross sales, not profit
- SBA charge-off
- Limited · 12 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Huckleberry's, from Heritage Restaurant Brands, is a full-service franchise serving breakfast, brunch, and lunch. Franchisees run the restaurants, managing the kitchen, table service, and staffing.
FranchiseVerdict summary · 2026
A Huckleberry’s franchise requires a total initial investment of $482K – $1.6M, including a $35K franchise fee and an ongoing 6.0% royalty[2]. Per the 2024 FDD, average unit revenue was $2.0M[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 scored4 of 6 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $482K – $1.6M
- 22nd pct Service Resta…
- Avg gross sales
- $2.0M
- Incl. company outlets9th pct Service Resta…
- Royalty
- 6.0%
- 25th pct Service Resta…
- Units
- 35
- 25th 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 $482K – $1.6M including a $35K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $2.0M/year (includes company-owned outlets).
- RISKVerdict B (Above average), verdict score 59/100 (higher is better).
- GROWTHPositive: net +3 franchised outlets in the latest year (3 opened, 0 closed); 5 signed but not yet open (Item 20).
- FLAGBankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Heritage Restaurant Brands, LP
- Parent company
- Heritage Restaurant Brands, LLC
- FDD Item 1, page 6 of the 2024 FDD
- Predecessor
- BRG Franchising, Inc. (formerly Dynaco Franchising, Inc.)
- Prior franchisor entity
- CEO title
- C.E.O.
- Gregory Graber
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- CA
- HQ
- 810 Fiero Lane, Suite 100, San Luis Obispo, CA 93401
- Auditor
- Glenn Burdette Attest Corporation
- Audited financials
- Franchisor revenue
- $4.4M
- vs $3.9M prior year
Same owner · FDD Item 1, page 6
1 other brand on this site name Heritage Restaurant 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
- Gregory Graber
- Headquarters
- CA
- Founded
- 2016
- FDD year
- 2024
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost runs 57% above the typical full-service restaurants franchise.
Source: FDD 2024 · Items 5–7
Full Item 7 breakdown13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $35K | $35K | |
| Your Training Expenses | $15K | $55K | |
| Lease & Utilities deposits | $15K | $40K | |
| Leasehold Improvements, Construction and/or Remodeling | $175K | $850K | |
| Furniture, Fixtures and Equipment | $100K | $400K | |
| Signage | $10K | $40K | |
| Business Licenses and Permits | $15K | $17K | |
| POS/Computer System | $25K | $35K | |
| Initial Inventory | $20K | $30K | |
| Professional Fees | $40K | $80K | |
| Grand Opening Advertising | $2K | $5K | |
| Insurance | $5K | $10K | |
| Operating Expenses / Additional Funds - 3 months | $25K | $50K | |
| Total initial investment | $482K | $1.6M |
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
- $482K – $1.6M
- Top 40% of category vs category
- Liquid capital req'd
- $25K – $50K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Top 40% of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- Brand Fund not yet established; currently not assessed
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Technology fee | $0 |
| Transfer fee | $25K |
| Renewal fee | $10K |
| Inventory (initial) | $20K – $30K |
| 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.
What do units actually make?
Average unit sales run 22% above the full-service restaurants norm.
Includes company-owned outlets
Source: FDD 2024 · 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 Huckleberry’s 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 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
$1.1M
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 Huckleberry’s 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 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 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: 2024 FDD
Financial Performance
Includes company-owned outlets
- Avg gross sales
- $2.0M
- Per unit, per year
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
- 31 outlets
- vs category median 18
- Range (low → high)
- $1.1M→$3.0MCited, not corroborated — printed on page 43 of the 2024 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2023
- Fiscal year the figures cover
- Source filing
- FDD 2024
- Disclosed in the 2024 filing, covering 2023
- Transparency
- 4 / 10
- vs category median 3 / 10 · above
Compared against 801 Full-Service Restaurants brands
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 $2.0M/year in gross sales. Revenue-to-investment ratio: 1.8x. Includes company-owned outlets.
