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Report Generated: April 01, 2026 Data Source: Official FDD Filing (2025)
See full cost breakdown →

Captain D's Franchise: Cost, Earnings & Real FDD Data

Fast Casual

Captain D's is a casual seafood restaurant chain that specializes in fried and grilled seafood offerings including fish, shrimp, and crab at affordable prices. The franchise provides a relaxed dining environment with a focus on quality seafood meals and family-friendly service.

Nashville, Tennessee · Founded 2000 · Franchising since 2000 · captainds.com →

77.0
Average
N/A
Total Units
$1.09M
Median Revenue
N/A
Total Investment
5.0%
Royalty Rate
$373K
Est. Profit
1.2%
Closure Rate

The Captain D's franchise charges a 5.0% royalty fee in the Fast Casual category. This report analyzes the full Franchise Disclosure Document including unit economics, fee structure, growth trends, and risk indicators to help you evaluate the cost of investing in Captain D's.

Key Takeaways

Growth Signal
Net -246 units over 4 years (declining)
Fee Burden
Royalty + ad fund = 7.0% of gross sales, vs 7.3% category average
Financial Disclosure
This brand discloses financial performance data (Item 19)

Deal Breakers 1 flag detected

Critical issues identified from FDD analysis that warrant serious consideration before investing.

System Shrinking by 100%
The franchise went from 246 to 0 units — a net loss of 246 locations. A shrinking system may indicate franchisee dissatisfaction, poor unit economics, or brand decline.
Question to ask the franchisor:
What is driving the unit losses? Are closures voluntary or forced? What is the company doing to reverse the trend?

Franchise Breakdown Score 77.0/100 · Average

Composite quality score based on growth, stability, efficiency, fees, transparency, and system size.

Unit Growth
3/20
Stability
16/20
Investment Efficiency
10/20
Fee Reasonableness
15/15
Transparency
10/10
System Size
4/15

3 Captain D's Franchise Revenue & Earnings (Item 19) Item 19 Available FDD Item 19

Financial performance data as disclosed in FDD Item 19.

