AAMCO Franchise Cost, Revenue & Review 2026
- Investment
- $235K – $353K
- Disclosed sales
- $937K
- gross sales, not profit
- SBA charge-off
- 28.5%
- on 586 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
AAMCO is an automotive franchise specializing in transmission repair and drivetrain service, plus general car maintenance. Franchisees run service centers managing technicians, diagnostics, repairs, and warranty work.
FranchiseVerdict summary · 2026
A AAMCO franchise requires a total initial investment of $235K – $353K, including a $18K – $40K franchise fee and an ongoing 7.5% royalty[2]. Per the 2023 FDD, average unit revenue was $937K[2]. SBA 7(a) loans show a 28.5% charge-off rate across 586 loans[1]. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: high - issued more than two years ago
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored7 of 7 headline figures on this page cite a page of the filing.
Overview
- Investment
- $235K – $353K
- 32nd pct Automotive
- Avg gross sales
- $937K
- 9th pct Automotive
- Royalty
- 7.5%
- 37th pct Automotive
- Units
- 560
- 48th pct Automotive
- SBA charge-off
- 28.5%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Automotive · color = vs category peers
Green = favorable by >10% vs Automotive median · No shading = within ±10% · Red = unfavorable by >10% · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Bottom line
- COSTTotal investment $235K – $353K including a $40K franchise fee, 7.5% ongoing royalty.
- RETURNSAverage unit revenue of $937K/year (median $888K).
- RISKVerdict C (Average), verdict score 40/100 (higher is better). SBA loan charge-off rate of 28.5% across 586 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -8 franchised outlets in the latest year (9 opened, 12 closed); 4 signed but not yet open (Item 20).
- FLAGBankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- AAMCO Transmissions, LLC
- Parent company
- Icahn Automotive Service Partners LLC (IASP)
- FDD Item 1, page 7 of the 2023 FDD
- Ultimate parent
- Icahn Enterprises Holding, L.P. (IEP)
- FDD Item 1, page 7 of the 2023 FDD
- Predecessor
- AAMCO Transmissions, Inc.
- Prior franchisor entity
- CEO title
- Vice President of Technology (with additional leadership/management duties for daily business activities since April 2023)
- Bruce Chidsey
- Incorporated in
- Pennsylvania
- HQ
- 410 Horsham Road, Suite 105, Horsham, Pennsylvania 19044
- Auditor
- RSM US LLP
- Audited financials
- Franchisor revenue
- $36.4M
- vs $32.3M prior year
Affiliated brands
- Cottman
- of IAS
- ADC
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Bruce Chidsey
- Headquarters
- Pennsylvania
- Founded
- 1963
- FDD year
- 2023
- States available
- 47
Can you afford it, and what does the money buy?
Entry cost runs 20% below the typical automotive franchise.
Source: FDD 2023 · Items 5–7
Full Item 7 breakdown18 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial License Fee | $40K | $40K | |
| Business Coach Training | $10K | $10K | |
| Grand Opening Advertising Expenses | $3K | $3K | |
| AAMCO Security Deposit | $5K | $5K | |
| Travel Expenses for Training Programnot refundable | $2K | $4K | |
| Real Estate & Utility Deposits | $14K | $43K | |
| Leasehold Improvementsnot refundable | $10K | $14K | |
| Signsnot refundable | $8K | $30K | |
| Shop Equipment, Supplies, Lifts & Installationnot refundable | $78K | $98K | |
| POS System - Acquisitionnot refundable | $3K | $3K | |
| POS System - 3 months Access/Supportnot refundable | $500 | $500 | |
| Computers and Phone System - Hardwarenot refundable | $7K | $10K | |
| Office Furniturenot refundable | $6K | $7K | |
| Sales Materialsnot refundable | $500 | $1K | |
| Miscellaneous Costs & Professional Feesnot refundable | $4K | $10K | |
| Insurancenot refundable | $2K | $3K | |
| Advertising Costsnot refundable | $5K | $14K | |
| Additional Fundsnot refundable | $40K | $60K | |
| Total initial investment | $235K | $353K |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $235K – $353K
- Top 40% of category vs category
- Liquid capital req'd
- $40K – $60K
- Top 40% of category vs category
- Franchise fee
- $18K – $40K
- Top 40% of category vs category
- Royalty
- 7.5%
- typical 6–8%
- Ad fund
- National Creative Advertising Fund contribution of $150 p…
- Total fee load
- 7.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.5% of gross sales |
| Technology fee | $149 |
| Training fee | $10K |
| Transfer fee | $6K |
| Total fee load | 7.5% of rev |
What do units actually make?
