Unitnomics

Guides to reading a filing

A brand page shows what the franchisor filed. These guides explain how to read it: what each FDD item is, how the computed figures on the page are built, and where the filing itself comes from. Every figure in them is one that appears on a brand page, cited to the same FDD year and page.

Nov 2026How to Read Item 7, the Initial Investment TableItem 7 is a low-to-high range the franchisor built from named line items. What the two ends include, what they leave out, and why the midpoint is a divisor.
Nov 2026What Item 19 Says, and What It Does NotItem 19 is the franchisor's optional revenue representation. Median versus average, the sample beside it, and why a third of filings have no usable figure.
Nov 2026How the Three-Year Closure Rate Is Computed From Item 20Terminations, non-renewals and ceased units over three years, divided by the opening count. Why reacquisitions are left out, and what the rate is not.
Nov 2026Royalties That Are Not a Percentage of SalesMost Item 6 royalties are a share of gross sales. Some are a flat fee, a share of profit, a per-student charge or a sliding scale, and none compare on one line.
Nov 2026Where to Get a Franchise Disclosure Document for FreeThree state regulators publish the FDDs filed with them. Which search to use, what the document types mean, and why a brand with demand can have no filing.