Companies

**Executive Summary: RE/MAX** RE/MAX offers a globally scaled real estate franchise opportunity with a low 1% royalty rate and a moderate initial investment range ($45k - $246k). However, the system is undergoing significant consolidation, reflected by a net unit loss of 307 outlets last year and a refusal to disclose financial performance representations (Item 19). While the brand benefits from high market awareness and zero litigation history, the high closure rate and lack of earnings data present substantial risks regarding unit sustainability and ROI predictability. **Key Indicators:** ✓ **Established Scale:** Massive footprint of 3,150 outlets and no history of litigation or bankruptcy. ✓ **Low Overhead:** Competitive 1% royalty fee compared to industry standards. ⚠ **Declining Footprint:** Network contracted by over 300 units last year due to 437 closures. ⚠ **Opaque Economics:** No Item 19 disclosure or AUV data, forcing investors to rely on estimates.

**Executive Summary** Stratus Building Solutions offers a low-cost entry point into the commercial cleaning sector with aggressive expansion, evidenced by opening over 800 units last year despite a lack of financial performance disclosures (Item 19). Prospective franchisees should exercise caution due to the high churn rate—265 terminations last year—and active litigation history which suggests potential operational or legal friction. **Key Positives & Concerns:** * ✓ **Low Barrier to Entry:** Initial franchise fees range from $4K to $62K with a total investment cap of $80K. * ✓ **Rapid Expansion:** System opened 822 new outlets in the last year, indicating strong sales momentum. * ✓ **No Bankruptcies:** The franchisor has no history of bankruptcy. * ⚠ **High Unit Turnover:** Closed 265 outlets via termination last year, raising questions about franchisee viability. * ⚠ **Lack of Transparency:** Does not provide an Item 19 (AUV), obscuring potential earnings. * ⚠ **Legal Risks:** The franchise faces active litigation.

Stratus Building Solutions offers a low-cost entry into the commercial cleaning sector with a massive footprint of over 3,100 units, evidenced by the addition of 822 outlets last year. However, the lack of financial performance representations (Item 19) and the termination of 265 units in the same period highlight significant instability and franchisee churn. **Positives & Concerns:** * ✓ **Low Capital Barrier:** Franchise fees range from $4,000 to $69,000, with total investment capping at $80K. * ✓ **Rapid Expansion:** Demonstrated ability to scale, adding over 800 new outlets in a single year. * ⚠ **High Attrition:** Aggressive growth is offset by the closure or termination of 265 outlets last year. * ⚠ **Transparency Issues:** No Item 19 financial disclosure, meaning AUV and profitability data are unavailable. * ⚠ **Legal Exposure:** Franchisor carries a history of litigation.

Chick-fil-A offers a highly attractive investment profile characterized by massive sales volume and a distinctively low upfront financial barrier, though operators face steep ongoing royalties and stringent operational control. **Key Positives:** * **Exceptional Unit Economics:** With an AUV of $9.3M, the brand significantly outperforms typical restaurant benchmarks, ensuring high revenue potential. * **Low Capital Risk:** The franchise fee is capped at a low $10K, minimizing initial equity exposure compared to the total investment requirement ($427K - $2.3M). * **Operational Stability:** Zero terminations reported last year indicates a supportive franchisor that prioritizes operator retention. **Key Concerns:** * **High Royalty Burden:** Operators sacrifice 15% of revenue (plus marketing fees) to the franchisor, which drastically impacts net margins relative to the high gross sales. * **Elevated Churn:** While terminations were zero, 108 units ceased operations, suggesting potential challenges related to succession or operator burnout despite the brand's strength.

1Heart Caregiver Services offers a scalable entry into the senior care market with a moderate initial investment range of $97,625 to $144,510 and a 5% royalty fee. The system demonstrates strong unit-level economics, evidenced by an AUV of $1.2 million, and impressive stability with zero outlets closed last year. While the franchise fee of $55,000 is relatively high, the aggressive expansion of 62 new openings in the last year indicates robust demand and a healthy growth trajectory.

**1Heart Caregiver Services Executive Summary** 1Heart Caregiver Services represents a rapidly scaling player in the home care sector, boasting an impressive footprint of over 3,000 units and a high average unit volume of $1.2M. The franchise demonstrates exceptional operational stability with zero reported terminations or closures last year, requiring a moderate initial investment for access to a proven model. While the high outlet count suggests maturity, the franchise offers a relatively low barrier to entry with no history of litigation or bankruptcy. * **✓ Scale & Growth:** Massive existing footprint (3,026 units) with aggressive expansion (62 new outlets). * **✓ Financial Performance:** High revenue potential ($1.2M AUV) and healthy unit economics (Item 19 available). * **✓ Stability:** Zero terminations, ceased operations, or bankruptcies reported in the prior period. * **⚠ Cost:** Franchise fee runs high ($55K–$62K), comprising a significant portion of the total investment.

