Zenshi / AFC / Wild Blue Franchise Cost, Revenue & Review 2026
- Investment
- $41K – $139K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
AFC (Advanced Fresh Concepts) and its Wild Blue and Zenshi brands run made-fresh sushi and prepared-food counters inside supermarkets and food courts. Franchisees operate a compact in-store station preparing sushi and poke to order.
FranchiseVerdict summary · 2026
A Zenshi / AFC / Wild Blue franchise requires a total initial investment of $41K – $139K, including a $1K – $6K franchise fee and an ongoing 8.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✗ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored4 of 4 headline figures on this page cite a page of the filing.
Overview
- Investment
- $41K – $139K
- 1st pct Service Resta…
- Avg gross sales
- N/A
- Royalty
- 8.0%
- 37th pct Service Resta…
- Units
- 4,438
- 38th pct Service Resta…
- SBA charge-off
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Full-Service Restaurants median · 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 $41K – $139K including a $6K franchise fee, 8.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict C (Average), verdict score 45/100 (higher is better).
- GROWTHPositive: net +65 franchised outlets in the latest year (350 opened, 17 closed) (Item 20).
- DATAThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Advanced Fresh Concepts Franchise Corp.
- Parent company
- Advanced Fresh Concepts Corp. (AFCC)
- FDD Item 1, page 6 of the 2024 FDD
- Ultimate parent
- Zensho Holdings Co., Ltd.
- FDD Item 1, page 6 of the 2024 FDD
- CEO title
- Chief Executive Officer, President, Secretary and Chief Financial Officer
- Jeffery Seiler
- Incorporated in
- California
- HQ
- 19700 Mariner Avenue, Torrance, California 90503
- Auditor
- SingerLewak LLP
- Audited financials
- Franchisor revenue
- $588.2M
- vs $648.3M prior year
Same owner · FDD Item 1, page 6
3 other brands on this site name Zensho Holdings Co., Ltd. as parent or ultimate parent in their own FDD.
Grouped by the owner's name as each filing prints it (this page: the 2024 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Jeffery Seiler
- Headquarters
- CA
- Founded
- 2002
- FDD year
- 2024
- States available
- 30
Can you afford it, and what does the money buy?
Entry cost runs 87% below the typical full-service restaurants franchise.
Source: FDD 2024 · Items 5–7
Full Item 7 breakdown24 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Fee | $6K | $6K | |
| Credit and Background Check Fee | $100 | $100 | |
| Tuberculosis, Drug Testing and Criminal Background Checks | $100 | $2K | |
| Training Fee | $1K | $5K | |
| Training Fee for your managers | $0 | $2K | |
| ServSafe Food Protection Manager Training, Testing and Certification | $275 | $550 | |
| ServSafe Allergen Awareness Training and Testing | $10 | $30 | |
| Travel and Living Expenses while Training | $2K | $12K | |
| Operating Manual/SSOP/ Sushi Recipe Guide/ Wild Blue Recipe Guide/ Steam Table Manual Fee | $300 | $600 | |
| Purchase of already existing AFC operated Food Service Counter from us | — | — | |
| Opening Food Inventory | $8K | $24K | |
| Signage | $0 | $1K | |
| Opening Assistance | $0 | $2K | |
| Labeling machine (Tablet and label printer) and inventory scanner | $900 | $2K | |
| Warranty Service for labeling machine (Tablet) | $99 | $199 | |
| Data and Web Access Fee for Tablet | $120 | $225 | |
| Equipment and Small Wares | $15K | $46K | |
| Insurance (per location) | $700 | $5K | |
| Additional Uniforms | $0 | $350 | |
| Licenses & Permits | $300 | $2K | |
| Total initial investment | $41K | $139K |
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
- $41K – $139K
- Top 40% of category vs category
- Liquid capital req'd
- $6K – $25K
- Top 40% of category vs category
- Franchise fee
- $1K – $6K
- Top 40% of category vs category
- Royalty
- 8.0%
- typical 6–8%
- Ad fund
- No franchisor-sponsored advertising fund at this time; ad…
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 8.0% of gross sales |
| Technology fee | $100 |
| Transfer fee | $2K |
| Renewal fee | $6K |
| Inventory (initial) | $8K – $24K |
| Total fee load | 8.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Zenshi / AFC / Wild Blue makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Zenshi / AFC / Wild Blue unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for annual revenue, ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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: 2024 FDD
Financial Performance
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 8.0% (near the Full-Service Restaurants median).