$1.02M
Mean Revenue
$1.02M
Median Revenue

P&L Breakdown by Revenue Cohort

View all disclosed financial metrics (106 rows)
Company-Owned Comparable Restaurants for Fiscal Year Ended December 29, 2024 (75 rows)
Metric Value Unit Cohort Period
Sales Average $1,373,379 USD Top Third FY2024
Sales Average 100.0% PCT Top Third FY2024
Food $370,278 USD Top Third FY2024
Food 26.96% PCT Top Third FY2024
Packaging $40,862 USD Top Third FY2024
Packaging 2.98% PCT Top Third FY2024
Total Food & Packaging $411,140 USD Top Third FY2024
Total Food & Packaging 29.94% PCT Top Third FY2024
Labor, Benefits, & Related Expenses $304,711 USD Top Third FY2024
Labor, Benefits, & Related Expenses 22.19% PCT Top Third FY2024
Total Food, Packaging, & Labor $715,851 USD Top Third FY2024
Total Food, Packaging, & Labor 52.12% PCT Top Third FY2024
Operating Expenses* $197,706 USD Top Third FY2024
Operating Expenses* 14.4% PCT Top Third FY2024
Advertising Expenses $29,084 USD Top Third FY2024
Advertising Expenses 2.12% PCT Top Third FY2024
Proforma Restaurant Contribution Before Occupancy (EBITDAR) $430,738 USD Top Third FY2024
Proforma Restaurant Contribution Before Occupancy (EBITDAR) 31.36% PCT Top Third FY2024
Sales Average $1,373,379 USD Top Third FY2024
Number of Restaurants 93.0 COUNT Top Third FY2024
Highest Gross Sales $2,188,540 USD Top Third FY2024
Lowest Gross Sales $1,117,013 USD Top Third FY2024
Number of Restaurants Above Average 33.0 COUNT Top Third FY2024
Number of Restaurants Below Average 60.0 COUNT Top Third FY2024
Sales Median $1,276,396 USD Top Third FY2024
Sales Average $992,148 USD Middle Third FY2024
Sales Average 100.0% PCT Middle Third FY2024
Food $277,194 USD Middle Third FY2024
Food 27.94% PCT Middle Third FY2024
Packaging $30,272 USD Middle Third FY2024
Packaging 3.05% PCT Middle Third FY2024
Total Food & Packaging $307,467 USD Middle Third FY2024
Total Food & Packaging 30.99% PCT Middle Third FY2024
Labor, Benefits, & Related Expenses $269,602 USD Middle Third FY2024
Labor, Benefits, & Related Expenses 27.17% PCT Middle Third FY2024
Total Food, Packaging, & Labor $577,068 USD Middle Third FY2024
Total Food, Packaging, & Labor 58.16% PCT Middle Third FY2024
Operating Expenses* $167,485 USD Middle Third FY2024
Operating Expenses* 16.88% PCT Middle Third FY2024
Advertising Expenses $19,777 USD Middle Third FY2024
Advertising Expenses 1.99% PCT Middle Third FY2024
Proforma Restaurant Contribution Before Occupancy (EBITDAR) $227,817 USD Middle Third FY2024
Proforma Restaurant Contribution Before Occupancy (EBITDAR) 22.96% PCT Middle Third FY2024
Sales Average $992,148 USD Middle Third FY2024
Number of Restaurants 92.0 COUNT Middle Third FY2024
Highest Gross Sales $1,115,328 USD Middle Third FY2024
Lowest Gross Sales $866,713 USD Middle Third FY2024
Number of Restaurants Above Average 47.0 COUNT Middle Third FY2024
Number of Restaurants Below Average 45.0 COUNT Middle Third FY2024
Sales Median $998,975 USD Middle Third FY2024
Sales Average $761,004 USD Bottom Third FY2024
Sales Average 100.0% PCT Bottom Third FY2024
Food $215,915 USD Bottom Third FY2024
Food 28.37% PCT Bottom Third FY2024
Packaging $23,613 USD Bottom Third FY2024
Packaging 3.1% PCT Bottom Third FY2024
Total Food & Packaging $239,528 USD Bottom Third FY2024
Total Food & Packaging 31.48% PCT Bottom Third FY2024
Labor, Benefits, & Related Expenses $246,648 USD Bottom Third FY2024
Labor, Benefits, & Related Expenses 32.41% PCT Bottom Third FY2024
Total Food, Packaging, & Labor $486,176 USD Bottom Third FY2024
Total Food, Packaging, & Labor 63.89% PCT Bottom Third FY2024
Operating Expenses* $159,169 USD Bottom Third FY2024
Operating Expenses* 20.92% PCT Bottom Third FY2024
Advertising Expenses $15,190 USD Bottom Third FY2024
Advertising Expenses 2.0% PCT Bottom Third FY2024
Proforma Restaurant Contribution Before Occupancy (EBITDAR) $100,469 USD Bottom Third FY2024
Proforma Restaurant Contribution Before Occupancy (EBITDAR) 13.2% PCT Bottom Third FY2024
Sales Average $761,004 USD Bottom Third FY2024
Number of Restaurants 93.0 COUNT Bottom Third FY2024
Highest Gross Sales $1,053,450 USD Bottom Third FY2024
Lowest Gross Sales $597,602 USD Bottom Third FY2024
Number of Restaurants Above Average 53.0 COUNT Bottom Third FY2024
Number of Restaurants Below Average 40.0 COUNT Bottom Third FY2024
Sales Median $768,247 USD Bottom Third FY2024
Franchised Comparable Restaurants for Fiscal Year Ended December 29, 2024 (28 rows)
Metric Value Unit Cohort Period
Average Gross Sales $1,556,436 USD Top Third FY2024
Number of Restaurants 71.0 COUNT Top Third FY2024
Highest Gross Sales $2,710,680 USD Top Third FY2024
Lowest Gross Sales $1,196,068 USD Top Third FY2024
Number Above Average 32.0 COUNT Top Third FY2024
Number Below Average 39.0 COUNT Top Third FY2024
Median Gross Sales $1,504,569 USD Top Third FY2024
Average Gross Sales $1,015,843 USD Middle Third FY2024
Number of Restaurants 72.0 COUNT Middle Third FY2024
Highest Gross Sales $1,181,124 USD Middle Third FY2024
Lowest Gross Sales $847,215 USD Middle Third FY2024
Number Above Average 37.0 COUNT Middle Third FY2024
Number Below Average 35.0 COUNT Middle Third FY2024
Median Gross Sales $1,016,889 USD Middle Third FY2024
Average Gross Sales $681,855 USD Bottom Third FY2024
Number of Restaurants 71.0 COUNT Bottom Third FY2024
Highest Gross Sales $844,952 USD Bottom Third FY2024
Lowest Gross Sales $224,498 USD Bottom Third FY2024
Number Above Average 41.0 COUNT Bottom Third FY2024
Number Below Average 30.0 COUNT Bottom Third FY2024
Median Gross Sales $716,455 USD Bottom Third FY2024
Average Gross Sales $1,084,389 USD Total FY2024
Number of Restaurants 214.0 COUNT Total FY2024
Highest Gross Sales $2,710,680 USD Total FY2024
Lowest Gross Sales $224,498 USD Total FY2024
Number Above Average 91.0 COUNT Total FY2024
Number Below Average 123.0 COUNT Total FY2024
Median Gross Sales $1,016,889 USD Total FY2024
Total Comparable Restaurants for Fiscal Year Ended December 29, 2024 (3 rows)
Metric Value Unit Cohort Period
Number of Restaurants Operating One Year or More 492.0 COUNT -- FY2024
Number of Franchised Restaurants 214.0 COUNT -- FY2024
Number of Company-owned Restaurants 278.0 COUNT -- FY2024

