Five Iron Golf Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Five Iron Golf is an indoor golf franchise offering simulator bays, lessons, leagues, and events with full food and bar service. Franchisees run the venues, managing simulators, instruction, and hospitality.
FranchiseVerdict summary · 2026
A Five Iron Golf franchise requires a total initial investment of $1.7M – $4.3M, including a $50K franchise fee and an ongoing 7.0% royalty[2]. Per the 2024 FDD, average unit revenue was $2.4M[2]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2024 FDD issuance
Overview
- Investment
- $1.7M – $4.3M
- 47th pct Recreation & …
- Avg gross sales
- $2.4M
- Company-owned only16th pct Recreation & …
- Royalty
- 7.0%
- 24th pct Recreation & …
- Units
- 37
- 37th 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 $1.7M – $4.3M including a $50K franchise fee, 7.0% ongoing royalty.
- RETURNSAverage unit revenue of $2.4M/year (median $1.8M) (company-owned outlets only - not franchisee performance), with an estimated 9% cash-on-cash return (based on Adjusted EBITDA).
- RISKVerdict B (Above average), verdict score 55/100 (higher is better).
- FLAGBankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Five Iron Golf Franchising LLC
- Parent company
- The Range NYC LLC
- CEO title
- Chief Executive Officer
- Jared Solomon
- Incorporated in
- NY
- HQ
- 883 Avenue of the Americas, Fl. 3, New York, New York 10001
- Auditor
- Bland & Associates
- Audited financials
- Franchisor revenue
- $0
- vs $0 prior year
Affiliated brands
- Five Iron Golf IP
- Five Iron Chicago
- Five Iron Golf International
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Jared Solomon
- Headquarters
- New York
- Founded
- 2022
- FDD year
- 2024
- States available
- 11
Can you afford it, and what does the money buy?
Entry cost runs 127% above the typical recreation & entertainment franchise.
Source: FDD 2024 · Items 5–7
FDD Item 7 · 2024 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $50K | $50K |
| Working capital (3–6 mo) | $80K | $150K |
| Equipment, build-out, other | $1.6M | $4.1M |
| Total initial investment | $1.7M | $4.3M |
Source: Five Iron Golf 2024 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
- $1.7M – $4.3M
- Middle of category vs category
- Liquid capital req'd
- $80K – $150K
- Middle of category vs category
- Franchise fee
- $50K – $50K
- Top 40% of category vs category
- Royalty
- 7.0%
- percentage · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
- Payback period
- 11.1 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $4K |
| Training fee | $5K |
| Transfer fee | $13K |
| Renewal fee | $25K |
| Inventory (initial) | $10K – $25K |
| Total fee load | 9.0% of rev |
What do units actually make?
Average unit sales run 146% above the recreation & entertainment norm.
Company-owned outlets only - not franchisee performance
Source: FDD 2024 · 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
$342K
14.0% margin
Unlevered ROIC
11%
EBITDA / total invested capital
Payback
9.2 yrs
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings vs. model
The FDD reports $495K as Adjusted EBITDA. Our model estimates $342K SLEBITDA from the same revenue using category-average cost assumptions. These numbers differ because Adjusted EBITDA deducts different expense categories than our model.
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 Five Iron Golf unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
11%
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 Five Iron Golf units return on equity?
Equity IRR · 5-yr
31.8%
3.97× MOIC
Year-1 DSCR
2.54×
EBITDA ÷ debt service
Equity required
$7.0M
on $17.1M purchase
Total debt
$10.1M
SBA $5.0M + 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: 2024 FDD
Financial Performance
Company-owned outlets only - not franchisee performance
- Avg gross sales
- $2.4M
- Per unit, per year
- Median gross sales
- $1.8M
- Avg adjusted ebitda
- $495K
- Reported as Adjusted EBITDA in FDD Item 19
- Cash-on-cash
- 9.0%
- Based on Adjusted EBITDA / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- historical operating results (gross sales, COGS, labor, EBITDA, adjusted EBITDA) for company-owned and franchised centers
- Range (low → high)
- $1.3M→$5.9M
- Cohort dispersion (min → max)
- Transparency tier
- none
- Categorical assessment of disclosure depth
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2024
- The FDD edition these figures were read from
- Transparency
- 9 / 10
- vs category median 4 / 10 · above
Compared against 166 Recreation & Entertainment brands
Revenue is only 0.8x 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 $2.4M/year in gross sales. Median is $1.8M — top performers pull the average up, so a typical unit earns less. Revenue-to-investment ratio: 0.8x. Company-owned outlets only - not franchisee performance.
Fee burden
Total ongoing fee load of 9.0% (near the Recreation & Entertainment average).
Disclosure
Transparency score 9/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
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 Five Iron Golf Compares
Is the system healthy?
Source: FDD 2024 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 37
- Opened
- 4
- 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
- 30
- Corporate units in the system
- % franchised
- 19%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 4
- 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 · 11 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.
11
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
Litigation (Item 3)
None disclosed.
Bankruptcy (Item 4)
Disclosed in last 7 years
Thrasio Holdings, Inc. (principal place of business Walpole, MA), with which officer Daniel Boockvar was previously President, filed Chapter 11 voluntary petition Feb 28, 2024 in D. New Jersey, Case No. 24-11840-CMG; First Amended Joint Chapter 11 Plan of Reorganization confirmed June 13, 2024.
Audited financials (Item 21)
Yes · Bland & Associates
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 55 / 100 verdict
- 01MINOROnly 22 units with unknown growth trajectory — insufficient scale and unclear unit expansion trend raises viability concerns
- 02HIGHGoing Concern status is FALSE — suggests franchisor may have had or currently has financial/operational sustainability questions
- 03MINOR7% royalty on gross sales (not net) creates cash flow pressure during low-revenue periods and compounds with operating expenses
- 04MEDNo disclosed litigation but small unit base limits visibility — harder to detect systemic franchisee disputes or issues
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 2024 · 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 |
| 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 |
| Curable defaultsℹ | 5 |
| Mandatory arbitration | Yes |
| Arbitration location | New York, New York (city of franchisor's then-current principal business address) |
| Jury trial waiver | No |
| Governing law | New York |
| Litigation count | 0 |
View Item 3 litigation summary
None disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 40 hrs
- On-the-job training
- 160 hrs
- Training location
- New York, New York or Chicago, Illinois (or another designated location, may be online for some modules)
- Ongoing training
- Required
- Time to open
- 6 mo
- From signing to launch
- Site selection
- franchisor approval; franchisee identifies, franchisor approves site
- Franchisor financing
- Not offered
- Item 10
- POS system
- Mindbody and Square
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Mindbody and Square
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Five Iron Golf franchise?
The total investment to open a Five Iron Golf franchise ranges from $1.7M – $4.3M, 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 Five Iron Golf franchise owners earn?
According to Item 19 of the Five Iron Golf FDD, the average gross sales per unit is $2.4M. The median is $1.8M. Important context: Company-owned outlets only - not franchisee performance. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the Five Iron Golf 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 Five Iron Golf FDD and qualifies whose outlets they describe.
What is Five Iron Golf's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Five Iron Golf (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 Five Iron Golf franchise locations are there?
As of their most recent FDD filing, Five Iron Golf has 37 total units in the United States, including 7 franchised units and 30 company-owned units. 4 new units were opened in the latest reporting year.
Is Five Iron Golf a good franchise to buy?
FranchiseVerdict rates Five Iron Golf as a B-grade franchise with a verdict score of 55 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.