Perkins Restaurant and Bakery Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Perkins Restaurant and Bakery is a family-dining franchise serving all-day breakfast, comfort food, and its signature bakery pies. Franchisees run full-service restaurants with an in-house bakery, managing kitchen and service staff across dayparts.
FranchiseVerdict summary · 2026
A Perkins Restaurant and Bakery franchise requires a total initial investment of $1.3M – $3.6M, including a $40K franchise fee and an ongoing 4.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.9M[2]. SBA 7(a) loans show a 6.7% charge-off rate across 39 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $1.3M – $3.6M
- 96th pct Service Resta…
- Avg gross sales
- $1.9M
- 42nd pct Service Resta…
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 257
- 79th pct Service Resta…
- SBA charge-off
- 6.7%
- % 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 avg · 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
- Total investment $1.3M – $3.6M including a $40K franchise fee, 4.0% ongoing royalty.
- Average unit revenue of $1.9M/year (median $1.9M).
- Verdict A (Strongest tier), verdict score 61/100 (higher is better). SBA loan charge-off rate of 6.7% across 39 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- Bankruptcy 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
- Perkins LLC
- Parent company
- Ascent Hospitality Management LLC
- Ultimate parent
- Elysium Management LLC
- Predecessor
- Perkins & Marie Callender's, LLC
- Prior franchisor entity
- CEO title
- Chief Executive Officer and President
- Paul Damico
- Incorporated in
- DE
- HQ
- 5901-B Peachtree Dunwoody Road, Suite 450, Sandy Springs, Georgia 30328
- Auditor
- Frazier & Deeter, LLC
- Audited financials
- Franchisor revenue
- $191.5M
- vs $200.2M prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
- Independent Franchisee Association
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- of Perkins
- Huddle House
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Paul Damico
- Headquarters
- GA
- Founded
- 1958
- FDD year
- 2025
- States available
- 30
Can you afford it, and what does the money buy?
Entry cost runs 285% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown34 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $40K | $40K | |
| Training Fee and Travel and Living Expenses While Training | $40K | $60K | |
| Real Estate - Rent for First 3 months | $20K | $60K | |
| Improvements | $700K | $2.3M | |
| Interest during construction | $25K | $30K | |
| Equipment and Seating | $350K | $650K | |
| Signs and Decor | $35K | $82K | |
| Site Plan/Engineering Drawings | $13K | $35K | |
| Travel Expenses for Opening Guide Meeting | $0 | $750 | |
| Smallwares, Small equipment, Opening Inventory and Uniforms | $50K | $75K | |
| POS System | $16K | $21K | |
| Help Desk (total for first 3 months) | $215 | $375 | |
| Hardware and Software Components - Computer Security | $5K | $7K | |
| Other Computer and Technology Expenses (first 3 months) | $675 | $1K | |
| Grand Opening Promotion | $5K | $15K | |
| Miscellaneous Opening Costs | $45K | $55K | |
| Additional Funds - 3 Months | $100K | $150K | |
| Initial Franchise Fee (Reduced Footprint) | $40K | $40K | |
| Training Fee and Travel and Living Expenses While Training (Reduced Footprint) | $40K | $60K | |
| Real Estate - Rent for First 3 months (Reduced Footprint) | $15K | $55K | |
| Total initial investment | $2.8M | $6.9M |
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
- $1.3M – $3.6M
- Bottom third — review vs category
- Liquid capital req'd
- $100K – $150K
- Bottom third — review vs category
- Franchise fee
- $40K – $40K
- Bottom third — review vs category
- Royalty
- 4.0%
- percentage · typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 4.0% of gross sales |
| Marketing / ad fund | 3.0% of gross sales |
| Technology fee | $850 |
| Training fee | $40K |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $50K – $75K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales run 75% above the quick-service restaurants norm.
Source: FDD 2025 · Item 19
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$290K
15.0% margin
Unlevered ROIC
11%
EBITDA / total invested capital
Payback
8.9 yrs
cash-on-cash, unlevered
Financial Performance
- Avg gross sales
- $1.9M
- Per unit, per year
- Median gross sales
- $1.9M
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_tiers
- Sample size
- 168 units
- vs category median 28 · large
- Range (low → high)
- $590K→$4.2M
- Cohort dispersion (min → max)
- Quartile band
- $996K→$3.1M
- Bottom 25% → top 25%
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Reporting year
- 2025
- Fiscal year the figures cover
- Transparency
- 4 / 10
- vs category median 3 / 10 · above
Compared against 485 Quick-Service Restaurants brands
Revenue is only 0.8x 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 $1.9M/year in gross sales. Revenue-to-investment ratio: 0.8x.
Fee burden
Total ongoing fee load of 7.0% (near the Quick-Service Restaurants average).
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 contracting at -8.4% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
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 averages
How Perkins Restaurant and Bakery Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 257
- Opened
- 1
- Last reporting year
- Closed
- 3
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 3
- Term expired, not renewed (per Item 20)
- Turnover rate
- 4.0%
- Company-owned
- 82
- Corporate units in the system
- % franchised
- 68%
- vs corporate-owned
- Net growth (3-yr)
- -8.4%
- Net unit change over 3 years
- 3-yr CAGR
- -8.4%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 3
- Terminated (3yr)
- 1
- Non-renewed (3yr)
- 3
- Transfers (3yr)
- 9
- Reacquired (3yr)
- 2
- Franchisor bought back
- Transfer rate
- 5.1%
- Owners selling to other franchisees
- Continuity rate
- 95.1%
- Units that stayed open
- Termination rate
- 2.3%
- Franchisor-initiated terminations
- Ceased ops
- 1.7%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 32 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.
