FDD ITEM 20 · FISCAL 2023–2025
Superior Fence & Rail Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), Superior Fence & Rail reported 309 franchised outlets at year end. 11 of 282 franchised outlets open at the start of the year left the system (exit rate 3.9%, fiscal 2025), while 38 new outlets opened. Systemwide units moved +29.0% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 76 | 241 | 284 |
| Opened | 165 | 52 | 38 |
| Transfers | 0 | 23 | 13 |
| Terminations | 0 | 9 | 11 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 241 | 284 | 311 |
| Net change | +165 | +43 | +27 |
11 terminations + 0 non-renewals + 0 ceased (other) = 11 exits ÷ 282 at start = 3.9%
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 (13) 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 | 38 | — |
| TX | 26 | — |
| OH | 15 | — |
| MD | 14 | — |
| FL | 13 | 2 |
| MA | 13 | — |
| NC | 12 | — |
| NJ | 12 | — |
| VA | 12 | — |
| MN | 10 | — |
| MO | 10 | — |
| NY | 10 | — |
| PA | 10 | — |
| WA | 10 | — |
| MI | 9 | — |
| GA | 8 | — |
| KY | 8 | — |
| TN | 8 | — |
| WI | 8 | — |
| IL | 7 | — |
| CT | 6 | — |
| IN | 6 | — |
| CO | 5 | — |
| SC | 5 | — |
| AL | 4 | — |
| IA | 4 | — |
| OK | 4 | — |
| AR | 3 | — |
| OR | 3 | — |
| RI | 3 | — |
| DE | 2 | — |
| LA | 2 | — |
| MS | 2 | — |
| NE | 2 | — |
| NH | 2 | — |
| UT | 2 | — |
| ID | 1 | — |
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