$ Estimated Unit Profitability Industry Benchmark Estimate

Based on financial performance data disclosed in Item 19 of the FDD. COGS estimated from Fast Casual benchmarks (not disclosed in FDD).

$1.09M
Gross Revenue
$1.37M
Total Costs
$373K
Owner's Profit (34.1%)
View detailed P&L breakdown
Line Item Amount % of Revenue
Gross Revenue $1,091,730 100%
COGS $-327,519 30%
Labor $-569,010 52.12%
Occupancy $-342,367 31.36%
Marketing $-23,145 2.12%
Other Costs $-32,534 2.98%
Royalty Fee (franchisor) $-54,586 5.0%
Ad Fund Fee (franchisor) $-21,835 2.0%
Owner's Profit $-279,265 -25.6%

4 Risk Assessment

Automated risk indicators based on FDD data analysis.

Low Closure Rate
Average closure rate of 1.2% is below 2%, indicating strong unit retention.
Declining Unit Count
Net -246 units over 4 years (-100.0%). The franchise system is contracting.
%
Reasonable Fee Burden
Combined royalty + ad fund of 7.0% is within normal range.
Financial Data Disclosed
This franchisor provides Item 19 financial performance representations, enabling better due diligence.

5 Captain D's Failure Rate & Unit Growth (Item 20) FDD Item 20

Franchise unit trajectory based on FDD Item 20 data.

Year Start Opened Closed Transferred End Closure Rate Net Growth
2022 246 +8 -- -- 223 -- --
2023 223 +9 -- -- 227 -- --
2024 227 +18 -- -- 237 -- --
2025 -- +9 -- -- -- -- --
1.2%
Avg Closure Rate
4
Years of Data

6 Category Comparison Fast Casual Brands

How Captain D's compares to peer brands in the Fast Casual category.

Investment Midpoint

Median Revenue (Item 19)

Investment-to-Revenue Ratio

Ratio = Investment midpoint ÷ median annual revenue. Lower is better. A 0.5x ratio means the initial investment equals half of one year's gross revenue. Does not account for operating costs, margins, or time value of money.

Brand Total Units Investment Range Median Revenue Royalty Inv/Rev Ratio
Tropical Smoothie Cafe 1400 $341K – $814K $1.74M 6.0% 0.3x
Five Guys 945 $978K – $1.38M No Item 19 6.0% --
Jamba 726 $263K – $615K $1.18M 6.0% 0.4x
Moe's Southwest Grill 596 $566K – $1.59M $1.82M 5.0% 0.6x
Captain D's -- $206K – $1.26M $1.56M 4.5% 0.5x
Schlotzsky's -- $648K – $1.95M $1.70M 6.0% 0.8x
Fazoli's -- $1.64M – $2.64M $1.36M 5.0% 1.6x
MOD Pizza -- $1.00M – $1.30M $8K 5.0% 151.9x
Blaze Pizza -- $667K – $1.14M $1.28M 5.0% 0.7x
Pieology -- $304K – $808K No Item 19 5.0% --

7 Franchisor Overview FDD Item 1

Captain D’s restaurants offer freshly-prepared, high-quality seafood in a fast casual service environment. The menu features signature hand-battered, fried fish, premium-quality grilled fish, shrimp, chicken, and home-style side dishes.

