Square CowFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Square Cow franchise requires a total initial investment of $167K – $233K, including a $60K franchise fee and an ongoing 7.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.8M[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $167K – $233K
- 43rd pct Business Serv…
- Avg gross sales
- $1.8M
- 23rd pct Business Serv…
- Royalty
- 7.0%
- 15th pct Business Serv…
- Units
- 9
- 15th pct Business Serv…
- SBA default
- N/A
Quick verdict · Business Services · color = vs category peers
Green = >15% above Business Services avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Each dollar invested generates 9.0x in gross revenue, well above the typical 1.5-2.5x range.
197% cash-on-cash return (based on P&L Bottom Line). Above the 20% threshold most investors target.
Bottom line
- Total investment $167K – $233K including a $60K franchise fee, 7.0% ongoing royalty.
- Average unit revenue of $1.8M/year (median $1.6M), with an estimated 197% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 32/100.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Square Cow Franchise Family, LLC
- CEO title
- Co-Founder and President
- Cole Strong
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- TX
- HQ
- 2500 Brushy Creek Loop, Cedar Park, Texas 78613
- Auditor
- A. Andrew Gianiodis
- Audited financials
- Franchisor revenue
- $0
- Most recent fiscal year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
Square Cow franchisees operate quick-service dairy/beverage-focused restaurants featuring milk-based products and related food offerings. Day-to-day responsibilities include managing a small storefront team, preparing fresh products, handling POS systems, inventory management, and executing the franchisor's operational standards across limited real estate footprints.
- CEO
- Cole Strong
- Headquarters
- TX
- Founded
- 2022
- FDD year
- 2025
- States available
- 3
FDD Item 7 · 2025 filing · 17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $60K | $60K | |
| Lease, Utility and Security Deposits | $1K | $5K | |
| Business Licenses and Permits | $1K | $2K | |
| Construction/Leasehold Improvements | $2K | $5K | |
| Vehicles and Vehicle Signage | $33K | $45K | |
| Signage | $500 | $3K | |
| Furniture and Fixtures | $2K | $3K | |
| Business Software | $500 | $2K | |
| Office Equipment, Computers and Office Supplies | $4K | $5K | |
| Truck Equipment | $4K | $5K | |
| Professional Services | $1K | $3K | |
| Initial Inventory | $4K | $4K | |
| Business and Vehicle Insurance | $7K | $10K | |
| Training Expenses | $3K | $4K | |
| Marketing Fee and Initial Launch Advertising | $8K | $10K | |
| Grand Opening Assistance Fee | $10K | $10K | |
| Additional Funds - Initial 3 months | $30K | $60K | |
| Total initial investment | $167K | $233K |
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.
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
$271K
15.0% margin
Unlevered ROIC
111%
EBITDA / total invested capital
Payback
11 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $167K – $233K
- Near category avg vs category
- Liquid capital req'd
- $30K – $60K
- Better than avg vs category
- Franchise fee
- $30K – $60K
- Near category avg vs category
- Royalty
- 7.0%
- percentage · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 0.5 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $200 |
| Transfer fee | $15K |
| Renewal fee | $5K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $1.8M
- Per unit, per year
- Median gross sales
- $1.6M
- Avg p&l bottom line
- $395K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 197.2%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- historic financial performance information
- Sample size
- 5 units
- vs category median 32 · small
- Range (low → high)
- $1.1M→$3.1M
- Cohort dispersion (min → max)
- Transparency
- 10 / 5
- vs category median 3 / 5 · above
Compared against 360 Business Services brands
Revenue is 9.0x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
vs Business Services averages
How Square Cow Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 9
- Opened
- 3
- Last reporting year
- Closed
- 1
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 11.1%
- Company-owned
- 6
- Corporate units in the system
- % franchised
- 33%
- vs corporate-owned
- Net growth (yr3)
- +200.0%
- Net unit change last year
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 25
- Franchisor's next-year forecast
- Termination rate
- 11.1%
- Franchisor-initiated terminations
- Ceased ops
- 22.2%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 12 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.
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 loan disclosures. This brand has only 4 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 4
- Loan volume
- N/A
- Amount data pending
- Median loan
- N/A
- Charge-off rate
- N/A
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
- 0
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Square Cow presents a paradox of strong unit-level financials masked by franchisor distress, explosive unproven growth, and unverified earnings claims in a micro-franchise system.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · A. Andrew Gianiodis
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 32 / 100 rating
- 01HIGHGoing Concern warning indicates franchisor financial distress despite positive unit-level economics
- 02MINORExplosive 200% YoY unit growth (9 units) suggests rapid expansion with unproven sustainability and possible quality control issues
- 03MINORHigh franchise fee ($59,500) plus $167k-$233k total investment creates significant financial barrier relative to only 9 operating units for validation
- 04MEDNo Item 19 (Earnings Claims) disclosed — cannot independently verify the $1.8M average revenue and $395k net income figures across system
- 05MINOR7% royalty on gross sales (not net) is aggressive and reduces franchisee flexibility during downturns
- 06MINORExtremely small sample size (9 units) makes financial projections unreliable and vulnerable to outlier performance skewing averages
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | zip codes |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 350,000 |
| 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 | 50 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Texas |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 18 hrs
- On-the-job training
- 9 hrs
- Field support
- 16 hrs/yr
- On-site visits per year
- Time to open
- 4 mo
- From signing to launch
- POS system
- Supermove
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Supermove
Item 20 · call current owners
Franchisee Contacts
12 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Square Cow · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Square Cow franchise?
The total investment to open a Square Cow franchise ranges from $167K – $233K, with an initial franchise fee of $60K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Square Cow franchise owners earn?
According to Item 19 of the Square Cow FDD, the average gross sales per unit is $1.8M. The median is $1.6M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Square Cow's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Square Cow (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 Square Cow franchise locations are there?
As of their most recent FDD filing, Square Cow has 9 total units in the United States, including 0 franchised units and 6 company-owned units. 3 new units were opened in the latest reporting year.
Is Square Cow a good franchise to buy?
FranchiseVerdict rates Square Cow as a A-grade franchise with a risk score of 32 out of 100, 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.
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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.