Average unit sales run 9% below the automotive norm.
Source: FDD 2023 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for AAMCO until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
Total invested capital · disclosed
$344K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
What one unit earns on your invested capital
Model A · Single-Unit Return
Computes unlevered return on invested capital (ROIC) for a single franchise unit, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one AAMCO unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
What 25 units return when you use SBA financing
Model B · Return on Equity: Debt-Financed Acquisition
Models a 25-unit portfolio acquisition financed with an SBA 7(a) loan. Shows equity IRR (your return on cash invested), DSCR (how safely the cash flow covers debt service), and the capital stack (SBA + seller + equity breakdown).
This is the “search fund” or “entrepreneurship through acquisition” scenario: you buy an existing multi-unit operator, use leverage to amplify returns, and either operate or hire management. The 25-unit size is the typical minimum for an SBA-backed franchise portfolio acquisition to pencil as a full-time income.
What “return on equity” means here: if you put in $500K of your own cash and the business generates enough EBITDA to pay down debt and grow, your equity IRR is the annual return on that $500K, including the value created when you eventually sell. Target IRR for a search fund is typically 25–35%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for ad fund rate, COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
These models are for research and scenario planning only. Not investment advice. Actual results depend on your specific location, management, and market conditions. Consult a franchise attorney and accountant before signing any franchise agreement.
Item 19 · Source: 2023 FDD
Financial Performance
- Avg gross sales
- $937K
- Per unit, per year
- Median gross sales
- $888K
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross sales
- Sample size
- 536 outlets
- vs category median 70 · large
- Range (low → high)
- $22K→$3.3MCited, not corroborated — printed on page 52 of the 2023 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Quartile band
- $466K→$1.5M
- Bottom 25% → top 25%
- Reporting year
- 2022
- Fiscal year the figures cover
- Source filing
- FDD 2023
- Disclosed in the 2023 filing, covering 2022
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 167 Automotive brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
Average unit generates $937K/year in gross sales. Revenue-to-investment ratio: 3.2x.
Fee burden
Total ongoing fee load of 7.5% (near the Automotive median).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System contracting at -2.3% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
Source: FDD Item 19 financial performance representations and publicly filed FDD data. Past performance is not indicative of future results. Verify all figures with the franchisor and current franchisees before making any investment decision.
vs Automotive medians
How AAMCO Compares
Category median of published Automotive brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2023 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 560
- Opened
- 9
- Last reporting year
- Closed
- 12
- Terminated
- 3
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 2
- Term expired, not renewed (per Item 20)
- Turnover rate
- 3.1%
- Company-owned
- 13
- Corporate units in the system
- % franchised
- 98%
- vs corporate-owned
- Net growth (3-yr)
- -2.3%
- Net unit change over 3 years
- 3-yr CAGR
- -2.3%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 3
- Not renewed
- 2
- Transferred
- 37
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 4
- 0.01 per open outlet · Item 20 Table 5
- Projected new
- 10
- Franchisor's next-year forecast
- Termination rate
- 3.4%
- Franchisor-initiated terminations
- Ceased ops
- 75.9%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 47 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
Where the owners are · Item 20 owner list
542 current owners across 47 states; 17 former (terminated, transferred or not renewed) listed separately.
