Wings and Rings
Bottom line
- Total investment $483K – $2.0M including a $40K franchise fee.
- Average unit revenue of $2.4M/year (median $2.5M). Estimated payback in 4.8 years.
- Rated STRONG with a risk score of 54/100. SBA loan default rate of 0.0% across 64 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 Wings and Rings unit return on the cash you put in?
Unlevered ROIC · per unit
24%
Below typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Wings and Rings units return on equity?
Equity IRR · 5-yr
34.9%
4.46× MOIC
Year-1 DSCR
2.34×
EBITDA ÷ debt service
Equity required
$5.2M
on $14.6M purchase
Total debt
$9.4M
SBA $5.0M + senior + seller note
Overview
About
Wings and Rings franchisees operate casual dining restaurants specializing in chicken wings and appetizers, typically featuring full-service or counter-service models with alcohol service. Day-to-day operations include food preparation, inventory management, staff supervision, customer service, and local marketing while paying up to 5% royalties on net sales.
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 · 16 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
Wings and Rings presents CAUTION-level risk due to contracting unit base, active litigation across multiple domains, and undisclosed franchisor financial health, despite reasonable unit economics for smaller investments.
Score breakdown · what drove the 54 / 100 rating
- 01MEDUnit count declined 3.6% YoY (62 units) indicating system contraction and potential franchisee struggles
- 02HIGHThree active litigation cases including royalty disputes, dram shop liability, and internal ownership conflicts signal governance/operational issues
- 03HIGHGoing Concern status is FALSE — unclear if franchisor has disclosed financial distress or viability concerns
- 04MINORHigh investment ceiling ($1.99M) with modest average net income ($256K) yields 12.8% ROI at best case, concerning for larger investments
- 05MEDNo Item 19 financial performance representations disclosed, making revenue/income claims unverifiable
- 06MINORDram shop liability case (Jaime Valdez) creates alcohol service risk exposure for franchisees
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
72 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Wings and Rings · FDD (2023) PDF