Fee burden
Total ongoing fee load of 6.0% (near the Full-Service Restaurants 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 61.9% CAGR over 3 years across 35 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 Full-Service Restaurants medians
How Huckleberry’s 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
- 35
- Opened
- 3
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Net growth (3-yr)
- +61.9%
- Net unit change over 3 years
- 3-yr CAGR
- +61.9%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Signed, not yet open
- 5
- 0.14 per open outlet · Item 20 Table 5
- Projected new
- 6
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 2 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.
2
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
1 current owner across 1 state.
- CA 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.
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
- 12
- Loan volume
- $8.4M
- Median loan
- $697K
- average
- Charge-off rate
- Limited · 12 loans
- Limited SBA coverage: 12 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 · 12 loans
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 8
- Defaults
- 0
- Typical loan rate
- 8.1%
- avg rate to borrowers
- vs industry
- N/A
- Jobs supported
- 299
- Lender concentration
- N/A
Borrower mix: 70% went to startups / new businesses, 30% to established operators
Top lenders financing Huckleberry’s franchisees
Showing 3 of 8 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 Huckleberry’s from SBA 7(a) FOIA data.
- Avg interest rate
- 8.10%
- Jobs supported
- 299
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Plumas Bank | 3 | N/A | N/A |
| 2 | Newtek Small Business Finance, Inc. | 2 | N/A | N/A |
| 3 | BMO Bank National Association | 2 | N/A | N/A |
| 4 | Cadence Bank | 1 | N/A | N/A |
| 5 | Texas First Bank | 1 | N/A | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 9 | 0 | -- |
| TXTexas | 2 | 0 | -- |
| OROregon | 1 | 0 | -- |
SBA 7(a) lending trend
Borrower profile
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)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation disclosed in Item 3
Bankruptcy (Item 4)
Subject: the company or an affiliate. Disclosed (Item 4 covers the last 10 years)
Predecessor Dynaco, Inc. filed Chapter 11 bankruptcy on November 21, 2011 (Case No. 11-62472-A-11, Eastern District of California); plan confirmed November 30, 2012; final decree August 15, 2013; completed December 31, 2015.
Audited financials (Item 21)
Yes · Glenn Burdette Attest Corporation
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Total revenue of $4,388,361 for fiscal year ending December 31, 2023 (franchisor revenue; includes $1,198,279 in rebates from required franchisee purchases)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- 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 59 / 100 verdict
- 01MEDSlow unit growth of 9.7% YoY with only 35 total units — suggests limited market demand or franchisee satisfaction issues
- 02MINORWide investment range ($482K-$1.647M) without clear ROI metrics — high capital requirement with unclear payback period
- 03MINOR6% royalty on gross volume is non-standard and punitive during low-revenue months — franchisee cash flow risk
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% 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 | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory radius | 2 mi |
| 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 | 5 days |
| Curable defaultsℹ | 1 |
| Mandatory arbitration | Yes |
| Arbitration location | San Luis Obispo County, California |
| Jury trial waiver | Yes |
| Governing law | CA |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation disclosed in Item 3
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 246 hrs
- Training location
- Existing Huckleberry's restaurant (affiliate- or franchised-owned outlet in San Luis Obispo, CA)
- Ongoing training
- Required
- Field support
- 112 hrs/yr
- On-site visits per year
- Time to open
- 7 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Aloha
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Aloha
Item 20 · call current owners
Franchisee Contacts
1 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 Huckleberry’s franchise?
The total investment to open a Huckleberry’s franchise ranges from $482K – $1.6M, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Huckleberry’s franchise owners earn?
According to Item 19 of the Huckleberry’s FDD, the average gross sales per unit is $2.0M. Important context: Includes company-owned outlets. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Huckleberry’s?
Huckleberry’s is franchised by Heritage Restaurant Brands, LP. Its parent company is Heritage Restaurant Brands, LLC. Source: FDD Item 1, 2024 filing.
What is Item 19 in the Huckleberry’s 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 Huckleberry’s FDD and qualifies whose outlets they describe.
What is Huckleberry’s's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Huckleberry’s (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 Huckleberry’s franchise locations are there?
As of their most recent FDD filing, Huckleberry’s has 35 total units in the United States, including 34 franchised units and 1 company-owned units. 3 new units were opened in the latest reporting year.
Is Huckleberry’s a good franchise to buy?
FranchiseVerdict rates Huckleberry’s as a B-grade franchise with a verdict score of 59 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.