Wings and Rings Franchise Cost, Revenue & Review 2026
- Investment
- $1.5M – $2.0M
- Disclosed sales
- $2.7M
- gross sales, not profit
- SBA charge-off
- 37.0%
- on 62 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Wings and Rings is a sports-bar restaurant franchise known for wings, shareables, and a full bar. Franchisees run the full-service locations, managing kitchen, bar, staffing, and game-day service.
FranchiseVerdict summary · 2026
A Wings and Rings franchise requires a total initial investment of $1.5M – $2.0M, including a $40K franchise fee. Per the 2025 FDD, average unit revenue was $2.7M[2]. SBA 7(a) loans show a 37.0% charge-off rate across 62 loans[1]. FranchiseVerdict grade: C (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 – $2.0M
- 36th pct Service Resta…
- Avg gross sales
- $2.7M
- Outlet subsetNet sales12th pct Service Resta…
- Royalty
- Not extracted
- Units
- 58
- 27th pct Service Resta…
- SBA charge-off
- 37.0%
- % of SBA 7(a) loans not repaid · median varies by category
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 – $2.0M including a $40K franchise fee.
- RETURNSAverage unit revenue of $2.7M/year (reported for a subset of outlets rather than the whole system), with an estimated 9% cash-on-cash return (based on EBITDA (Normalized)).
- RISKVerdict C (Average), verdict score 40/100 (higher is better). SBA loan charge-off rate of 37.0% across 62 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -2 franchised outlets in the latest year (0 opened, 2 closed) (Item 20).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Buffalo Wings & Rings, LLC
- Predecessor
- Wings & Rings Franchise International, Inc. (WRFI)
- Prior franchisor entity
- CEO title
- President and CEO
- Nader Masadeh
- Incorporated in
- Ohio
- HQ
- 396 Wards Corner Road, Loveland, Ohio 45140
- Auditor
- RSM US LLP
- Audited financials
- Franchisor revenue
- $19.9M
- vs $20.4M prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- of Wings and Rings
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Nader Masadeh
- Headquarters
- OH
- Founded
- 1984
- FDD year
- 2025
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost runs 160% above the typical full-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $0 | $40K | |
| Building/Leasehold Improvements | $709K | $893K | |
| Furniture, Fixture & Equipment | $389K | $478K | |
| Point of Sale (POS) System | $35K | $38K | |
| Signage | $15K | $38K | |
| Television & Related Equipment | $150K | $200K | |
| Miscellaneous Opening Costs | $10K | $30K | |
| Training (Travel, living expenses & in-store training) | $12K | $17K | |
| Pre-Opening Manager Salaries (3 month) & Hourly Associate 1.5 weeks | $60K | $82K | |
| Professional Fees | $22K | $35K | |
| Alcoholic Beverage License | $1K | $6K | |
| Insurance | $5K | $10K | |
| Opening Inventory | $36K | $41K | |
| Grand Opening Advertising | $10K | $10K | |
| Additional Funds - 3 Months | $50K | $100K | |
| Total initial investment | $1.5M | $2.0M |
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 – $2.0M
- Top 40% of category vs category
- Liquid capital req'd
- $50K – $100K
- Top 40% of category vs category
- Franchise fee
- $40K – $40K
- Top 40% of category vs category
- Royalty
- Up to 5% of Net Sales
- Ad fund
- 4.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
- Payback period
- 11.4 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 4.0% of net sales |
| Technology fee | $900 |
| Transfer fee | $5K |
| Renewal fee | $5K |
| Inventory (initial) | $35K – $36K |
| Total fee load | 9.0% of rev |
What do units actually make?
Average unit sales run 70% above the full-service restaurants norm.
Reported for a subset of outlets rather than the whole system
Reported as net sales, not gross sales
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Wings and Rings until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, 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.
Total invested capital · disclosed
$1.8M
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings
The FDD reports $281K as EBITDA (Normalized). This is a disclosed figure, not our estimate — we publish no modelled profit for Wings and Rings.
