HARDEE'S (AA)

Item 7 pins the initial investment at $1,375,000 to $2,637,395 for a traditional single-tenant buildout, covering build costs, equipment, and initial inventory after the $25,000 franchise fee. Ongoing fees hit 4% royalty, 4.25% national ad fund, plus $174-$438 monthly for tech like POS and Star University training. Item 19 shines with average gross revenue of $1,288,025 and median $1,238,549, suggesting solid top-line potential if you hit average—though no profit figures mean you're estimating net after 8-10% fees and ops costs eating 60-70% typically in QSR.

The 1,369 franchised units plus 202 corporate make a sizable network, but total locations dipped 2% from 1,393 to 1,369, with just 5 projected openings, 7 terminations, 9 non-renewals, and 10 transfers signaling modest churn in a tough market. SBA stats show 7 loans averaging $1,760,129 but a 14.3% default rate, higher than many peers, pointing to financing risks for these high-ticket deals. Litigation mostly ties to terminations and sublease fights, so execution matters—strong for multi-unit developers eyeing acquisitions, but watch contraction trends before committing.