FDD ITEM 20 · FISCAL 2021–2023
DUCK DONUTS Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2023), DUCK DONUTS reported 133 franchised outlets at year end. 5 of 111 franchised outlets open at the start of the year left the system — an annualized exit rate of 4.5%— while 28 new outlets opened. Systemwide units moved +27.6% over 2021–2023.
| Status (FTC) | 2021 | 2022 | 2023 |
|---|---|---|---|
| Outlets at start | 99 | 105 | 112 |
| Opened | 9 | 10 | 28 |
| Transfers | 5 | 11 | 11 |
| Terminations | 3 | 2 | 5 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 1 | 0 |
| Outlets at end | 105 | 112 | 134 |
| Net change | +6 | +7 | +22 |
5 terminations + 0 non-renewals + 0 ceased (other) = 5 exits ÷ 111 at start = 4.5%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (11) 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.
A broker is paid by the franchisor to place you. An independent CPA is paid by you — and the job is pressure-testing DUCK DONUTS's numbers, including talking you out of a bad deal.
Talk to an independent CPA before you buy →