BFT Franchise Cost, Revenue & Review 2026
- Investment
- $681K – $1.2M
- Disclosed sales
- $399K
- gross sales, not profit
- SBA charge-off
- Limited · 30 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
BFT (Body Fit Training) is a boutique fitness franchise offering coached, group functional and strength training programs. Franchisees run the studios, managing coaches, class scheduling, and membership growth.
FranchiseVerdict summary · 2026
A BFT franchise requires a total initial investment of $681K – $1.2M, including a $60K franchise fee and an ongoing 7.0% royalty[2]. Per the 2026 FDD, average unit revenue was $399K[2]. FranchiseVerdict grade: D (Below 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: low - issued within the last 12 months
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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $681K – $1.2M
- 91st pct Health & Fitn…
- Avg gross sales
- $399K
- 14th pct Health & Fitn…
- Royalty
- 7.0%
- 37th pct Health & Fitn…
- Units
- 44
- 68th pct Health & Fitn…
- SBA charge-off
- N/A
Quick verdict · Health & Fitness · color = vs category peers
Green = favorable by >10% vs Health & Fitness 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 $681K – $1.2M including a $60K franchise fee, 7.0% ongoing royalty.
- RETURNSAverage unit revenue of $399K/year (median $389K).
- RISKVerdict D (Below average), verdict score 35/100 (higher is better).
- GROWTHNegative, pipeline stalled: 341 agreements signed but not yet open against 44 open outlets (Item 20).
- FLAGItem 4 discloses a bankruptcy of an officer or of a company an officer ran, not of the franchisor. Review Item 4 for details.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- BFT Franchise SPV, LLC
- Parent company
- XPOF Assetco, LLC
- FDD Item 1, page 8 of the 2026 FDD
- Ultimate parent
- Xponential Fitness, Inc. (NYSE: XPOF)
- FDD Item 1, page 8 of the 2026 FDD
- Predecessor
- BFT Franchise Holdings, LLC (formerly Body Fit Training USA Inc.)
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Michael Nuzzo
- Incorporated in
- Delaware
- HQ
- 17877 Von Karman Ave., Suite 100, Irvine, CA 92614
- Auditor
- Not specified in text reviewed
- Audited financials
- Franchisor revenue
- $227.8M
- vs $204.6M prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- and predecessor to CP SPV
- and predecessor to SL SPV
- and predecessor to PB SPV
- Yoga Six Franchise SPV
- Xponential Fitness Brands International
- Stretch Lab Franchise SPV
- Club Pilates Franchise SPV
- PB Franchising SPV
Other brands the franchisor or its parent operates (Item 1).
Same owner · FDD Item 1, page 8
9 other brands on this site name Xponential Fitness, Inc. (NYSE: XPOF) as parent or ultimate parent in their own FDD.
Portfolio: Xponential Fitness
Grouped by the owner's name as each filing prints it (this page: the 2026 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Michael Nuzzo
- Headquarters
- California
- Founded
- 2020
- FDD year
- 2026
- States available
- 23
Can you afford it, and what does the money buy?
Entry cost runs 133% above the typical health & fitness franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $50K | $60K | |
| Sourcing Fee | $0 | $28K | |
| Initial Training Program Fee | $5K | $5K | |
| Travel & Living Expenses While Training | $0 | $3K | |
| Real Estate/Lease | $54K | $69K | |
| Leasehold Improvements | $288K | $514K | |
| Signage | $8K | $37K | |
| Insurance | $4K | $14K | |
| Fitness Equipment & Initial FF&E Package | $147K | $229K | |
| Pre-Sales and Soft Opening Retail Inventory Kit | $12K | $12K | |
| Audio / Visual Package, Computer System, and Related Components | $43K | $43K | |
| Initial Marketing & Advertising Spend | $37K | $50K | |
| Initial Instructor Training Fee | $5K | $5K | |
| Technology and Software Fees | $5K | $5K | |
| Additional Funds – 3 months | $24K | $78K | |
| Total initial investment | $681K | $1.2M |
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
- $681K – $1.2M
- Bottom third — review vs category
- Liquid capital req'd
- $24K – $78K
- Middle of category vs category
- Franchise fee
- $60K – $60K
- Bottom third — review vs category
- Royalty
- 7.0%
- typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $715 |
| Training fee | $5K |
| Transfer fee | $750 |
| Renewal fee | $10K |
| Inventory (initial) | $12K – $12K |
| Total fee load | 9.0% of rev |
What do units actually make?