Parent Company
Captain D’s Intermediate Holding Corp.
Incorporated
Delaware, August 31, 2000
Company Started
2000
First Franchised
2000
Franchise Term
20 years
Renewal Terms
One additional period of 20 years if in good standing.
Principal Address
624 Grassmere Park Drive, Suite 30, Nashville, Tennessee 37211

Key Executives

P
Philip M. Greifeld
President, Chief Executive Officer, and Sole Manager
14 years
B
Brad Reed
Vice President and Chief Development Officer
12 years
M
Michael T. Folks
Senior Vice President, General Counsel, and Secretary
18 years

Territory

Non-Exclusive Territory

Franchisees are granted a protected area consisting of a circle with a two-mile radius from the restaurant's front door, though this may be smaller in downtown or urban areas. The franchisor may compete using different trademarks or alternative distribution methods.

8 Franchisor Financial Health 58/100 · Good FDD Item 21

Audited financial statements from the franchisor's FDD (Item 21). These show the financial health of the franchisor entity, not individual franchise units.

Auditor
Grant Thornton LLP
Opinion
Unqualified

Revenue Trend

Income Statement

2022 (Predecessor) 2022 (Successor) 2023 2024 2025 (Unaudited)
Total Revenue $4,344,839$7,184,357$11,835,322$11,580,107$2,464,202
Royalty Revenue $4,344,839$7,184,357$11,835,322$11,580,107$2,464,202
Total Expenses $62,992$73,362$229,255$247,261$37,546
Operating Income $4,281,847 $7,110,995 $11,606,067 $11,332,846 $2,426,656
Net Income $4,321,048 $7,160,455 $11,676,470 $11,406,200 $2,436,000

Balance Sheet

2023 2024 2025 (Unaudited)
Total Assets $234,121,596$234,186,734$234,100,718
Total Liabilities $614,453$669,264$619,223
Total Equity $233,507,143$233,517,470$233,481,495
Cash & Equivalents $0$0$0
Current Ratio 0.12x 0.20x 0.08x
Debt-to-Equity 0.00x 0.00x 0.00x

Cash Flow

2022 (Predecessor) 2022 (Successor) 2023 2024 2025 (Unaudited)
Operating $15,346 ($17,279) ($110) $0 $0
Investing $0 $0 $0 $0 $0
Financing ($15,346) $17,279 $110 $0 $0
Net Change $0 $0 $0 $0 $0
  • Captain D’s Enterprises, LLC (the 'Company') is a wholly-owned subsidiary of Captain D’s, LLC ('Parent').
  • The Company holds the Captain D’s tradename and provides gift card services.
  • Tradenames are deemed to have indefinite lives and are not amortized; they were valued at $232.9 million following the May 18, 2022 acquisition.
  • The Company is a co-guarantor of the debt of the Parent, which totaled $266.1 million as of December 29, 2024.
  • Substantially all assets of the Company are pledged as collateral for the Parent's term loan.
  • Revenue consists of royalties from the Parent: 1.8% of sales from company-owned restaurants and 60% of franchise royalty fees.
  • The Company maintains a line of credit for the Parent up to $3 million at a 3.5% interest rate.

9 Franchise Agreement Terms FDD Items 8-18

Key terms extracted from FDD Items 8-18. Click each section to expand.

Financing

Franchisor Financing Available: False

Details: Neither the franchisor nor any affiliates offer any direct or indirect financing arrangements.

Franchisor Assistance

Pre Opening Assistance:

  • Designate territory
  • Site selection review and acceptance
  • Architectural guidelines for prototypes
  • Counseling and advisory services for construction
  • Operations manual
  • Opening team assistance (up to $8,000 travel/lodging expenses paid by franchisor)

Ongoing Assistance:

  • Management of the Advertising Fund
  • Counseling and advisory services on equipment, training, and promotion upon request
  • Review of proposed assignments

Training Program:

Initial Training Hours: Varies: 1 week for passive owners; 4 weeks for multi-unit operators; minimum 6 weeks for general managers/owner operators.

Location: National Certified Training Restaurants (NCTRs) in various states including AL, AR, FL, GA, IL, IN, KY, MS, MO, OH, OK, SC, TN, TX, and WV.

Description: Includes computer-based and on-the-job training covering basic operations, positional training (10 positions), management functions, and advanced management tools.

