Body20 Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
BODY20 is a boutique fitness franchise offering personal training powered by electro-muscle stimulation (EMS) technology. Franchisees run the studios, managing certified coaches, one-on-one sessions, and membership growth.
FranchiseVerdict summary · 2026
A BODY20 franchise requires a total initial investment of $309K – $473K, including a $65K franchise fee and an ongoing 8.0% royalty[2]. Per the 2025 FDD, average unit revenue was $470K[2]. SBA 7(a) loans show a 0.0% charge-off rate across 39 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $309K – $473K
- 59th pct Health & Fitn…
- Avg gross sales
- $470K
- 15th pct Health & Fitn…
- Royalty
- 8.0%
- 59th pct Health & Fitn…
- Units
- 63
- 73rd pct Health & Fitn…
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Health & Fitness · color = vs category peers
Green = favorable by >10% vs Health & Fitness 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 $309K – $473K including a $65K franchise fee, 8.0% ongoing royalty.
- RETURNSAverage unit revenue of $470K/year (median $460K).
- RISKVerdict A (Strongest tier), verdict score 63/100 (higher is better). SBA loan charge-off rate of 0.0% across 39 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- FLAG10 units terminated last reporting year (15.9% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- BODY20 Franchisor LLC
- Parent company
- Sequel Brands, LLC
- Ultimate parent
- Sequel Brands Holdings LLC
- Predecessor
- BODY20 Global USA, LLC
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Lindsay Junk
- Incorporated in
- Delaware
- HQ
- 4000 MacArthur Blvd., Suite 800, Newport Beach, California 92660
- Auditor
- Independent auditor (report issued from Los Angeles, California; firm name not machine-extractable from text)
- Audited financials
- Franchisor revenue
- $0
- Most recent fiscal year
Overview
About
- CEO
- Lindsay Junk
- Headquarters
- California
- FDD year
- 2025
- States available
- 22
Can you afford it, and what does the money buy?
Entry cost runs 32% below the typical health & fitness franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown19 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Feenot refundable | $65K | $65K | |
| Initial Training Feenot refundable | $3K | $3K | |
| Initial FF&E Packagenot refundable | $8K | $42K | |
| Presale Kitnot refundable | $6K | $9K | |
| Initial Retail Inventory Kitnot refundable | $6K | $9K | |
| Travel and Related Expenses During Initial Trainingnot refundable | $1K | $6K | |
| Security Deposits for Utilitiesnot refundable | $500 | $3K | |
| Rent and Security Depositnot refundable | $8K | $16K | |
| Net Leasehold Improvementsnot refundable | $111K | $159K | |
| Signagenot refundable | $8K | $20K | |
| Supplies and Accessoriesnot refundable | $500 | $2K | |
| Technology Systemnot refundable | $4K | $8K | |
| Technology-Related Feesnot refundable | $5K | $5K | |
| Business Licensesnot refundable | $1K | $5K | |
| Professional Feesnot refundable | $5K | $15K | |
| Insurance Deposit and Initial Premiumsnot refundable | $4K | $6K | |
| Grand Opening Marketingnot refundable | $15K | $25K | |
| Coach Onboarding Fees and Related Costsnot refundable | $250 | $9K | |
| Additional Funds, 3 monthsnot refundable | $15K | $50K | |
| Total initial investment | $265K | $456K |
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
- $309K – $473K
- Middle of category vs category
- Liquid capital req'd
- $15K – $50K
- Top 40% of category vs category
- Franchise fee
- $65K – $65K
- Bottom third — review vs category
- Royalty
- 8.0%
- percentage · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 10.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 8.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $1K |
| Training fee | $3K |
| Transfer fee | $5K |
| Renewal fee | $16K |
| Inventory (initial) | $3K – $6K |
| Total fee load | 10.0% of rev |
What do units actually make?
Average unit sales run 23% below the health & fitness norm.
Source: FDD 2025 · 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
$131K
28.0% margin
Unlevered ROIC
31%
EBITDA / total invested capital
Payback
3.2 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 BODY20 unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
31%
Within 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 BODY20 units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$2.0M
on $9.9M purchase
Total debt
$7.9M
SBA $4.9M + 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: 2025 FDD
Financial Performance
- Avg gross sales
- $470K
- Per unit, per year
- Median gross sales
- $460K
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Sample size
- 36
- vs category median 12 · large
- Range (low → high)
- $209K→$840K
- Cohort dispersion (min → max)
- Quartile band
- $352K→$587K
- Bottom 25% → top 25%
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 173 Health & Fitness 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 $470K/year in gross sales. Revenue-to-investment ratio: 1.2x.
Fee burden
Total ongoing fee load of 10.0% — above the Health & Fitness average of 8.4%.
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 32.6% CAGR over 3 years across 63 units — operators are staying and new ones are joining.
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 averages
How Body20 Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 63
- Opened
- 9
- Last reporting year
- Closed
- 1
- Terminated
- 10
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 18.0%
- Company-owned
- 2
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Net growth (3-yr)
- -3.2%
- Net unit change over 3 years
- 3-yr CAGR
- +32.6%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 9
- Closed (3yr)
- 1
- Terminated (3yr)
- 10
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 6
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 31
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 22 states 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.
