MOOYAH

Item 7 lays out the real startup math: total investment from $452,050 to $990,600, kicked off by a $30,000 franchise fee for single units or area developments. Ongoing hits include 5.8% royalty (noted as 5.75% plus 2.75% ad fund totaling closer to 8.5%, plus $170/month tech fee), which bites into margins on those high-volume sales. Item 19 shines here—average gross revenue clocks $1,118,334, median $1,016,595 across comparable units, pointing to potential top-line strength if you hit the upper end, though no profit breakdowns mean you're estimating EBITDA around 15-20% after fees based on industry norms.

System metrics paint a mature but stagnant picture: 72 locations (4 corporate), stuck at 71 from 2024-2025 with just 2 projected new units, 1 non-renewal, and 5 transfers showing owners shuffling rather than fleeing. SBA records bolster credibility—52 loans averaging $447,573, but a 13.5% default rate flags financing risks in a tough burger market. For buyers, this screams caution on expansion hype; nail location and ops to leverage those revs, as flat growth hints at saturation unless Ba La Brands ramps marketing.