Jeremiah’s Italian Ice Franchise Cost, Revenue & Review 2026
- Investment
- $295K – $744K
- Disclosed sales
- $469K
- gross sales, not profit
- SBA charge-off
- Limited · 94 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Jeremiah's Italian Ice is a dessert franchise serving Italian ice, soft-serve, and its layered Gelati. Franchisees run shops managing product prep, counter service, and staffing, with sales driven by warm weather.
FranchiseVerdict summary · 2026
A Jeremiah’s Italian Ice franchise requires a total initial investment of $295K – $744K, including a $30K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $469K[2]. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2025 filing · Data extracted: · Last cited check: · Staleness risk: medium - a newer filing may exist
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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $295K – $744K
- 47th pct Service Resta…
- Avg gross sales
- $469K
- Incl. company outletsNet sales3rd pct Service Resta…
- Royalty
- 6.0%
- 48th pct Service Resta…
- Units
- 163
- 81st 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 $295K – $744K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $469K/year (median $436K) (includes company-owned outlets), with an estimated 18% cash-on-cash return (based on Net (after imputed royalties and marketing fees)).
- RISKVerdict C (Average), verdict score 43/100 (higher is better).
- GROWTHPositive: net +27 franchised outlets in the latest year (33 opened, 6 closed); 144 signed but not yet open (Item 20).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- JII Franchise Group, LLC
- Parent company
- Jeremiah's Italian Ice Holdings LLC
- FDD Item 1, page 6 of the 2025 FDD
- Predecessor
- and Affiliates
- Prior franchisor entity
- CEO title
- President, Chief Executive Officer
- Michael Keller
- Incorporated in
- FL
- HQ
- 1011 East Colonial Drive, Suite 201, Orlando, Florida 32803
- Auditor
- BDO USA, P.C.
- Audited financials
- Franchisor revenue
- $5.5M
- vs $4.0M prior year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Affiliated brands
- and serves as the
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Michael Keller
- Headquarters
- FL
- Founded
- 2019
- FDD year
- 2025
- States available
- 11
Can you afford it, and what does the money buy?
Entry cost is about typical for a quick-service restaurants franchise (near the category median).
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial franchise fee | $24K | $30K | |
| Development Services Fee | $5K | $5K | |
| Lease/rent | $7K | $41K | |
| Construction (includes permits) | $72K | $300K | |
| Equipment | $78K | $150K | |
| POS System | $8K | $17K | |
| Signage | $10K | $25K | |
| Opening Advertising | $15K | $15K | |
| Inventory and Start-up Supplies | $5K | $18K | |
| Insurance | $10K | $12K | |
| Training Expenses | $2K | $4K | |
| Business Licenses | $250 | $6K | |
| Architect and Professional Fees | $10K | $20K | |
| Additional Funds (3 Months) | $50K | $100K | |
| Security / Utility Deposits | $150 | $2K | |
| Total initial investment | $295K | $744K |
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
- $295K – $744K
- Middle of category vs category
- Liquid capital req'd
- $50K – $100K
- Bottom third — review vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 5.5 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of net sales |
| Marketing / ad fund | 2.0% of net sales |
| Technology fee | $350 |
| Training fee | $2K |
| Transfer fee | $15K |
| Renewal fee | $15K |
| Inventory (initial) | $5K – $18K |
| Total fee load | 8.0% of rev |
What do units actually make?
Average unit sales run 52% below the quick-service restaurants norm.
Includes company-owned outlets
Reported as net sales, not gross sales
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 Jeremiah’s Italian Ice 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
$594K
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
FDD-reported earnings
The FDD reports $171K as Net (after imputed royalties and marketing fees). This is a disclosed figure, not our estimate — we publish no modelled profit for Jeremiah’s Italian Ice.
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 Jeremiah’s Italian Ice 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
Includes company-owned outlets
Reported as net sales, not gross sales
- Avg gross sales
- $469K
- Per unit, per year
- Median gross sales
- $436K
- Avg net (after imputed royalties and marketing fees)
- $171K
- Reported as Net (after imputed royalties and marketing fees) in FDD Item 19
- Cash-on-cash
- 18.2%
- Based on Net (after imputed royalties and marketing fees) / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- net sales
- Sample size
- 125 outlets
- vs category median 19 · large
- Range (low → high)
- $137K→$1.1MCited, not corroborated — printed on page 61 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 9 / 10
- vs category median 4 / 10 · above
Compared against 781 Quick-Service Restaurants brands
Revenue is only 0.9x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
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 $469K/year in gross sales. Revenue-to-investment ratio: 0.9x. Includes company-owned outlets.
Fee burden
Total ongoing fee load of 8.0% (near the Quick-Service Restaurants median).