22
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.
- Total loans
- 39
- Loan volume
- $13.0M
- Median loan
- $452K
- 50th percentile
- Charge-off rate
- 0.0%
- 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)
- 100.0%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 8
- Defaults
- 0
- Typical loan rate
- 10.6%
- avg rate to borrowers
- Franchised industry avg
- 15.8%
- brand beats franchise avg ↓
- Jobs supported
- 455
- 3.5 per loan
- Lender concentration
- 67%
- top lender's share
Borrower mix: 100% went to startups / new businesses, 0% to established operators
Franchise vs independent — in fitness and recreational sports centers, franchised businesses charge off at 15.8% vs 18.2% for independents — franchising is associated with 13% lower SBA default risk in this category.
Top lenders financing Body20 franchisees
Showing 3 of 8 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.
Premium insight
SBA Lending Report
Deep-dive into Body20's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 8 lenders with concentration factor
- Per-state charge-off rates across 11 states
- Startup risk premium and job creation velocity
- 4-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 39 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% below the 16.0% national norm, i.e. lower 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
BODY20 operates under a parent company embroiled in securities fraud litigation, lacks disclosed profitability data despite high investment requirements, and shows rapid but potentially unsustainable growth in a competitive boutique fitness market.
Litigation (Item 3)
Item 3 discloses no litigation against BODY20 itself, its parents, predecessors, or affiliates, but its CEO and other officers (who previously held roles at Xponential Fitness and its brands) are named as individual defendants in five pending matters: the AKT Lawsuit (former AKT franchisees), the Y6 Lawsuit (former Yoga Six franchisees), the Nickle Lawsuit (CycleBar/BFT franchisee), the consolidated Xponential Securities Litigation, and the consolidated Xponential Derivative Litigation.
Largest disclosed settlement: $200,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Independent auditor (report issued from Los Angeles, California; firm name not machine-extractable from text)
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 63 / 100 verdict
- 01HIGHParent company (Xponential Fitness) under active securities litigation for fraud and pre-sale disclosure violations involving named executives Lindsay Junk and Anthony Geisler
- 02MEDNo average net income disclosed despite $469,629 average revenue — inability or unwillingness to show profitability is a major warning sign
- 03MINORRapid unit growth (35.6% YoY) in a boutique fitness category known for saturation and churn — growth rate may be unsustainable or mask underlying unit quality issues
- 04HIGHLitigation directly involves corporate officers responsible for franchise disclosures and marketing claims
- 05MINORFranchise Disclosure Document (Item 19) financial performance data not provided to analyst — prospective franchisees must obtain full FDD to verify actual unit economics
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 10.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | protected |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 2 mi |
| Territory population | 50,000 |
| 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 | 23 |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | Yes |
| Arbitration location | American Arbitration Association offices in the metropolitan area of franchisor's principal place of business (currently Newport Beach, California) |
| Jury trial waiver | Yes |
| Governing law | Delaware |
| Litigation count | 5 |
View Item 3 litigation summary
Item 3 discloses no litigation against BODY20 itself, its parents, predecessors, or affiliates, but its CEO and other officers (who previously held roles at Xponential Fitness and its brands) are named as individual defendants in five pending matters: the AKT Lawsuit (former AKT franchisees), the Y6 Lawsuit (former Yoga Six franchisees), the Nickle Lawsuit (CycleBar/BFT franchisee), the consolidated Xponential Securities Litigation, and the consolidated Xponential Derivative Litigation.
Items 10, 11
Training & Operations
- Classroom training
- 43 hrs
- On-the-job training
- 32 hrs
- Training location
- Franchisor's headquarters in Newport Beach, California, your Studio, or online
- Ongoing training
- Required
- Time to open
- 13 mo
- From signing to launch
- Site selection
- franchisor
- Franchisor financing
- Offered
- Item 10
- POS system
- Third-party POS system (designated vendor)
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Third-party POS system (designated vendor)
Item 20 · call current owners
Franchisee Contacts
101 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
BODY20 · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a BODY20 franchise?
The total investment to open a BODY20 franchise ranges from $309K – $473K, with an initial franchise fee of $65K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do BODY20 franchise owners earn?
According to Item 19 of the BODY20 FDD, the average gross sales per unit is $470K. The median is $460K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the BODY20 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 BODY20 FDD and qualifies whose outlets they describe.
What is BODY20's franchise failure rate?
Based on SBA 7(a) loan data, BODY20 has a charge-off rate of 0.0% across 39 loans, meaning 0.0% 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 BODY20 franchise locations are there?
As of their most recent FDD filing, BODY20 has 63 total units in the United States, including 61 franchised units and 2 company-owned units. 9 new units were opened in the latest reporting year.
Is BODY20 a good franchise to buy?
FranchiseVerdict rates BODY20 as a A-grade franchise with a verdict score of 63 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
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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.