Winger's Alehouse
Bottom line
- Total investment $420K – $1.7M including a $40K franchise fee.
- Average unit revenue of $3.0M/year (median $2.7M).
- Rated MODERATE with a risk score of 62/100. SBA loan default rate of 0.0% across 4 loans (below the industry average).
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 Winger's Alehouse unit return on the cash you put in?
Unlevered ROIC · per unit
45%
In Yale's "attractive" band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Winger's Alehouse units return on equity?
Equity IRR · 5-yr
26.5%
3.24× MOIC
Year-1 DSCR
3.11×
EBITDA ÷ debt service
Equity required
$14.1M
on $27.3M purchase
Total debt
$13.2M
SBA $5.0M + senior + seller note
Overview
About
Winger's Alehouse franchisees operate casual dining establishments serving wings, burgers, and craft beverages with a sports bar atmosphere. Daily operations include managing front-of-house service, kitchen coordination, inventory management, and staff scheduling across typical lunch/dinner/evening service periods. Franchisees are responsible for local marketing, P&L management, and maintaining brand standards across their protected territory.
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 · 23 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.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Going concern status combined with undisclosed profitability metrics, stagnant unit growth, and gross-sales-based royalties creates significant uncertainty about franchisee viability and franchisor sustainability.
Score breakdown · what drove the 62 / 100 rating
- 01HIGHGoing concern issue — franchisor's ability to support franchisees is questionable
- 02MINORNo net income disclosure in Item 19 — unable to assess actual franchisee profitability despite $3M+ average revenue
- 03MINORSmall unit count (21 locations) with unknown growth trajectory — suggests stagnant or declining system
- 04MINORWide investment range ($419K-$1.7M) with no clear explanation — may indicate inconsistent unit economics
- 05MINOR4% royalty on gross sales (not net) — franchisees pay during unprofitable periods
- 06HIGHNo litigation disclosed but going concern status is a red flag for potential legal/financial issues
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
30 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Winger's Alehouse · FDD (2025) PDF