**Executive Summary** Cruise Planners offers a highly accessible, low-barrier entry point into the travel industry with a modest initial investment under $23K and a low 3% royalty rate. However, the franchise is currently exhibiting severe contraction and instability, marked by a net loss of 360 units last year due to terminations significantly outpacing new openings. Potential buyers should approach with caution due to the lack of financial performance disclosures (Item 19), the absence of sales data, and a confirmed history of litigation. **Key Indicators:** ✓ **Low Capital Requirement:** Total investment caps at ~$23K, offering a low-risk financial barrier to entry. ✓ **Large Scale:** Boasts a massive network of 2,595 outlets, indicating established brand recognition. ⚠ **System Contraction:** Closed 676 outlets last year compared to only 316 openings, resulting in a net loss of locations. ⚠ **High Attrition:** Terminations (316) were equal to the number of new outlets opened, signaling franchisee struggles or churn. ⚠ **Financial Opacity:** Does not provide an Item 19 or Average Unit Volume (AUV), leaving unit economics and

**Executive Summary** Cruise Planners offers a low-barrier entry into the travel industry with over 3,000 units and modest startup costs up to $21K. While the brand achieved significant gross expansion by opening 432 outlets last year, this was offset by 220 closures and 128 terminations, resulting in a concerning net growth of only 84 units. **Key Indicators:** * ✓ **Low Capital Risk:** Franchise fees ($695-$11K) and total investment caps are significantly lower than industry averages. * ✓ **High Franchising Activity:** Demonstrates strong sales ability with 432 new outlets opened in the last year. * ✓ **Established Scale:** Large footprint of 3,009 total outlets indicates brand longevity and market penetration. * ⚠ **No Unit Economics (Item 19):** The franchisor does not disclose financial performance representations, leaving franchisee earning potential unknown. * ⚠ **High Turnover Risk:** High churn is evident with 220 closures and 128 terminations against 432 openings. * ⚠ **Litigation History:** The company acknowledges a history of legal disputes.

**Executive Summary: Jersey Mike's** Jersey Mike's demonstrates strong unit economics and scalability with an AUV of $1.3M and an aggressive growth trajectory that opened 299 locations last year against minimal closures. The franchise offers high revenue potential, though prospective operators should be prepared for a significant initial investment ranging from roughly $204K to over $1.3M and a standard 6.5% royalty fee. While the system shows high operational stability with zero terminations and a clean litigation history, the substantial variance in total investment costs requires careful financial planning regarding location specifics. **Key Indicators:** * ✓ **Strong Unit Economics:** High AUV of $1.3M suggests robust revenue potential per location. * ✓ **Rapid Expansion:** Net growth of 288 units in one year indicates healthy brand demand and system support. * ✓ **Stability:** Zero terminations and no history of litigation or bankruptcy point to strong franchisee health. * ⚠ **High Capital Entry:** Total investment is variable but can exceed $1.3M, representing a significant barrier to entry. * ⚠ **Brand Royalty:** The 6.5% royalty rate is a standard

A Sub Above, LLC commands a massive footprint of nearly 3,000 locations with a high average unit volume of $1.3 million, indicating strong brand recognition and sales potential. The franchise is expanding aggressively, evidenced by the opening of 324 new outlets last year compared to only 10 closures. However, prospective franchisees must weigh the high initial investment range against the presence of litigation and a 6.5% royalty fee.

**Executive Summary: Holiday Inn Express** Holiday Inn Express presents a capital-intensive opportunity with a significant franchise fee (up to $174K) and a mature footprint of over 2,300 locations. While the brand benefits from the stability of a major system and avoids litigation risks, it faces a clear stagnation in growth, evidenced by the closure of 70 locations last year compared to only 45 openings. Prospective franchisees should carefully weigh the declining unit count against the lack of disclosed financial performance data (AUV). **Analysis:** * ✓ **Scale & Stability:** Boasts a massive network of 2,324 outlets with zero reported bankruptcies or active litigation, indicating strong brand resilience and established operational support. * ✓ **Financial Transparency:** Provides an Item 19 disclosure, offering some degree of transparency regarding financial representations. * ⚠ **Declining Growth:** The brand is currently contracting, with 25 more outlets closing than opening in the last year (70 closures vs. 45 openings). * ⚠ **High Costs & Opacity:** Requires a substantial upfront investment (fees up to $174K) despite Total Investment and Average Unit Volume (AUV) figures being undisclosed, complicating

**Executive Summary: Jimmy John’s** Jimmy John’s offers a mature, large-scale sandwich concept with strong unit economics (AUV: $986K) and a relatively low, tiered royalty fee of 6%. The brand is actively expanding (88 new openings), but potential franchisees must carefully evaluate the high termination rate (88), which indicates potential friction with corporate standards. The investment is significant ($366K–$728K), though the absence of litigation or bankruptcy history provides a stable foundation for growth. **Positives & Concerns:** * ✓ **Scale & Stability:** Massive footprint of 2,689 outlets with no history of litigation or bankruptcy. * ✓ **Unit Economics:** High Average Unit Volume ($986K) helps justify the substantial initial investment. * ✓ **Expansion:** Net positive growth with 88 new outlets opened last year. * ⚠ **Franchisor Friction:** A high number of terminations (88) suggests a rigid corporate culture or strict operational enforcement. * ⚠ **Capital Intensity:** steep investment range peaking at $728K requires significant upfront capital.

