The Brass TapFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A The Brass Tap franchise requires a total initial investment of $793K – $1.3M, including a $25K franchise fee and an ongoing 5.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.4M[2]. SBA 7(a) loans show a 6.1% charge-off rate across 58 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $793K – $1.3M
- 41st pct Service Resta…
- Avg gross sales
- $1.4M
- 15th pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 53
- 37th pct Service Resta…
- SBA default
- 6.1%
- system-wide median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants 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
The system grew 21% year-over-year. Fast growth means demand, but can strain support.
Bottom line
- Total investment $793K – $1.3M including a $25K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $1.4M/year (median $1.3M).
- Verdict A (Top Quintile) with a risk score of 51/100. SBA loan charge-off rate of 6.1% across 58 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- Bankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Brass Tap Franchisor, LLC
- Parent company
- CapitalSpring
- Predecessor
- The Brass Tap Franchising Co
- Prior franchisor entity
- Incorporated in
- DE
- HQ
- 5660 W. Cypress Street, Suite A, Tampa, Florida 33607
- Auditor
- Forvis Mazars, LLP
- Audited financials
- Franchisor revenue
- $59.4M
- vs $59.7M prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- Brass Tap Gift Programs
- The Brass Tap Marketing and Development Fund
Other brands the franchisor or its parent operates (Item 1).
Overview
About
The Brass Tap operates full-service or casual-dining establishments centered on craft beverages (beer, spirits, wine) with food offerings. Franchisees manage daily bar/restaurant operations, staff scheduling, inventory purchasing, compliance with alcohol licensing, and customer service across table service and point-of-sale systems.
- CEO
- Chris Elliott
- Headquarters
- FL
- Founded
- 2012
- FDD year
- 2025
- States available
- 13
FDD Item 7 · 2025 filing · 20 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Feenot refundable | $25K | $25K | |
| Training Feenot refundable | $18K | $18K | |
| Leasehold Improvements | $448K | $620K | |
| Lease Deposit | $18K | $41K | |
| Equipment | $140K | $225K | |
| Furnishings and Fixtures | $20K | $45K | |
| Audio and Video Equipment | $25K | $65K | |
| Signage | $10K | $20K | |
| Initial Inventory | $20K | $30K | |
| Architect Fees and Permits | $8K | $25K | |
| Computer System | $10K | $15K | |
| Computer Support - 3 Months | $2K | $2K | |
| Travel, Lodging and Meals for Initial Training | $3K | $8K | |
| Licenses and Permitsnot refundable | $2K | $8K | |
| Insurance | $4K | $18K | |
| Promotional and Advertising - 3 months | $3K | $8K | |
| Professional Fees | $3K | $8K | |
| Liquor Licensenot refundable | $10K | $50K | |
| Additional Funds - 3 Months | $20K | $40K | |
| Utility Deposits & Impact Fees | $6K | $10K | |
| Total initial investment | $793K | $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.
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
$154K
11.0% margin
Unlevered ROIC
14%
EBITDA / total invested capital
Payback
6.9 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $793K – $1.3M
- Near category avg vs category
- Liquid capital req'd
- $20K – $40K
- Better than avg vs category
- Franchise fee
- $25K – $25K
- Better than avg vs category
- Royalty
- 5.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $250 |
| Training fee | $1K |
| Transfer fee | $20K |
| Renewal fee | $20K |
| Inventory (initial) | $20K – $30K |
| Total fee load | 7.0% of rev |
Financial Performance
- Avg gross sales
- $1.4M
- Per unit, per year
- Median gross sales
- $1.3M
- Item 19 type
- gross_sales
- Sample size
- 38 units
- vs category median 13 · large
- Range (low → high)
- $695K→$2.4M
- Cohort dispersion (min → max)
- Quartile band
- $882K→$2.1M
- Bottom 25% → top 25%
- Transparency tier
- full
- Categorical assessment of disclosure depth
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How The Brass Tap Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 53
- Opened
- 13
- Last reporting year
- Closed
- 4
- Turnover rate
- 7.5%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 96%
- vs corporate-owned
- Net growth (yr3)
- +21.4%
- Net unit change last year
- 3-yr CAGR
- +24.4%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 1
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 16 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 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 58
- Loan volume
- $47.4M
- Median loan
- $756K
- 50th percentile
- Charge-off rate
- 6.1%
- 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)
- 93.9%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 31
- Defaults
- 2
Vintage analysis
The Brass Tap charge-off rate by loan vintage
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into The Brass Tap'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 15 states
- Startup risk premium and job creation velocity
- 13-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
The Brass Tap presents meaningful investment risk due to undisclosed net income, high capital requirements, rapid growth concentration on small unit base, and concerning franchisor financial status indicators.
Litigation (Item 3)
0 case reference(s): 3 pending, 0 settled.
Bankruptcy (Item 4)
Disclosed in last 7 years
Bankruptcy STATE ADDENDA ACTIVE 710506611v1 Code or any foreign bankruptcy code; (b) obtained a discharge of our, its, his, or her debts under the U.S. Bankruptcy Code or any foreign bankruptcy code; or (c) was a principal officer of a company or a general partner in a partnership that either filed
Audited financials (Item 21)
Yes · Forvis Mazars, LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 51 / 100 rating
- 01MEDNet income not disclosed in Item 19 — unable to verify profitability claims or ROI timeline
- 02MINORHigh initial investment ($792,950–$1,279,550) with no transparent earnings data creates opacity around break-even period
- 03MINORRapid unit growth (21.4% YoY) on small base (53 units) may indicate aggressive recruitment over sustainable franchisee success
- 04HIGHFranchisor shows 'Going Concern: False' — potential financial instability or accounting red flag requiring clarification
- 05MED5% royalty on adjusted gross sales (not net) means franchisee liability increases even if profitability declines
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 | 5 years |
| Allowed renewalsℹ | 2 |
| 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 | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Florida |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 3 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 60 hrs
- On-the-job training
- 171 hrs
- Training location
- On-site and corporate
- POS system
- Toast POS System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast POS System
Item 20 · call current owners
Franchisee Contacts
49 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
The Brass Tap · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a The Brass Tap franchise?
The total investment to open a The Brass Tap franchise ranges from $793K – $1.3M, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do The Brass Tap franchise owners earn?
According to Item 19 of the The Brass Tap FDD, the average gross sales per unit is $1.4M. The median is $1.3M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is The Brass Tap's franchise failure rate?
Based on SBA 7(a) loan data, The Brass Tap has a charge-off rate of 6.1% across 58 loans, meaning 6.1% 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 The Brass Tap franchise locations are there?
As of their most recent FDD filing, The Brass Tap has 53 total units in the United States, including 41 franchised units and 2 company-owned units. 13 new units were opened in the latest reporting year.
Is The Brass Tap a good franchise to buy?
FranchiseVerdict rates The Brass Tap as a A-grade franchise with a risk score of 51 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.