- CA 68
- FL 57
- TX 41
- PA 26
- AZ 23
- GA 22
- NJ 22
- VA 22
- NY 21
- OK 17
- OH 16
- CO 15
- +35 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 586
- Loan volume
- $155.9M
- Median loan
- $175K
- 50th percentile
- Charge-off rate
- 28.5%
- on 586 loans · rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 71.5%
- 5-yr charge-off
- 5.6%
- Loans approved 2021+
- Active lenders
- 160
- Defaults
- 116
- Typical loan rate
- 7.1%
- avg rate to borrowers
- Franchised industry avg
- 34.0%
- brand beats franchise avg ↓
- Jobs supported
- 1,922
- 1.6 per loan
- Lender concentration
- 13%
- top lender's share
Borrower mix: 47% went to startups / new businesses, 53% to established operators
Franchise vs independent — in automotive transmission repair, franchised businesses charge off at 34.0% vs 19.2% for independents — franchising is associated with 77% higher SBA default risk in this category.
Vintage analysis
AAMCO charge-off rate by loan vintage
Top lenders financing AAMCO franchisees
Showing 3 of 160 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for AAMCO from SBA 7(a) FOIA data.
- Principal loss rate
- 14.0%
- Avg SBA guarantee
- 73%
- Avg interest rate
- 7.06%
- Avg chargeoff amount
- $148K
- Lender concentration
- 12.9%
- Job velocity
- 1.6 per $100K
- Startup risk premium
- +2.3pp
- NAICS benchmark
- 30.9%
- NAICS 811113
- Jobs supported
- 1,922
Top SBA lendersTop lender holds 13% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Popular Bank | 59 | $14.1M | 69.5% |
| 2 | Wells Fargo Bank National Association | 31 | $7.2M | 25.0% |
| 3 | JPMorgan Chase Bank, National Association | 19 | $2.8M | 22.2% |
| 4 | The Huntington National Bank | 18 | $6.6M | 0.0% |
| 5 | Bank of America, National Association | 17 | $2.1M | 11.8% |
| 6 | PNC Bank, National Association | 16 | $3.6M | 50.0% |
| 7 | Newtek Small Business Finance, Inc. | 14 | $4.9M | 0.0% |
| 8 | Comerica Bank | 12 | $3.0M | 33.3% |
| 9 | Readycap Lending, LLC | 9 | $2.4M | 44.4% |
| 10 | Stearns Bank National Association | 8 | $1.9M | 14.3% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 60 | 13 | 32.5% |
| CACalifornia | 54 | 16 | 31.4% |
| FLFlorida | 39 | 9 | 31.0% |
| PAPennsylvania | 32 | 7 | 25.9% |
| NJNew Jersey | 27 | 4 | 20.0% |
| NYNew York | 23 | 6 | 28.6% |
| GAGeorgia | 18 | 7 | 50.0% |
| OHOhio | 16 | 1 | 8.3% |
| NCNorth Carolina | 14 | 1 | 12.5% |
| VAVirginia | 14 | 6 | 54.5% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
A 28.5% charge-off rate means roughly 1 in 4 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 28.5% — 78% above the 16.0% national norm, i.e. higher lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
AAMCO presents HIGH RISK due to a contracting franchise system, pervasive litigation involving consumer fraud and franchisee disputes, absent profitability disclosure, unprotected territory, and false going concern status—indicating franchisor instability and deteriorating unit economics.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Pending: Chambers v. Montileone Industries & AAMCO (MO, consumer fraud class re: salvaged transmissions); AAMCO v. Silverking Business Corp (JAMS arbitration to recover fees, with franchisee counterclaims). Concluded: Morristown Transmissions v. 2 JOS (settled, $200,000 from AAMCO/affiliates); Reddoch & Saylor arbitrations (Group Resolution settlement); Adeniyi & Jones (dismissed/Group Resolution); regulatory consent orders with Virginia ($10,000 penalty), Washington, Illinois ($2,000), and older multi-state/NY/MN/CA judgments. Franchisor-initiated arbitrations and court actions since 1/1/2022 (Kaur, Moffa, Putnam, Stupar, Bell, Anderson, Mullet arbitrations; Hoang and LJ Automotive collection actions; Up To Parr non-compete action) to recover past-due fees and enforce non-competes.
Bankruptcy (Item 4)
Subject: the company or an affiliate. Disclosed (Item 4 covers the last 10 years)
In January 2023, affiliate Auto Plus (IEH Auto Parts LLC) and certain related affiliates filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of Texas. No bankruptcy of AAMCO itself disclosed.
