WaBa Grill Franchise Cost, Revenue & Review 2026
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]. The 2022 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 0.0% charge-off rate across 45 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2022 FDD issuance
Overview
- Investment
- $341K – $577K
- 23rd pct Service Resta…
- Avg gross sales
- N/A
- 28th pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 189
- 46th pct Service Resta…
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-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
- Total investment $341K – $577K including a $35K franchise fee, 5.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict A (Strongest tier), verdict score 78/100 (higher is better). SBA loan charge-off rate of 0.0% across 45 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- No 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
- WaBa Grill Franchise Corp.
- Parent company
- WaBa Restaurant Group
- 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
- $15.4M
- vs $13.4M 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 runs 51% below the typical full-service restaurants franchise.
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
- Top 40% of category vs category
- Liquid capital req'd
- $20K – $30K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Top 40% of category vs category
- Royalty
- 5.0%
- Gross Sales · 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% of gross sales |
| Technology fee | $10K |
| Training fee | $250 |
| Transfer fee | $5K |
| Renewal fee | $18K |
| Total fee load | 9.0% of rev |
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% — above the Full-Service Restaurants average of 7.6%.
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
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 Full-Service Restaurants averages
How WaBa Grill Compares
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%
3-year detail · Item 20
- Opened (3yr)
- 4
- Closed (3yr)
- 11
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 8
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 7
- Franchisor's next-year forecast
Last reporting year only, multi-year history not disclosed in this brand's FDD.
Item 20 · 3 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.
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
- 0.0%
- 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)
- 100.0%
- 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%
- brand beats franchise avg ↓
- 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.
Premium insight
SBA Lending Report
Deep-dive into WaBa Grill'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 1 states
- Startup risk premium and job creation velocity
- 6-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 45 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% below the 16.0% national norm, i.e. lower lender-observed risk.
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)
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.
Largest disclosed settlement: $3,000
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 78 / 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 | address |
| Protected territory | No |
| Online sales rights | 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 |
| 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
- POS system
- Toast POS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast POS
Item 20 · call current owners
Franchisee Contacts
73 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
WaBa Grill · FDD (2022) PDF
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 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 WaBa Grill's franchise failure rate?
Based on SBA 7(a) loan data, WaBa Grill has a charge-off rate of 0.0% across 45 loans, meaning 0.0% 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 WaBa Grill franchise locations are there?
As of their most recent FDD filing, WaBa Grill has 189 total units in the United States. 4 new units were opened in the latest reporting year.
Is WaBa Grill a good franchise to buy?
FranchiseVerdict rates WaBa Grill as a A-grade franchise with a verdict score of 78 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?
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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.