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, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Wings and Rings 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 royalty rate, 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.
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%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for royalty rate, 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.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
Reported for a subset of outlets rather than the whole system
Reported as net sales, not gross sales
- Avg gross sales
- $2.7M
- Per unit, per year
- Avg ebitda (normalized)
- $281K
- Reported as EBITDA (Normalized) in FDD Item 19
- Cash-on-cash
- 8.8%
- Based on EBITDA (Normalized) / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- Net Sales line of Table 5(a), 2022 Statement of Average Gross Sales and Expenses (Unaudited) of Company-Owned and Franchisee-Operated Locations opened for at least 12 months - Endcap Style
- Sample size
- 11 outlets
- vs category median 18
- Reporting year
- 2022
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2022
- Transparency
- 9 / 10
- vs category median 3 / 10 · above
Compared against 801 Full-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 $2.7M/year in gross sales. Revenue-to-investment ratio: 1.6x. Reported for a subset of outlets rather than the whole system.
Fee burden
Total ongoing fee load of 9.0% — above the Full-Service Restaurants median of 7.0%.
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System contracting at -3.6% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Multi-unit rate
39% of franchisees own multiple units, a moderate multi-unit rate.
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 Wings and Rings 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
- 58
- Opened
- 0
- Last reporting year
- Closed
- 2
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 3.4%
- Company-owned
- 6
- Corporate units in the system
- % franchised
- 1%
- vs corporate-owned
- Multi-unit owners
- 39.4%
- Net growth (3-yr)
- -3.6%
- Net unit change over 3 years
- 3-yr CAGR
- -3.6%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Not renewed
- 1
- Transferred
- 3
- Transfer rate
- 0.0%
- Owners selling to other franchisees
- Continuity rate
- 82.4%
- Units that stayed open
- Termination rate
- 0.0%
- Franchisor-initiated terminations
- Ceased ops
- 0.1%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 13 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.
Where the owners are · Item 20 owner list
63 current owners across 13 states.
- OH 13
- TX 13
- KY 8
- IN 7
- FL 4
- SD 4
- ND 3
- NE 3
- CA 2
- KS 2
- VA 2
- IL 1
- +1 more states
Counts only, from the list the franchisor prints in Item 20; 3 entries carry no state. 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.
- Total loans
- 62
- Loan volume
- $34.6M
- Median loan
- $558K
- average
- Charge-off rate
- 37.0%
- on 62 loans · rates vary by category · see methodology
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
- 17
Vintage analysis
Wings and Rings charge-off rate by loan vintage
Top lenders financing Wings and Rings franchisees
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Wings and Rings from SBA 7(a) FOIA data.
Top SBA lenders
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Popular Bank | 16 | $5.3M | 64.3% |
| 2 | The Huntington National Bank | 4 | $3.1M | 33.3% |
| 3 | Readycap Lending, LLC | 3 | $1.8M | 100.0% |
| 4 | Zions Bank, A Division of | 3 | $848K | 100.0% |
| 5 | First Commonwealth Bank | 3 | $685K | 0.0% |
| 6 | KeyBank National Association | 2 | $446K | 0.0% |
| 7 | PNC Bank, National Association | 2 | $525K | 0.0% |
| 8 | Business Lenders, LLC | 2 | $1.3M | 50.0% |
| 9 | First Financial Bank | 2 | $1.0M | 0.0% |
| 10 | JPMorgan Chase Bank, National Association | 2 | $456K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| OHOhio | 11 | 0 | 0.0% |
| TXTexas | 10 | 5 | 50.0% |
| KYKentucky | 7 | 4 | 80.0% |
| MIMichigan | 7 | 3 | 60.0% |
| CACalifornia | 6 | 2 | 66.7% |
| AZArizona | 4 | 2 | 66.7% |
| FLFlorida | 4 | 0 | 0.0% |
| ILIllinois | 3 | 0 | 0.0% |
| NCNorth Carolina | 3 | 1 | 50.0% |
| INIndiana | 2 | 0 | 0.0% |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
A 37.0% charge-off rate means roughly 1 in 3 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 37.0% — 131% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Buffalo Wings & Rings has strong financials — $9.77M net worth, $1.92M net income, $19.9M revenue — and audited statements with Item 19. Three older concluded litigation matters (collection/dram-shop, 2012) and a -3.6% net growth are the only concerns.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
