Stalk & Spade Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Stalk & Spade is a fast-casual franchise serving plant-based burgers, sandwiches, and comfort food. Franchisees run the restaurants, managing food prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A STALK & SPADE franchise requires a total initial investment of $767K – $1.3M, including a $65K franchise fee and an ongoing 7.0% royalty[2]. The 2022 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2022 FDD issuance
Overview
- Investment
- $767K – $1.3M
- 89th pct Service Resta…
- Avg gross sales
- N/A
- 1 outlet
- Royalty
- 7.0%
- 86th pct Service Resta…
- Units
- 1
- 3rd 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 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
- COSTTotal investment $767K – $1.3M including a $65K franchise fee, 7.0% ongoing royalty.
- RETURNSNo Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- RISKVerdict D (Below average), verdict score 35/100 (higher is better).
- DATANo Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Stalk & Spade Franchising LLC
- Parent company
- Stalk & Spade LLC
- CEO title
- Chief Executive Officer
- Steele Smiley
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Minnesota
- HQ
- 746 Mill Street E, Wayzata, MN 55391
- Auditor
- CliftonLarsonAllen LLP
- Audited financials
- Franchisor revenue
- $96K
- Most recent fiscal year
Overview
About
- CEO
- Steele Smiley
- Headquarters
- MN
- Founded
- 2021
- FDD year
- 2022
- States available
- 1
Can you afford it, and what does the money buy?
Entry cost runs 59% above the typical quick-service restaurants franchise.
Source: FDD 2022 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Background Check Feenot refundable | $650 | $650 | |
| Initial Franchise Feenot refundable | $55K | $65K | |
| Stalk & Spade To Go Locationnot refundable | $0 | $5K | |
| Architectural Plansnot refundable | $10K | $20K | |
| Furniture, Fixtures and Suppliesnot refundable | $60K | $75K | |
| Travel and living expenses while trainingnot refundable | $3K | $8K | |
| Signage (interior and exterior)not refundable | $13K | $30K | |
| Purchase and installation of commercial kitchennot refundable | $230K | $290K | |
| Premises construction and improvementsnot refundable | $295K | $610K | |
| Real estate and utility security deposits and 3 months' rent | $11K | $60K | |
| Licenses and permitsnot refundable | $4K | $8K | |
| Computer System (including installation of POS and inventory technology systems)not refundable | $13K | $25K | |
| Insurancenot refundable | $1K | $10K | |
| Opening Marketing Spendnot refundable | $10K | $20K | |
| Miscellaneous opening costsnot refundable | $5K | $10K | |
| Opening inventorynot refundable | $8K | $13K | |
| Additional funds for three months of operations (excluding labor costs)not refundable | $50K | $75K | |
| Total initial investment | $767K | $1.3M |
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
- $767K – $1.3M
- Bottom third — review vs category
- Liquid capital req'd
- $50K – $75K
- Bottom third — review vs category
- Franchise fee
- $65K – $65K
- Bottom third — review vs category
- Royalty
- 7.0%
- Gross Sales · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $745 |
| Training fee | $500 |
| Transfer fee | $65K |
| Renewal fee | $32K |
| Total fee load | 9.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
STALK & SPADE did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one STALK & SPADE unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
9%
Below the 30–60% attractive-franchise band
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: 2022 FDD
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
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 9.0% (near the Quick-Service Restaurants average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
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 Stalk & Spade Compares
Is the system healthy?
Source: FDD 2022 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 1
- 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)
- Turnover rate
- 0.0%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 2
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state 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.
1
states with franchisees (per FDD Item 12)
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-opening restaurant franchisor with a single company-owned unit and no franchised units. Audited financials present but no Item 19 disclosed. No litigation or bankruptcy; scored for limited history as an unproven concept.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · CliftonLarsonAllen LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 35 / 100 verdict
- 01MINORis_pre_opening=true, 1 company-owned unit, 0 franchised
- 02MINORNo Item 19 disclosure
- 03MINORAudited financials present
- 04MEDNo litigation/bankruptcy; limited history
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2022 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 3 years |
| Non-compete (miles)ℹ | 15 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Wayzata, MN |
| Jury trial waiver | Yes |
| Governing law | Minnesota |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 14 hrs
- On-the-job training
- 94 hrs
- Training location
- On-site and corporate
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
3 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
STALK & SPADE · FDD (2022) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a STALK & SPADE franchise?
The total investment to open a STALK & SPADE franchise ranges from $767K – $1.3M, with an initial franchise fee of $65K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do STALK & SPADE franchise owners earn?
STALK & SPADE does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the STALK & SPADE 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 STALK & SPADE FDD and qualifies whose outlets they describe.
What is STALK & SPADE's franchise failure rate?
SBA 7(a) loan charge-off data is not available for STALK & SPADE (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 STALK & SPADE franchise locations are there?
As of their most recent FDD filing, STALK & SPADE has 1 total units in the United States, including 0 franchised units and 1 company-owned units.
Is STALK & SPADE a good franchise to buy?
FranchiseVerdict rates STALK & SPADE as a D-grade franchise with a verdict score of 35 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?
If you represent STALK & SPADE, you can request corrections or provide updated information.
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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.