**Executive Summary** Jimmy John’s offers a scalable sandwich concept with high unit volume (AUV: $978K) and reasonable franchise fees, though the total investment requirement remains substantial. While the system benefits from large-scale brand recognition and established unit economics, stagnant growth is evident as the number of new openings was exactly offset by closures and terminations last year. **Key Factors:** ✓ High Sales Volume: Strong AUV of nearly $1M. ✓ Stability: No history of litigation or bankruptcy. ✓ Scale: Large footprint with over 2,600 locations. ⚠ Stagnant Growth: Equal number of units opened and closed. ⚠ Churn: High number of terminations (59) indicates operational friction.

**Executive Summary** Planet Fitness is a mature, high-volume franchisor commanding a significant initial investment of \$1.5M to \$5.2M, generating an AUV of \$1.9M. While the system maintains massive scale and zero royalty fees, the brand faced substantial contraction last year with 100 terminations outweighing its 118 new openings. * **✓ Scale & Fees:** Massive footprint of 2,500+ units and a rare 0% royalty structure on the first \$500k of revenue. * **✓ Unit Economics:** Strong AUV of \$1.9M provides significant revenue potential. * **⚠ Churn Risk:** High instability evidenced by 100 franchise terminations in the last year against modest net growth. * **⚠ Capital Intensity:** Steep entry barrier with total investments ranging up to \$5.2M.

**Executive Summary** Good Neighbor Pharmacy offers a low-barrier entry into the healthcare sector with no franchise fees or royalties, though it faces significant headwinds with a shrinking network size. While the initial investment is flexible and risk of litigation is low, the brand closed more locations than it opened last year. The lack of financial performance disclosures (Item 19) and the high number of recent terminations indicate potential unit-level struggles. * **Scale & Investment:** Extensive network of 2,361 units; low entry cost with $0 franchise fee and wide investment range ($44K–$575K). * **Performance & Risks:** ⚠ High contraction (264 terminations vs. 174 openings) and no AUV data available limit visibility into profitability.

**Executive Summary** Panda Express presents a high-barrier, scale-driven opportunity with an impressive AUV of $1.6M and strong system stability (zero terminations). The brand requires substantial capital ranging from $514K to $3.3M, alongside an 8% royalty rate. Investors should weigh the massive revenue potential against a history of litigation and limited franchise availability (only ~4% of units are franchised). **Key Indicators:** * ✓ **High Unit Volume:** Strong AUV of $1.6M indicates excellent per-location earning potential. * ✓ **Stability:** Low churn (only 2 ceased operations) and 0 terminations suggest strong operator support. * ✓ **Expansion:** Net growth of 87 locations last year demonstrates brand momentum. * ⚠ **High Capital Requirement:** Total investment varies wildly up to $3.3M, demanding significant upfront liquidity. * ⚠ **Litigation Risk:** Franchisor confirms a history of litigation, a standard but notable risk factor.

**Executive Summary** Panda Express presents a high-barrier, large-scale opportunity in the fast-casual sector, backed by exceptional unit economics with an AUV of $1.6M and strong system stability. While the brand demonstrates healthy expansion with 98 net new openings, operators must navigate a steep total investment range and an 8% royalty fee. **Key Indicators:** * **✓ High Unit Performance:** Exceptional AUV of $1.6M suggests strong revenue potential. * **✓ System Stability:** Low closure rates (9) and zero bankruptcies among franchisees indicate high survivability. * **✓ Item 19:** Financial performance representations are available for review. * **⚠ Capital Intensity:** Total investment ranges up to $3.3M, requiring significant upfront capital. * **⚠ Legal Exposure:** Presence of litigation history indicates potential regulatory or dispute risks.

**Executive Summary** Sushi With Gusto is a rapidly expanding, low-barrier-to-entry franchise with over 2,300 locations, requiring a modest initial investment of $26K–$135K and charging $0 in franchise fees or royalties. However, the brand exhibits serious instability and red flags; despite opening 361 units last year, the system suffered a net loss of 132 locations due to 493 closures and significant terminations. Furthermore, the absence of an Item 19 earnings claim and undisclosed unit volumes obscures the financial viability of this high-churn model. * ✓ **Scale:** Massive footprint with over 2,300 total outlets. * ✓ **Capital Efficiency:** Low initial investment ($26K+) and no franchise fees. * ✓ **Legal History:** No history of litigation or bankruptcy. * ⚠ **Unit Viability:** Closed nearly 500 units last year (net loss of 132). * ⚠ **Transparency:** No Item 19 financial performance representation (AUV not disclosed). * ⚠ **Royalty Model:** "N/A" royalty structure is atypical and requires careful scrutiny.