Audited financials (Item 21)
Yes · RSM US LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
Score breakdown · what drove the 40 / 100 verdict
- 01MEDSystem contracting at -1.4% YoY with 560 units suggests market saturation or operational challenges in core transmission repair business
- 02HIGHSignificant litigation history including two pending consumer fraud allegations, concluded franchisee disputes over misrepresentation, and 10 franchisor enforcement actions in 2022-2023 indicate systemic relationship issues
- 03MINORNo Item 19 (average net income) disclosure despite $937K average revenue prevents ROI validation; 7.5% royalty on gross receipts with unknown profitability creates opaque financial picture
- 04MINORNo protected territory with declining unit count increases cannibalization risk and competitive pressure on unit-level economics
- 05MEDHigh cumulative investment ($234.8K-$353.2K) relative to undisclosed net income creates unfavorable risk-reward asymmetry
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.5% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2023 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 15 years |
|---|---|
| Renewal term | 15 years |
| Allowed renewalsℹ | 1 |
| Territory type | No territory protection |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Territory population | 100,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 10 days |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Philadelphia, Pennsylvania |
| Jury trial waiver | Yes |
| Governing law | Pennsylvania |
| Litigation count | 23 |
View Item 3 litigation summary
Pending: Chambers v. Montileone Industries & AAMCO (MO, consumer fraud class re: salvaged transmissions); AAMCO v. Silverking Business Corp (JAMS arbitration to recover fees, with franchisee counterclaims). Concluded: Morristown Transmissions v. 2 JOS (settled, $200,000 from AAMCO/affiliates); Reddoch & Saylor arbitrations (Group Resolution settlement); Adeniyi & Jones (dismissed/Group Resolution); regulatory consent orders with Virginia ($10,000 penalty), Washington, Illinois ($2,000), and older multi-state/NY/MN/CA judgments. Franchisor-initiated arbitrations and court actions since 1/1/2022 (Kaur, Moffa, Putnam, Stupar, Bell, Anderson, Mullet arbitrations; Hoang and LJ Automotive collection actions; Up To Parr non-compete action) to recover past-due fees and enforce non-competes.
Items 10, 11
Training & Operations
- Classroom training
- 145 hrs
- On-the-job training
- 240 hrs
- Training location
- AAMCO University, Newnan, Georgia
- Ongoing training
- Required
- Time to open
- 3 mo
- From signing to launch
- Site selection
- franchisee selects, AAMCO approves
- Franchisor financing
- Not offered
- Item 10
- POS system
- AAMCO POS System (FileMaker Pro based)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: AAMCO POS System (FileMaker Pro based)
Item 20 · call current owners
Franchisee Contacts
559 owners to call
Name · phone · city · state. Extracted from FDD Item 20
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a AAMCO franchise?
The total investment to open a AAMCO franchise ranges from $235K – $353K, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do AAMCO franchise owners earn?
According to Item 19 of the AAMCO FDD, the average gross sales per unit is $937K. The median is $888K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns AAMCO?
AAMCO is franchised by AAMCO Transmissions, LLC. Its parent company is Icahn Automotive Service Partners LLC (IASP). The ultimate parent named in the FDD is Icahn Enterprises Holding, L.P. (IEP). Source: FDD Item 1, 2023 filing.
What is Item 19 in the AAMCO FDD?
The FDD section where a franchisor may disclose financial performance of its outlets. Disclosure is optional and formats vary; figures are typically gross sales, which is revenue before expenses, not profit. FranchiseVerdict extracts these figures directly from the AAMCO FDD and qualifies whose outlets they describe.
What is AAMCO's franchise failure rate?
Based on SBA 7(a) loan data, AAMCO has a charge-off rate of 28.5% across 586 loans, meaning 28.5% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many AAMCO franchise locations are there?
As of their most recent FDD filing, AAMCO has 560 total units in the United States, including 547 franchised units and 13 company-owned units. 9 new units were opened in the latest reporting year.
Is AAMCO a good franchise to buy?
FranchiseVerdict rates AAMCO as a C-grade franchise with a verdict score of 40 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
For franchisors
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.