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). Estimated payback in 7.4 years.
- Rated STRONG with a risk score of 52/100. SBA loan default rate of 0.0% across 64 loans (below the industry average).
- 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
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 Etc. unit return on the cash you put in?
Unlevered ROIC · per unit
13%
Below typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Wings Etc. units return on equity?
Equity IRR · 5-yr
35.2%
4.51× MOIC
Year-1 DSCR
2.32×
EBITDA ÷ debt service
Equity required
$5.1M
on $14.4M purchase
Total debt
$9.3M
SBA $5.0M + senior + seller note
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.
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 · 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 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 Etc. presents caution-level risk due to unverified financial claims, unprotected territories, stagnant growth, and inconsistent unit economics masked by wide investment ranges.
Score breakdown · what drove the 52 / 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
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
61 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Wings Etc. · FDD (2025) PDF