Bonefish Grill

Item 7 in the 2025 FDD lays out a hefty entry: $40,000 franchise fee plus $4,260,000 to $9,043,000 total investment, covering buildout for 6,500-8,000 sq ft spaces in high-traffic spots. Ongoing fees bite at 5% royalty, 2.06% multi-unit campaign fund, plus monthly $55 help desk, $75 security license, and $50-60 call center charges—adding up to real pressure on margins without Item 19 revenue disclosure to benchmark performance. The model's upscale focus demands skilled ops in seafood sourcing and guest experience, but sparse support shows in just 4 franchised units versus 162 corporate ones.

System health raises flags: total locations dropped from 175 in 2023 to 165 in 2024 (-6% growth), with 1 termination and 1 non-renewal signaling operator exits. Franchising since 2002 under Bloomin’ Brands hasn't scaled franchises much, suggesting corporate preference over dispersal—ideal if you crave proven recipes and branding, but risky without sales data to validate the multimillion investment. For a buyer eyeing casual dining, probe FDD Items 20/21 for litigation/renewal trends and validate local seafood demand against these high barriers.