That range is the franchisor’s own, straight out of the disclosure document. What is masked below is the rest of the analysis — and the capital check that follows measures your cash against that opening range.
Everything below is in the report. Every figure is cited to an FDD Item and page, and labelled with where the number came from. The labels are free. The numbers are what you are buying.
Franchise Edge automates franchise diligence. We read the franchisor’s own Franchise Disclosure Document — the filing a franchisor is legally required to hand you at least 14 days before you sign anything or pay anything — and run the work that takes a buyer weeks by hand: every disclosed cost, the unit economics behind the headline, the full fee stack, and what happened to the units that opened before you.
Your analysis is ready. The framework is below — every section, every cited figure, every question, exactly as it appears in the report.
New to FDDs? Here is what is in one
An FDD runs to 23 numbered Items and a few hundred pages. Four of them do most of the work in this report:
Item 7— what it costs to open, low to high. That is the range above, and it is the franchisor’s own estimate.
Item 19 — what units actually earn. A franchisor is not required to publish one at all; when it is missing, or when it reports profit where you expected revenue, that is itself a finding.
Item 20 — openings, closures, transfers and terminations, year by year. This is where churn shows up, and where a growth story either holds or does not.
Item 6 — the ongoing fees. Royalty and ad fund get quoted on a discovery call; the rest of the list usually does not.
Every figure in the report is cited to its Item and page, so you can check any of it against the document yourself.
Disclosedstated in this FDDDerivedour calculation from disclosed figuresBenchmarkour industry range, because the FDD does not disclose itInferredAI classification
Drag to enter the capital you have available.
Against the total investment the franchisor discloses in Item 7. What it means for your loan, your coverage ratio and your payback is locked.
What it costs to open
19 locked
Item 7, as the franchisor states it. 19 line items.
Franchise FeeDisclosedItem 7, pp. 21-22Locked
Equipment PackageDisclosedItem 7, pp. 21-22 – Locked
Presale KitDisclosedItem 7, pp. 21-22 – Locked
Initial Retail Inventory KitDisclosedItem 7, pp. 21-22 – Locked
Millwork and Lighting SystemDisclosedItem 7, pp. 21-22 – Locked
Travel and Related Expenses During Initial TrainingDisclosedItem 7, pp. 21-22 – Locked
Security Deposits for UtilitiesDisclosedItem 7, pp. 21-22 – Locked
Rent and Security DepositDisclosedItem 7, pp. 21-22 – Locked
Net Leasehold ImprovementsDisclosedItem 7, pp. 21-22 – Locked
SignageDisclosedItem 7, pp. 21-22 – Locked
Supplies and AccessoriesDisclosedItem 7, pp. 21-22 – Locked
Technology-Related FeesDisclosedItem 7, pp. 21-22Locked
Business LicensesDisclosedItem 7, pp. 21-22 – Locked
Professional FeesDisclosedItem 7, pp. 21-22 – Locked
Construction and Real Estate Management ServicesDisclosedItem 7, pp. 21-22Locked
Insurance Deposit and Initial PremiumsDisclosedItem 7, pp. 21-22 – Locked
Opening MarketingDisclosedItem 7, pp. 21-22Locked
Non-Clinical Staff Onboarding FeesDisclosedItem 7, pp. 21-22 – Locked
Total investmentDisclosedItem 7, pp. 21-22 – Locked
Buyer-fit underwriting
5 locked
What the deal asks of you, against what you told us you have.
Capital gapDerivedLocked
Loan neededDerivedLocked
Net worth requirementDisclosedItem 5Locked
Liquid capital requirementDisclosedItem 5Locked
Margin after fees, rent and debtDerivedLocked
The cash ladder — Item 19 top line
13 locked
13 rungs, monthly, from disclosed revenue down to what the operator actually keeps. Every rung is labelled with where its number came from.
1. Gross revenueDerivedLocked
2. − Franchise feesDerivedLocked
3. − Fixed monthly feesDerivedLocked
4. − Rent & occupancyDerivedLocked
5. = Margin after fees & rentDerivedLocked
6. − Cost of goodsDerivedLocked
7. − LaborDerivedLocked
8. − Other operating costsDerivedLocked
9. = Operating EBITDADerivedLocked
10. − Debt serviceDerivedLocked
11. = Cash after debt, before owner drawDerivedLocked
12. Debt-service coverage ratioDerivedLocked
13. Years to recover the build-outDerivedLocked
How you pay for it
9 locked
The loan this unit would need, and whether the unit can carry it.
Loan amountDerivedLocked
RateBenchmarkLocked
TermBenchmarkLocked
Monthly paymentDerivedLocked
Cash you put inDerivedLocked
Cash after debtDerivedLocked
Return on your cashDerivedLocked
Debt-service coverage ratioDerivedLocked
What this unit could supportDerivedLocked
Ongoing fees and hidden costs
7 locked
7 separate charges in the agreement. Most buyers find four.
Item 19 is optional, and this franchisor chose to leave it out. That silence is itself a disclosure, and it binds them: under the FTC Franchise Rule a franchisor that publishes no financial performance representation may not give you sales, revenue or profit figures anywhere else either — not on a call, not at discovery day, not through a broker. Every other number in this report still holds. This one has no source, so we have not invented one.
Item 20 lists the franchisees in the system and the ones who left, with contact details. Those owners may tell you what their units make. The franchisor may not — and a seller who offers you a figure anyway has just handed you your first finding.
What we found in the document
0 locked
7 Items located and parsed. Every figure above cites one of them.
Item 1Item 5Item 6Item 7Item 19Item 20Item 21
Before you commit
5 locked
5 things this document cannot settle, and how to settle them.
The fee stackItem 19 earnings basisDisclosures to reviewOperational tripwires
Locked finding
Locked finding
Locked finding
Locked finding
Locked finding
Operational tripwires
6 locked
6 clauses that change what you signed up for. 2 are rated high.
2 high4 medium
Locked finding
Locked finding
Locked finding
Locked finding
Locked finding
Locked finding
System scale and turnover
5 locked
Item 20, year-end.
Total unitsDisclosedItem 20, p. 61Locked
OpenedDisclosedItem 20, p. 61Locked
ClosedDisclosedItem 20, p. 61Locked
Changed handsDisclosedItem 20, p. 61Locked
Owner turnoverDerivedLocked
Leaving — renewal, exit and transfer
Not yet read for this brand
Item 17 — how long you are in, what ends the agreement, what it takes to sell the business, and what you are still bound by after you leave.
How long you are inHow it endsHow you sell itWhat happens after
Who to call, and what to ask
4 locked
5 questions, grouped for operators who left last year.
How did your exit actually happen — did you sell it, hand it back, or were you terminated?
Locked finding
Locked finding
Locked finding
Locked finding
Who runs it
6 locked
6 executives, with tenure and prior operating history.
Chief Executive OfficerChief Financial OfficerChief Development OfficerChief Marketing Officer of Sequel BrandsChief Sales Officer of Sequel BrandsPresident