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 medians
How Zenshi / AFC / Wild Blue Compares
Category median of published Full-Service Restaurants brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 4,438
- Opened
- 350
- Last reporting year
- Closed
- 17
- Terminated
- 179
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 27
- Term expired, not renewed (per Item 20)
- Turnover rate
- 12.0%
- Company-owned
- 238
- Corporate units in the system
- % franchised
- 98%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 179
- Not renewed
- 27
- Transferred
- 21
- Reacquired
- 53
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 38
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 30 states reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
30
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
95 current owners across 2 states.
- AL 78
- AK 17
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · SingerLewak LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
In FY ending March 31, 2024, the AFC franchise system generated approximately $1.458 billion in gross receipts, of which approximately $677.6 million was revenue to AFC; approximately $240.2 million (16.5% of gross receipts, 35.4% of AFC's total revenue) was from required franchisee purchases
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: No
- Must buy proprietary products: No
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 45 / 100 verdict
- 01MINOR5 suits, but proportionate to ~2,000-unit system
- 02MINORNo Item 19 disclosure
- 03MINORReported net growth -53.8% (unit-mix reclassification likely)
- 04MINORNo bankruptcy/going-concern; audited
Severity inferred from the FDD text · not a regulatory classification
Litigation case detail6 matters · Item 3
Litigation cases
The franchisor
Pending (1)
Pau Sian Mung v. Advanced Fresh Concepts Franchise Corp.
pendingBrought by a franchisee · filed 2023-08-11 · Superior Court of Newton County, State of Georgia (State Court Lawsuit); removed to United States District Court, Northern District of Georgia (District Court Lawsuit); American Arbitration Association (Arbitration) · SUCV2023001844; 1:23-cv-04154; 01-23-0004-3850
“Pau Sian Mung v. Advanced Fresh Concepts Franchise Corp. (United States District Court, Northern District of Georgia, Case No. 1:23-cv-04154, removed September 14, 2023 – “District Court Lawsuit”); Pau Sian Mung v. Advanced Fresh Concepts Franchise Corp. (Superior Court of Newton County, State of Georgia, Case No. SUCV2023001844, filed August 11, 2023 – “State Court Lawsuit”);”Page 11 of the 2024 FDD, Item 3
Concluded (4)
Pau Sushi Catering, LLC v. Advanced Fresh Concepts Food Services Corp.
dismissedBrought by a franchisee · filed 2019-05-10 · American Arbitration Association · 01-19-0001-4357
“Pau Sushi Catering, LLC v. Advanced Fresh Concepts Food Services Corp. (American Arbitration Association, Case No. 01-19-0001-4357, filed May 10, 2019). Pau Sushi Catering, LLC (“Claimant”) operated an AFC Food Service Counter within a Publix Supermarket in the Orlando, Florida, area until July 19, 2018.”Page 11 of the 2024 FDD, Item 3
Advanced Fresh Concepts Franchise Corp. v. Pilrang Owa d.b.a. Sakura Foods Everett L.L.C.
settledBrought against a franchisee · filed 2016-07-19 · American Arbitration Association, Los Angeles, California (related: Superior Court of Washington for King County; U.S. District Court, Western District of Washington; Ninth Circuit) · 01-16-0002-8871
“Advanced Fresh Concepts Franchise Corp. v. Pilrang Owa d.b.a. Sakura Foods Everett L.L.C. (American Arbitration Association Case No. 01-16-0002-8871, Los Angeles, California, filed July 19, 2016). We initiated an arbitration proceeding against Pilrang Owa doing business as Sakura Foods Everett L.L.C. (“Owa”) seeking an order finding and declaring Owa owned and operated an AFC Food Service Counter”Page 12 of the 2024 FDD, Item 3
Z. Oo v. Advanced Fresh Concepts Franchise Corp., et al.
judgmentBrought by a franchisee · filed 2015-09-24 · American Arbitration Association, Los Angeles, California · 01-15-0005-1350
“Z. Oo v. Advanced Fresh Concepts Franchise Corp., et al. (American Arbitration Association Case No. 01- 15-0005-1350, Los Angeles, California, filed September 24, 2015). Claimant Z. Oo initiated an arbitration proceeding against Ryuji Ishii and AFCC alleging damages based on breach of contract for: (i) commission rates that were inaccurate or improperly reduced;”Page 13 of the 2024 FDD, Item 3
Ei Ei Chaw v. Advanced Fresh Concepts Franchise Corp., et al.
