FILING · MN · 2020 FDD · 5+ YEARS OLD
ProLift Garage Doors FDD (Franchise Disclosure Document) — 2020
The FDD is the 23-item legal disclosure every U.S. franchisor must hand you at least 14 days before you sign or pay anything (FTC Franchise Rule, 16 CFR 436). ProLift Garage Doors's most recent FDD tracked here is the 2020 FDD · 5+ years old, filed with the Minnesota Department of Commerce (public CARDS portal) (a newer issuance very likely exists; ask the franchisor for it). Registration-state filings are public records, so you can read it free, with no sign-up.
PUBLIC RECORD · FILED 2020 · SOURCE STATE MN
| ITEM 5 | Initial franchise fee | $60,000 |
| ITEM 6 | Ongoing royalty | 6.0% of gross sales |
| ITEM 7 | Total initial investment | $101K–$142K |
| ITEM 3 | Disclosed litigation matters | 8 |
| ITEM 4 | Item 4 bankruptcy disclosure (franchisor, predecessor, affiliate or officer — see filing) | Yes |
| ITEM 19 | Earnings disclosure (FPR) | None — no earnings claim published |
| ITEM 20 | Outlets (fiscal 2019) | 16 franchised at year end · 9 exits (exit rate 56.3%, fiscal 2019) |
| ITEM 21 | Franchisor financial statements | Unmodified (clean) opinion — Summit Financial Group, Inc. |
Summit Financial Group, Inc. gave an unmodified (clean) opinion on the statements in the 2020 FDD; revenue rose 117% from FY2017 to FY2019 and it reported a net loss in every year shown (FY2017–FY2019).
Audit opinion
Unmodified (clean) opinion
Summit Financial Group, Inc.
Revenue · FY2019
$860K
extracted · not cross-checked
Net income · FY2019
−$23K
extracted · not cross-checked
Where FY2019 revenue came from
27% royalties
initial-fee share not extracted
- Fiscal years covered: FY2017, FY2018, FY2019 (2020 FDD)
- Statements are for: not extracted
- Parent / owner: not identified in the statements
| Fiscal year | FY2017 | FY2018 | FY2019 |
|---|---|---|---|
| Total revenue | $396Kextracted · not cross-checked | $839Kextracted · not cross-checked | $860Kextracted · not cross-checked |
| Royalty revenue | $13Kextracted · not cross-checked | $136Kextracted · not cross-checked | $236Kextracted · not cross-checked |
| Net income (loss) | −$138Kextracted · not cross-checked | −$17Kextracted · not cross-checked | −$23Kextracted · not cross-checked |
How to read this: royalties recur as long as franchisees trade; initial and development fees arrive only when new franchises are sold. A franchisor whose revenue leans on initial fees is funding itself by selling territories, and that revenue stops when sales slow. Under ASC 606 most franchisors recognize initial fees over the agreement term, so the line understates the cash collected in a strong selling year. Ad-fund revenue, where reported, is included in total revenue as the statements present it.
Each figure links to its page in the filed PDF. “Matched to statement” means our extraction and a second, rule-based read of the statement page agree; “extracted · not cross-checked” means the statement page is a scanned image or could not be read as text. Figures we could not place on a consistent scale are withheld, not guessed. Spotted an error? Report a correction.
Every figure above was extracted by software from the 2020 ProLift Garage Doors FDD as filed (figures are not individually checked by a person) and links back to that document. Fields that could not be extracted are omitted; no figure here is estimated. Extraction errors are possible: the filing controls, and FDDs are reissued annually; verify against the current issuance before relying on any number. Spotted an error? Franchisors and owners can report it via the contact on our Terms page.
ProLift Garage Doors FDD questions, answered
Where can I download the ProLift Garage Doors FDD for free?
ProLift Garage Doors's 2020 Franchise Disclosure Document is a public record, filed with the Minnesota Department of Commerce (public CARDS portal). It can be downloaded free from the source link on this page — no broker form, no email signup required.
What year is ProLift Garage Doors's most recent FDD on file?
The most recent ProLift Garage Doors FDD tracked here is the 2020 FDD · 5+ years old, filed with the Minnesota Department of Commerce (public CARDS portal). Franchisors must update their FDD annually, so a newer issuance very likely exists; confirm you are reading the current issuance before signing.
Does ProLift Garage Doors's FDD disclose earnings (Item 19)?
No — ProLift Garage Doors's 2020 FDD makes no financial performance representation in Item 19. That is legal and common, but it means the franchisor publishes no earnings claim.
What does ProLift Garage Doors's FDD Item 20 show?
In fiscal 2019, ProLift Garage Doors ended with 16 franchised outlets; 9 of 16 open at the start of the year left the system (exit rate 56.3%, fiscal 2019) through terminations, non-renewals, and "ceased operations — other reasons".
The ProLift Garage Doors validation checklist
questions built from this brand's own filings · read them all on the profile
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