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Captain D's vs Black Bear Diner — which franchise is the better buy?

Side by side from the public FDDs — no franchisor spin.

	Captain D's	Black Bear Diner
Disclosure honesty	B	B
Investment from	$662,000	$1,495,700
Total fees	5.5%	6.5%
Outlets	518	169
Lawsuits	0	0

Captain D's: what their numbers say

Gross sales data for 210 franchised and 281 company-owned comparable restaurants for fiscal year 2025. Franchised avg $1,082,533; company-owned avg $1,010,526. Does not include royalties, advertising fees, or franchisee-specific expenses.

Black Bear Diner: what their numbers say

Gross sales data for 70 company-affiliated and 88 franchised restaurants open full fiscal 2025. Median sales $2.66-2.70M. Cost of goods ~28%, labor ~35%, 4-wall EBITDA ~12% (before royalties/ads).

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