From the filed FDD — automated extraction, check the source
2017 FDD · 8+ years old — too old to rate
SBA-eligible · directory code S2684 since 2018
Spray-Net
Painting · parent company: not identified
Spray-Net is an exterior painting and coating franchise that applies factory-quality spray finishes to siding, brick, doors, and windows as an alternative to replacement. A franchisee operates a mobile, crew-based business with proprietary coating processes, selling exterior home revamp projects to homeowners.
New to franchising? Start here
A franchise is a business where you (the franchisee) pay a company (the franchisor) for the right to open and run a location using their brand and system — think a local Anytime Fitness or Taco John's owned by a small-business owner, not the corporation.
Before you can buy in, U.S. law requires the franchisor to give you a Franchise Disclosure Document (FDD) — a long legal filing covering its fees, finances, and history. Most numbers on this page come from that document; others come from federal SBA loan records and labor and census data, each labelled with its source:
- Franchise fee — the one-time cost to buy in.
- Royalty — the ongoing cut of your sales you pay the franchisor.
- Item 20 — how many locations opened, transferred and left the system, the main basis for our verdict, which rates how strong the disclosed record is, or says when the system is too new, the filing too old, or the disclosure too thin to judge.
Our rating · opinion
Filing too old to rate
The newest FDD we hold for this brand is from 2017, more than two years old. Franchise systems change a lot in that time, so we don't rate it until we have a current filing.
SBA loan losses
Too few to rate
0 seasoned resolved loans; 30 needed
Market density · Texas
Thin market
51% thinner than the national average
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Data as of 2026-10-29. Figures come from Spray-Net's public FDD filings (latest: MN 2017, extracted 2026-07-23) and SBA FOIA loan records (through FY2026), extracted by us and possibly containing errors. The rating is our opinion, not investment, legal, or tax advice. Franchisor or owner and see something wrong? Report a correction — we review every request.
What each source says
FDD record · SBA loans · model · auditor
We don't rate on an FDD more than two years old; the loan record and model are shown as context until a current filing arrives.
FDD record · Item 20
Filing too old
Latest FDD we hold is from 2017.
SBA loans · vs same-year loans
Too few seasoned loans
0 resolved loans approved by FY2020; 30 needed.
Modeled risk
Not scored
Too little evidence for the model.
Auditor opinion · Item 21
Clean opinion
Unqualified audit, 2017 FDD. Says nothing about franchisee results.
Behind the verdict
the record, factor by factor · Item 20
No score available.
Systemwide units
Insufficient trend data.
The franchisor's own finances
FDD ITEM 21 · AUDITED STATEMENTS · 2017 FDD
Jones Group CPAs gave an unmodified (clean) opinion on the statements in the 2017 FDD.
This is the company selling the franchise, not any franchisee. A clean opinion means the statements are fairly presented — not that the business is healthy.
Audit opinion
Unmodified (clean) opinion
Jones Group CPAs
Revenue
not extracted
2017 FDD
Net income
not extracted
2017 FDD
Revenue mix
Royalty share not extracted
initial-fee share not extracted
Show the statement figures ↓Hide the evidence ↑
No statement figures extracted from the 2017 FDD.
The lender's view
SBA 7(a)/504 loan outcomes · compared with franchise loans of the same years
Banks have made 44 SBA-backed loans to Spray-Net franchisees since 2021. Only 0 of its loans approved by FY2020 have resolved — fewer than the 30 we need to compare it fairly with other franchise loans, so we don't rate it.
All-time, 5 of 16 resolved loans charged off (31.3%). That raw figure mixes every approval year since 2021 — loans made in 2006–08 failed at several times the rate of loans made in 2010–13 across all franchises — so it is shown as evidence, not as the score. 64% of the brand's loans have not resolved yet.
—
0 seasoned resolved · 30 needed
31.3%
5 of 16 resolved, every approval year
—
charged-off $ ÷ approved $, defaulted loans
$167,368
what recent franchisees borrowed
—
shown with 10+ defaults
—
distinct banks lending
Charge-off rate by loan approval year (%) · dashed line = all franchise loans that year
Loan performance by state
SOURCE: SBA 7(a)/504 FOIA LOAN DATA (DATA.SBA.GOV), FY1991–PRESENT · MATCHED TO SPRAY-NET BY SBA FRANCHISE NAME/CODE · RESOLVED = CHARGED-OFF + PAID-IN-FULL · EXPECTED = SAME-YEAR RATE ACROSS ALL SBA FRANCHISE LOANS, LOANS ≥ ~6 YEARS OLD
The owner's side of the deal
FDD × federal loan record
Who finances it
United Midwest Savings Bank National Association
43.2% of this brand's loans
That lender charges off 34.5% of its resolved SBA loans to other franchise brands in the FOIA file, vs 14.8% nationally — a read on that lender's portfolio mix, not a finding about the bank.
