Noble Chicken Franchise Cost, Revenue & Review 2026
- Investment
- $432K – $725K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Noble Chicken is a fast-casual franchise serving bold-flavored chicken sandwiches, tenders, wings, and salads. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Noble Chicken franchise requires a total initial investment of $432K – $725K, including a $35K franchise fee and an ongoing 5.5% 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: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Limited operating history: franchising since 2024. A system this young has fewer than three years of Item 20 outlet history and rarely enough SBA loans for a charge-off rate, so its grade rests on less evidence than an established system's. Read its Item 20 tables and talk to its first franchisees before relying on the grade. Other new franchisors
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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $432K – $725K
- 68th pct Service Resta…
- Avg gross sales
- N/A
- 0 outlets
- Royalty
- 5.5%
- 44th pct Service Resta…
- Units
- 0
- 0th 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 $432K – $725K including a $35K franchise fee, 5.5% 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 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).
- 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
- Buffalo Wings & Rings, LLC
- CEO title
- President and CEO
- Nader Masadeh
- Incorporated in
- OH
- HQ
- 396 Wards Corner Road, Loveland, OH 45140
- Auditor
- GBQ Partners LLC
- Audited financials
- Franchisor revenue
- $19.0M
- vs $18.7M prior year
Overview
About
- CEO
- Nader Masadeh
- Headquarters
- OH
- Founded
- 2005
- FDD year
- 2025
- States available
- 0
Can you afford it, and what does the money buy?
Entry cost runs 19% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $25K | $45K |
| Equipment, build-out, other | $372K | $645K |
| Total initial investment | $432K | $725K |
Source: Noble Chicken 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $432K – $725K
- Bottom third — review vs category
- Liquid capital req'd
- $25K – $45K
- Middle of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 5.5%
- typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 8.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of net sales |
| Marketing / ad fund | 3.0% of net sales |
| Technology fee | $885 |
| Transfer fee | $5K |
| Renewal fee | $5K |
| Inventory (initial) | $11K – $15K |
| Total fee load | 8.5% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Noble Chicken 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 Noble Chicken 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 8.5% (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.
Multi-unit rate
Only 12% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
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 Noble Chicken 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
- 0
- 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)
- Company-owned
- 0
- Corporate units in the system
- Multi-unit owners
- 12.1%
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 0
- Item 20 Table 5
- Projected new
- 1
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Where the owners are · Item 20 owner list
2 current owners across 2 states.
- DC 1
- OH 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.
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
Pre-revenue franchise with zero operating units, active CEO litigation alleging fraud, and undisclosed financials—extreme risk unsuitable for most investors.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Philip Schram v. Nader Masadeh (Hamilton County, Ohio, Case No. A 2104070, filed Nov. 24, 2021) — internal ownership/operating agreement dispute; no franchise relationship litigation in most recent fiscal year and no concluded actions in last 10 years.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · GBQ Partners LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Consolidated financials of Buffalo Wings & Rings, LLC and Consolidated Affiliates (d/b/a Noble Chicken). 2024 total net revenue $19,003,334 comprises restaurant sales $10,057,045, royalties and other revenue $6,085,848, advertising fund revenue $2,356,639, and rental income $503,802. Net income $1,560,006 total; $1,310,537 attributable to Buffalo Wings & Rings, LLC after $249,469 noncontrolling interest. Fiscal year ended December 29, 2024.
ⓘ 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: 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 39 / 100 verdict
- 01MINORZero operating units with unknown growth trajectory—no proven franchise system or track record
- 02HIGHActive litigation involving President/CEO (Masadeh) with allegations of fraudulent inducement and breach of fiduciary duty—directly relevant to franchisee protection
- 03MEDNo Item 19 financial performance disclosure (Avg Revenue and Net Income not disclosed)—impossible to validate ROI or unit economics
- 04MEDHigh initial investment ($432K-$725K) paired with 5.5% royalty on undisclosed revenue creates profitability uncertainty
- 05HIGHLitigation involves operational/distribution disputes that could foreshadow franchisee-franchisor conflict
- 06MINORBrand is pre-launch or extremely early-stage with no franchisee reference pool to validate claims
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.5% 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 population | 25 |
| 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 | No |
| Arbitration location | Hamilton County, Ohio (litigation forum) |
| Jury trial waiver | No |
| Governing law | OH |
| Litigation count | 1 |
View Item 3 litigation summary
Philip Schram v. Nader Masadeh (Hamilton County, Ohio, Case No. A 2104070, filed Nov. 24, 2021) — internal ownership/operating agreement dispute; no franchise relationship litigation in most recent fiscal year and no concluded actions in last 10 years.
Items 10, 11
Training & Operations
- Classroom training
- 9 hrs
- On-the-job training
- 110 hrs
- Training location
- Corporate Training Center or Certified Training Restaurant (Greater Cincinnati Area)
- Ongoing training
- Required
- Field support
- 191 hrs/yr
- On-site visits per year
- Site selection
- Franchisee selects; franchisor approves within 30 days
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
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 Noble Chicken franchise?
The total investment to open a Noble Chicken franchise ranges from $432K – $725K, 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 Noble Chicken franchise owners earn?
Noble Chicken 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 Noble Chicken?
Noble Chicken is franchised by Buffalo Wings & Rings, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Noble Chicken 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 Noble Chicken FDD and qualifies whose outlets they describe.
What is Noble Chicken's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Noble Chicken (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.
Is Noble Chicken a good franchise to buy?
FranchiseVerdict rates Noble Chicken 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 Noble Chicken, 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.