Ululani’s Hawaiian Shave IceFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Ululani’s Hawaiian Shave Ice franchise requires a total initial investment of $286K – $566K, including a $48K franchise fee and an ongoing 5.0% royalty[2]. Per the 2025 FDD, average unit revenue was $907K[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $286K – $566K
- 57th pct Service Resta…
- Avg gross sales
- $907K
- 30th pct Service Resta…
- Royalty
- 5.0%
- 13th pct Service Resta…
- Units
- 10
- 35th pct Service Resta…
- SBA default
- N/A
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = >15% above Quick-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
Franchised units fell from 8 to 2 over 3 years. Investigate why operators are leaving.
60% cash-on-cash return (based on P&L Bottom Line). Above the 20% threshold most investors target.
Bottom line
- Total investment $286K – $566K including a $48K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $907K/year, with an estimated 60% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 36/100.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- UHSI FRANCHISE, LLC
- Ultimate parent
- UHSI International, LLC
- CEO title
- Chief Executive Officer
- David Yamashiro
- CEO experience
- 2008 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- DE
- HQ
- 13517 NE 42nd Ave., Vancouver, Washington 98686
- Auditor
- Kezos & Dunlavy
- Audited financials
- Franchisor revenue
- $151K
- vs $167K prior year
Overview
About
Franchisees operate retail shave ice shops selling flavored frozen desserts, typically in high-foot-traffic locations. Day-to-day operations include preparing shave ice products, managing inventory of syrups and toppings, staffing the counter, and handling POS transactions. The business is heavily dependent on seasonal demand and weather patterns.
- CEO
- David Yamashiro
- Headquarters
- WA
- Founded
- 2015
- FDD year
- 2025
- States available
- 3
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $48K | $48K |
| Working capital (3–6 mo) | $5K | $10K |
| Equipment, build-out, other | $233K | $508K |
| Total initial investment | $286K | $566K |
Source: Ululani’s Hawaiian Shave Ice 2025 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
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
$150K
16.5% margin
Unlevered ROIC
35%
EBITDA / total invested capital
Payback
35 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $286K – $566K
- Near category avg vs category
- Liquid capital req'd
- $5K – $10K
- Better than avg vs category
- Franchise fee
- $48K – $48K
- Below avg, review vs category
- Royalty
- 5.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 0.5%
- typical 3–5%
- Total fee load
- 5.5%
- vs 9–13% typical
- Payback period
- 1.7 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 0.5% of gross sales |
| Technology fee | $75 |
| Training fee | $990 |
| Transfer fee | $5K |
| Renewal fee | $1K |
| Total fee load | 5.5% of rev |
A 5.5% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $907K
- Per unit, per year
- Median gross sales
- N/A
- Avg p&l bottom line
- $257K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 60.3%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- gross_sales
- Sample size
- 9 units
- vs category median 28 · small
- Range (low → high)
- $194K→$1.6M
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Transparency
- 0 / 5
- vs category median 4 / 5 · below
Compared against 453 Quick-Service Restaurants brands
vs Quick-Service Restaurants averages
How Ululani’s Hawaiian Shave Ice Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 10
- Opened
- 2
- 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
- 3
- Corporate units in the system
- % franchised
- 70%
- vs corporate-owned
- Net growth (yr3)
- +33.3%
- Net unit change last year
- 3-yr CAGR
- Outlier (see FDD)
- Likely small-sample artifact
3-year detail · Item 20
- Transfers (3yr)
- 0
- Ceased ops
- 10.0%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 23 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.
No SBA loan data available for this brand.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Early-stage Hawaiian shave ice concept with minimal operating history, undisclosed financials, and high capital requirements relative to unit growth.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Score breakdown · what drove the 36 / 100 rating
- 01MINORNo financial disclosure (Item 19): Average unit volumes and net income not provided, making ROI calculation impossible
- 02MEDSmall unit count (10 units) with only 33.3% YoY growth suggests limited brand awareness and unproven scalability
- 03MINORHigh initial investment ($285k-$566k) relative to unit size and revenue opacity creates significant financial risk
- 04MINORSeasonal business model (shave ice) typically concentrates revenue in summer months, creating cash flow volatility
- 05MINORLack of established financial benchmarks prevents franchisees from validating profitability claims
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 |
| Territory type | Mileage radius |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 3 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 | Washington |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 32 hrs
- On-the-job training
- 58 hrs
- Training location
- Typically Our Affiliate's Headquarters (currently in Kahului, Hawaii)
- Field support
- 58 hrs/yr
- On-site visits per year
- Time to open
- 7 mo
- From signing to launch
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
34 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Ululani’s Hawaiian Shave Ice · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Ululani’s Hawaiian Shave Ice franchise?
The total investment to open a Ululani’s Hawaiian Shave Ice franchise ranges from $286K – $566K, with an initial franchise fee of $48K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Ululani’s Hawaiian Shave Ice franchise owners earn?
According to Item 19 of the Ululani’s Hawaiian Shave Ice FDD, the average gross sales per unit is $907K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Ululani’s Hawaiian Shave Ice's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Ululani’s Hawaiian Shave Ice (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 Ululani’s Hawaiian Shave Ice franchise locations are there?
As of their most recent FDD filing, Ululani’s Hawaiian Shave Ice has 10 total units in the United States, including 8 franchised units and 3 company-owned units. 2 new units were opened in the latest reporting year.
Is Ululani’s Hawaiian Shave Ice a good franchise to buy?
FranchiseVerdict rates Ululani’s Hawaiian Shave Ice as a A-grade franchise with a risk score of 36 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.
For franchisors
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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.