Wafels & Dinges
Bottom line
- Total investment $218K – $499K including a $35K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $900K/year (median $582K). Estimated payback in 1.2 years.
- Rated MODERATE with a risk score of 67/100.
- No protected territory and the franchisor reserves the right to compete in your area. Clarify territorial boundaries before signing.
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 Wafels & Dinges unit return on the cash you put in?
Unlevered ROIC · per unit
32%
In Yale's "attractive" band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Wafels & Dinges units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$1.1M
on $5.4M purchase
Total debt
$4.3M
SBA $2.7M + senior + seller note
Overview
About
Franchisees operate quick-service food carts or small storefronts serving Belgian waffles and related comfort food items. Day-to-day operations include food preparation, customer service, inventory management, and cart/location maintenance, typically requiring 50-60 hour weeks for owner-operators or shift management for larger locations.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 4 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
Micro-franchise system with unproven growth, unprotected territories, and high breakeven risk relative to investment size—suitable only for experienced operators who can validate unit economics independently.
Score breakdown · what drove the 67 / 100 rating
- 01MINOROnly 10 units system-wide with unknown/stagnant growth trajectory raises scalability concerns
- 02MEDNo Item 19 financial performance representations disclosed despite $900k average revenue claims
- 03MINORUnprotected territory creates direct competition risk from other franchisees in same area
- 04MINORHigh investment-to-net-income ratio ($217-498k investment vs $286k avg net income) indicates 9-18 month breakeven at best
- 05HIGHGoing Concern notation absent but tiny unit count suggests fragile franchisor operations and sustainability questions
- 06MINOR6% royalty on net sales is reasonable, but viability depends entirely on achieving $900k revenue baseline
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
4 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Wafels & Dinges · FDD (2022) PDF