Wings and Rings Franchise Cost, Revenue & Review 2026
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 $483K – $2.0M, including a $40K franchise fee. The 2023 FDD does not disclose unit-level revenue (no Item 19). 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 →
Data last verified · figures per the 2023 FDD issuance
Overview
- Investment
- $483K – $2.0M
- 23rd pct Service Resta…
- Avg gross sales
- N/A
- Outlet subset
- Royalty
- N/A
- Units
- 62
- 28th 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 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 $483K – $2.0M including a $40K franchise fee.
- RETURNSItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
- 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).
- DATAItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands. Ask franchisees directly for full unit-level revenue.
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
- 2023
- States available
- 13
Can you afford it, and what does the money buy?
Entry cost is about average for a full-service restaurants franchise.
Source: FDD 2023 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $0 | $40K | |
| Building/Leasehold Improvements | $564K | $821K | |
| Furniture, Fixture & Equipment | $349K | $452K | |
| Point of Sale (POS) System | $4K | $5K | |
| Signage | $1K | $38K | |
| Television & Related Equipment | $150K | $180K | |
| Miscellaneous Opening Costs | $33K | $56K | |
| Training (Travel, living expenses & in-store training) | $12K | $17K | |
| Pre-Opening Manager Salaries (3 month) & Hourly Associate (1.5 weeks) | $6K | $9K | |
| Professional Fees | $31K | $50K | |
| Alcoholic Beverage License | $1K | $6K | |
| Insurance | $13K | $40K | |
| Opening Inventory | $35K | $36K | |
| Grand Opening Advertising | $10K | $10K | |
| Additional Funds - 3 Months | $50K | $100K | |
| Total initial investment | $1.3M | $1.9M |
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
- $483K – $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
- 8.0 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 4.0% of gross sales |
| Technology fee | $900 |
| Transfer fee | $5K |
| Renewal fee | $5K |
| Total fee load | 9.0% of rev |
What do units actually make?
Source: FDD 2023 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings vs. model
The FDD reports $281K as EBITDA (Normalized).
Wings and Rings did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Wings and Rings unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
5%
Below the 30–60% attractive-franchise band
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: 2023 FDD
Financial Performance
Item 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands. We omit it from rankings.
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 9.0% — above the Full-Service Restaurants average of 7.6%.
Disclosure
Item 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
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 averages
How Wings and Rings Compares
Is the system healthy?
Source: FDD 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 62
- Opened
- 12
- Last reporting year
- Closed
- 14
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 8
- 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
3-year detail · Item 20
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 2
- Franchisor's next-year forecast
- 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.
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%
- 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.
Premium insight
SBA Lending Report
Deep-dive into Wings and Rings's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 15 states
- Startup risk premium and job creation velocity
Instant access. No subscription.
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)
3 case reference(s): 1 pending, 0 settled.
Largest disclosed settlement: $220,969
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · RSM US LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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
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 2023 · 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 | Driving distance radius |
| 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 |
| Right of first refusalℹ | 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 case reference(s): 1 pending, 0 settled.
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
- 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
FDD download
Wings and Rings · FDD (2023) PDF
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 $483K – $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?
Wings and Rings does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
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 62 total units in the United States, including 54 franchised units and 8 company-owned units. 12 new units were opened in the latest reporting year.
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), 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?
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.