FDD ITEM 20 · FISCAL 2021–2023
VALBRIDGE PROPERTY ADVISORS FRANCHISING SYSTEM Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2023), VALBRIDGE PROPERTY ADVISORS FRANCHISING SYSTEM reported 0 franchised outlets at year end. 43 of 43 franchised outlets open at the start of the year left the system — an annualized exit rate of 100.0%— while 0 new outlets opened. Systemwide units moved -100.0% over 2021–2023.
| Status (FTC) | 2021 | 2022 | 2023 |
|---|---|---|---|
| Outlets at start | 43 | 45 | 43 |
| Opened | 2 | 1 | 0 |
| Transfers | 0 | 1 | 0 |
| Terminations | 0 | 1 | 41 |
| Non-renewals | 0 | 2 | 2 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 |
| Outlets at end | 45 | 43 | 0 |
| Net change | +2 | -2 | -43 |
41 terminations + 2 non-renewals + 0 ceased (other) = 43 exits ÷ 43 at start = 100.0%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (0) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
The VALBRIDGE PROPERTY ADVISORS FRANCHISING SYSTEM validation checklist
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