WaBa Grill Franchise Cost, Revenue & Review 2026
- Investment
- $341K – $577K
- Disclosed sales
- not disclosed
- SBA charge-off
- Limited · 45 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
WaBa Grill is a fast-casual franchise serving rice bowls with grilled chicken, steak, and tofu in a healthier, Asian-inspired format. Franchisees run compact restaurants managing food prep, counter service, and staffing.
FranchiseVerdict summary · 2026
A WaBa Grill franchise requires a total initial investment of $341K – $577K, including a $35K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $341K – $577K
- 56th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 12th pct Service Resta…
- Units
- 189
- 83rd 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 median · 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 $341K – $577K including a $35K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 66/100 (higher is better).
- GROWTHPositive: net +11 franchised outlets in the latest year (4 opened, 11 closed); 26 signed but not yet open (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- WaBa Grill Franchise Corp.
- Parent company
- WaBa Restaurant Group
- FDD Item 1, page 6 of the 2022 FDD
- Predecessor
- WaBa Grill, Inc.
- Prior franchisor entity
- CEO title
- President and CEO
- Andrew S. Kim
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- CA
- HQ
- 181 S. Old Springs Road, Anaheim, CA 92808
- Auditor
- SABOCOR & CO., LLP
- Audited financials
- Franchisor revenue
- $13.4M
- vs $15.4M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Andrew S. Kim
- Headquarters
- CA
- FDD year
- 2022
- States available
- 2
Can you afford it, and what does the money buy?
Entry cost is about typical for a quick-service restaurants franchise (near the category median).
Source: FDD 2022 · Items 5–7
FDD Item 7 · 2022 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $20K | $30K |
| Equipment, build-out, other | $286K | $512K |
| Total initial investment | $341K | $577K |
Source: WaBa Grill 2022 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $341K – $577K
- Middle of category vs category
- Liquid capital req'd
- $20K – $30K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 4.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 4.0% |
| Technology fee | $10K |
| Training fee | $250 |
| Transfer fee | $5K |
| Renewal fee | $18K |
| Inventory (initial) | $6K – $7K |
| Total fee load | 9.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
WaBa Grill makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one WaBa Grill unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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% — above the Quick-Service Restaurants median of 7.5%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Multi-unit rate
Only 1% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
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 medians
How WaBa Grill Compares
Category median of published Quick-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2022 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 189
- Opened
- 4
- Last reporting year
- Closed
- 11
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 6.0%
- Company-owned
- 5
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Multi-unit owners
- 1.0%
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 8
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 26
- 0.14 per open outlet · Item 20 Table 5
- Projected new
- 7
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 2 states 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.
2
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
71 current owners across 1 state.
- CA 71
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 45
- Loan volume
- $16.6M
- Median loan
- $330K
- 50th percentile
- Charge-off rate
- Limited · 45 loans
- Limited SBA coverage: 45 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 45 loans
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 16
- Defaults
- 0
- Typical loan rate
- 6.7%
- avg rate to borrowers
- Franchised industry avg
- 10.8%
- n=12,827 loans
- Jobs supported
- 190
- 2.4 per loan
- Lender concentration
- 15%
- top lender's share
Borrower mix: 23% went to startups / new businesses, 77% to established operators
Franchise vs independent — in limited-service restaurants, franchised businesses charge off at 10.8% vs 10.0% for independents — franchising is associated with 8% higher SBA default risk in this category.
Top lenders financing WaBa Grill franchisees
Showing 3 of 16 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for WaBa Grill from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 72%
- Avg interest rate
- 6.71%
- Lender concentration
- 15.4%
- Job velocity
- 2.4 per $100K
- NAICS benchmark
- 8.7%
- NAICS 722513
- Jobs supported
- 190
Top SBA lendersTop lender holds 15% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Hanmi Bank | 2 | $200K | 0.0% |
| 2 | Columbia Bank | 2 | $1.4M | 0.0% |
| 3 | U.S. Bank, National Association | 2 | $431K | N/A |
| 4 | Commonwealth Business Bank | 1 | $550K | N/A |
| 5 | Bank of America, National Association | 1 | $499K | N/A |
| 6 | SouthState Bank, National Association | 1 | $330K | 0.0% |
| 7 | Citizens Business Bank National Association | 1 | $900K | N/A |
| 8 | Shinhan Bank America | 1 | $300K | 0.0% |
| 9 | Western Alliance Bank | 1 | $3.1M | N/A |
| 10 | Bank of Hope | 1 | $160K | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| CACalifornia | 13 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
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
189-unit system with strong parent-level financials (net worth $5.05M, net income $1.9M, revenue $13.4M) and one old regulatory settlement (VA, 2015, $2,000). No bankruptcy, going-concern, or distress; parent-level financials so brand equity not separately judged.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Virginia State Corporation Commission v WaBa Grill Franchise Corporation and Eric Lee (Case No. SEC-2014-00052). Alleged unregistered franchise sale in violation of Virginia Retail Franchising Act. Settled January 9, 2015 without admission or denial. WaBa Grill and Eric Lee paid $2,000 penalty plus $1,000 for investigation costs.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · SABOCOR & CO., LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 66 / 100 verdict
- 01MINOR1 old regulatory matter (settled 2015, $2,000)
- 02MINORParent financials strong: $5.05M net worth, $1.9M net income
- 03MINORNo bankruptcy/going-concern; parent-level financials
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 | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory sizeℹ | address |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | California |
| Jury trial waiver | Yes |
| Governing law | California |
| Litigation count | 1 |
View Item 3 litigation summary
Virginia State Corporation Commission v WaBa Grill Franchise Corporation and Eric Lee (Case No. SEC-2014-00052). Alleged unregistered franchise sale in violation of Virginia Retail Franchising Act. Settled January 9, 2015 without admission or denial. WaBa Grill and Eric Lee paid $2,000 penalty plus $1,000 for investigation costs.
Items 10, 11
Training & Operations
- Classroom training
- 15 hrs
- On-the-job training
- 74 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Site selection
- franchisee, subject to franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Toast POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast POS
Item 20 · call current owners
Franchisee Contacts
71 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a WaBa Grill franchise?
The total investment to open a WaBa Grill franchise ranges from $341K – $577K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do WaBa Grill franchise owners earn?
WaBa Grill makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns WaBa Grill?
WaBa Grill is franchised by WaBa Grill Franchise Corp.. Its parent company is WaBa Restaurant Group. Source: FDD Item 1, 2022 filing.
What is Item 19 in the WaBa Grill 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 WaBa Grill FDD and qualifies whose outlets they describe.
What is WaBa Grill's franchise failure rate?
SBA 7(a) loan charge-off data is not available for WaBa Grill (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 WaBa Grill franchise locations are there?
As of their most recent FDD filing, WaBa Grill has 189 total units in the United States, including 184 franchised units and 5 company-owned units. 4 new units were opened in the latest reporting year.
Is WaBa Grill a good franchise to buy?
FranchiseVerdict rates WaBa Grill as a B-grade franchise with a verdict score of 66 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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?
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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.