Who buys it
51.4%
borrowers with no other franchise SBA loan on record
The rest already owned at least one other franchise. Across the corpus, brands bought mostly by repeat operators have charged off less often than brands sold mostly to newcomers (see methodology).
Does experience help here?
Not enough resolved loans to split
Computed from 44 SBA 7(a)/504 loans matched to Spray-Net by SBA franchise code in the SBA FOIA file. Debt service assumes level amortization at the average disclosed term and rate. Owner-level splits rely on borrower-name matching and may misclassify. A lender's rate excludes its loans to this brand, so it reads the lender, not the brand.
What it costs — and what it drags
FDD Items 5–7 · fees, investment, royalty
To open (Item 7)
$247K–$305K
all-in investment range
Franchise fee (Item 5)
$50,000
upfront, one-time
Royalty (Item 6)
7%
of sales, ongoing
Starts at a placeholder of $500K — a round figure for the sector, not from Spray-Net’s filings. This brand's FDD makes no Item 19 earnings claim; set your own figure and check it with current and former owners.
Royalty you'd pay / yr
$35K
7% of sales, before profit
Over a 10-yr term
$350K
royalties alone, excl. ad fund
This estimate is computed by software from the brand's public filings and any inputs you enter. No CPA prepared it for you and no assurance is provided on it. Actual results will differ, and the differences may be material.
This is not profit. It covers what the FDD fixes: what you put in, and the royalty you owe on sales. Your take-home depends on labor, vehicles, supplies, insurance, and the months to breakeven, none of which the FDD fixes for your unit (some Item 19s include cost data — read it).
Build a real pro-forma for Spray-Net with a buyer-paid CPAPublic records
Bankruptcy, closure & federal court records · coverage is selective · dockets are not scored
We have no verified public-record signals published for Spray-Net. This is not evidence that no events exist. Check PACER, the FDD's Item 3 (litigation) and Item 4 (bankruptcy), and recent news yourself.
6 questions to ask a Spray-Net franchisee
Built from this brand's own disclosures · take it to your validation calls
The franchisor will give you a list of owners to call. Most buyers ask whether they like it. These questions come from what Spray-Net has disclosed. Each one carries the number it came from, so you can check the answer against the record.
- 01
You pay 7.0% royalty on gross sales, plus the ad fund, before any of your own costs. On your actual revenue last year, what did you take home as the owner — not revenue, take-home?
Royalty is charged on sales, not profit. This is the number the brochure never shows and the one your life actually runs on.
FDD Item 6
- 02
Spray-Net’s FDD makes no financial performance representation at all — legally, they've told buyers nothing about earnings. What did your first 24 months actually look like, month by month?
When a franchisor won't publish numbers, existing owners are the only source. Silence in Item 19 is a choice, not a requirement.
FDD Item 19 · 2017
- 03
How many months did it take to cover your own costs, and how much cash did you burn getting there?
Ramp-to-breakeven working capital is the most underestimated line in any franchise purchase, and the most common reason otherwise-good units fail.
Not disclosed in any FDD — ask an owner
- 04
What does the franchisor charge for that you didn't expect — required tech fees, mandatory remodels, approved-supplier pricing?
Required spending appears across Items 6, 8 and 11 rather than in one place, so buyers routinely miss the total.
FDD Items 6, 8, 11
- 05
If your agreement came up for renewal tomorrow at current terms, would you sign again?
The single most predictive question you can ask. A hesitation is the answer.
Ask every owner you speak to
- 06
Who else should I call — including someone who left?
The franchisor's list is curated by definition. Former franchisees are where the unflattering truth lives, and current owners usually know how to reach them.
Ask every owner you speak to
Want this as a checklist you can take to the calls?
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A broker is usually paid by the franchisor to place you. I'm paid only by you, never by a franchisor you're considering — and the job is pressure-testing Spray-Net’s numbers, including talking you out of a bad deal.
This page is what buyers see before they call you for validation. If the record above is wrong — or right in a way the numbers can't show — say so. Franchisors: send corrections with the page reference and we will review them against the filing and update or annotate the page. Corrections are checked against the filings; nothing you write is published with your name unless you agree to it.