FranchiseVerdict
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FV-00377·MODERATEExcellent81

BoxDrop

RetailFranchising since 2019Website
Investment
$67K – $202K
10th pct Retail
Avg revenue
53rd pct Retail
Royalty
Units
184
75th pct Retail
SBA default
0.0%
vs <3% typical

Bottom line

  • Total investment $67K – $202K including a $15K franchise fee.
  • No Item 19 financial performance data disclosed — the franchisor chose not to publish revenue figures.
  • Rated MODERATE with a risk score of 59/100. SBA loan default rate of 0.0% across 2 loans (below the industry average).
  • No Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.

Item 1 · who you're contracting with

The Franchisor

Legal entity
BoxDrop, LLC
Parent company
Retail Service Systems, Inc.
Incorporated in
Ohio
HQ
6221 Riverside Drive, #2N, Dublin, Ohio 43017
Auditor
Nartker, Grunewald, Eschleman & Cooper LLC
Audited financials
Franchisor revenue
$18.9M
vs $23.6M prior year

Yale framework · single-unit ROIC

Returns Analysis

Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.

The model · Yale framework

What would one BoxDrop unit return on the cash you put in?

Revenue · per unit, per year
$
Item 19 not disclosed — typing your own estimate
Franchisor take · royalty + ad fund
Royaltytyp 68%
%
Ad fundtyp 35%
%
Operating costs · category default: retail
COGS
%
Labor
%
Rent / occupancy
%
Other operating
%
Total invested capital · what you actually put in
Initial investment
$
FDD Item 7: $67K–$202K
Working capital
$
FDD reports $18K–$74K

Unlevered ROIC · per unit

25%

Below typical band (30–60%)

0%30–60% Yale band80%

Store EBITDA · annual
$45K
EBITDA margin
6.0%
Total invested
$181K
Payback
48 mo
Unit-level only. A multi-unit portfolio gives up roughly 5–15% of this to shared services (corporate G&A) before reaching the ~10-unit break-even Yale describes.

Overview

About

BoxDrop franchisees operate mattress retail locations, offering direct-to-consumer sales, delivery, and setup services. Day-to-day operations include showroom management, customer consultations, sales transactions, logistics coordination, and inventory management. The model emphasizes low overhead through compact store formats and e-commerce integration.

CEO
Carleton Scott Andrew
Founded
2019
FDD year
2025
States available
39

Item 7 · what it costs

The Vitals

Total investment
$67K – $202K
All-in to open one unit
Liquid capital
$18K – $74K
Cash you must have on hand
Franchise fee
$15K
Royalty
None
Ad fund
Up to 2% of the total purchase price of all Products ordered
Total fee load
2.0%
vs 9–13% typical

Item 19

Financial Performance

This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.

Item 20 · unit dynamics

The Growth Chart

Total units
184
Opened
24
Last reporting year
Closed
14
Turnover rate
7.6%
Company-owned
2
Corporate units in the system
% franchised
99%
vs corporate-owned
Net growth (yr3)
+5.8%
Net unit change last year
3-yr CAGR
+14.5%
Compounded over last 3 years
2023
182+11
Franchised units
2024
172
Franchised units
2025
159
Franchised units

Year-over-year franchised unit counts and net change. Source: FDD Item 20.

Item 20 · 32 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).

AK
ME
VT
NH
MA
RI
CT
NY
NJ
PA
DE
MD
DC
WA
OR
CA
NV
ID
MT
WY
UT
CO
AZ
NM
ND
SD
NE
KS
OK
TX
MN
IA
MO
AR
LA
WI
IL
MS
TN
MI
IN
KY
AL
OH
WV
GA
VA
NC
SC
FL
HI
Registered · 32 states
Not registered

States derived from franchisee phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.

Government records

SBA Loan Data

Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.

Total loans
2
Loan volume
Avg loan
Default rate
0.0%
vs <3% typical · system-wide
5-yr default

FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17

Risk & Legal

59
Risk · 0-100
MODERATE59 / 100

BoxDrop presents meaningful investment risk due to non-disclosed financials, sluggish growth, active litigation, and unclear royalty/support model — proceed only after extensive franchisee validation.

Score breakdown · what drove the 59 / 100 rating

  1. 01MINORNo financial disclosure (avg revenue/net income not available) — inability to assess unit profitability or ROI
  2. 02MINORSlow unit growth (5.8% YoY) suggests market saturation or franchisee satisfaction concerns
  3. 03HIGHActive litigation involving parent company (Retail Service Systems, Inc.) in discovery phase — legal fees exposure unclear
  4. 04MEDNo royalty model disclosed — unusual structure raises questions about franchisor incentive alignment and ongoing support funding
  5. 05MINORFranchise fee ($15,000) appears low relative to investment range ($67k-$202k) — suggests significant CapEx with unclear franchisor ROI commitment
  6. 06HIGHGoing Concern = False (unclear if this means 'not applicable' or negative assessment) — requires clarification on financial stability

Severity inferred from the FDD text · not a regulatory classification

FDD Items 5, 6, 12, 17 · continued from Risk & Legal

Contract & Territory Detail

Territory
Geographic area
Protected territory
Yes
Initial term
10 years
Renewal term
10 years
Online sales rights
Restricted
Franchisor can compete
Yes
Hire a manager?
Not allowed
Litigation count
1
Right of first refusal
Yes
Franchisor can buy back on resale
Mandatory arbitration
No
Jury trial waiver
Yes
Non-compete
2 yrs
Post-termination restriction
Owner-operator
Required
Governing law
Ohio

Item 11

Training & Operations

Classroom training
9 hrs
On-the-job training
0 hrs
POS system
Cash Register System
Operating tech stack

Item 20

Franchisee Contacts

Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.

Franchisee contacts

98 numbers

Locked
(810) 624-••••
MI
(504) 296-••••
LA
(870) 830-••••
AR

One-time purchase · CSV download · Validation questions included

FDD download

BoxDrop · FDD (2025) PDF

Single-page checkout · instant download · CSV export of contacts available separately above