FDD ITEM 20 · FISCAL 2023–2025
Set the Stage Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), Set the Stage reported 113 franchised outlets at year end. 0 of 48 franchised outlets open at the start of the year left the system (exit rate 0.0%, fiscal 2025), while 65 new outlets opened. Systemwide units moved 12 → 114 units over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 2 | 12 | 49 |
| Opened | 10 | 37 | 65 |
| Transfers | 0 | 0 | 1 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 12 | 49 | 114 |
| Net change | +10 | +37 | +65 |
0 terminations + 0 non-renewals + 0 ceased (other) = 0 exits ÷ 48 at start = 0.0%
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 (1) 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 |
|---|---|---|
| TX | 15 | 0 |
| GA | 12 | 0 |
| FL | 11 | 0 |
| UT | 9 | 1 |
| NC | 7 | 0 |
| PA | 7 | 0 |
| OH | 6 | 0 |
| AZ | 5 | 0 |
| CO | 5 | 0 |
| MA | 5 | 0 |
| MI | 5 | 0 |
| TN | 5 | 0 |
| OK | 3 | 0 |
| AR | 2 | 0 |
| ID | 2 | 0 |
| IN | 2 | 0 |
| KY | 2 | 0 |
| MO | 2 | 0 |
| NE | 2 | 0 |
| NJ | 2 | 0 |
| NV | 2 | 0 |
| SC | 2 | 0 |
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