FDD ITEM 20 · FISCAL 2023–2025
Payroll Vault Franchising Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), Payroll Vault Franchising reported 62 franchised outlets at year end. 9 of 61 franchised outlets open at the start of the year left the system (exit rate 14.8%, fiscal 2025), while 10 new outlets opened. Systemwide units moved +14.5% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 53 | 55 | 62 |
| Opened | 5 | 14 | 10 |
| Transfers | 0 | 0 | 0 |
| Terminations | 0 | 1 | 3 |
| Non-renewals | 1 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 2 | 6 | 6 |
| Outlets at end | 55 | 62 | 63 |
| Net change | +2 | +7 | +1 |
3 terminations + 0 non-renewals + 6 ceased (other) = 9 exits ÷ 61 at start = 14.8%
These are the three FTC Item 20 statuses in which a franchised outlet left the system — including voluntary non-renewals and outlets that ceased for other reasons, which can include sales or absorption into another franchise. Transfers (0) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate”, and not every exit is a closure or a failure; Item 20 does not say why any outlet left. On a small starting base, a single exit moves this rate sharply.
| State | Franchised | Company-owned |
|---|---|---|
| CA | 7 | — |
| CO | 6 | 1 |
| TX | 5 | — |
| FL | 4 | — |
| IN | 3 | — |
| AL | 2 | — |
| GA | 2 | — |
| KY | 2 | — |
| MI | 2 | — |
| NJ | 2 | — |
| NM | 2 | — |
| NY | 2 | — |
| OK | 2 | — |
| PA | 2 | — |
| SD | 2 | — |
| VA | 2 | — |
| AZ | 1 | — |
| CT | 1 | — |
| IA | 1 | — |
| ID | 1 | — |
| IL | 1 | — |
| KS | 1 | — |
| LA | 1 | — |
| MD | 1 | — |
| MN | 1 | — |
| NC | 1 | — |
| NE | 1 | — |
| OH | 1 | — |
| OR | 1 | — |
| TN | 1 | — |
| VI | 1 | — |
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