Wings Etc.Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Wings Etc. franchise requires a total initial investment of $369K – $2.9M, including a $25K franchise fee and an ongoing 5.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.6M[2]. SBA 7(a) loans show a 12.2% charge-off rate across 53 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $369K – $2.9M
- 25th pct Service Resta…
- Avg gross sales
- $1.6M
- 17th pct Service Resta…
- Royalty
- 5.0%
- 7th pct Service Resta…
- Units
- 80
- 40th pct Service Resta…
- SBA default
- 12.2%
- system-wide median varies by category
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- Total investment $369K – $2.9M including a $25K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $1.6M/year (median $1.5M), with an estimated 14% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 29/100. SBA loan charge-off rate of 12.2% across 53 loans (above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- No protected territory and the franchisor reserves the right to compete in your area. Clarify territorial boundaries before signing.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Wings Etc., Inc.
- Parent company
- Wings Etc., Inc.
- Predecessor
- or affiliate of ours offers
- Prior franchisor entity
- CEO title
- President & Chief Executive Officer
- Robert Hensmann
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- IN
- HQ
- 7337 W. Jefferson Blvd, Suite 200, Fort Wayne, Indiana 46804
- Auditor
- Bluffton CPA Group
- Audited financials
- Franchisor revenue
- $8.6M
- vs $8.7M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Affiliated brands
- of ours
- WEOC
- of ours offers
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Franchisees operate casual dining establishments serving wings, burgers, and pub fare, managing front-of-house and kitchen operations, inventory, staffing, and delivery (Wings 2 Go model). Revenue depends heavily on dine-in foot traffic, catering orders, and regional delivery channels. Daily operations involve food prep, vendor management, POS systems, and compliance with franchisor standards.
- CEO
- Robert Hensmann
- Headquarters
- IN
- Founded
- 2004
- FDD year
- 2025
- States available
- 13
FDD Item 7 · 2025 filing · 15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $20K | $25K | |
| Free Standing Building Improvements/Non-Free Standing Leasehold Improvements | $65K | $2.2M | |
| Furniture, Fixtures and Equipment | $50K | $315K | |
| Signage | $6K | $27K | |
| Computer System/Cash Register/POS | $10K | $25K | |
| Lease & Utility Security Deposits | $0 | $10K | |
| Initial Inventory | $8K | $29K | |
| Insurance | $2K | $13K | |
| Training | $10K | $62K | |
| Grand Opening Advertising/Marketing | $25K | $25K | |
| Office Equipment and Supplies | $1K | $3K | |
| Liquor License | $500 | $95K | |
| Professional Fees | $100 | $5K | |
| Business License and Permits | $100 | $60K | |
| Additional Funds (3 month period) | $45K | $500K | |
| Total initial investment | $242K | $3.4M |
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.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$176K
11.0% margin
Unlevered ROIC
9%
EBITDA / total invested capital
Payback
10.8 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $369K – $2.9M
- Better than avg vs category
- Liquid capital req'd
- $45K – $500K
- Better than avg vs category
- Franchise fee
- $20K – $25K
- Better than avg vs category
- Royalty
- 5.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
- Payback period
- 7.4 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $702 |
| Transfer fee | $6K |
| Renewal fee | $3K |
| Total fee load | 7.0% of rev |
Financial Performance
- Avg gross sales
- $1.6M
- Per unit, per year
- Median gross sales
- $1.5M
- Avg p&l bottom line
- $220K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 13.5%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- Profit/Loss and Sales
- Sample size
- 79 units
- vs category median 13 · large
- Range (low → high)
- $851K→$3.8M
- Cohort dispersion (min → max)
- Quartile band
- $1.0M→$2.2M
- Bottom 25% → top 25%
- Reporting year
- 2024
- Fiscal year the figures cover
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
Revenue is only 1.0x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
vs Full-Service Restaurants averages
How Wings Etc. Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 80
- Opened
- 1
- Last reporting year
- Closed
- 1
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 1.3%
- Company-owned
- 26
- Corporate units in the system
- % franchised
- 68%
- vs corporate-owned
- Multi-unit owners
- 1.0%
- Net growth (yr3)
- +0.0%
- Net unit change last year
- 3-yr CAGR
- -1.8%
- Compounded over last 3 years
3-year detail · Item 20
- Closed (3yr)
- 5
- Transfers (3yr)
- 1
- Projected new
- 7
- Franchisor's next-year forecast
- Transfer rate
- 1.3%
- Owners selling to other franchisees
- Ceased ops
- 1.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 15 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
- Washington
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 53
- Loan volume
- $25.2M
- Median loan
- $360K
- 50th percentile
- Charge-off rate
- 12.2%
- 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)
- 87.8%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 18
- Defaults
- 5
Vintage analysis
Wings Etc. charge-off rate by loan vintage
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Wings Etc.'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 11 states
- Startup risk premium and job creation velocity
- 15-year lending trend
- SBA 504 real estate/equipment data
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Wings Etc. presents caution-level risk due to unverified financial claims, unprotected territories, stagnant growth, and inconsistent unit economics masked by wide investment ranges.
Litigation (Item 3)
No litigation required to be disclosed
Largest disclosed settlement: $112,500
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Bluffton CPA Group
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
Score breakdown · what drove the 29 / 100 rating
- 01MEDNo disclosed Item 19 financial performance data — franchise claims $219k avg net income but cannot verify
- 02MINORUnprotected territory creates direct competition risk; multiple franchisees could cannibalize same market
- 03MINORStagnant unit count at 80 with unknown growth trajectory suggests mature/declining system
- 04MINORWide investment range ($368k–$2.88M) indicates inconsistent unit economics and unclear capital requirements
- 05MINORVariable royalty structure (0-6% Wings 2 Go) suggests inconsistent franchisor economics and potential for hidden fees
- 06MINOR11-year term is unusually long; limits franchisee exit flexibility if underperforming
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 11 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Protected territory | No |
| 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 |
| Curable defaultsℹ | 6 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Indiana |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 31 hrs
- On-the-job training
- 285 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Franchisor financing
- Offered
- Item 10
- POS system
- Revel
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Revel
Item 20 · call current owners
Franchisee Contacts
61 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Wings Etc. · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Wings Etc. franchise?
The total investment to open a Wings Etc. franchise ranges from $369K – $2.9M, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Wings Etc. franchise owners earn?
According to Item 19 of the Wings Etc. FDD, the average gross sales per unit is $1.6M. The median is $1.5M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Wings Etc.'s franchise failure rate?
Based on SBA 7(a) loan data, Wings Etc. has a charge-off rate of 12.2% across 53 loans, meaning 12.2% 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 Etc. franchise locations are there?
As of their most recent FDD filing, Wings Etc. has 80 total units in the United States, including 54 franchised units and 26 company-owned units. 1 new units were opened in the latest reporting year.
Is Wings Etc. a good franchise to buy?
FranchiseVerdict rates Wings Etc. as a A-grade franchise with a risk score of 29 out of 100, 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.
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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.