settledBrought by a franchisee · filed 2014-02-06 · American Arbitration Association, California · 72-20-1400-0274
“Ei Ei Chaw v. Advanced Fresh Concepts Franchise Corp., et al. (American Arb. Assoc. Case No. 72-20-1400- 0274, California, filed February 6, 2014). In October, 2013, Wegmans Supermarkets complained that, among other things, E. Chaw, a franchisee at Wegmans’ store in Williamsville, New York, was reusing expired products. We terminated E. Chaw’s franchise.”Page 13 of the 2024 FDD, Item 3
Parent, affiliates and predecessor
Concluded (1)
Cherry Lee v. Soe Tun and Advanced Fresh Concepts Food Services Corp.
settledThird-party plaintiff · Advanced Fresh Concepts Food Service Corporation (AFCFSC), 'our former affiliate' · filed 2018-05-23 · Contra Costa County Superior Court · C18-01063
“Cherry Lee v. Soe Tun and Advanced Fresh Concepts Food Services Corp. (Contra Costa County Superior Court Case No. C18-01063, filed May 23, 2018, dismissed with prejudice on January 7, 2019). Plaintiff was employed as a sushi chef by our franchisee, Soe Tun, between August 2017 and February 2018.”Page 12 of the 2024 FDD, Item 3
Outcome:“On December 21, 2018, Plaintiff executed a settlement agreement and agreed to settle her dispute for a total payment of $5,000.00 in exchange for a dismissal with prejudice of AFCFSC, general release of AFCFSC and all its affiliated entities, including Advanced Fresh Concepts Corp. and an express acknowledgement in writing that the settlement did not constitute any evidence or admission of wrongdoing by AFCFSC.”
Item 3 lists the litigation the franchisor must disclose; a matter against a parent, an affiliate or a named officer is not a matter against the franchisor, and pending claims are allegations, not findings.
What are you signing up for?
Ongoing fees run about 8.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2024 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory sizeℹ | Specific location |
| Online sales rightsℹ | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 90 days |
| Mandatory arbitration | Yes |
| Arbitration location | Los Angeles, California |
| Jury trial waiver | Yes |
| Governing law | California |
| Litigation count | 6 |
Items 10, 11
Training & Operations
- Classroom training
- 32 hrs
- On-the-job training
- 52 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Site selection
- joint - franchisor and franchisee agree on location, based on franchisor's/parent's existing agreements with grocery store chains or venue owners
- Franchisor financing
- Offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
95 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Zenshi / AFC / Wild Blue franchise?
The total investment to open a Zenshi / AFC / Wild Blue franchise ranges from $41K – $139K, with an initial franchise fee of $6K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Zenshi / AFC / Wild Blue franchise owners earn?
Zenshi / AFC / Wild Blue makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Zenshi / AFC / Wild Blue?
Zenshi / AFC / Wild Blue is franchised by Advanced Fresh Concepts Franchise Corp.. Its parent company is Advanced Fresh Concepts Corp. (AFCC). The ultimate parent named in the FDD is Zensho Holdings Co., Ltd.. Source: FDD Item 1, 2024 filing.
What is Item 19 in the Zenshi / AFC / Wild Blue 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 Zenshi / AFC / Wild Blue FDD and qualifies whose outlets they describe.
What is Zenshi / AFC / Wild Blue's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Zenshi / AFC / Wild Blue (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Zenshi / AFC / Wild Blue franchise locations are there?
As of their most recent FDD filing, Zenshi / AFC / Wild Blue has 4,438 total units in the United States, including 4,200 franchised units and 238 company-owned units. 350 new units were opened in the latest reporting year.
Is Zenshi / AFC / Wild Blue a good franchise to buy?
FranchiseVerdict rates Zenshi / AFC / Wild Blue as a C-grade franchise with a verdict score of 45 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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
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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.