FDD ITEM 20 · FISCAL 2023–2025
BOARDROOM Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), BOARDROOM reported 9 franchised outlets at year end. 0 of 6 franchised outlets open at the start of the year left the system — an annualized exit rate of 0.0%— while 3 new outlets opened. Systemwide units moved -4.3% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 45 | 46 | 46 |
| Opened | 0 | 0 | 3 |
| Transfers | 0 | 0 | 0 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 46 | 46 | 44 |
| Net change | +1 | 0 | -2 |
0 terminations + 0 non-renewals + 0 ceased (other) = 0 exits ÷ 6 at start = 0.0%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (0) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| TX | 6 | 21 |
| OK | 3 | 0 |
| AZ | 0 | 3 |
| GA | 0 | 6 |
| MD | 0 | 0 |
| NC | 0 | 2 |
| TN | 0 | 2 |
| VA | 0 | 1 |
A broker is paid by the franchisor to place you. An independent CPA is paid by you — and the job is pressure-testing BOARDROOM's numbers, including talking you out of a bad deal.
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