Average unit sales run 16% below the health & fitness norm.
Source: FDD 2026 · 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 BFT 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 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
$967K
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 BFT 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 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 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: 2026 FDD
Financial Performance
- Avg gross sales
- $399K
- Per unit, per year
- Median gross sales
- $389K
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- quartile analysis of Qualified Studios' Gross Revenue
- Sample size
- 36 outlets
- vs category median 11 · large
- Range (low → high)
- $195K→$1.0MCited, not corroborated — printed on page 70 of the 2026 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Quartile band
- $226K→$604K
- Bottom 25% → top 25%
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 173 Health & Fitness brands
Revenue is only 0.4x 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 $399K/year in gross sales. Revenue-to-investment ratio: 0.4x.
Fee burden
Total ongoing fee load of 9.0% (near the Health & Fitness 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 expanding at 37.5% CAGR over 3 years across 44 units — operators are staying and new ones are joining.
Multi-unit rate
Only 5% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
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 Health & Fitness medians
How BFT Compares
Category median of published Health & Fitness 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 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 44
- Opened
- 8
- Last reporting year
- Closed
- 13
- Terminated
- 2
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 29.5%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 5.0%
- Net growth (3-yr)
- -10.2%
- Net unit change over 3 years
- 3-yr CAGR
- +37.5%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 2
- Not renewed
- 0
- Transferred
- 4
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 341
- 7.75 per open outlet · Item 20 Table 5
- Projected new
- 2
- Franchisor's next-year forecast
- Termination rate
- 4.1%
- Franchisor-initiated terminations
- Ceased ops
- 8.2%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 19 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
51 current owners across 21 states.
- CA 15
- TX 9
- NY 4
- AZ 2
- FL 2
- GA 2
- NV 2
- OH 2
- CO 1
- CR 1
- CT 1
- FM 1
- +9 more states
Counts only, from the list the franchisor prints in Item 20; 1 entries carry no state. 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
- 30
- Loan volume
- $13.5M
- Median loan
- $449K
- average
- Charge-off rate
- Limited · 30 loans
- Limited SBA coverage: 30 loans, rate hidden until 10 have resolved and loans reach 2% of franchised units
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- Limited · 30 loans
- 5-yr charge-off
- Limited · 30 loans
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 0
- Typical loan rate
- 10.7%
- avg rate to borrowers
- vs industry
- N/A
- Jobs supported
- N/A
- Lender concentration
- 60%
- top lender's share
Vintage analysis
BFT charge-off rate by loan vintage
Top lenders financing BFT franchisees
Showing 3 of 6 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 BFT from SBA 7(a) FOIA data.
- Avg interest rate
- 10.68%
- Lender concentration
- 60.0%
Top SBA lendersTop lender holds 60% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 18 | $6.3M | 0.0% |
| 2 | First Bank of the Lake | 8 | $4.5M | 0.0% |
| 3 | Hanover Community Bank | 1 | $838K | 0.0% |
| 4 | German American Bank | 1 | $432K | 0.0% |
| 5 | Capital One, National Association | 1 | $700K | N/A |
| 6 | HomeTrust Bank | 1 | $648K | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 7 | 0 | -- |
| NCNorth Carolina | 4 | 0 | 0.0% |
| NJNew Jersey | 3 | 0 | -- |
| COColorado | 2 | 0 | -- |
| ILIllinois | 2 | 0 | 0.0% |
| MNMinnesota | 2 | 0 | -- |
| MOMissouri | 2 | 0 | -- |
| UTUtah | 2 | 0 | -- |
| VAVirginia | 2 | 0 | -- |
| AZArizona | 1 | 0 | 0.0% |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
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
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
Extensive Item 3 disclosure covering the Xponential Fitness franchise family: multiple franchisee lawsuits/arbitrations alleging pre-sale disclosure violations, fraud, and FDD misrepresentations against various Xponential brands including BFT (AKT Lawsuit, EA Lawsuit, Nickle Acquisition Lawsuit naming BFT, Zaltsman arbitration, Rumble Marina, JSP Group, Waughland arbitration, McGill wage class action, 4LMVMT arbitration, AHC Lawsuit); five pending securities class/derivative actions against parent XFI (Taylor General, WBP Pension Fund, Akande, Ayers, Nelson) plus related Shoals Technologies derivative/securities suits involving a director shared with XFI; and multiple state/federal regulatory consent orders/enforcement actions for FDD disclosure violations (California DFPI $450,000 penalty, Washington DFI, FTC $17 million redress order, Virginia SCC $20,000 penalty re CycleBar/Row House, Maryland Securities Commissioner $75,000 penalty); one concluded lawsuit by Predecessor resulting in a $6.5 million settlement in its favor.
