Wafels & Dinges Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Wafels & Dinges is a quick-service franchise serving Belgian waffles with sweet and savory toppings from carts and cafes. Franchisees run the locations, managing waffle prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Wafels & Dinges franchise requires a total initial investment of $218K – $499K, including a $35K franchise fee and an ongoing 6.0% royalty[2]. The 2022 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2022 FDD issuance
Overview
- Investment
- $218K – $499K
- 30th pct Service Resta…
- Avg gross sales
- N/A
- Company-owned only
- Royalty
- 6.0%
- 46th pct Service Resta…
- Units
- 10
- 37th 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 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
- COSTTotal investment $218K – $499K including a $35K franchise fee, 6.0% ongoing royalty.
- RETURNSItem 19 disclosed $900K average from 3 affiliate-owned outlets. This is franchisor-operated data, not franchisee results.
- RISKVerdict C (Average), verdict score 39/100 (higher is better).
- DATAItem 19 reports Historical performance of affiliate-owned locations rather than annual gross sales, so unit revenue is not directly comparable. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Belgo Franchisor LLC
- Parent company
- Belgo Holdings LLC
- Predecessor
- Belgo Waffle Inc. (BWI)
- Prior franchisor entity
- CEO title
- Chief Executive Officer and Chief Operating Officer
- Thomas DeGeest
- CEO experience
- 17 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Delaware
- HQ
- 8401 Park Meadows Center Drive, Unit 5555, Lone Tree, CO 80124
- Auditor
- Aprio, LLP
- Audited financials
Overview
About
- CEO
- Thomas DeGeest
- Headquarters
- CO
- Founded
- 2007
- FDD year
- 2022
- States available
- 3
Can you afford it, and what does the money buy?
Entry cost runs 46% below the typical quick-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) | $5K | $10K |
| Equipment, build-out, other | $178K | $454K |
| Total initial investment | $218K | $499K |
Source: Wafels & Dinges 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
- $218K – $499K
- Top 40% of category vs category
- Liquid capital req'd
- $5K – $10K
- Top 40% of category vs category
- Franchise fee
- $35K – $35K
- Middle of category vs category
- Royalty
- 6.0%
- percentage · typical 6–8%
- Ad fund
- Brand Fund Contribution of up to 2.00% of Net Sales (not …
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Technology fee | $360 |
| Training fee | $500 |
| Transfer fee | $18K |
| Renewal fee | $18K |
| Total fee load | 8.0% of rev |
What do units actually make?
Source: FDD 2022 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Wafels & Dinges did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Wafels & Dinges unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
27%
Below the 30–60% attractive-franchise band
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
Item 19 disclosed $900K average from 3 affiliate-owned outlets. This is franchisor-operated data, not franchisee results.
Company-owned outlets only - not franchisee performance
- Item 19 type
- Historical performance of affiliate-owned locations
- Sample size
- 3
- vs category median 20 · small
- Range (low → high)
- $404K→$1.7M
- Cohort dispersion (min → max)
- Source filing
- FDD 2022
- The FDD edition these figures were read from
- Transparency
- 6 / 10
- vs category median 4 / 10 · above
Compared against 782 Quick-Service Restaurants brands
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 8.0% (near the Quick-Service Restaurants average).
Disclosure
Item 19 reports Historical performance of affiliate-owned locations rather than annual gross sales, so unit revenue is not directly comparable.
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 averages
How Wafels & Dinges Compares
Is the system healthy?
Source: FDD 2022 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 10
- Opened
- 1
- 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
- 10
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 9
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 3 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.
3
states with franchisees (per FDD Item 12)
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.
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
No litigation, no bankruptcy, no going-concern; Item 19 disclosed and audited. All 10 units are company-owned (0 franchised) with -16.7% net growth and thin equity ($108,730), signaling an unproven franchise offering.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Aprio, LLP
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 39 / 100 verdict
- 01MINOR0 franchised units (all 10 company-owned), net growth -16.7%
- 02MINORThin equity $108,730
- 03MEDNo litigation/bankruptcy; Item 19 disclosed
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% 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 | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Trade Area |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Delaware |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 41 hrs
- On-the-job training
- 60 hrs
- Training location
- New York, New York or another location, and at your Franchised Businesses
- POS system
- Square Food & Beverage
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Square Food & Beverage
Item 20 · call current owners
Franchisee Contacts
2 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Wafels & Dinges · FDD (2022) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Wafels & Dinges franchise?
The total investment to open a Wafels & Dinges franchise ranges from $218K – $499K, 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 Wafels & Dinges franchise owners earn?
Wafels & Dinges 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 Item 19 in the Wafels & Dinges 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 Wafels & Dinges FDD and qualifies whose outlets they describe.
What is Wafels & Dinges's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Wafels & Dinges (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 Wafels & Dinges franchise locations are there?
As of their most recent FDD filing, Wafels & Dinges has 10 total units in the United States, including 0 franchised units and 10 company-owned units. 1 new units were opened in the latest reporting year.
Is Wafels & Dinges a good franchise to buy?
FranchiseVerdict rates Wafels & Dinges as a C-grade franchise with a verdict score of 39 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.