FDD teardowns
What franchise disclosure documents actually disclose
Each teardown reads a brand’s real FDD as filed with a state registry and publishes exactly what it found — the fee stack, Item 19 earnings disclosures with the franchisor’s own caveats, outlet turnover computed from the Item 20 table, and disclosed litigation. Every number carries the page of the document it came from; nothing is invented.
4 FDDs in the corpus · median latest-year franchised-outlet turnover 3.92% · newest analysis August 3, 2026.
How this teardown was produced
Analysis of each brand's 2026 FDD as filed with the Minnesota Department of Commerce (CARDS); analyzed August 3, 2026. Our analysis of the franchisor's own disclosures, not the company's claim. Not legal or investment advice — bring it to a franchise attorney.
Every figure was extracted from the filed document and carries the PDF page it came from. Statistics — turnover rates, exit totals — are computed by us from the disclosed Item 20 table cells, never taken from anyone’s summary. FDDs are public records once filed with a state registry.
- Quick-service restaurants
Subway — 2026 FDD
- Initial investment
- $263,000 – $630,000
- Latest turnover*
- 6.28%
- Earnings claim (Item 19)
- None made
- Franchised outlets
- 18,773
- Home cleaning services
Molly Maid — 2026 FDD
- Initial investment
- $144,150 – $203,950
- Latest turnover*
- 4.69%
- Earnings claim (Item 19)
- Made
- Franchised outlets
- 432
- Fitness clubs
Anytime Fitness — 2026 FDD
- Initial investment
- $539,329 – $905,482
- Latest turnover*
- 3.14%
- Earnings claim (Item 19)
- Made
- Franchised outlets
- 2,271
- Coffee & baked goods
Dunkin' — 2026 FDD
- Initial investment
- $532,400 – $1,832,500
- Latest turnover*
- 0.96%
- Earnings claim (Item 19)
- Made
- Franchised outlets
- 8,744
*Franchised-outlet turnover, computed by us from each filing’s Item 20 table: (terminations + non-renewals + reacquired + ceased-other) ÷ outlets at start of year.