Zenshi / AFC / Wild BlueFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Zenshi / AFC / Wild Blue franchise requires a total initial investment of $6K – $239K, including a $6K franchise fee and an ongoing 8.0% royalty[2]. The 2024 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: B. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2024 FDD issuance
Overview
- Investment
- $6K – $239K
- 0th pct Service Resta…
- Avg gross sales
- N/A
- 28th pct Service Resta…
- Royalty
- 8.0%
- 44th pct Service Resta…
- Units
- 4,438
- 49th pct Service Resta…
- SBA default
- N/A
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
Large franchise systems benefit from brand recognition, supply chain leverage, and proven operations.
Bottom line
- Total investment $6K – $239K including a $6K franchise fee, 8.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict B (Above Average) with a risk score of 61/100.
- Bankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Advanced Fresh Concepts Franchise Corp.
- Parent company
- Zensho Holdings Co., Ltd.
- Incorporated in
- CA
- HQ
- 19700 Mariner Avenue, Torrance, California 90503
- Auditor
- SingerLewak LLP
- Audited financials
- Franchisor revenue
- $588.2M
- vs $648.3M prior year
Overview
About
Franchisees operate fast-casual seafood restaurants (primarily sushi/poke or fried chicken concepts under the AFC/Wild Blue brands) serving prepared meals in quick-service format. Day-to-day operations include food preparation, inventory management, staff scheduling, and customer service across a compressed service model with royalty obligations to the parent franchisor.
- CEO
- Jeffery Seiler
- Headquarters
- CA
- Founded
- 2002
- FDD year
- 2024
- States available
- 30
FDD Item 7 · 2024 filing · 24 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Fee | $0 | $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 | $1K | $100K | |
| 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 | $36K | $239K |
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
- $6K – $239K
- Better than avg vs category
- Liquid capital req'd
- $6K – $25K
- Better than avg vs category
- Franchise fee
- $1K – $6K
- Better than avg vs category
- Royalty
- 8.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- -n/d
- 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 |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Full-Service Restaurants averages
How Zenshi / AFC / Wild Blue Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 4,438
- Opened
- 2,659
- Last reporting year
- Closed
- 2,311
- Turnover rate
- 52.1%
- Company-owned
- 238
- Corporate units in the system
- % franchised
- 95%
- vs corporate-owned
- Net growth (yr3)
- +1.6%
- Net unit change last year
- 3-yr CAGR
- +3.5%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 364
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)
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
This QSR franchise operates a stagnant, litigation-prone system with non-transparent financials, unprotected territories, and questionable food safety compliance—making it a high-risk investment despite low entry fees.
Litigation (Item 3)
0 case reference(s): 3 pending, 0 settled.
Bankruptcy (Item 4)
Disclosed in last 7 years
Bankruptcy Code; (b) obtained a discharge of its debts under the bankruptcy code; or (c) was a principal officer of a company or a general partner in a partnership that either filed as a debtor (or had filed against it) a petition to start an action under the U.S. Bankruptcy Code or that obtained a
Audited financials (Item 21)
Yes · SingerLewak LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
Score breakdown · what drove the 61 / 100 rating
- 01MEDStagnant unit growth (1.6% YoY) suggests system maturity or decline despite 4,438 locations
- 02MEDNo disclosed average revenue or net income prevents ROI validation and suggests franchisor opacity
- 03HIGHMultiple litigation cases involving joint employment, food safety violations (carbon monoxide treated tuna), and wrongful termination indicate operational and legal compliance issues
- 04MINORUnprotected territory creates direct competition risk within franchise system
- 05HIGHNo going concern statement raises questions about franchisor financial stability and long-term viability
- 06MINORWide investment range ($3,350–$238,804) suggests inconsistent unit economics or unclear fee structure
- 07MED8–11% royalty on undisclosed revenue makes profitability assessment impossible
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 | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Specific location |
| Protected territory | No |
| Online sales rights | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 90 days |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | California |
| Litigation count | 6 |
View Item 3 litigation summary
0 case reference(s): 3 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 32 hrs
- On-the-job training
- 52 hrs
- Training location
- On-site and corporate
- 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
FDD download
Zenshi / AFC / Wild Blue · FDD (2024) PDF
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 $6K – $239K, 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 does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
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 4,057 franchised units and 238 company-owned units. 2,659 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 B-grade franchise with a risk score of 61 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.