**Executive Summary: Hissho Sushi** Hissho Sushi presents a high-growth opportunity with a massive footprint of over 2,400 outlets, characterized by a low initial investment range of $27K–$137K and a flexible franchise fee structure. However, the system demonstrates significant volatility, evidenced by the closure of 287 units last year and a lack of financial performance disclosures (Item 19). While there is no history of litigation or bankruptcy, the high churn rate and undefined unit economics suggest an unstable expansion trajectory. * **Scale & Cost:** ✓ Massive system size with 2,449 outlets and low capital investment requirements ($27K - $137K). * **Growth Trends:** ⚠ High volatility with 107 terminations and 154 ceased operations last year; churn appears high relative to the 461 new openings. * **Transparency:** ⚠ Does not provide an Item 19 (Financial Performance Representation), obscuring unit-level profitability.

**Executive Summary: Anytime Fitness** Anytime Fitness is a mature, large-scale franchise system with over 2,300 outlets globally and a substantial total investment range ($459K - $908K). While the brand demonstrates strong unit economics with an AUV of $443K, the network is currently experiencing a contraction, evidenced by more locations closing than opening last year (46 opened vs. 54 closed). **Key Performance Indicators** * ✓ **Scale & Revenue:** Proven global presence with 2,301 total outlets and healthy Average Unit Volume (AUV) of $443K. * ✓ **Disclosure:** Provides Item 19 financial performance representations, allowing for better initial analysis. * ⚠ **Network Contraction:** Shrinking footprint with a net loss of 8 units last year, including 33 terminations. * ⚠ **Capital Intensity:** High upfront investment requirement (up to $908K) relative to the franchise fee. * ⚠ **Legal Risk:** Presence of litigation history indicates potential franchisee-franchisor disputes.

LXR presents a high-barrier entry model with a massive total investment range spanning from $4.7 million to over $143 million, suggesting a luxury or large-scale format. While the system offers the security of an established 80-unit footprint and provides financial performance disclosures (Item 19), the expansion pace is currently stagnant with 7 openings offset by 6 closures last year. The franchise maintains a clean legal profile with no history of bankruptcy or litigation, but the extreme capital requirements and flat growth trajectory indicate this opportunity is best suited for well-capitalized investors seeking stability rather than rapid network expansion.

**Executive Summary** Good Neighbor Pharmacy offers a massive network of 2,361 units with a $0 franchise fee, though the total investment ranges widely from $44K to $575K. While the system avoids litigation and bankruptcy, it is currently contracting, evidenced by the closure of 264 outlets last year compared to only 174 openings. Prospective buyers should exercise significant caution regarding unit economics, as the franchise fails to disclose Average Unit Volume (AUV) data in Item 19. **Key Indicators** * ✓ **Scale:** Established footprint with over 2,300 locations. * ✓ **Entry Cost:** No upfront franchise fee required. * ✓ **Legal:** Clean history regarding litigation and bankruptcy. * ⚠ **Network Health:** High attrition rate; the brand shrank by 90 units (-3.8%) last year. * ⚠ **Transparency:** Item 19 is present but lacks AUV disclosure, preventing ROI analysis.

This franchise presents an exceptionally high barrier to entry with a total investment ranging from nearly $8 million to over $38 million, despite currently having zero operating outlets. ⚠ The absence of an Item 19 financial performance representation is a significant red flag for such a capital-intensive opportunity, leaving prospective buyers without verified earnings data. While the lack of litigation and bankruptcy is a positive sign, the $120,500 franchise fee and 5% royalty apply to a concept with no proven unit growth or open locations. ⚠ This appears to be a highly speculative venture requiring massive capital without a track record of success.

**Executive Summary: Vanguard Cleaning Systems of Long Island** Vanguard Cleaning Systems offers a low-barrier entry into the commercial cleaning sector, requiring a total investment of under $10K. However, the system faces significant operational headwinds, evidenced by a net unit contraction and the absence of Item 19 financial performance representations. **Key Analysis:** * ✓ **Low Capital Risk:** Minimal total investment cap ($10K) makes this highly accessible for new operators. * ✓ **Established Scale:** Large footprint of over 2,200 outlets indicates a proven brand presence. * ⚠ **High Churn Rate:** The network closed 206 outlets last year compared to only 104 openings, indicating systemic retention issues. * ⚠ **Zero Transparency:** Lack of Item 19 data and undisclosed AUV prevent verification of unit economics. * ⚠ **Legal Exposure:** The presence of litigation history adds an additional layer of risk for prospective franchisees.

