It’s Boba Time Franchise Cost, Revenue & Review 2026
- Investment
- $466K – $597K
- Disclosed sales
- not disclosed
- SBA charge-off
- 0.0%
- on 45 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
It's Boba Time is a quick-service bubble-tea franchise serving milk teas, fruit teas, slushes, and toppings. Franchisees run compact shops managing drink prep, POS, and staffing.
FranchiseVerdict summary · 2026
A IT’S BOBA TIME franchise requires a total initial investment of $466K – $597K, including a $45K franchise fee and an ongoing 5.0% 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. SBA 7(a) loans show a 0.0% charge-off rate across 45 loans[1]. FranchiseVerdict grade: A (Strongest tier), 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: 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 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $466K – $597K
- 72nd pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 89
- 75th pct Service Resta…
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
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 $466K – $597K including a $45K franchise fee, 5.0% 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 A (Strongest tier), verdict score 78/100 (higher is better). SBA loan charge-off rate of 0.0% across 45 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHPositive: net +10 franchised outlets in the latest year (11 opened, 1 closed); 26 signed but not yet open (Item 20).
- GROWTHSystem growing at 41.0% CAGR over 3 years with 89 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Boba Time, Inc.
- CEO title
- President
- Eunice Unmi Pak
- CEO experience
- 21 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- CA
- HQ
- 3255 Wilshire Blvd., Ste. 1420, Los Angeles, California 90010
- Auditor
- JNK Accountancy Group, LLP
- Audited financials
- Franchisor revenue
- $9.4M
- vs $10.1M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Eunice Unmi Pak
- Headquarters
- CA
- Founded
- 2011
- FDD year
- 2025
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost runs 9% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown14 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $45K | $45K | |
| Initial Training Expensesnot refundable | $0 | $3K | |
| Lease Deposit & Rent (3 months) | $18K | $30K | |
| Build Out & Improvementnot refundable | $284K | $349K | |
| Exterior Signagenot refundable | $4K | $8K | |
| Decorating, Furniture & Furnishingsnot refundable | $4K | $15K | |
| Kitchen Equipmentnot refundable | $55K | $63K | |
| Technology Systemsnot refundable | $20K | $22K | |
| Initial Supply of Inventorynot refundable | $25K | $27K | |
| Grand Opening Advertisingnot refundable | $0 | $5K | |
| Utility Deposits, Licenses & Permitsnot refundable | $1K | $4K | |
| Professional Feesnot refundable | $0 | $4K | |
| Insurance (3 months)not refundable | $1K | $2K | |
| Additional Funds (3 months)not refundable | $10K | $20K | |
| Total initial investment | $466K | $597K |
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
- $466K – $597K
- Bottom third — review vs category
- Liquid capital req'd
- $10K – $20K
- Top 40% of category vs category
- Franchise fee
- $45K – $45K
- Bottom third — review vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $0 |
| Training fee | $350 |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $25K – $27K |
| Total fee load | 7.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
IT’S BOBA TIME 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 IT’S BOBA TIME 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: 2025 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 7.0% (near the Quick-Service Restaurants median).
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 expanding at 41.0% CAGR over 3 years across 89 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 Quick-Service Restaurants medians
How It’s Boba Time 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
- 89
- Opened
- 11
- Last reporting year
- Closed
- 1
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 1.1%
- Company-owned
- 3
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Net growth (3-yr)
- +41.0%
- Net unit change over 3 years
- 3-yr CAGR
- +41.0%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 3
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 26
- 0.29 per open outlet · Item 20 Table 5
- Projected new
- 13
- Franchisor's next-year forecast
- Transfer rate
- 3.4%
- Owners selling to other franchisees
- Ceased ops
- 1.1%
- Units that stopped operating
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)
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
- 45
- Loan volume
- $21.9M
- Median loan
- $429K
- 50th percentile
- Charge-off rate
- 0.0%
- on 45 loans · 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
- 0.0%
- Loans approved 2021+
- Active lenders
- 11
- Defaults
- 0
- Typical loan rate
- 7.3%
- avg rate to borrowers
- vs industry
- N/A
- NAICS 7225
- Jobs supported
- 685
- 3.1 per loan
- Lender concentration
- 24%
- top lender's share
Borrower mix: 43% went to startups / new businesses, 57% to established operators
Vintage analysis
It’s Boba Time charge-off rate by loan vintage
Top lenders financing It’s Boba Time franchisees
Showing 3 of 11 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 It’s Boba Time from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 76%
- Avg interest rate
- 7.30%
- Lender concentration
- 24.4%
- Job velocity
- 3.1 per $100K
- Startup risk premium
- 0.0pp
- Jobs supported
- 685
Top SBA lendersTop lender holds 24% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | 11 | N/A | N/A | |
| 2 | 9 | N/A | N/A | |
| 3 | 7 | N/A | N/A | |
| 4 | 5 | N/A | N/A | |
| 5 | 5 | N/A | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 45 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
With a 0.0% charge-off rate across 45 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% below the 16.0% national norm, i.e. lower lender-observed risk.