Available to sell in · Item 12
- California
- Illinois
- Indiana
- Maryland
- Michigan
- Minnesota
- New York
- North Dakota
- Rhode Island
- South Dakota
- Virginia
- Washington
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 39
- Loan volume
- $28.0M
- Median loan
- $717K
- average
- Charge-off rate
- 6.7%
- 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)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 7
- Defaults
- 2
- Typical loan rate
- 6.6%
- avg rate to borrowers
- vs industry
- N/A
- Jobs supported
- N/A
- Lender concentration
- 16%
- top lender's share
Vintage analysis
Perkins Restaurant and Bakery charge-off rate by loan vintage
Top lenders financing Perkins Restaurant and Bakery franchisees
Showing 3 of 7 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.
Premium insight
SBA Lending Report
Deep-dive into Perkins Restaurant and Bakery's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 14 states
- Startup risk premium and job creation velocity
Instant access. No subscription.
What could kill this investment?
SBA loans charge off at 6.7% — 58% 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
Perkins faces declining unit economics, undisclosed profitability, employment litigation exposure, and unclear financial viability, creating meaningful risk for new franchisees entering a contracting system.
Litigation (Item 3)
4 predecessor (PMC) employment/PAGA cases; Norwalt (wrongful termination + PAGA, settled $26K), Ramirez (PAGA wage deductions, settled $7K), Nourani (PAGA off-clock/overtime, no resolution), Cupp (class/PAGA rest breaks, individual arbitration, no resolution). All relate to predecessor franchisor Perkins & Marie Callender's LLC.
Largest disclosed settlement: $26,000
Bankruptcy (Item 4)
Disclosed in last 7 years
Predecessor PMC (Perkins & Marie Callender's LLC) filed Chapter 11 August 2019 (Case No. 19-11743, D. Del.). Also non-affiliate TOMS King LLC Chapter 11 filed January 2023 (Case No. 23-50001), cases closed May/July 2023 — disclosed because current Brand President Matt Carpenter was CEO of TOMS King during bankruptcy.
Audited financials (Item 21)
Yes · Frazier & Deeter, LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ 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: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 61 / 100 verdict
- 01MINORDeclining unit count (-4.4% YoY) indicates system contraction and potential franchisee struggles
- 02MINORNo Item 19 (Net Income) disclosure prevents assessment of actual profitability despite $1.99M average revenue
- 03HIGHMaterial employment litigation against predecessor franchisor (PMC) involving wage/hour violations and PAGA claims signals potential operational/compliance risks
- 04MINORHigh investment range ($579K-$3.58M) with 4% royalty requires substantial revenue to achieve acceptable returns
- 05MINOR20-year term is lengthy commitment for declining franchise with unproven current profitability metrics
- 06HIGHSuccessor franchisor liability exposure unclear given litigation tied to predecessor operations
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 | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 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 |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 10 days |
| Curable defaultsℹ | 4 |
| Mandatory arbitration | No |
| Arbitration location | Fulton County, Georgia or U.S. District Court for Northern District of Georgia |
| Jury trial waiver | Yes |
| Governing law | GA |
| Litigation count | 4 |
View Item 3 litigation summary
4 predecessor (PMC) employment/PAGA cases; Norwalt (wrongful termination + PAGA, settled $26K), Ramirez (PAGA wage deductions, settled $7K), Nourani (PAGA off-clock/overtime, no resolution), Cupp (class/PAGA rest breaks, individual arbitration, no resolution). All relate to predecessor franchisor Perkins & Marie Callender's LLC.
Items 10, 11
Training & Operations
- Classroom training
- 34 hrs
- On-the-job training
- 100 hrs
- Training location
- Perkins Certified Training Restaurants (company-owned and/or franchised, as designated)
- Ongoing training
- Required
- Time to open
- 12 mo
- From signing to launch
- Site selection
- Franchisee proposes, Perkins approves
- Franchisor financing
- Offered
- Item 10
- POS system
- Micros 3700
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Micros 3700
Item 20 · call current owners
Franchisee Contacts
188 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Perkins Restaurant and Bakery · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Perkins Restaurant and Bakery franchise?
The total investment to open a Perkins Restaurant and Bakery franchise ranges from $1.3M – $3.6M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Perkins Restaurant and Bakery franchise owners earn?
According to Item 19 of the Perkins Restaurant and Bakery FDD, the average gross sales per unit is $1.9M. The median is $1.9M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Perkins Restaurant and Bakery's franchise failure rate?
Based on SBA 7(a) loan data, Perkins Restaurant and Bakery has a charge-off rate of 6.7% across 39 loans, meaning 6.7% 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 Perkins Restaurant and Bakery franchise locations are there?
As of their most recent FDD filing, Perkins Restaurant and Bakery has 257 total units in the United States, including 175 franchised units and 82 company-owned units. 1 new units were opened in the latest reporting year.
Is Perkins Restaurant and Bakery a good franchise to buy?
FranchiseVerdict rates Perkins Restaurant and Bakery as a A-grade franchise with a verdict score of 61 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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?
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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.