Territory

Exclusive Territory: False

Territory Description: Franchisees are granted a protected area consisting of a circle with a two-mile radius from the front door of the restaurant. This may be smaller in downtown or urban areas.

Can Franchisor Compete: True

Online Sales Rights: The franchisor reserves the right to use the internet to sell packaged foods bearing its trademarks within the franchisee's area. Franchisees may solicit orders from consumers outside their protected area via internet, catalog, or telemarketing.

Trademarks

Key registered marks include 'Captain D’s', 'Captain D’s Fish Design', and 'Captain D’s Seafood Kitchen Est. 1969 & Design'. Several other marks like 'Chick-N-D’s' and 'Shrimp Stop' are registered or applied for.

Patents Copyrights

No patents disclosed. The franchisor claims copyright protection in operations manuals and related materials, though they are not registered with the U.S. Copyright Office.

Obligation To Participate

The franchisor requires personal participation in the direct operation of the restaurant. If the franchisee is a corporation, a supervisory person with at least a 10% ownership interest must participate personally.

Restrictions On What Franchisee May Sell

Franchisees must offer and sell only approved products and services. Unauthorized products or services are prohibited. The franchisor may change authorized products without limitation.

Renewal Termination Transfer

Term Length Years: 20 years

Renewal Conditions: One additional 20-year term available if in good standing, subject to signing a new agreement (which may have different terms), paying a renewal fee, remodeling the restaurant, and signing a general release.

Termination For Cause Conditions:

  • Failure to meet development schedule
  • Unapproved assignment or transfer
  • Material misrepresentation
  • Bankruptcy or insolvency
  • Repeated defaults
  • Falsification of reports
  • Failure to pay royalties or other fees

Transfer Conditions: Franchisor approval required; purchaser must meet credit/character/training standards; all monetary obligations must be current; transfer fee must be paid; general release must be signed.

Non Compete Post Termination:

Duration: 24 months

Radius: 10 miles

Scope: No competing food service business within 10 miles of any Captain D’s restaurant.

Public Figures

None

Restrictions On Sources

Required Suppliers:

  • McLane Foodservice Distribution, Inc.
  • Bassham Wholesale Egg Company, Inc.
  • US Foods, Inc.
  • Captain D’s Equipment, LLC (for POS, back office, and computer-based training equipment and software)

Purchasing Cooperatives: None

Notes: Purchases from designated suppliers represent approximately 35% to 45% of total purchases for establishment and approximately 35% for operation.

Franchisee Obligations

Franchisees must handle location selection/lease, pre-opening purchases, training, opening, fee payments, compliance with standards/manuals, trademark usage, product/service restrictions, insurance, advertising, and personal participation in operations.

10 Franchisee Directory FDD Exhibits

Contact information for current and former franchisees as disclosed in the FDD.

100
Current
17
Former
15
States

Franchisees by State (Top 15)

