Boulder Designs® Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Boulder Designs is a franchise that creates custom, engraved manufactured boulders and rocks for business signage, monuments, and landscaping. Franchisees run a fabrication-and-install operation building and placing custom stones for commercial and residential clients.
FranchiseVerdict summary · 2026
A Boulder Designs® franchise requires a total initial investment of $148K – $173K, including a $63K franchise fee and an ongoing 7.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $148K – $173K
- 57th pct Home Services
- Avg gross sales
- N/A
- Royalty
- 7.0%
- 47th pct Home Services
- Units
- 82
- 54th pct Home Services
- SBA charge-off
- N/A
Quick verdict · Home Services · color = vs category peers
Green = favorable by >10% vs Home Services 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 $148K – $173K including a $63K franchise fee, 7.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict B (Above average), verdict score 51/100 (higher is better).
- FLAG6 units terminated last reporting year (7.3% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Boulder Designs Franchising, LLC
- Ultimate parent
- None
- Predecessor
- Mogavero Investments, LLC
- Prior franchisor entity
- CEO title
- Chief Executive Officer
- Frank J. "Butch" Mogavero
- CEO experience
- 23 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- TX
- HQ
- 2324 N. Robinson Drive, Waco, Texas 76706
- Auditor
- JRBT, PC
- Audited financials
- Franchisor revenue
- $2.8M
- vs $2.3M prior year
Overview
About
- CEO
- Frank J. "Butch" Mogavero
- Headquarters
- TX
- Founded
- 2017
- FDD year
- 2026
- States available
- 33
Can you afford it, and what does the money buy?
Entry cost runs 30% below the typical home services franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $63K | $63K | |
| Initial Training | $12K | $12K | |
| Site leasenot refundable | $0 | $4K | |
| Processor Machine Trailer, Equipment, Marketing, and Supplies Packagenot refundable | $58K | $58K | |
| Shipping Costnot refundable | $0 | $6K | |
| Vehicle lease or financingnot refundable | $2K | $2K | |
| Hand Tools/Material Handlingnot refundable | $750 | $4K | |
| Computer & Office Equipmentnot refundable | $0 | $2K | |
| Telephone/cell phonenot refundable | $0 | $750 | |
| Signagenot refundable | $50 | $200 | |
| Travel and living expenses while trainingnot refundable | $500 | $2K | |
| Insurancenot refundable | $50 | $750 | |
| Vehicle Insurancenot refundable | $35 | $500 | |
| Licensing and permitsnot refundable | $500 | $3K | |
| Legal/Accountingnot refundable | $500 | $2K | |
| Shop Assistance Feenot refundable | $7K | $7K | |
| Additional Funds (3 months)not refundable | $4K | $9K | |
| Total initial investment | $148K | $173K |
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
- $148K – $173K
- Middle of category vs category
- Liquid capital req'd
- $4K – $9K
- Top 40% of category vs category
- Franchise fee
- $63K – $63K
- Bottom third — review vs category
- Royalty
- 7.0%
- Set by a formula · typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 0.0% |
| Technology fee | $65 |
| Training fee | $12K |
| Transfer fee | $8K |
| Renewal fee | $6K |
| Total fee load | 7.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Boulder Designs® makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Boulder Designs® 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 annual revenue, 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.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Fee burden
Total ongoing fee load of 7.0% — below the Home Services average of 8.9%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -2.4% 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 Home Services averages
How Boulder Designs® Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 82
- Opened
- 17
- Last reporting year
- Closed
- 12
- Terminated
- 6
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 14.6%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- +6.5%
- Net unit change over 3 years
- 3-yr CAGR
- -2.4%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 17
- Closed (3yr)
- 6
- Terminated (3yr)
- 6
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 1
- Reacquired (3yr)
- 0
- Franchisor bought back
- Termination rate
- 4.9%
- Franchisor-initiated terminations
- Ceased ops
- 7.3%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 18 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.
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
Boulder Designs presents caution-level risk due to undisclosed financials, litigation history involving deceptive practices, stagnant unit growth, and ambiguous franchisor financial health—requiring extensive validation from current franchisees before commitment.
Litigation (Item 3)
4 cases: (1) Jablonowski v. Mogavero et al. (2018) - former franchisee suit; settled $120,000; (2) Boulder v. Town & Country Lawn Care (2020) - trade secret/breach; settled $20,000; (3) Boulder v. Sanford and Red Art (2021) - trade secret/breach; settled with termination fee; (4) Boulder/Border Magic v. Unlimited Concrete Designs (2022) - noncompete enforcement; dismissed April 2024
Largest disclosed settlement: $120,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · JRBT, PC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
FY2025 revenue comprises franchise fees and royalties $1,524,126, equipment sales $915,000, and supplies and other $360,516.
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 51 / 100 verdict
- 01MINORNo financial performance disclosure (Item 19) prevents ROI validation against $147k-$173k investment
- 02MINORDeceptive trade practices lawsuit by former franchisee signals potential misrepresentation in FDD or recruitment
- 03MINORThree franchisor lawsuits against franchisees indicate enforcement issues, trade secret disputes, and possible financial underperformance
- 04MINORSlow unit growth (6.5% YoY) with only 82 units suggests market saturation or franchisee dissatisfaction
- 05HIGHGoing Concern marked FALSE is atypical for healthy franchise systems and may indicate franchisor financial instability
- 06MINORHigh franchise fee ($63,000) relative to system size and growth rate increases breakeven burden
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% 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 | 225,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 3 years |
| Non-compete (miles)ℹ | 50 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Arbitration location | McLennan County, Texas (mediation only) |
| Jury trial waiver | No |
| Governing law | TX |
| Litigation count | 4 |
View Item 3 litigation summary
4 cases: (1) Jablonowski v. Mogavero et al. (2018) - former franchisee suit; settled $120,000; (2) Boulder v. Town & Country Lawn Care (2020) - trade secret/breach; settled $20,000; (3) Boulder v. Sanford and Red Art (2021) - trade secret/breach; settled with termination fee; (4) Boulder/Border Magic v. Unlimited Concrete Designs (2022) - noncompete enforcement; dismissed April 2024
Items 10, 11
Training & Operations
- Classroom training
- 18 hrs
- On-the-job training
- 20 hrs
- Training location
- Franchisor headquarters in Waco, TX or other designated location
- Ongoing training
- Required
- Time to open
- 2 mo
- From signing to launch
- Site selection
- Franchisee selects; franchisor approves
- Franchisor financing
- Offered
- Item 10
- POS system
- QuickBooks
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: QuickBooks
Item 20 · call current owners
Franchisee Contacts
100 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Boulder Designs® · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Boulder Designs® franchise?
The total investment to open a Boulder Designs® franchise ranges from $148K – $173K, with an initial franchise fee of $63K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Boulder Designs® franchise owners earn?
Boulder Designs® makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
What is Item 19 in the Boulder Designs® 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 Boulder Designs® FDD and qualifies whose outlets they describe.
What is Boulder Designs®'s franchise failure rate?
SBA 7(a) loan charge-off data is not available for Boulder Designs® (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 Boulder Designs® franchise locations are there?
As of their most recent FDD filing, Boulder Designs® has 82 total units in the United States, including 82 franchised units and 0 company-owned units. 17 new units were opened in the latest reporting year.
Is Boulder Designs® a good franchise to buy?
FranchiseVerdict rates Boulder Designs® as a B-grade franchise with a verdict score of 51 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.