**Anytime Fitness Executive Summary** Anytime Fitness offers a mature, high-investment model with a massive footprint of over 2,300 locations and a solid AUV of $443K, demonstrating established unit economics. However, the brand faces concerning headwinds, evidenced by last year's negative unit growth (54 closures versus 46 openings) and 33 terminations, suggesting market saturation or operational friction. Potential franchisees should proceed with caution given the high upfront capital requirement and recent instability in outlet counts. * ✓ **Scale & Economics:** Extensive brand presence (2,300+ units) and healthy Average Unit Volume ($443K). * ✓ **Transparency:** Provides financial performance representations (Item 19). * ⚠ **Declining Network:** More units closed than opened last year (-8 net), with 33 terminations indicating potential attrition. * ⚠ **Capital Intensity:** High total investment range ($459K - $908K) compared to the initial franchise fee. * ⚠ **Legal Exposure:** Franchisor carries a history of litigation.

**Executive Summary: ServiceMaster Restore** ServiceMaster Restore is a large-scale restoration franchise with a massive footprint of nearly 2,300 locations and strong unit economics ($778K AUV). The model commands a high initial investment ($253K–$359K) and steep royalty rate (10%), but the brand faces significant contraction, having closed 84 more outlets than it opened last year. While there is zero history of litigation or bankruptcy, the current rate of network attrition represents a critical risk factor for new investors. * ✓ **Scale & Economics:** Massive existing system with high AUV ($778K) and proven financials (Item 19). * ✓ **Safety:** Clean legal history with no bankruptcy or litigation noted. * ⚠ **Network Contraction:** High attrition rate with 84 closures versus only 15 openings last year. * ⚠ **Cost:** High capital requirement and an aggressive 10% royalty fee.

Servpro is a large-scale, established brand with over 2,200 units and a moderate 3% royalty rate, requiring a substantial initial investment of $259K–$380K. However, the system currently exhibits negative unit momentum—closing more locations than it opened last year—and lacks financial performance transparency (Item 19), complicating the assessment of potential returns. **Positives & Concerns:** * ✓ **Scale & Brand Reach:** Massive footprint of 2,286 outlets provides significant brand recognition. * ✓ **Bankruptcy History:** Zero history of franchisor bankruptcy. * ⚠ **Negative Growth:** The system shrank net (-10 units), with closures exceeding new openings. * ⚠ **Financial Transparency:** No Item 19 financial disclosures, concealing Average Unit Volume (AUV). * ⚠ **High Barrier to Entry:** $100,000 franchise fee is steep compared to industry standards.

Supercuts offers a massive, mature platform with a low 4% royalty rate and manageable entry costs, though the high capital requirements relative to the $322k AUV suggest thin unit-level margins. However, the system is currently contracting, evidenced by the closure of 303 locations last year—significantly outpacing new openings. ✓ Established scale (1,798 outlets) ✓ Low 4% royalty fee ✓ AUV ($322k) exceeds total investment ⚠ Net contraction (303 closures vs. 119 openings) ⚠ 137 units ceased operations recently

**Executive Summary** Wingstop is a high-growth, mature franchise system demonstrating strong unit economics and excellent expansion momentum, opening 177 new outlets last year against minimal closures. With an AUV of $1.6M and zero terminations, the brand offers proven scalability, though prospective operators should be prepared for a significant initial investment range of $315K–$948K. While the franchisee failure rate appears negligible, the presence of active litigation suggests the franchisor enforces strict operational standards. * **Scale & Performance:** Large footprint (1,521 outlets) with strong revenue potential ($1.6M AUV) and Item 19 financial disclosure. * **Growth Trajectory:** Aggressive expansion adding over 10% new units annually with high stability (0 terminations, 2 ceased operations). * **Investment:** High barrier to entry requiring substantial capital, varying significantly by market. * **Key Risk:** Active litigation history indicates a stringent corporate culture and potential for legal friction.

Wingstop offers a scalable opportunity with high unit economics ($2.1M AUV) and exceptional growth stability, evidenced by 285 new openings and zero terminations last year. However, prospective franchisees should be prepared for a significant total investment ranging from $298K to over $1M and must consider the implications of a history involving litigation. **Positives & Concerns:** * ✓ **Strong Unit Economics:** High AUV of $2.1M supports royalty payments and operational profitability. * ✓ **Rapid, Stable Expansion:** High growth volume (285 units) with a zero percent termination rate. * ✓ **Scale:** Extensive system with over 2,200 outlets. * ⚠ **Capital Intensity:** Top-end investment costs ($1.0M+) are high for the fast-food sector. * ⚠ **Legal History:** Presence of litigation indicates potential conflict or regulatory exposure.

**Executive Summary** Rent-A-Center offers a massive, established footprint with over 2,100 units, though the financial commitment is substantial ($350K–$701K) with no disclosed earnings data (Item 19). The network is currently contracting, evidenced by a net loss of 56 locations last year driven by high terminations, alongside a history of litigation. **Key Indicators:** * ✓ **Scale:** Massive existing system (2,091 outlets). * ✓ **History:** No history of corporate bankruptcy. * ⚠ **Financials:** No Item 19 earnings disclosure; AUV is unknown. * ⚠ **Shrinkage:** Closed more units than opened (118 vs. 62); high termination rate (56). * ⚠ **Legal:** Significant litigation history.