Name Location Phone Territory
GSA Food Group, Inc.* (Ismael Abusaleem) Madison, Alabama 35758 (256) 318-1142 Developer
Crimson Enterprises (Robbie Copenhaver) Scottsboro, Alabama 35769 (256) 259-3524 Not specified
Delta Enterprises (Robbie Copenhaver) Scottsboro, Alabama 35769 (256) 259-3524 Not specified
1620 Fatima Properties (Jay Jahangir Yousaf) Conway, Arkansas 72032 (903) 908-1731 Not specified
Yousaf, Jahangir* (Jahangir Yousaf) Conway, Arkansas 72034 (903) 908-1731 Developer
LMP Enterprises, Inc. (Lester Nowell) Colorado Springs, Colorado 80917 (719) 632-7502 Not specified
PaLiAn, LLC (Andria Nowell) Colorado Springs, Colorado 80922 (719) 543-4402 Not specified
PD Business Group, LLC* (Miral Patel) Dunedin, Florida 34698 (727) 793-7672 Developer
Gulamali, Amin (Amin Gulamali) Orlando, Florida 32836 (321) 231-4580 Not specified
Williams Investment Company (Mike Williams) Adel, Georgia 31620 (229) 896-4511 Not specified
Rocket Enterprises Ltd.* (Robert Wiggins, Jr.) Baxley, Georgia 31513 (912) 367-9424 Developer
Sea Horse Group, LLC (Zach Steed) Carrollton, Georgia 30117 (770) 258-7273 Not specified
AAV LLC (Ali Momin) Cochran, Georgia 31014 (478) 298-2879 Not specified
JB Fast Food LLC (Visvesh Patel) Cochran, Georgia 31014 (423) 202-8427 Not specified
Patel, Visvesh* (Visvesh Patel) Cochran, Georgia 31014 (478) 271-9500 Developer
Captain SS1 LLC* (Tajuddin Dossani) Duluth, Georgia 30097 (678) 697-6234 Developer
Captain SS2 LLC (Tajuddin Dossani) Duluth, Georgia 30097 (678) 697-6234 Not specified
Captain SS3 LLC (Tajuddin Dossani) Duluth, Georgia 30097 (678) 697-6234 Not specified
Captain SS4 LLC (Tajuddin Dossani) Duluth, Georgia 30097 (678) 697-6234 Not specified
Captain SS5 LLC (Tajuddin Dossani) Duluth, Georgia 30097 (678) 697-6243 Not specified
Pinnacle Hospitality Partners LLC (Arman Virani) Duluth, Georgia 30097 (404) 883-4246 Not specified
Best Catch, Inc. (Danny Ashe) Eton, Georgia 30724 (706) 264-3066 Not specified
Bakhatiyar, Inc.* (Zuber Malek) Glennville, Georgia 30427 (912) 237-4131 Developer
Zehra-Ali, Inc. (Sajid Patharwala) Hampton, Georgia 30228 (770) 477-6201 Not specified
CrossRoads Portfolio Inc.* (Wanda Davis) Kennesaw, Georgia 30152 (828) 922-1070 Developer
ZHR, Inc. (Tanveera Ajmerimomin) Lawrenceville, Georgia 30044 (678) 622-5091 Not specified
Tattnall Investments, Inc. (Zamena Momin) Martinez, Georgia 30907 (912) 253-4131 Not specified
Khan, Farid (Farid Khan) McDonough, Georgia 30253 (470) 488-0940 Not specified
VJM Seafood, Inc. (James McClure) Murrayville, Georgia 30564 (706) 864-8443 Not specified
Jariwala, Asif and Momin, Zaheara (Asif Jariwala) Rockmart, Georgia 30153 (770) 547-1641 Not specified
Albany's Great Seafood, Inc.* (Dallas Hunt) Tifton, Georgia 31794 (229) 382-6021 Developer
Cordele's Great Seafood, Inc. (Dallas Hunt) Tifton, Georgia 31793 (229) 382-6021 Not specified
Fitzgerald's Great Seafood, Inc. (Dallas Hunt) Tifton, Georgia 31793 (229) 382-6021 Not specified
Sumter Seafood, Inc. (Dallas Hunt) Tifton, Georgia 31793 (229) 382-6021 Not specified
Tifton's Great Seafood, Inc. (Dallas Hunt) Tifton, Georgia 31793 (229) 382-6021 Not specified
Zahra, LLC* (Sofiya Momin) Warner Robins, Georgia 31088 (478) 287-6666 Developer
H & R Food, Inc.* (Sunil Modi) Champaign, Illinois 37091 (217) 419-5424 Developer
NEST II LLC (Pravina Patel) Wilmette, Illinois 60091 (773) 484-7295 Not specified
Shieva 11, Inc.* (Pravina Patel) Wilmette, Illinois 60091 (773) 484-7295 Developer
Knight Enterprises, Inc. (Troy Knight) Anderson, Indiana 46012 (765) 621-0054 Not specified
Reel 'Em In, LLC (Brian Studdard) Overland Park, Kansas 66085 (913) 940-1168 Not specified
Triton Investments, LLC (Kelly Boernsen) Bardstown, Kentucky 40004 (502) 593-8988 Not specified
Terranova Partners, LLC (Erkin Karimi) Florence, Kentucky 41042 (713) 534-6701 Not specified
