Bottom line
- Total investment $198K – $702K including a $30K franchise fee, 5.0% ongoing royalty.
- Average unit revenue of $1.4M/year (median $1.3M).
- Rated STRONG with a risk score of 53/100. SBA loan default rate of 0.0% across 14 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 Over unit return on the cash you put in?
Unlevered ROIC · per unit
48%
In Yale's "attractive" band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Wings Over units return on equity?
Equity IRR · 5-yr
38.1%
5.02× MOIC
Year-1 DSCR
2.19×
EBITDA ÷ debt service
Equity required
$4.0M
on $12.9M purchase
Total debt
$8.9M
SBA $5.0M + senior + seller note
Overview
About
Wings Over franchisees operate quick-service restaurants specializing in chicken wings, running daily operations including food prep, customer service, delivery/carryout fulfillment, and inventory management. Typical location involves counter service with limited seating, high throughput during peak hours, and coordination with delivery platforms or in-house delivery logistics.
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 · 10 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 Over presents elevated risk due to system contraction, undisclosed profitability metrics, and franchisor going concern issues that warrant deep financial and operational validation before investment.
Score breakdown · what drove the 53 / 100 rating
- 01MINORDeclining unit count (-3.3% YoY) signals system contraction and potential franchisee dissatisfaction
- 02MEDNo disclosed net income data prevents ROI validation despite $1.4M average revenue
- 03MINORWide investment range ($198K-$701K) suggests inconsistent unit economics or hidden costs
- 04HIGHGoing Concern status is FALSE — indicates potential financial instability at franchisor level
- 05MINOR5% royalty on gross sales creates fixed cost burden regardless of profitability
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
16 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Wings Over · FDD (2023) PDF