Bankruptcy (Item 4)
Subject: an officer. An officer’s own bankruptcy or a company an officer ran, not the franchisor’s
Timothy Weiderhoft, Xponential's COO North America, and his wife filed a personal Chapter 7 bankruptcy petition (Case No. 2:23-bk-05397-BKM, D. Ariz.) on August 9, 2023 after an unrelated restaurant venture failed during COVID-19; discharge granted December 20, 2023.
Audited financials (Item 21)
Yes · Not specified in text reviewed
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 35 / 100 verdict
- 01HIGHActive litigation across multiple jurisdictions with specific allegations of fraudulent inducement and disclosure violations — suggests systemic franchisor credibility issues
- 02MINORTwo regulatory consent orders (CA and WA) demonstrate state-level enforcement actions for violations
- 03MINORPending securities class actions and shareholder derivative suits against parent company (Xponential Fitness) create uncertainty about franchisor's financial viability and management integrity
- 04MINOR53.1% YoY unit growth appears strong but occurs within shrinking or restructuring parent company — growth may be artificial or unsustainable
- 05MEDHigh royalty burden (7%) combined with undisclosed net income and only $360K average revenue creates profitability uncertainty
- 06MINOR10-year term locks franchisees into commitment during period of parent company legal and financial distress
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 9.0% 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 territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 15,000 |
| 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 |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 26 |
| Curable defaultsℹ | 12 |
| Mandatory arbitration | Yes |
| Arbitration location | Irvine, California (within 50 miles of franchisor's principal place of business) |
| Jury trial waiver | Yes |
| Governing law | CA |
| Litigation count | 24 |
View Item 3 litigation summary
Extensive Item 3 disclosure covering the Xponential Fitness franchise family: multiple franchisee lawsuits/arbitrations alleging pre-sale disclosure violations, fraud, and FDD misrepresentations against various Xponential brands including BFT (AKT Lawsuit, EA Lawsuit, Nickle Acquisition Lawsuit naming BFT, Zaltsman arbitration, Rumble Marina, JSP Group, Waughland arbitration, McGill wage class action, 4LMVMT arbitration, AHC Lawsuit); five pending securities class/derivative actions against parent XFI (Taylor General, WBP Pension Fund, Akande, Ayers, Nelson) plus related Shoals Technologies derivative/securities suits involving a director shared with XFI; and multiple state/federal regulatory consent orders/enforcement actions for FDD disclosure violations (California DFPI $450,000 penalty, Washington DFI, FTC $17 million redress order, Virginia SCC $20,000 penalty re CycleBar/Row House, Maryland Securities Commissioner $75,000 penalty); one concluded lawsuit by Predecessor resulting in a $6.5 million settlement in its favor.
Items 10, 11
Training & Operations
- Classroom training
- 17 hrs
- On-the-job training
- 16 hrs
- Training location
- Virtual/online with in-studio training; Owner/Operator and Designated Manager modules at Irvine, CA headquarters or virtually
- Ongoing training
- Required
- Time to open
- 15 mo
- From signing to launch
- Site selection
- franchisee
- Franchisor financing
- Not offered
- Item 10
- POS system
- ClubReady
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: ClubReady
Item 20 · call current owners
Franchisee Contacts
52 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 BFT franchise?
The total investment to open a BFT franchise ranges from $681K – $1.2M, with an initial franchise fee of $60K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do BFT franchise owners earn?
According to Item 19 of the BFT FDD, the average gross sales per unit is $399K. The median is $389K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns BFT?
BFT is franchised by BFT Franchise SPV, LLC. Its parent company is XPOF Assetco, LLC. The ultimate parent named in the FDD is Xponential Fitness, Inc. (NYSE: XPOF). Source: FDD Item 1, 2026 filing.
What is Item 19 in the BFT 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 BFT FDD and qualifies whose outlets they describe.
What is BFT's franchise failure rate?
SBA 7(a) loan charge-off data is not available for BFT (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 BFT franchise locations are there?
As of their most recent FDD filing, BFT has 44 total units in the United States, including 44 franchised units and 0 company-owned units. 8 new units were opened in the latest reporting year.
Is BFT a good franchise to buy?
FranchiseVerdict rates BFT as a D-grade franchise with a verdict score of 35 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.