**Executive Summary** Jack in the Box offers a massive scale opportunity with 2,190 locations and strong unit economics, evidenced by an AUV of $2.0M. However, the franchise is currently contracting, with 47 closures exceeding 22 openings last year, resulting in a negative net growth trajectory. Potential franchisees should be prepared for a high barrier to entry, with total investments ranging from $1.9M to $4.0M, and must weigh the risks of active litigation against the brand's established revenue potential. **Key Positives & Concerns** * ✓ **High Revenue Potential:** Strong AUV of $2.0M indicates proven brand demand. * ✓ **Large Scale:** 2,190 total outlets provide significant brand recognition and stability. * ⚠ **Negative Growth:** Network shrank by 25 units last year (47 closures vs. 22 openings). * ⚠ **High Capital Risk:** Significant investment requirement ($1.9M - $4.0M) combined with a history of litigation.

Jack in the Box offers a massive scale with over 2,100 locations and strong unit economics indicated by an AUV of $2.0M, though entry requires significant capital with total investments ranging from $1.9M to $4.0M. Despite the brand's established presence, the system currently faces contraction and turbulence, evidenced by a net loss of 17 locations last year and a high termination rate. **Key Indicators:** * ✓ **Strong Cash Flow:** High Average Unit Volume ($2.0M) indicates robust sales potential. * ✓ **Scale:** Large footprint of 2,190 units provides brand recognition. * ⚠ **System Contraction:** Franchise network shrank last year (30 opened vs. 47 closed). * ⚠ **Franchisee Instability:** High number of terminations (22) suggests friction between corporate and operators. * ⚠ **Legal Exposure:** Presence of litigation history adds a layer of operational risk.

CruiseOne operates a massive, low-barrier network with over 1,500 units and a total investment under $21,000, positioning it as a highly accessible business opportunity. However, the lack of earnings disclosures (Item 19) and high turnover—evidenced by 196 closures versus 290 openings—signal weak unit economics and potential franchisee sustainability issues. **Investment Profile & Scale:** ✓ Low cost of entry ($12K–$21K) ✓ Massive scale (1,577 outlets) ✓ No history of litigation or bankruptcy **Risks & Trajectory:** ⚠ High attrition (196 closures last year) ⚠ No financial performance representation (Item 19) ⚠ AUV data is unavailable

**Executive Summary** CruiseOne presents a low-barrier entry opportunity with over 2,000 units and a total investment cap of roughly $21K, allowing franchisees to tap into a high Average Unit Volume ($588K) for a modest 3% royalty. The system is currently expanding rapidly, evidenced by the opening of 378 outlets last year, though prospective owners should scrutinize the high churn rate indicated by 161 closures and 119 terminations during the same period. * **✓ Low Cost of Entry:** Total investment starts as low as $495 with no maximum listed beyond $21K. * **✓ High Revenue Potential:** Strong AUV of $588K relative to the franchise fee. * **✓ Clean History:** No history of litigation or bankruptcy. * **⚠ High Volatility:** Significant network turnover with 161 closed outlets and 119 terminations reported recently. * **⚠ Unclassified Industry:** Lack of a defined industry classification may complicate market performance benchmarking.

**Executive Summary: Cinnabon** Cinnabon offers a massive global footprint with over 2,100 outlets, providing established brand recognition and a low-risk operational profile indicated by zero terminations or litigation. However, prospective franchisees face a significant barrier to entry due to a wide total investment range ($26K – $1.0M) and the absence of an Item 19 financial performance disclosure. **Key Indicators:** * **✓ Scale & Stability:** Massive system size (2,111 units) with zero recent terminations or ceased operations. * **✓ Clean Legal History:** No history of litigation or bankruptcy. * **✓ Reasonable Ongoing Fees:** Standard royalty rate of 6.0%. * **⚠ Financial Transparency:** Lacks an Item 19 disclosure, meaning Average Unit Volume (AUV) and unit economics are unknown. * **⚠ High Capital Variance:** Total investment range varies wildly from $26K to over $1M, suggesting high location-dependent costs.

Jiffy Lube International, Inc. offers a massive platform with over 2,000 outlets and a high Average Unit Volume of $1.05M, providing strong brand recognition and a relatively low 4% royalty fee. However, the system is currently contracting, evidenced by the closure of more locations than opened last year, which signals potential market saturation or shifting consumer demand. While the total investment range of $232k to $520k is accessible, the stagnant growth trajectory represents a significant risk for new franchisees seeking expansion.

