Wafels & DingesFranchise Cost, Revenue & Review 2026
Data from FDD filing
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]. Per the 2022 FDD, average unit revenue was $1.1M[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2022 FDD issuance
Overview
- Investment
- $218K – $499K
- 38th pct Service Resta…
- Avg gross sales
- $1.1M
- 36th pct Service Resta…
- Royalty
- 6.0%
- 44th 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
80% cash-on-cash return (based on P&L Bottom Line). Above the 20% threshold most investors target.
Bottom line
- Total investment $218K – $499K including a $35K franchise fee, 6.0% ongoing royalty.
- Average unit revenue of $1.1M/year, with an estimated 80% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 30/100.
- 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
- Legal entity
- Belgo Franchisor LLC
- Parent company
- Belgo Holdings LLC
- 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
- DE
- HQ
- 8401 Park Meadows Center Drive, Unit 5555, Lone Tree, CO 80124
- Auditor
- Aprio, LLP
- Audited financials
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.
- CEO
- Thomas DeGeest
- Headquarters
- CO
- Founded
- 2021
- FDD year
- 2022
- States available
- 3
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.
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
$138K
13.0% margin
Unlevered ROIC
38%
EBITDA / total invested capital
Payback
32 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $218K – $499K
- Better than avg vs category
- Liquid capital req'd
- $5K – $10K
- Better than avg vs category
- Franchise fee
- $12K – $35K
- Near category avg vs category
- Royalty
- 6.0%
- percentage · typical 6–8%
- Ad fund
- Up to 2% of Net Sales
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 1.2 yrs
- From FDD / Item 19
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 |
Financial Performance
- Avg gross sales
- $1.1M
- Per unit, per year
- Median gross sales
- N/A
- Avg p&l bottom line
- $287K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 80.0%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- Historical performance of affiliate-owned locations
- Sample size
- 3 units
- vs category median 28 · small
- Range (low → high)
- $404K→$1.7M
- Cohort dispersion (min → max)
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 453 Quick-Service Restaurants brands
vs Quick-Service Restaurants averages
How Wafels & Dinges Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 10
- Opened
- 0
- 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
- Transfers (3yr)
- 0
- Projected new
- 9
- Franchisor's next-year forecast
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 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.
No SBA loan data available for this brand.
Risk analysis
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.
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 30 / 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
| 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
4 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?
According to Item 19 of the Wafels & Dinges FDD, the average gross sales per unit is $1.1M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
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.
Is Wafels & Dinges a good franchise to buy?
FranchiseVerdict rates Wafels & Dinges as a A-grade franchise with a risk score of 30 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.
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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.