Another Nine Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Another Nine is a recreation franchise operating 24/7 indoor golf simulator suites for rounds, practice, and events. Franchisees run the facilities, managing simulators, bookings, and memberships.
FranchiseVerdict summary · 2026
A Another Nine franchise requires a total initial investment of $310K – $797K, including a $50K franchise fee and an ongoing 7.0% royalty[2]. Per the 2026 FDD, average unit revenue was $288K[2]. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $310K – $797K
- 26th pct Recreation & …
- Avg gross sales
- $288K
- Company-owned only1 outlet2nd pct Recreation & …
- Royalty
- 7.0%
- 24th pct Recreation & …
- Units
- 1
- 4th pct Recreation & …
- SBA charge-off
- N/A
Quick verdict · Recreation & Entertainment · color = vs category peers
Green = favorable by >10% vs Recreation & Entertainment avg · 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 $310K – $797K including a $50K franchise fee, 7.0% ongoing royalty.
- RETURNSAverage unit revenue of $288K/year (company-owned outlets only - not franchisee performance). Note: this is gross profit, not take-home income.
- RISKVerdict C (Average), verdict score 41/100 (higher is better).
- FLAGRevenue data based on only 1 outlet. Treat as directional, not definitive. Ask franchisees directly for current unit economics.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Another Nine, LLC
- Parent company
- Another Nine Holdings, Inc.
- Predecessor
- None disclosed
- Prior franchisor entity
- CEO title
- Co-Founder and Chief Executive Officer
- Ethan Grob
- Incorporated in
- OH
- HQ
- 727 Madison Ave, Covington, KY 41011
- Auditor
- Naper CPA Group
- Audited financials
Overview
About
- CEO
- Ethan Grob
- Headquarters
- KY
- Founded
- 2023
- FDD year
- 2026
- States available
- 1
Can you afford it, and what does the money buy?
Entry cost runs 58% below the typical recreation & entertainment franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $24K | $28K |
| Equipment, build-out, other | $237K | $720K |
| Total initial investment | $310K | $797K |
Source: Another Nine 2026 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $310K – $797K
- Top 40% of category vs category
- Liquid capital req'd
- $24K – $28K
- Top 40% of category vs category
- Franchise fee
- $50K – $50K
- Top 40% of category vs category
- Royalty
- 7.0%
- percentage · typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $10 |
| Transfer fee | $10K |
| Renewal fee | $12K |
| Total fee load | 8.0% of rev |
What do units actually make?
Average unit sales run 71% below the recreation & entertainment norm.
Company-owned outlets only - not franchisee performance
Based on a single outlet - not a system average
Source: FDD 2026 · Item 19
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$43K
15.0% margin
Unlevered ROIC
7%
EBITDA / total invested capital
Payback
13.4 yrs
cash-on-cash, unlevered
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. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one Another Nine unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
7%
Below the 30–60% attractive-franchise band
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%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 Another Nine units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$460K
on $2.3M purchase
Total debt
$1.8M
SBA $1.2M + senior + seller note
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: 2026 FDD
Financial Performance
Company-owned outlets only - not franchisee performance
Based on a single outlet - not a system average
- Avg gross sales
- $288K
- Per unit, per year
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- actual historical results of 2 company-owned outlets (no franchised outlets in operation)
- Sample size
- 1 outlet
- vs category median 5 · small
- Reporting year
- 2026
- Fiscal year the figures cover
- Source filing
- FDD 2026
- The FDD edition these figures were read from
- Transparency
- 6 / 10
- vs category median 4 / 10 · above
Compared against 166 Recreation & Entertainment brands
Revenue is only 0.5x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
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 $288K/year in gross sales. Revenue-to-investment ratio: 0.5x. Company-owned outlets only - not franchisee performance.
Fee burden
Total ongoing fee load of 8.0% (near the Recreation & Entertainment average).
Disclosure
Transparency score 6/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 1 outlet — treat as directional only.
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 Recreation & Entertainment averages
How Another Nine Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 1
- Opened
- 1
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 1
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 1 state reported
The Territory Map
FDD Item 12 reports the state count, but the specific list isn't in our current data. The map will appear once we re-extract from the FDD or enough franchisee contacts are available.
1
states with franchisees (per FDD Item 12)
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Another Nine presents HIGH RISK due to going concern status, single-unit system, unverified financials, and unclear growth potential.
Litigation (Item 3)
No litigation is required to be disclosed in Item 3.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Naper CPA Group
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 41 / 100 verdict
- 01HIGHGoing Concern warning indicates the franchisor may lack financial viability or operational stability
- 02MINOROnly 1 operating unit suggests either brand is pre-revenue stage or has experienced complete system collapse
- 03MINORNo Item 19 financial performance representation limits ability to validate the $143,574 net income claim independently
- 04MINORUnknown growth trajectory with only one franchisee provides zero evidence of replicable business model or scalability
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 80,000 |
| Online sales rightsℹ | 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 | 30 days |
| Termination groundsℹ | 11 |
| Mandatory arbitration | Yes |
| Arbitration location | Cincinnati, Ohio |
| Jury trial waiver | Yes |
| Governing law | Ohio |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation is required to be disclosed in Item 3.
Items 10, 11
Training & Operations
- Classroom training
- 8 hrs
- On-the-job training
- 4 hrs
- Training location
- Cincinnati, Ohio (or another franchisor-designated facility)
- Ongoing training
- Required
- Time to open
- 9 mo
- From signing to launch
- Site selection
- franchisee (with franchisor consultation and approval)
- Franchisor financing
- Not offered
- Item 10
- POS system
- A9OS
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: A9OS
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Another Nine franchise?
The total investment to open a Another Nine franchise ranges from $310K – $797K, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Another Nine franchise owners earn?
According to Item 19 of the Another Nine FDD, the average gross sales per unit is $288K. Important context: Company-owned outlets only - not franchisee performance; Based on a single outlet - not a system average. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Another Nine 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 Another Nine FDD and qualifies whose outlets they describe.
What is Another Nine's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Another Nine (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Another Nine franchise locations are there?
As of their most recent FDD filing, Another Nine has 1 total units in the United States, including 0 franchised units and 1 company-owned units. 1 new units were opened in the latest reporting year.
Is Another Nine a good franchise to buy?
FranchiseVerdict rates Another Nine as a C-grade franchise with a verdict score of 41 out of 100 (higher is better), based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. 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
Are you the franchisor?
If you represent Another Nine, you can request corrections or provide updated information.
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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.