3 disclosed cases: (1) Buffalo Wings & Rings, LLC v. M3 Restaurant Group, LLC et al. (2012) -- franchisor collection action for unpaid royalties/liquidated damages, with franchisee counterclaim; both dismissed on statute of limitations. (2) Valdez v. Buffalo Wings & Rings, LLC et al. (2012) -- dram shop liability suit against franchisee/franchisor for injuries from drunk-driving incident; resolved confidentially. (3) Philip Schram v. Nader Masadeh (2021, pending) -- internal ownership/management dispute between company principals (fraudulent inducement, breach of contract, breach of fiduciary duty claims and counterclaims); currently pending.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · RSM US LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Item 21 audited statements (Exhibit N, FYE Dec 31 2022/2021/2020) are referenced but not present in this text extract, so all Item 21 balance-sheet/income figures are null. Item 8 narrative discloses franchisor total revenues $20,429,269 (2021)/$19,930,220 (2022) but not from an audited statement.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 40 / 100 verdict
- 01HIGH3 concluded/older litigation matters (2012), routine in nature
- 02MINORNegative net growth -3.6%
- 03MINORStrengths: net worth $9,771,526, net income $1,916,890, no going-concern, zero turnover
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% 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 |
| Allowed renewalsℹ | 1 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| Territory population | 25 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Ohio |
| Litigation count | 3 |
View Item 3 litigation summary
3 disclosed cases: (1) Buffalo Wings & Rings, LLC v. M3 Restaurant Group, LLC et al. (2012) -- franchisor collection action for unpaid royalties/liquidated damages, with franchisee counterclaim; both dismissed on statute of limitations. (2) Valdez v. Buffalo Wings & Rings, LLC et al. (2012) -- dram shop liability suit against franchisee/franchisor for injuries from drunk-driving incident; resolved confidentially. (3) Philip Schram v. Nader Masadeh (2021, pending) -- internal ownership/management dispute between company principals (fraudulent inducement, breach of contract, breach of fiduciary duty claims and counterclaims); currently pending.
Items 10, 11
Training & Operations
- Classroom training
- 14 hrs
- On-the-job training
- 127 hrs
- Training location
- Corporate training center and franchise location
- Ongoing training
- Required
- Field support
- 136 hrs/yr
- On-site visits per year
- Franchisor financing
- Not offered
- Item 10
- POS system
- POS Management System
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: POS Management System
Item 20 · call current owners
Franchisee Contacts
66 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 Wings and Rings franchise?
The total investment to open a Wings and Rings franchise ranges from $1.5M – $2.0M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Wings and Rings franchise owners earn?
According to Item 19 of the Wings and Rings FDD, the average gross sales per unit is $2.7M. Important context: Reported for a subset of outlets rather than the whole system; Reported as net sales, not gross sales. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Wings and Rings?
Wings and Rings is franchised by Buffalo Wings & Rings, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Wings and Rings 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 Wings and Rings FDD and qualifies whose outlets they describe.
What is Wings and Rings's franchise failure rate?
Based on SBA 7(a) loan data, Wings and Rings has a charge-off rate of 37.0% across 62 loans, meaning 37.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many Wings and Rings franchise locations are there?
As of their most recent FDD filing, Wings and Rings has 58 total units in the United States, including 52 franchised units and 6 company-owned units.
Is Wings and Rings a good franchise to buy?
FranchiseVerdict rates Wings and Rings as a C-grade franchise with a verdict score of 40 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
Are you the franchisor?
If you represent Wings and Rings, you can request corrections or provide updated information.
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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.