FRANCHISE·WATCH·DESK

Verified — real FDD extraction

SBA-eligible · directory code S2420 since 2018

Vision Source L.P.

Health & Wellness · independent · est. —

Vision Source L.P. is the franchising entity behind the Vision Source network of independent optometry practices. Member franchisees are practicing optometrists who keep their own offices and patient bases while gaining group purchasing power and practice-management support.

Vision Source L.P. net unit count grew +16.6% from 20132015 per its FDD Item 20.

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. The numbers on this page come straight from that document:

  • 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 and closed, the basis for our verdict (from Proven & strong down to Distressed — or Too new to judge).

The verdict

Proven & steady

Distress

0
STABLE

A real track record with an unremarkable region of the ledger: neither the growth nor the exits stand out, for better or worse. The main concern in the record: too many owners are failing outright rather than selling.

Exit rate · latest year

4.5%

vs 9.6% across 37 health & wellness systems

Cost to open

$500–$224K

Item 7 total investment range

SBA loan defaults

4.8%

21 loans resolved — directional only

Behind the verdict

the record, factor by factor · Item 20

hi-1.0.0
Net unit growth35%

3-yr trend · Item 20 Table 1

Strong
Exit quality25%

terminations + ceased-ops vs. all exits · Table 3

Weak
Transfer / churn15%

transfers vs. base · Table 3

Strong
Promise-keeping10%

actual vs. projected openings · Table 5

Strong
Transparency15%

Item 19 disclosure + completeness

Weak

Systemwide units

2013–2015

+16.6%
2,79720133,02320143,2622015

Survival record

FDD Item 20 · outlet status by year

In fiscal 2015, 135 of 3,023 franchised outlets left the system — a 4.5% annualized exit rate, vs 9.6% across 37 health & wellness systems. Not every exit is a failure — but this is the measurable floor.

Show the outlet tables
Status (FTC)201320142015
Outlets at start2,6382,7973,023
Opened314352374
Transfers194225
Terminations453438
Non-renewals584125
Reacquired by franchisor000
Ceased — other reasons525172
Outlets at end2,7973,0233,262
Net change+159+226+239

The lender's view

SBA 7(a)/504 loan performance · FY1991–present

Banks have made 60 SBA-backed loans to Vision Source L.P. franchisees since 2011. Only 21 have resolved so far — too thin for a reliable default rate, but 1 of them charged off.

Charge-off rate

21 resolved · too thin to rate

Loss given default

avg. charged-off $ ÷ approved $

Expected loss

default rate × loss severity

Avg. loan · FY2020+

$997,896

what recent franchisees borrowed

Median time to default

46 mo

approval → charge-off, defaulted loans

Lenders · FY21+ vs FY16–20

10 vs 12

distinct banks still lending

Charge-off rate by loan approval year (%)

Loan performance by state

SOURCE: SBA 7(a)/504 FOIA LOAN DATA (DATA.SBA.GOV), FY1991–PRESENT · MATCHED TO VISION SOURCE L.P. BY FRANCHISE NAME · RESOLVED = CHARGED-OFF + PAID-IN-FULL

The owner's side of the deal

FDD × federal loan record

Who finances it

Vision One Cu

5.9% of this brand's loans

Who buys it

91.1%

first-time franchise owners

The rest already owned at least one other franchise. Across the corpus, brands bought mostly by repeat operators charge off at roughly 10% versus 17% for brands sold mostly to newcomers.

Does experience help here?

Not enough resolved loans to split

Computed from 60 SBA 7(a)/504 loans to Vision Source L.P. franchisees joined to the brand's own FDD. Debt service assumes level amortization at the average disclosed term and rate. 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

Buying in means a $0 franchise fee (Item 5) and a total investment of $500–$224K (Item 7). The franchisor publishes no earnings claim (Item 19) — ask current and former franchisees for real numbers.

To open (Item 7)

$500–$224K

all-in investment range

Franchise fee (Item 5)

$0

upfront, one-time

Royalty (Item 6)

2.75%

of sales, ongoing

If a unit does this in annual sales…$1M/yr

Your figure — this brand discloses no Item 19 earnings; validate with current & former owners.

Royalty you'd pay / yr

$28K

2.75% of sales, before profit

Over a 10-yr term

$275K

royalties alone, excl. ad fund

This is not profit. It's the only money the FDD actually pins down — what you put in, and the royalty you owe on every dollar of sales. Your real take-home depends on labor, rent, food cost, and ramp-to-breakeven, none of which any FDD discloses.

Build a real pro-forma for Vision Source L.P. with an independent CPA

Modeled risk

FDD Risk Score · modeled from the public record

Lower risk

Modeled from the public record, this brand looks safer than 73% of systems we score.

Risk percentile

27 / 100

Loan-corroborated

Modeled SBA charge-off

9.5%

Observed SBA charge-off

4.8%

Top drivers: System size (log units) (lowers) · Single-lender dependence (raises) · Investment ceiling (log) (raises) · Share financed by high-loss lenders (lowers). 15+ resolved loans stand behind this estimate. A linear scorecard built from this brand's own disclosure figures plus the federal loan record behind its franchisees; full spec and cross-validated accuracy on the methodology page. A score is context, not a verdict.

Distress signals

news-sourced · bankruptcies, closures, lawsuits

No recent closures, bankruptcies, or major lawsuits found in the news for Vision Source L.P.. That's a good sign — but it reflects news coverage, not a guarantee.

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Vision Source L.P. franchise questions, answered from the filings

What percentage of Vision Source L.P. franchises closed last year?

In Vision Source L.P.'s latest FDD Item 20 (fiscal 2015), 135 of 3,023 franchised outlets left the system — an annualized exit rate of 4.5% — compared with 9.6% across 37 health & wellness systems tracked here. That counts terminations, non-renewals, and "ceased operations — other reasons." There is no official failure rate, and not every exit is a failure, but this is the measurable floor.

How much does a Vision Source L.P. franchise cost?

Per Vision Source L.P.'s 2016 FDD, buying in requires an initial franchise fee of $0 (Item 5) and a total initial investment of $500–$224K (Item 7).

What royalty does Vision Source L.P. charge?

Vision Source L.P. charges an ongoing royalty of 2.8% of gross sales, per Item 6 of its 2016 FDD.

Does Vision Source L.P. disclose earnings (Item 19)?

No — Vision Source L.P.'s 2016 FDD makes no financial performance representation in Item 19. That is legal and common, but it means the franchisor publishes no earnings claim; ask current franchisees for real numbers.

Is Vision Source L.P. a good franchise to buy? Health score, exit rate & costs (2026) · Franchise Watch Desk