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 84.6% CAGR over 3 years across 163 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 Jeremiah’s Italian Ice 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
- 163
- Opened
- 33
- Last reporting year
- Closed
- 6
- Terminated
- 5
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 3.7%
- Company-owned
- 19
- Corporate units in the system
- % franchised
- 88%
- vs corporate-owned
- Net growth (3-yr)
- +84.6%
- Net unit change over 3 years
- 3-yr CAGR
- +84.6%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 5
- Not renewed
- 0
- Transferred
- 13
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 144
- 0.88 per open outlet · Item 20 Table 5
- Projected new
- 25
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 11 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.
Where the owners are · Item 20 owner list
219 current owners across 9 states; 31 former (terminated, transferred or not renewed) listed separately.
- FL 91
- TX 54
- GA 29
- NC 19
- SC 9
- LA 6
- TN 6
- AZ 3
- NV 2
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
- 94
- Loan volume
- $34.3M
- Median loan
- $365K
- average
- Charge-off rate
- Limited · 94 loans
- Limited SBA coverage: 94 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 · 94 loans
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 29
- Defaults
- 0
- Typical loan rate
- 7.8%
- avg rate to borrowers
- vs industry
- N/A
- Jobs supported
- 1,990
- Lender concentration
- N/A
Borrower mix: 98% went to startups / new businesses, 2% to established operators
Top lenders financing Jeremiah’s Italian Ice franchisees
Showing 3 of 29 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 Jeremiah’s Italian Ice from SBA 7(a) FOIA data.
- Avg interest rate
- 7.85%
- Jobs supported
- 1,990
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 18 | N/A | N/A |
| 2 | Axiom Bank, National Association | 10 | N/A | N/A |
| 3 | Byline Bank | 10 | N/A | N/A |
| 4 | Cadence Bank | 8 | N/A | N/A |
| 5 | First Bank of the Lake | 7 | N/A | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| FLFlorida | 31 | 0 | -- |
| TXTexas | 22 | 0 | -- |
| GAGeorgia | 16 | 0 | -- |
| AZArizona | 7 | 0 | -- |
| NCNorth Carolina | 7 | 0 | -- |
| LALouisiana | 4 | 0 | -- |
| ALAlabama | 2 | 0 | -- |
| NVNevada | 2 | 0 | -- |
| SCSouth Carolina | 1 | 0 | -- |
| TNTennessee | 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?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Moderate-risk seasonal franchise with strong unit growth and solid unit economics, but lack of disclosed financial substantiation and wide cost variance warrant careful validation.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
No litigation information required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · BDO USA, P.C.⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Audited (BDO USA, P.C.) for JII Franchise Group, LLC, FY ended Dec 31, 2024. Revenue components: royalty fees $3,185,808; franchise fees $740,069; marketing fees $824,728; technology fees $560,000; development service fees $125,000; other revenue $34,560. Company reported a net loss of $501,263 and a members' deficit of $(4,949,022).
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 43 / 100 verdict
- 01MINORHigh royalty rate (6-10%) combined with seasonal business model may compress margins during off-peak months
- 02MINORRapid unit growth (23.1% YoY) may indicate oversaturation risk or quality control challenges in franchise support
- 03MINORWide investment range ($294K-$743K) suggests significant variability in unit economics and unclear path to profitability
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% 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 | 10 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 | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Arbitration location | Orlando, Florida |
| Jury trial waiver | Yes |
| Governing law | FL |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation information required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 26 hrs
- On-the-job training
- 128 hrs
- Training location
- Certified Training Location and franchisee's location
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- franchisor_approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Revel
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Revel
Item 20 · call current owners
Franchisee Contacts
250 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 Jeremiah’s Italian Ice franchise?
The total investment to open a Jeremiah’s Italian Ice franchise ranges from $295K – $744K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Jeremiah’s Italian Ice franchise owners earn?
According to Item 19 of the Jeremiah’s Italian Ice FDD, the average gross sales per unit is $469K. The median is $436K. Important context: Includes company-owned outlets; Reported as net sales, not gross sales. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Jeremiah’s Italian Ice?
Jeremiah’s Italian Ice is franchised by JII Franchise Group, LLC. Its parent company is Jeremiah's Italian Ice Holdings LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Jeremiah’s Italian Ice 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 Jeremiah’s Italian Ice FDD and qualifies whose outlets they describe.
What is Jeremiah’s Italian Ice's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Jeremiah’s Italian Ice (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 Jeremiah’s Italian Ice franchise locations are there?
As of their most recent FDD filing, Jeremiah’s Italian Ice has 163 total units in the United States, including 144 franchised units and 19 company-owned units. 33 new units were opened in the latest reporting year.
Is Jeremiah’s Italian Ice a good franchise to buy?
FranchiseVerdict rates Jeremiah’s Italian Ice as a C-grade franchise with a verdict score of 43 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.