Topsail Steamer
Bottom line
- Total investment $242K – $399K including a $45K franchise fee, 7.0% ongoing royalty.
- No Item 19 financial performance data disclosed — the franchisor chose not to publish revenue figures.
- Rated MODERATE with a risk score of 65/100.
- Auditor disclosed a going-concern note — flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one Topsail Steamer unit return on the cash you put in?
Unlevered ROIC · per unit
33%
In Yale's "attractive" band (30–60%)
Overview
About
Topsail Steamer franchisees operate fast-casual seafood restaurants focused on steamed crustaceans and shellfish. Day-to-day operations include sourcing fresh seafood, steaming/cooking to order, managing customer service, inventory management, and maintaining health/safety compliance in a quick-service environment.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
Item 20 · unit dynamics
The Growth Chart
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 phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Early-stage seafood steamer concept with explosive growth claims but zero financial transparency makes ROI validation impossible and increases execution risk.
Score breakdown · what drove the 65 / 100 rating
- 01MEDNo average revenue or net income disclosed in FDD Item 19 — impossible to validate ROI claims or unit economics
- 02MINORExplosive 500% YoY unit growth (from 2 to 10 units) suggests either rapid expansion or recent launch; unproven business model at scale
- 03MEDInitial investment range of $242K–$398K is substantial with no disclosed profitability benchmarks to justify it
- 04MEDOnly 10 total units system-wide indicates very early-stage franchise with minimal operating history and limited comparable unit data
- 05MINOR7% royalty on weekly gross revenue (not net) compounds pressure on already-opaque unit economics
- 06HIGHNo litigation disclosed is positive, but combined with lack of financial transparency raises questions about FDD completeness
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
16 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Topsail Steamer · FDD (2025) PDF