Hardee's

Hardee's began on September 3, 1960, when Wilber Hardee opened its first restaurant in Greenville, North Carolina. After a successful first year, he joined James Gardner and Leonard Rawls to open the first company owned location in Rocky Mount, North Carolina, in May 1961. Hardee later sold his shares to Gardner and Rawls, and Hardee's Food Systems went public in 1963, with Leonard Rawls as president. CKE Restaurants Holdings, Inc. now oversees the brand. The 2024 FDD reports 1,707 U.S. locations, including 1,512 franchised and 195 corporate units. Hardee's had more than 1,800 locations worldwide by December 2024, 2,153 globally in March 2023, 1,610 U.S. units in 2023, and an estimated 2,184 worldwide by 2026. Its headquarters are in Franklin, Tennessee, after moving from a 216,906 square foot complex in Rocky Mount that was fully vacated by 2015. The chain operates mainly across the Southern and Midwestern United States, with an international presence in several countries.

Limited service restaurants benefit from demand for convenience, speed, and value. Aging vehicles support drive thru use, changing work patterns increase demand for quick meals, and expanded ecommerce has made on demand food services more familiar. The category includes large consolidated companies alongside regional and local operators, while disposable income and dietary preferences continue to affect demand. In June 2018, former CKE CEO Jason Marker announced that Carl's Jr. and Hardee's would be presented as separate brands because Carl's Jr.'s "racy advertising and marketing campaigns" did not fit Hardee's "family oriented chain" image. Hardee's competes in the quick service burger segment with an established system built around convenient meals.

The initial franchise fee is $25,000 to $35,000 per unit, depending on the number of units under development. Total investment estimates vary by restaurant type, location, and whether real estate is leased or purchased. 2026 figures range from $1,603,000 to $2,153,000 and from $1,469,000 to $2,061,000. 2024 information reported $688,000 to $1,143,000. 2025 estimates range from $1,303,000 to $3,436,000. A detailed 2025 FDD gives total costs excluding real estate of $1,375,000 to $2,637,395. It lists an Initial Franchise Fee of $25,000, an Opening Training Support Team Fee of $32,000 to $72,000, Building costs of $525,000 to $735,395, Site Improvements of $100,000 to $550,000, Soft Costs of $50,000 to $215,000, and Equipment of $350,000 to $540,000. Required liquid capital is $500,000 and required net worth is $1.00M. Ongoing fees include a 4% royalty on gross sales and a 5.5% advertising fee. These figures place Hardee's among the more substantial franchise investments, although reported formats vary. Specific SBA eligibility and veteran incentives are not detailed in the source information.

Hardee's locations generally center on quick service food and a significant drive thru operation. Franchisees manage kitchen production, product consistency, customer service, cash flow, inventory, staffing, and local marketing. Formats may include freestanding restaurants with drive thrus, inline locations, and other nontraditional sites. The Opening Training Support Team Fee of $32,000 to $72,000 supports preparation for franchisees and key managers. CKE Restaurants Holdings, Inc. provides field consultants, technology platforms, national and regional marketing programs, and supply chain support. A 2016 development agreement with Pavilion Restaurant Group called for 124 Hardee's restaurants across Ohio and Florida. Other plans targeted approximately 200 restaurants within five years in New Jersey, New York, Connecticut, and Massachusetts, with a long term goal of up to 1,000 restaurants in the Northeast. These plans point toward multi unit development and engaged operators or management teams.

The brand grew quickly in the mid and late 1970s after menu items such as the "Big Twin" and "Big Deluxe" sandwiches gained popularity. It had nearly 200 restaurants in the Midwest and Southeastern United States by the end of the 1960s, including its first international locations in West Germany, and later expanded into Southeastern Pennsylvania, southern New Jersey, and Delaware through a franchisee subsidiary. Domestic sales fell more than 7% over the five years ending December 2025. Hardee's closed 200 locations between 2019 and 2024, with at least 15 more closures, mainly in the Midwest, reported since early November 2025. The brand also recorded a net unit decline for the last four years as of November 2022. Internationally, it opened its 300th Middle East restaurant in April 2015 with The Americana Group, which opened the first Hardee's in Kuwait in June 1980. Its Loan Activity Score is 29, Limited.

Hardee's growth includes substantial expansion followed by recent contraction. The chain reported 1,707 U.S. units in the 2024 FDD, 1,610 U.S. units in 2023, 2,153 global locations in March 2023, more than 1,800 worldwide by December 2024, and a projection of 2,184 worldwide by 2026. CKE Restaurants Holdings, Inc., the parent company of Carl's Jr., acquired Hardee's in April 1997 for $327 million, creating a merged company with 3,828 restaurants globally. Ned Lyerly, a 30 year company veteran and former president of CKE's International division, became CEO in April 2019, succeeding Jason Marker. Hardee's benefits from recognition dating to 1960, CKE's supply chain, its international partnership with The Americana Group in the Middle East and Pakistan, and menu history built around the "Big Twin" and "Big Deluxe." The brand continues to emphasize its "family oriented" positioning, drive thru demand, and targeted development agreements, including the plan with Pavilion Restaurant Group for 124 restaurants in Ohio and Florida.

Hardee's generally seeks experienced, well capitalized operators with strong management backgrounds. The $500,000 liquid capital requirement and $1.00M net worth requirement support a focus on sophisticated investors, including people with multi unit restaurant or retail experience. Northeast plans call for approximately 200 restaurants within five years, beginning in New Jersey and New York and then extending to Connecticut and Massachusetts, with a long term goal of up to 1,000 restaurants. Separate plans call for 124 units across Ohio cities including Cincinnati, Columbus, Cleveland, Toledo, Youngstown, and Dayton, and Florida markets including Orlando, West Palm Beach, and Fort Myers, over nine to twelve years. Core markets include Illinois, North Carolina, Missouri, Virginia, and Georgia, alongside the Southern and Midwestern United States. Development timing depends on site selection, construction, and permitting. The agreement term is not specified in the source information, though it typically ranges from 10 to 20 years with renewal options, and transfer and resale terms are generally addressed in the franchise agreement.

Hardee's requires a sizable investment and appears best suited to experienced multi unit operators. The 2025 FDD estimates $1,375,000 to $2,637,395 excluding real estate, with $500,000 in liquid capital and $1.00M in net worth. The brand has broad recognition, a large international presence, and planned growth in the Northeast, Ohio, and Florida.