Icy-N-Spicy Franchise Cost, Revenue & Review 2026
- Investment
- $262K – $395K
- Disclosed sales
- $787K
- gross sales, not profit
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Icy-N-Spicy is a quick-service franchise serving frozen treats and spicy snack foods. Franchisees run the shops, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Icy-N-Spicy franchise requires a total initial investment of $262K – $395K, including a $38K franchise fee and an ongoing 5.5% royalty[2]. Per the 2025 FDD, average unit revenue was $787K[2]. FranchiseVerdict grade: C (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: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: partial✓ 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 6 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $262K – $395K
- 40th pct Service Resta…
- Avg gross sales
- $787K
- Company-owned only1 outlet
- Royalty
- 5.5%
- 44th pct Service Resta…
- Units
- 2
- 9th 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 $262K – $395K including a $38K franchise fee, 5.5% ongoing royalty.
- RETURNSAverage unit revenue of $787K/year (company-owned outlets only - not franchisee performance). Note: this is gross profit, not take-home income.
- RISKVerdict C (Average), verdict score 39/100 (higher is better).
- GROWTHFlat: no net change in franchised outlets in the latest year (0 opened, 0 closed) (Item 20).
- FLAGRevenue data based on only 1 outlet. Treat as directional, not definitive. Ask franchisees directly for current unit economics.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- I AND S FR LLC
- CEO title
- Chief Executive Officer
- Xiaoli Liu
- Incorporated in
- FL
- HQ
- 851 NE 1st Avenue, Unit 4200, Miami, Florida 33132
- Auditor
- Ivy Accounting Tax & Advisory LLC
- Audited financials
Overview
About
- CEO
- Xiaoli Liu
- Headquarters
- FL
- Founded
- 2020
- FDD year
- 2025
- States available
- 1
Can you afford it, and what does the money buy?
Entry cost runs 32% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $38K | $38K | |
| Construction and Leasehold Improvements | $38K | $115K | |
| Lease Deposits - Three Months | $4K | $8K | |
| Furniture, Fixtures and Equipment | $110K | $140K | |
| Signage | $7K | $7K | |
| Computer, Software and Point of Sale System | $2K | $3K | |
| Grand Opening Marketing | $5K | $8K | |
| Initial Inventory | $20K | $30K | |
| Utility Deposits | $2K | $3K | |
| Insurance Deposits - Three Months | $300 | $350 | |
| Initial Training Fee | $11K | $11K | |
| Travel for Initial Training | $750 | $2K | |
| Professional Fees | $750 | $2K | |
| Licenses and Permits | $5K | $10K | |
| Additional Funds - Three Months | $20K | $20K | |
| Total initial investment | $262K | $395K |
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
- $262K – $395K
- Top 40% of category vs category
- Liquid capital req'd
- $20K – $20K
- Top 40% of category vs category
- Franchise fee
- $38K – $38K
- Middle of category vs category
- Royalty
- 5.5%
- typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 6.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of gross sales |
| Marketing / ad fund | 0.0% |
| Training fee | $11K |
| Transfer fee | $10K |
| Renewal fee | $8K |
| Inventory (initial) | $20K – $30K |
| Total fee load | 6.5% of rev |
A 6.5% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
What do units actually make?
Average unit sales run 19% below the quick-service restaurants norm.
Company-owned outlets only - not franchisee performance
Based on a single outlet - not a system average
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 Icy-N-Spicy 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 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
$349K
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 Icy-N-Spicy 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 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 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
Company-owned outlets only - not franchisee performance
Based on a single outlet - not a system average
- Avg gross sales
- $787K
- 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
- company owned only
- Sample size
- 1 outlet
- vs category median 19 · small
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 5 / 10
- vs category median 4 / 10 · above
Compared against 781 Quick-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 $787K/year in gross sales. Revenue-to-investment ratio: 2.4x. Company-owned outlets only - not franchisee performance.
Fee burden
Total ongoing fee load of 6.5% (near the Quick-Service Restaurants median).
Disclosure
Transparency score 5/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 1 outlet — treat as directional only.
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 Icy-N-Spicy 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
- 2
- Opened
- 0
- 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
- 2
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state 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.
1
states with franchisees (per FDD Item 12)
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 in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Ivy Accounting Tax & Advisory LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Entity: I and S FR LLC ("Franchisor"), the entity Item 21 relies on; single audited statement, no parent/guarantor presented. Statement of Income for the twelve-month period ending December 31, 2024 (only one fiscal year presented). Total Sales = $5.27, composed entirely of Interest Income (no franchise/royalty revenue; Company "has not actively embarked on business activities that would generate meaningful income"). Net Income = $5.27. Figures stated in whole dollars (not thousands); rounded to nearest dollar. Balance sheet reconciles: total assets $34,416.10 = total liabilities $0 + member's/stockholders' equity $34,416.10. No separate liabilities reported.
ⓘ 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: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 39 / 100 verdict
- 01MINOROnly 2 existing units with unknown growth trajectory suggests nascent/stagnant system with no proof of concept at scale
- 02MEDNet income not disclosed despite average revenue of $786,839 — unable to validate actual profitability or ROI on $262k-$395k investment
- 03MINORNo protected territory — direct competition risk from other franchisees and franchisor in same market
- 04MED5.5% royalty on disclosed revenue ($786k) = ~$43k annual ongoing fee, but profitability unknown makes true burden unclear
- 05MINORFranchise fee of $38,000 is reasonable, but total investment range suggests high capital requirement with minimal historical performance data
- 06MINOR10-year term locks franchisee into relationship with unproven system during critical early growth phase
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.5% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · 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 | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 2 mi |
| Territory population | 30,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Miami-Dade County, Florida |
| Jury trial waiver | Yes |
| Governing law | FL |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 18 hrs
- On-the-job training
- 39 hrs
- Training location
- Miami, Florida
- Ongoing training
- Required
- Time to open
- 6 mo
- From signing to launch
- POS system
- Square
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Square
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Icy-N-Spicy franchise?
The total investment to open a Icy-N-Spicy franchise ranges from $262K – $395K, with an initial franchise fee of $38K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Icy-N-Spicy franchise owners earn?
According to Item 19 of the Icy-N-Spicy FDD, the average gross sales per unit is $787K. Important context: Company-owned outlets only - not franchisee performance; Based on a single outlet - not a system average. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Icy-N-Spicy?
Icy-N-Spicy is franchised by I AND S FR LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Icy-N-Spicy 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 Icy-N-Spicy FDD and qualifies whose outlets they describe.
What is Icy-N-Spicy's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Icy-N-Spicy (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 Icy-N-Spicy franchise locations are there?
As of their most recent FDD filing, Icy-N-Spicy has 2 total units in the United States.
Is Icy-N-Spicy a good franchise to buy?
FranchiseVerdict rates Icy-N-Spicy as a C-grade franchise with a verdict score of 39 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 Icy-N-Spicy, 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.