Jiffy Lube offers a high-volume, established opportunity with an AUV of $1.0M and a moderate total investment range ($232K–$520K). The system is experiencing net growth, though operational volatility is high as franchisees opened and closed a near-equal number of locations last year. **Executive Assessment:** * ✓ **Strong Unit Economics:** $1.0M AUV supports a 4% royalty structure. * ✓ **Scale & Stability:** Massive footprint of 2,000+ outlets with no history of litigation or bankruptcy. * ⚠ **High Churn:** Aggressive expansion (289 openings) was offset by 263 closures, indicating potential instability among franchisees. * ⚠ **Capital Variance:** Franchise fees range significantly ($35K–$85K), suggesting complex entry tiers or location types.

Coldwell Banker Commercial® offers a scalable commercial real estate platform with a wide range of investment levels, making it an established yet currently contracting network. * **✓ Scale & Accessibility:** Boasts a massive footprint of nearly 2,000 units with a flexible initial investment range ($36K - $734K) and no franchise or royalty litigation. * **⚠ Declining Performance & Transparency:** The system is shrinking, evidenced by a net loss of 19 units last year (57 opened vs. 76 closed), and lacks an Item 19 financial performance representation.

**Executive Summary: Vanguard Cleaning Systems of Wisconsin** Vanguard Cleaning Systems of Wisconsin is a large-scale franchisor with over 2,000 units, offering a low barrier to entry with a total investment range starting at just $13,000. However, the system faces significant operational headwinds, evidenced by a net unit contraction last year where 184 locations closed compared to only 91 opened. * ✓ **Low Capital Requirement:** Minimal upfront fees and a total investment cap of $36K lower the financial risk to get started. * ✓ **Proven Scale:** A network of over 2,000 outlets indicates an established brand and operational footprint. * ⚠ **High Attrition:** The franchise closed more than double the number of outlets it opened last year (Net -93). * ⚠ **No Performance Data:** The absence of an Item 19 and undisclosed AUV prevents verification of unit-level profitability. * ⚠ **Legal Exposure:** A history of litigation presents potential risks regarding dispute resolution.

**Executive Summary** Auntie Anne’s offers a globally scaled, low-cost entry point with an investment range starting at $115,000, appealing to operators seeking a flexible model without litigation or bankruptcy history. However, the opportunity is opaque; the absence of Item 19 financial performance representations and undisclosed average unit volumes make return on investment difficult to assess. Despite reporting zero terminations, the lack of recent outlet growth data raises questions about the system's current expansion trajectory. **Positives & Concerns:** * ✓ **Established Scale:** Operates over 2,000 outlets globally. * ✓ **Low Barrier to Entry:** Initial franchise fee can be as low as $10,000. * ✓ **Clean History:** No recent litigation, bankruptcies, or franchise terminations. * ⚠ **Zero Transparency:** Does not provide an Item 19 earnings claim. * ⚠ **Undisclosed Unit Economics:** Average Unit Volume (AUV) is not reported. * ⚠ **Stagnant Growth:** Openings and closures for the last year are not disclosed.

**Executive Summary** Auntie Anne’s offers a globally scaled franchise opportunity with over 2,000 outlets and a wide investment range ($115K - $1.1M) catering to both small and large-format locations. The system demonstrates high stability, reporting zero terminations or ceased operations and carrying no history of litigation or bankruptcy. However, the opportunity is currently defined by a lack of financial transparency for prospective buyers. * **Positives:** * **✓ Massive Scale:** Established footprint with 2,008 total outlets. * **✓ Operational Stability:** Zero terminations, ceased operations, or litigation history reported. * **✓ Low Risk:** No history of bankruptcy and a franchise fee that starts as low as $10,000. * **Concerns:** * **⚠ No Item 19:** The franchisor does not disclose financial performance representations (AUV), making unit economics and ROI impossible to verify upfront. * **⚠ Opaque Growth:** Specific outlet opening and closing data was not disclosed.

DQ Grill & Chill offers a massive global footprint with 1,971 outlets and strong unit economics generating $1.4M in AUV, but it faces a critical contraction phase with 63 closures last year against only 2 new openings. This opportunity requires a significant capital commitment of $1.5M–$2.5M for a 4% royalty, carrying additional risks due to active litigation and a shrinking franchise network. **Key Factors:** * ✓ **Scale & Revenue:** Proven brand with nearly 2,000 locations and high average unit volume. * ✓ **Financials:** Item 19 financial disclosures are available. * ⚠ **Network Contraction:** High attrition rate; the system shrank by net 61 units last year (63 closed, 2 opened). * ⚠ **Legal Exposure:** Franchisor has a history of litigation. * ⚠ **High Barrier to Entry:** Total investment exceeds $1.5M.

