Cousins Maine Lobster started as a single food truck in Los Angeles and turned into a franchise with more than 65 locations. If you’re thinking about buying in, the numbers that matter are in the Franchise Disclosure Document (FDD), not in a blog post. This guide pulls together what the 2026 FDD reports, and points out where older figures floating around online no longer match.
Cousins Maine Lobster Franchise at a Glance
| Founders | Jim Tselikis and Sabin Lomac |
| Shark Tank Deal | Season 4, Episode 6 ($55,000 for 15% from Barbara Corcoran) |
| Initial Franchise Fee | $40,000 |
| Total Initial Investment | $266,600 to $965,800 (Brick-and-Mortar Range) |
| Liquid Capital Required | $250,000 |
| Minimum Net Worth | $500,000 |
| Royalty Fee | Greater of 6.0% of gross sales or $3,500/month |
| Ad Fund Fee | Up to 2.0% of gross sales (plus optional $400/mo regional co-op) |
| Item 19 Disclosed AUV | ~$1.3 Million (Based on reported sample locations) |
The figures above come from a summary of the brand’s 2026 FDD by 1851 Franchise, published in October 2026. I’d still read the FDD itself before signing anything, because summaries can miss details.
How the Shark Tank deal worked
Tselikis and Lomac went on Shark Tank two months after launching. They asked for $55,000 for 5%. Barbara Corcoran countered with 17%, and they negotiated her down to 15%. The episode was filmed in July 2012 and aired that October. According to a HubSpot interview with the founders, franchising began in 2014, and it was Corcoran’s idea.
What it costs to open: the Item 7 breakdown
Item 7 of an FDD lists the estimated startup costs. This is the 2026 table for a brick-and-mortar unit, as reported by 1851 Franchise:
| Expense Category | Low Estimate | High Estimate |
|---|---|---|
| Initial Franchise Fee | $40,000 | $40,000 |
| Application Fee | $500 | $3,500 |
| Deposit Account | $20,000 | $20,000 |
| Leasehold Improvements | $90,000 | $400,000 |
| Rent & Security Deposits | $3,000 | $36,000 |
| Utility Deposits | $0 | $5,000 |
| Furniture, Fixtures & Equipment | $5,000 | $150,000 |
| Initial Inventory (Startup Package) | $30,000 | $80,000 |
| Signage | $4,750 | $40,000 |
| Insurance | $1,000 | $5,000 |
| Office Equipment & Supplies | $250 | $5,000 |
| Computer, Software & POS | $8,350 | $23,800 |
| Training Travel & Living | $5,000 | $10,000 |
| Licenses & Permits | $2,000 | $15,000 |
| Legal & Accounting | $5,000 | $15,000 |
| General Contractor | $750 | $40,000 |
| Grand Opening Advertising | $1,000 | $2,500 |
| Additional Funds (First 3 Months) | $50,000 | $75,000 |
| Total Estimated Investment | $266,600 | $965,800 |
The biggest swing is the buildout. A small space that needs little work lands near the bottom of the range. A full buildout in an expensive market pushes you toward the top.
What happened to the food truck numbers
You’ll see blog posts splitting the range into a truck at roughly $267,000 to $450,000 and a restaurant at $500,000 to $966,000. I couldn’t find that split in the FDD. The 2026 range is for a brick-and-mortar unit, and the company lists food truck opportunities on its franchise site but doesn’t include truck data in its FDD. An older range of $193,500 to $651,200 appeared in Franchise Times’ 2025 ranking, so the numbers have moved. If you’re interested in a truck, ask the company for current figures in writing.
Ongoing fees
Many sites still list a 6% to 8% royalty. According to the 2026 FDD summary, the current structure is:
- Royalty: the greater of 6% of gross sales or $3,500 a month.
- Ad fund: up to 2% of gross sales a month.
- Regional ad co-op: up to $400 a month.
To see what that means in practice, take the Item 19 average of about $1.3 million in sales. A 6% royalty is roughly $78,000 a year, the minimum royalty works out to $42,000 a year, and a 2% ad fund is about $26,000. That’s my arithmetic, not a figure from the FDD, and it comes before rent, labor, food costs and everything else.
What the sales data actually says
Item 19 is where a franchisor can disclose financial performance. The 2026 FDD reports on only two brick-and-mortar restaurants that operated all of 2025:
| Total gross sales, 2025 | Average month | Lowest month | Highest month | |
|---|---|---|---|---|
| Location 1 | $1,314,228 | $109,519 | $11,931 | $343,313 |
| Location 2 | $1,285,422 | $107,118 | $64,404 | $166,026 |
Three cautions are worth keeping in mind:
- It’s two locations. That’s too small a sample to predict how a new restaurant will do in your market.
- It’s gross sales, not profit. The FDD summary doesn’t report operating costs or owner earnings.
- Seasonality is large. Location 1 ranged from about $12,000 in its slowest month to over $343,000 in its busiest.
I didn’t find a payback period or profit margin in the FDD, so I haven’t included one. Any site quoting a specific payback time is estimating.
Requirements and support
The brand looks for franchisees with business, leadership or restaurant management experience. Each location needs full-time, direct supervision. You can supervise yourself, or appoint an approved full-time manager if you prefer a semi-absentee setup. The company doesn’t offer financing.
Support includes site selection help, lease review, access to approved construction specialists, grand opening marketing guidance, and training on food preparation, guest service, technology and the product itself. Franchisees also buy through an affiliated supplier. The application process includes a call with the founders and a Discovery Day in Los Angeles.
Before you commit
To start, request the current FDD through the company’s franchise page. Then:
- Read Item 20 for the list of current and former franchisees, and call several of them, especially any who left.
- Check Item 3 for litigation. One FDD-summary site says the 2026 FDD discloses none, but confirm that yourself.
- Have a franchise attorney review the agreement.
FAQ
How much does a Cousins Maine Lobster franchise cost?
The 2026 FDD gives a total initial investment of $266,600 to $965,800 for a brick-and-mortar restaurant, including a $40,000 franchise fee.
How much cash do you need?
$250,000 in liquid assets and a $500,000 net worth.
What is the royalty?
The greater of 6% of gross sales or $3,500 a month, plus up to 2% for the ad fund. Older sources list 6% to 8%.
How much did Barbara Corcoran invest?
$55,000 for 15% of the company, on Season 4, Episode 6 of Shark Tank.
How much does a restaurant make?
The FDD reports gross sales of about $1.3 million for each of two restaurants in 2025. Profit isn’t disclosed.
One thought on “Cousins Maine Lobster Franchise Cost (2026): Fees, Investment and What the FDD Shows”