Wahlburgers Franchise Cost, Revenue & Review 2026
- Investment
- $1.5M – $2.8M
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Wahlburgers is a casual-dining franchise serving burgers, sandwiches, and shakes, founded by the Wahlberg family. Franchisees run the restaurants, managing the kitchen, bar, and dining service.
FranchiseVerdict summary · 2026
A Wahlburgers franchise requires a total initial investment of $1.5M – $2.8M, including a $50K franchise fee and an ongoing 6.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $1.5M – $2.8M
- 36th pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 6.0%
- 25th pct Service Resta…
- Units
- 25
- 22nd pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-Service Restaurants median · 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 $1.5M – $2.8M including a $50K franchise fee, 6.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict D (Below average), verdict score 30/100 (higher is better).
- GROWTHNegative: net -85 franchised outlets in the latest year (2 opened, 87 closed); 2 signed but not yet open (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- NativeWahl LLC (Subfranchisor); Wahlburgers Franchising LLC (Franchisor)
- Parent company
- Native Source Restaurant Group, LLC (NativeWahl); Wahlburgers Holding Company LLC (WF)
- Ultimate parent
- Wahlburgers Holding Company LLC
- FDD Item 1, page 9 of the 2025 FDD
- CEO title
- President and Chief Executive Officer (WF)
- Randall K. Sharpe
- Incorporated in
- Michigan (NativeWahl LLC)
- HQ
- 2608 Government Center Drive, Manistee, Michigan 49660
- Auditor
- Midwest Professionals, P.L.L.C.
- Audited financials
- Franchisor revenue
- $5.1M
- vs $5.7M prior year
Affiliated brands
- Wahlburgers Franchising International
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Randall K. Sharpe
- Headquarters
- MI
- Founded
- 2011
- FDD year
- 2025
- States available
- 12
Can you afford it, and what does the money buy?
Entry cost runs 218% above the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown14 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $50K | $50K | |
| Grand Opening Advertising | $15K | $15K | |
| Real Estate | — | — | |
| Architectural Design Services | $25K | $55K | |
| Construction/Leasehold Improvements | $900K | $1.8M | |
| Travel and Living Expenses While Training | $25K | $80K | |
| Furnishing, Fixtures, Equipment | $350K | $450K | |
| Signage | $25K | $35K | |
| Smallwares | $20K | $50K | |
| Initial Inventory | $10K | $20K | |
| Liquor Licenses | — | — | |
| Miscellaneous Opening Costs | $30K | $60K | |
| Register or Point of Sale System | $30K | $70K | |
| Additional Funds -- 3 months | $50K | $100K | |
| Total initial investment | $1.5M | $2.8M |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $1.5M – $2.8M
- Top 40% of category vs category
- Liquid capital req'd
- $50K – $100K
- Top 40% of category vs category
- Franchise fee
- $50K – $50K
- Top 40% of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 8.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Transfer fee | $5K |
| Renewal fee | $20K |
| Inventory (initial) | $10K – $20K |
| Total fee load | 8.5% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Wahlburgers makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Wahlburgers unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 8.5% — above the Full-Service Restaurants median of 7.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 medians
How Wahlburgers Compares
Category median of published Full-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 25
- Opened
- 2
- Last reporting year
- Closed
- 87
- Terminated
- 2
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 82.1%
- Company-owned
- 4
- Corporate units in the system
- % franchised
- 84%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 2
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 2
- 0.08 per open outlet · Item 20 Table 5
- Projected new
- 2
- Franchisor's next-year forecast
- Continuity rate
- 19.6%
- Units that stayed open
- Termination rate
- 50.0%
- Franchisor-initiated terminations
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 22 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.
Available to sell in · Item 12
- California
- Michigan
- Minnesota
- Washington
States where the franchisor is registered to sell new franchises (FDD registration filings).
Where the owners are · Item 20 owner list
94 current owners across 22 states.
- IA 23
- MN 15
- NE 9
- IL 8
- MO 8
- OH 5
- CA 4
- KS 4
- MA 4
- NV 2
- AL 1
- CT 1
- +10 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
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
Wahlburgers posted a net loss of -$1,079,718 on $5,147,762 revenue with a thin net worth of $927,892, and system units fell 74.2% net. One concluded fiduciary-duty suit (Leonard v. Wahlberg, settled 2019 for $900,000) plus no Item 19 disclosure add concerns. Stacked financial weakness and sharp unit contraction drive the mid-range score.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Leonard v. Wahlberg (Mass. Superior Ct., filed 2017): minority owners of WB Holding sued Mark/Donnie/Paul Wahlberg and affiliates alleging breach of fiduciary duty and misrepresentation; settled June 2019 (Closest to the Burger, LLC paid $900,000 to acquire plaintiff's interest); dismissed with prejudice July 31, 2019.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Midwest Professionals, P.L.L.C.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Wahlburgers Franchising LLC; fiscal year ends on the Sunday closest to December 31; Exhibit G: audited statements for fiscal years ending January 1, 2023, December 31, 2023 and December 29, 2024, plus unaudited statements as of May 25, 2025.
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 verdict
- 01MINORNegative net income -$1,079,718 on revenue $5,147,762
- 02MINORThin franchisor net worth $927,892
- 03MINORNet unit growth -74.2% (steep contraction)
- 04HIGHOne concluded litigation matter (settled $900k)
- 05MINORNo Item 19 disclosure
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.5% 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 | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 2 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 2 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 3 |
| Curable defaultsℹ | 6 |
| Mandatory arbitration | Yes |
| Arbitration location | AAA office nearest to NativeWahl's (or WF's, if named party) principal offices; subfranchise agreement disputes first go through tribal peacemaking |
| Jury trial waiver | Yes |
| Governing law | Michigan |
| Litigation count | 1 |
View Item 3 litigation summary
Leonard v. Wahlberg (Mass. Superior Ct., filed 2017): minority owners of WB Holding sued Mark/Donnie/Paul Wahlberg and affiliates alleging breach of fiduciary duty and misrepresentation; settled June 2019 (Closest to the Burger, LLC paid $900,000 to acquire plaintiff's interest); dismissed with prejudice July 31, 2019.
Items 10, 11
Training & Operations
- Classroom training
- 5 hrs
- On-the-job training
- 79 hrs
- Training location
- On-site and off-site
- Ongoing training
- Required
- Site selection
- franchisor
- Franchisor financing
- Not offered
- Item 10
- POS system
- NCR Aloha
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: NCR Aloha
Item 20 · call current owners
Franchisee Contacts
94 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Wahlburgers franchise?
The total investment to open a Wahlburgers franchise ranges from $1.5M – $2.8M, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Wahlburgers franchise owners earn?
Wahlburgers makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Wahlburgers?
Wahlburgers is franchised by NativeWahl LLC (Subfranchisor); Wahlburgers Franchising LLC (Franchisor). Its parent company is Native Source Restaurant Group, LLC (NativeWahl); Wahlburgers Holding Company LLC (WF). The ultimate parent named in the FDD is Wahlburgers Holding Company LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Wahlburgers 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 Wahlburgers FDD and qualifies whose outlets they describe.
What is Wahlburgers's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Wahlburgers (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 Wahlburgers franchise locations are there?
As of their most recent FDD filing, Wahlburgers has 25 total units in the United States, including 21 franchised units and 4 company-owned units. 2 new units were opened in the latest reporting year.
Is Wahlburgers a good franchise to buy?
FranchiseVerdict rates Wahlburgers as a D-grade franchise with a verdict score of 30 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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
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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.