**Executive Summary: ServiceMaster Restore** ServiceMaster Restore is a large-scale, established player in the restoration industry with massive revenue potential, evidenced by a high AUV of $945K and a network of nearly 1,940 outlets. The franchise requires significant capital (Total Investment up to $443K) and carries high operational costs, including a 10% royalty rate. However, potential investors should be cautious of the recent network contraction, which saw a net loss of 55 units last year due to 102 closures. **Key Indicators:** * ✓ **Scale & Revenue:** Massive unit count and high Average Unit Volume ($945K). * ✓ **Financial Stability:** No history of litigation or bankruptcy. * ⚠ **Network Contraction:** High churn rate with 102 closures versus only 47 openings last year. * ⚠ **High Costs:** Steep initial investment requirement and double-digit royalty fees.

**Executive Summary: Century 21** Century 21 offers a scalable real estate franchise with a massive existing footprint of over 1,900 locations and a relatively low initial franchise fee ($0–$25K). However, the brand is currently contracting, evidenced by the closure of 127 outlets last year compared to just 64 openings, alongside a lack of financial performance disclosures (Item 19). * **Positives:** * ✓ High brand scalability with 1,902 total outlets. * ✓ Accessible entry cost with a franchise fee capped at $25,000. * ✓ No history of litigation or bankruptcy. * **Concerns:** * ⚠ **Negative Network Growth:** Shrank by net 63 outlets last year due to 127 closures. * ⚠ **Zero Transparency:** Franchisor provides no Item 19 earnings claims or AUV data. * ⚠ **High Attrition:** 87 locations ceased operations outside of formal terminations.

**Executive Summary** Avis offers a mature car rental franchise characterized by high capital intensity, requiring an investment between $606K and $1.6M plus a 7.5% royalty. While the brand maintains massive scale with 1,860 outlets and net positive unit growth, potential investors face significant due diligence challenges. * **✓ Established Footprint:** Extensive network of 1,860 locations with steady net growth (45 new outlets last year). * **✓ Clean Exit Data:** Zero terminations reported in the previous period. * **⚠ Opaque Economics:** The franchise does not provide an Item 19 financial performance representation, obscuring potential unit profitability. * **⚠ High Liability:** Significant upfront investment requirement coupled with a confirmed history of litigation.

**Executive Summary: Liberty Tax Service** Liberty Tax offers a low initial investment barrier ($50k–$71k) and massive scale, but the franchise is currently contracting and carries significant operational risk. The system faces high unit turnover (net loss of 67 locations) alongside elevated royalty rates and a history of litigation and bankruptcies. * **Scale & Cost:** Significant footprint of 1,764 outlets with relatively low startup capital requirements. * **Performance:** Financial performance is opaque; Item 19 is present, but Average Unit Volume (AUV) is not disclosed. * **⚠ Viability:** The network is shrinking, evidenced by 123 closures outpacing 56 openings last year. * **⚠ Risk Profile:** High operational risk is flagged by recent bankruptcy history and active litigation.

**Executive Summary: Valvoline Instant Oil Change** Valvoline Instant Oil Change presents a high-barrier opportunity with massive scale, commanding top-tier sales volume of $1.7M per unit. The system demonstrated aggressive expansion last year by opening 129 new outlets, though the high total investment range ($194K–$3.5M) suggests significant variability in asset ownership. * ✓ **Scale & Sales:** Operates 1,723 outlets with exceptional Average Unit Volume ($1.7M). * ✓ **Growth:** Added 129 locations last year with zero units ceasing operations. * ⚠ **Risk Factors:** Managing 54 terminations alongside new growth indicates potential operational friction, and the presence of litigation history adds a layer of reputational and legal risk.

**Executive Summary** Sport Clips represents a mature, large-scale franchise opportunity with over 1,800 units, requiring a substantial initial investment of $266K–$440K to access unit economics generating an AUV of $403K. While the brand benefits from established brand recognition and zero terminations, the system appears to be experiencing a consolidation phase with nearly as many units closing as opening. **Key Indicators** * **Scale & Performance:** Massive footprint of 1,855 outlets and healthy AUV of $403K. * **Investment:** High capital requirement ($266K–$440K entry) relative to the 6% royalty fee. * **Stability:** Zero terminations suggests strict operational adherence. * **Concern:** Stagnant growth trajectory; 43 locations ceased operations last year (offsetting 48 new openings).

**Executive Summary: Matco Tools** Matco Tools presents a low-cost entry opportunity with an $8,000 franchise fee and a massive footprint of 1,815 outlets, but prospective franchisees should be alarmed by the brand's significant net contraction. The network shrank by 45 units last year following 242 ceased operations and 19 terminations, indicating high churn despite the absence of corporate litigation or bankruptcy. While Item 19 financials are available, the lack of disclosed Average Unit Volume (AUV) data obscures the true earning potential for new investors. **Key Indicators:** * ✓ Low Barrier to Entry: Franchise fee is only $8,000. * ✓ No Corporate Distress: No history of litigation or bankruptcy. * ⚠ **Massive Network Attrition:** 242 units ceased operations last year compared to just 230 openings. * ⚠ **Opaque Unit Economics:** AUV is not disclosed, making return on investment difficult to calculate. * ⚠ **High Failure Rate:** Ceased operations significantly outpaced new growth.