FDD ITEM 20 · FISCAL 2023–2025
THE AGENCY Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), THE AGENCY reported 77 franchised outlets at year end. 2 of 54 franchised outlets open at the start of the year left the system (exit rate 3.7%, fiscal 2025), while 25 new outlets opened. Systemwide units moved +39.5% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 52 | 76 | 91 |
| Opened | 20 | 16 | 25 |
| Transfers | 0 | 0 | 0 |
| Terminations | 1 | 2 | 2 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 76 | 91 | 106 |
| Net change | +24 | +15 | +15 |
2 terminations + 0 non-renewals + 0 ceased (other) = 2 exits ÷ 54 at start = 3.7%
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 |
|---|---|---|
| FL | 8 | — |
| NY | 7 | 1 |
| TX | 7 | — |
| WA | 6 | — |
| CO | 5 | — |
| OR | 4 | — |
| UT | 4 | — |
| GA | 3 | — |
| MA | 3 | — |
| NV | 3 | 0 |
| CT | 2 | — |
| HI | 2 | — |
| ID | 2 | — |
| MD | 2 | — |
| MT | 2 | — |
| OH | 2 | — |
| SC | 2 | — |
| TN | 2 | — |
| VA | 2 | — |
| AR | 1 | — |
| AZ | 1 | 0 |
| IN | 1 | — |
| KY | 1 | — |
| MI | 1 | — |
| NC | 1 | — |
| NJ | 1 | 1 |
| NM | 1 | — |
| OK | 1 | — |
| CA | 0 | 27 |
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