Lawson, James Randall (Randall Lawson) Lebanon, Kentucky 40033 (270) 692-2169 Not specified
Higdon, James C. Higdon and Ralph (James Higdon) Leitchfield, Kentucky 42755 (270) 259-5513 Not specified
Nautical Restaurants, Inc. (Marty Johnson) Louisville, Kentucky 40207 (502) 896-2777 Not specified
Benes of Mt. Sterling, Inc. (Jarka Wells) Richmond, Kentucky 40475 (859) 623-9491 Not specified
Benes, Inc. (Elfrieda Benes) Richmond, Kentucky 40475 (859) 624-1706 Not specified
Khan, Faisal and Khan, Nadia* (Faisal Khan) Bloomfield Hills, Michigan 48301 (586) 838-0982 Developer
J&D Restaurant Group, LLC* (Patel Kirit) Sterling Heights, Michigan 48314 (586) 604-0219 Developer
ROPE, LLC (Shirley Hunt) Doniphan, Missouri 63935 (573) 996-7802 Not specified
Ronbeck, Inc. (Zach Stokes) West Plains, Missouri 65775 (417) 257-2090 Not specified
Rai, Jujhar (Jujhar Rai) Sewell, New Jersey 8080 (267) 205-4842 Not specified
Zabel, Rod (Rod Zabel) Albuquerque, New Mexico 87192 (505) 266-3043 Not specified
Bearfish One Inc.* (Moughal Kelly) Greenvale, New York 11548 (516) 532-0557 Developer
Kaknia, Iqbal* (Kaknia Iqbal) New Hyde Park, New York 11040 (516) 385-4907 Developer
Fawad, Ahmed & Raza, Shahid (Ahmed Fawad) North Bellmore, New York 11710 (347) 268-1222 Not specified
Dor Foods, Inc. (Charles Graham) Charlotte, North Carolina 28217 (704) 527-7996 Not specified
Flo Foods, Inc. (Tracy Faust) Charlotte, North Carolina 28224 (704) 527-1745 Not specified
Harris, Phillip T. and Lyn Annette (Phillip Harris) Hillsborough, North Carolina 27278 (919) 698-3325 Not specified
Dickey, Stephen B. (Steve Dickey) Murphy, North Carolina 28906 (828) 837-0287 Not specified
Patel, Saurabh and Patel, Hemali* (Saurabh Patel) Cambridge, Ohio 43725 (740) 538-2800 Developer
T*Map, Inc. (James LaFontaine) Circleville, Ohio 43113 (740) 474-7647 Not specified
K & R Associates, Inc. (Subhash Khosla) Gallipolis, Ohio 45631 (740) 446-7511 Not specified
D's of Ohio, Inc. (Tom Sims) Lima, Ohio 45805 (419) 999-3333 Not specified
Wee, Alvin* (Alvin Wee) Pepper Park, Ohio 44124 (216) 312-5408 Developer
Yummy Chicken LLC* (Aamir Nawaz) Oklahoma City, Oklahoma 73159 (405) 834-7565 Developer
The Anchor Group, LLC (James Saba) Bluffton, South Carolina 29910 (843) 815-6536 Not specified
Wiggins, Marvin L. (Michael Wiggins) Moncks Corner, South Carolina 29461 (843) 899-5510 Not specified
Two Beacons, LLC (J.R. Fulbright) Cleveland, Tennessee 37320 (423) 476-7823 Not specified
Moore, Harold L. (Harold Moore) Greeneville, Tennessee 37743 (423) 639-5440 Not specified
Tri-Star Hospitality, LLC (Chad Vaughn) McEwen, Tennessee 37101 (615) 604-0343 Not specified
Nufish, LLC* (Oscar Seelbinder, Jr.) Memphis, Tennessee 38120 (901) 454-7000 Developer
Townsend Foods, Inc. (W.R. Townsend) Murfreesboro, Tennessee 37133 (615) 714-1410 Not specified
Trident Holdings, LLC* (Chris Benner) Murfreesboro, Tennessee 37127 (615) 438-8829 Developer
C & H - D's, Inc. (Karl Haury, Jr.) Nashville, Tennessee 37212 (615) 327-8175 Not specified
Data Enterprises Hospitality Group, Inc. (Cody Blackwell) Nashville, Tennessee 37206 (615) 227-6978 Not specified
CD of Auburn, LLC (Bobby Garrison) Old Hickory, Tennessee 37138 (615) 367-9092 Not specified
DSN Corporation (Mohammad Alalimiy) Allen, Texas 75013 (469) 394-1500 Not specified
ISOSA Incorporated* (Joseph Omobogie) Allen, Texas 75002 (214) 730-0888 Developer
AmeriFish, Inc. (Mamun Mehdi) Arlington, Texas 76002 (817) 300-7407 Not specified
JAMS Food Inc.*# (Jewel Chowdhury) Frisco, Texas 75035 (214) 274-9418 Developer
Quick Service Brands LLC* (Irfan Ibrahim) Houston, Texas 77036 (713) 271-1851 Developer
Starnes, Lisa* (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Developer
VSGH Partners #1, Ltd. (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Not specified
VSGH Partners #3, Ltd. (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Not specified
