Waffle Love Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Waffle Love is a quick-service franchise serving Liege-style Belgian waffles with fresh toppings. Franchisees run the restaurants and trucks, managing waffle prep, staffing, and counter service.
FranchiseVerdict summary · 2026
A Waffle Love franchise requires a total initial investment of $327K – $703K, including a $30K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $685K[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $327K – $703K
- 54th pct Service Resta…
- Avg gross sales
- $685K
- 8th pct Service Resta…
- 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 $327K – $703K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $685K/year (median $685K).
- RISKVerdict B (Above average), verdict score 51/100 (higher is better).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Waffle Love Franchises, LLC
- Parent company
- KSBW Management Inc.
- Predecessor
- Hive Industries Inc.; Old WL LLC (formerly Waffle Love LLC)
- Prior franchisor entity
- CEO title
- Member
- Brent Wight
- CEO experience
- 11 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Utah
- HQ
- 2322 West 500 North, Suite L, Springville, Utah 84663
- Auditor
- Metwally CPA PLLC
- Audited financials
- Franchisor revenue
- $109K
- vs $78K prior year
Overview
About
- CEO
- Brent Wight
- Headquarters
- UT
- Founded
- 2017
- FDD year
- 2025
- States available
- 4
Can you afford it, and what does the money buy?
Entry cost runs 22% below the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $30K | $30K |
| Working capital (3–6 mo) | $30K | $50K |
| Equipment, build-out, other | $267K | $623K |
| Total initial investment | $327K | $703K |
Source: Waffle Love 2025 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
- $327K – $703K
- Middle of category vs category
- Liquid capital req'd
- $30K – $50K
- Middle of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 6.0%
- Gross Sales · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $250 |
| Transfer fee | $5K |
| Renewal fee | $3K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales run 43% below the quick-service restaurants norm.
Source: FDD 2025 · Item 19
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
$103K
15.0% margin
Unlevered ROIC
19%
EBITDA / total invested capital
Payback
5.4 yrs
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one Waffle Love unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
19%
Below the 30–60% attractive-franchise band
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 Waffle Love 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 $5.5M purchase
Total debt
$4.4M
SBA $2.7M + senior + seller note
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: 2025 FDD
Financial Performance
- Avg gross sales
- $685K
- Per unit, per year
- Median gross sales
- $685K
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross sales - high/low/average/median by unit ownership category
- Sample size
- 3 outlets
- vs category median 20 · small
- Range (low → high)
- $506K→$864K
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
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.
Unit economics
Average unit generates $685K/year in gross sales. Revenue-to-investment ratio: 1.3x.
Fee burden
Total ongoing fee load of 7.0% (near the Quick-Service Restaurants average).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 3 outlets — treat as directional only.
Operator retention
Net unit growth of +33.3% over 3 years (0 opened, 0 closed).
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 Waffle Love Compares
Is the system healthy?
Source: FDD 2025 · Item 20
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
- 7
- Corporate units in the system
- % franchised
- 30%
- vs corporate-owned
- Net growth (3-yr)
- +33.3%
- Net unit change over 3 years
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
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
- 0
- Franchisor's next-year forecast
- Continuity rate
- 100.0%
- Units that stayed open
- Ceased ops
- 70.0%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 4 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.
4
states with franchisees (per FDD Item 12)
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 1 7(a) loan on file; statistical reliability is limited below 10 loans.
- Total loans
- 1
- Loan volume
- $2.2M
- Median loan
- $2.2M
- 50th percentile
- Charge-off rate
- N/A
- limited sample (1 loan) — rate not shown below 10
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 1
- Defaults
- N/A
Explore lender portfolios on Bank Reports or regional data on State Reports.
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
Financial distress flagged plus a 2022 lawsuit alleging breach of fiduciary duty, conversion, and unjust enrichment in which a receiver was appointed. Small 10-unit system that has shifted to mostly company-owned (only 3 franchised).
Litigation (Item 3)
Brent Wight et al vs. Adam Terry et al., Case No. 220400233 (converted to 220100026), filed February 16, 2022 in Fourth Judicial District Court of Utah County. Claims include breach of fiduciary duties, conversion, breach of contract, and unjust enrichment. Receiver (CFO Solutions, LC dba Ampleo) appointed September 11, 2023. Asset sale approved October 8, 2024 and transferred October 22, 2024 to KSBW Management Inc. Fact discovery completed, settlement discussions ongoing.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Metwally CPA PLLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 51 / 100 verdict
- 01MINORFinancial distress flagged
- 02HIGHLitigation with receiver appointed (fiduciary duty/conversion claims)
- 03MINOROnly 3 of 10 units franchised
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Territory type | Radius |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 2 mi |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 20 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 45 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Utah County, Utah |
| Jury trial waiver | Yes |
| Governing law | Utah |
| Litigation count | 1 |
View Item 3 litigation summary
Brent Wight et al vs. Adam Terry et al., Case No. 220400233 (converted to 220100026), filed February 16, 2022 in Fourth Judicial District Court of Utah County. Claims include breach of fiduciary duties, conversion, breach of contract, and unjust enrichment. Receiver (CFO Solutions, LC dba Ampleo) appointed September 11, 2023. Asset sale approved October 8, 2024 and transferred October 22, 2024 to KSBW Management Inc. Fact discovery completed, settlement discussions ongoing.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 56 hrs
- Training location
- On-site and corporate
- POS system
- Square
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Square
Item 20 · call current owners
Franchisee Contacts
1 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Waffle Love · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Waffle Love franchise?
The total investment to open a Waffle Love franchise ranges from $327K – $703K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Waffle Love franchise owners earn?
According to Item 19 of the Waffle Love FDD, the average gross sales per unit is $685K. The median is $685K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Waffle Love 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 Waffle Love FDD and qualifies whose outlets they describe.
What is Waffle Love's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Waffle Love (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 Waffle Love franchise locations are there?
As of their most recent FDD filing, Waffle Love has 10 total units in the United States, including 3 franchised units and 7 company-owned units.
Is Waffle Love a good franchise to buy?
FranchiseVerdict rates Waffle Love as a B-grade franchise with a verdict score of 51 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.