Culver's

Culver's was founded in 1984 by George and Ruth Culver, their son Craig, and his wife Lea. The first restaurant opened in Sauk City, Wisconsin, serving ButterBurgers made with fresh, never frozen beef and Fresh Frozen Custard churned throughout the day. Culver's began franchising in 1988, and its first successful franchise opened in Baraboo, Wisconsin, in 1990. Headquartered in Prairie du Sac, Wisconsin, the company operates approximately 1,046 restaurants across 26 states. Its 1,000th location opened in New Haven, Indiana, in 2025. Culver's remains privately held, with the Culver family retaining majority ownership. Roark Capital Group acquired a minority stake in October 2017. In April 2025, Julie Fussner became CEO, the fifth chief executive and first woman to hold the role, after serving as Chief Marketing Officer since 2017. Craig Culver remains chairman, preserving the founding family's influence over the brand's direction.

Consumers increasingly seek premium food at fast food speed. Culver's offers fresh beef, hand battered cheese curds made with Wisconsin cheddar, and frozen custard that requires continuous churning throughout the day. These processes add operational complexity, but they also distinguish the products and support customer loyalty and premium pricing. Culver's routinely ranks at or near the top of customer satisfaction surveys in the quick service restaurant burger category.

The initial franchise fee ranges from $55,000 to $65,000, with qualified veterans receiving a $10,000 discount. Total initial investment ranges from $2,642,500 to $8,573,000, according to the Franchise Disclosure Document. The cost reflects purpose built, freestanding restaurants with drive through capability. Minimum liquid capital is $500,000, or $750,000 for franchisees who own the real estate, building, and equipment. Minimum net worth is $1,250,000. The ongoing royalty is 4 percent of gross sales, with an additional 2.5 percent brand fund contribution. The franchise agreement lasts 15 years and includes a 10 year renewal option with a $40,000 renewal fee. Franchisees receive a designated territory generally covering an approximately three mile radius around the restaurant. These requirements are aimed at experienced, well capitalized operators who can meet Culver's operating standards.

Culver's model requires more preparation than a typical fast food restaurant. Restaurants prepare fresh, never frozen beef ButterBurgers to order, hand batter and fry cheese curds, and churn Fresh Frozen Custard in small batches throughout the day. Total pre opening training takes approximately 722 hours, including 172 hours of classroom instruction at ButterBurger University in Prairie du Sac, Wisconsin, and 550 hours of on the job training at a company owned restaurant. The Franchisee Development Program lasts 16 weeks, with three sessions offered annually. Before opening, the franchisee and six future employees must complete the Manager in Training program at corporate headquarters. Culver's provides a corporate support team on site for one week before opening and up to two weeks afterward. Continuing training includes mandatory reconnection courses and ServSafe certification for all staff. Only three franchised restaurants have closed in 37 years of franchising.

Other brands listed as ranking ahead include Raising Cane's at $5.44 million, Shake Shack at $3.8 million, Whataburger at $3.725 million, and McDonald's at $3.625 million. Interstate adjacent locations average $3,691,600, compared with $3,408,000 for non interstate locations. Markets with 10 or more Culver's restaurants average $3,535,000, compared with $3,372,000 in markets with fewer than 10 locations.

Craig Culver has described the company's growth approach as expanding at the right pace rather than the fastest pace. Culver's adds approximately 50 to 55 net new restaurants annually, with 55 new locations planned for 2025. The system grew from approximately 735 locations in 2019 to more than 1,046 today, a gain of 315 restaurants over six years. Florida grew from 81 to 119 locations since 2021. Michigan, Indiana, and Wisconsin are also key markets. The Culver's Franchise Mentoring Program has moved more than 200 top performing general managers into franchise ownership. The brand also offers the Delicious Rewards loyalty program through its app and website. The Thank You Farmers Project raised a record $1.5 million in its 12th year.

The typical Culver's franchisee is a well capitalized, operationally involved owner with multi unit restaurant management experience or a business leadership background suited to a high volume, quality focused quick service operation. Absentee ownership is not the model. The minimum financial requirements are $500,000 in liquid capital and $1,250,000 in net worth. Territories are concentrated in the Midwest, Southeast, and mid Atlantic regions, with Florida and other Sun Belt states serving as primary expansion targets. The approximately three mile territory offers protection against cannibalization. The 15 year agreement and 10 year renewal option give owners time to build enterprise value. Opening typically takes 12 to 24 months after the franchise agreement, depending on real estate, construction, and training requirements.

Buyers can review the full Culver's franchise profile on PeerSense when assessing the brand and its financing considerations.