VSGH Partners #4, Ltd. (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Not specified
VSGH Partners #6, Ltd. (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Not specified
VSGH Partners #8, Ltd. (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Not specified
VSGH Partners #9, Ltd. (Lisa Starnes) Mansfield, Texas 76063 (817) 880-7788 Not specified
AM. Cheema Investments, LLC (Ahsen Cheema) Pearland, Texas 77584 (832) 746-1286 Not specified
AM. Cheema, LLC (Ahsen Cheema) Pearland, Texas 77584 (832) 746-1286 Not specified
Cheema Operating Group, LLC (Ahsen Cheema) Pearland, Texas 77584 (832) 746-1286 Not specified
Ocean Food Enterprise Inc. (Moosa Bhayani) Pearland, Texas 77581 (832) 561-4457 Not specified
Happy Saturday, Inc.* (Eric Kim) Plano, Texas 75025 (469) 358-9800 Developer
Alaskan Ventures LLC* (Mohammad Jamshed) Southlake, Texas 76092 (817) 297-3772 Developer
Erkin, Nooralam* (Nooralam Erkin) Tyler, Texas 75709 (903) 581-1956 Developer
CD Restaurants, Inc. (Mark Sweeney) Richmond, Virginia 23226 (804) 346-3414 Not specified
Tidewater Restaurants, Inc. (Mark Sweeney) Richmond, Virginia 23226 (804) 346-3414 Not specified
Flake, Bryant and Kendra (Kendra Flake) Salt Lake City, Washington 84780 (435) 225-3709 Not specified
Name Location Phone Reason Left
Sunflower Restaurant Group, LLC Jonesboro, Arkansas Not specified Transferred franchise agreement to Trident Holdings LLC
LMP Enterprises, Inc. Colorado Springs, Colorado (719) 666-7836 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
LMP Enterprises, Inc. Colorado Springs, Colorado Not specified Transferred franchise agreement to PaLiAn, LLC
Lester Nowell Colorado Springs, Colorado Not specified Transferred franchise agreement to PaLiAn, LLC
LMP Enterprises, Inc. Pueblo, Colorado Not specified Transferred franchise agreement to PaLiAn, LLC
John Gaskins (Developer) Haines City, Florida (321) 458-2500 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Amin Gulamali Orlando, Florida (407) 855-0470 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Rocket Enterprises Ltd. (Developer) Baxley, Georgia (912) 367-9424 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Abrarali Momin, Ali Momin, Yasmina Momin, and Minaxiben Patel Lovejoy, Georgia (470) 317-5041 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Trident Holdings LLC Roswell, Georgia (770) 992-7934 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Captains of Chicagoland LLC (Developer) Bridgeview, Illinois (773) 498-9100 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Poseidon Investments, LLC Danville, Kentucky Not specified Transferred franchise agreement to Trident Holdings LLC
Flo Foods Pineville, North Carolina (704) 542-3011 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Trident Holdings, LLC Johnson City, Tennessee (423) 631-0172 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Sovereign Capital Ventures LLC Burnet, Texas (512) 712-0500 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
GBC Company, LLC Gun Barrel City, Texas (903) 887-1207 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business
Alaskan Ventures LLC Stephenville, Texas (254) 918-5005 Terminated, cancelled, not renewed, or otherwise voluntarily or involuntarily ceased to do business

SBA Loan Data 1992–2025

SBA 7(a) loan approvals for Captain D's franchisees from the SBA FOIA public dataset. Lenders report franchise codes at origination — this is real lending activity, not estimates.

$32M
Total SBA Approved
47
SBA Loans
$677K
Avg Loan Size
18.2%
Default Rate
Active Lending States 17
Distinct Lenders 29
Jobs Supported 1,601
Top Lending States
TX 12 FL 7 TN 5 AL 4 MO 3
Annual SBA Loan Volume

Source: SBA FOIA 7(a) public data. Franchise codes matched by brand name. Not all SBA loans are captured; some franchisees finance without SBA programs.

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