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: the franchisor is a named party (defendant).
(1) Glen Suh v. Boba Time (BC685235) - breach of noncompetition covenant from 2014 store purchase; judgment against Boba Time for $1,320,288 + interest, satisfied Aug 2022. (2) Morteza Vadipour v. Boba Time (21STCV11254) - fraud, breach of covenant, CFIL violations re transfer fees before FDD delivery; settled March 2023 with territorial protections and waiver of franchise fees for next 3 stores.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · JNK Accountancy Group, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 8: franchisor total revenue for fiscal year ended December 31, 2024 was $9,439,327.31; $60,411.69 (0.64%) was derived from source-restricted purchases (custom print supply products). Audited Item 21 financial statements are in image-only Exhibit G and not text-extractable.
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 78 / 100 verdict
- 01HIGHTwo disclosed lawsuits including fraud/CFIL violations and breach of contract suggest operational/legal instability
- 02MEDNo Item 19 (average unit volumes) disclosed—inability to assess actual profitability or ROI on $465k-$597k investment
- 03MINORUnprotected territory creates direct competition risk from other franchisees and company-owned units
- 04MEDModest unit growth of 13.2% YoY with only 89 locations suggests limited market traction and scaling challenges
- 05MED5% royalty on undisclosed revenue makes it impossible to model cash flow or breakeven timeline
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% 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 | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 1 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| 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 | Los Angeles County, California |
| Jury trial waiver | No |
| Governing law | CA |
| Litigation count | 2 |
View Item 3 litigation summary
(1) Glen Suh v. Boba Time (BC685235) - breach of noncompetition covenant from 2014 store purchase; judgment against Boba Time for $1,320,288 + interest, satisfied Aug 2022. (2) Morteza Vadipour v. Boba Time (21STCV11254) - fraud, breach of covenant, CFIL violations re transfer fees before FDD delivery; settled March 2023 with territorial protections and waiver of franchise fees for next 3 stores.
Items 10, 11
Training & Operations
- Classroom training
- 17 hrs
- On-the-job training
- 43 hrs
- Training location
- Los Angeles, California (corporate headquarters)
- Ongoing training
- Required
- Field support
- 43 hrs/yr
- On-site visits per year
- Time to open
- 9 mo
- From signing to launch
- Site selection
- Franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Toast POS System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast POS System
Item 20 · call current owners
Franchisee Contacts
102 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 IT’S BOBA TIME franchise?
The total investment to open a IT’S BOBA TIME franchise ranges from $466K – $597K, 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 IT’S BOBA TIME franchise owners earn?
IT’S BOBA TIME 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 IT’S BOBA TIME?
IT’S BOBA TIME is franchised by Boba Time, Inc.. Source: FDD Item 1, 2025 filing.
What is Item 19 in the IT’S BOBA TIME 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 IT’S BOBA TIME FDD and qualifies whose outlets they describe.
What is IT’S BOBA TIME's franchise failure rate?
Based on SBA 7(a) loan data, IT’S BOBA TIME has a charge-off rate of 0.0% across 45 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 IT’S BOBA TIME franchise locations are there?
As of their most recent FDD filing, IT’S BOBA TIME has 89 total units in the United States, including 86 franchised units and 3 company-owned units. 11 new units were opened in the latest reporting year.
Is IT’S BOBA TIME a good franchise to buy?
FranchiseVerdict rates IT’S BOBA TIME as a A-grade franchise with a verdict score of 78 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.