Frost ShadesFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A Frost Shades franchise requires a total initial investment of $56K – $119K, including a $30K franchise fee. The 2022 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: B. Run a live ROI scan →
Data last verified June 21, 2026 · figures per the 2022 FDD issuance
Overview
- Investment
- $56K – $119K
- 9th pct Home Services
- Avg gross sales
- N/A
- 54th pct Home Services
- Royalty
- N/A
- Units
- 19
- 26th pct Home Services
- SBA default
- N/A
Quick verdict · Home Services · color = vs category peers
Green = >15% above Home Services avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Franchised units fell from 18 to 0 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $56K – $119K including a $30K franchise fee.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict B (Above Average) with a risk score of 54/100.
- 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
- Frost Shades Franchising, LLC
- CEO title
- Chief Executive Officer
- Leo Goldberger
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- TN
- HQ
- 1823 Charlotte Avenue, #104, Nashville, Tennessee 37203
- Auditor
- Omar Alnuaimi, CPA
- Audited financials
- Franchisor revenue
- $0
- Most recent fiscal year
Overview
About
Frost Shades franchisees typically operate window tinting, solar control, or protective film installation services for residential and/or commercial properties. Day-to-day work involves customer acquisition, site surveys, film cutting/installation, quality assurance, and customer service management, often combining hands-on technical labor with business operations.
- CEO
- Leo Goldberger
- Headquarters
- TN
- Founded
- 2020
- FDD year
- 2022
- States available
- 10
FDD Item 7 · 2022 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $30K | $30K |
| Working capital (3–6 mo) | $10K | $20K |
| Equipment, build-out, other | $16K | $69K |
| Total initial investment | $56K | $119K |
Source: Frost Shades 2022 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
- $56K – $119K
- Better than avg vs category
- Liquid capital req'd
- $10K – $20K
- Better than avg vs category
- Franchise fee
- $30K – $60K
- Better than avg vs category
- Royalty
- Greater of 7% of Gross Sales or Minimum Monthly Royalty
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty (flat) | Greater of 7% of Gross Sales or minimum monthly fees |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $250 |
| Transfer fee | $13K |
| Renewal fee | $5 |
| Total fee load | 9.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Home Services averages
How Frost Shades Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 19
- Opened
- 14
- 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
- 1
- Corporate units in the system
- % franchised
- 95%
- vs corporate-owned
- Net growth (yr3)
- Outlier (see FDD)
- Likely small-sample artifact
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 6
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 10 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.
Fast growth in a small system. Newer franchisors expanding quickly may not yet have the support infrastructure of larger systems.
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Frost Shades is a pre-revenue, hyper-growth micro-franchise with non-disclosed unit economics, unclear going concern status, and insufficient franchisee data to validate profitability claims.
Litigation (Item 3)
No litigation required to be disclosed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Omar Alnuaimi, CPA
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- 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 54 / 100 rating
- 01MEDNo Item 19 financial performance data (avg revenue/net income) disclosed — impossible to validate ROI claims
- 02MINORExtreme unit growth of 260% YoY is unsustainable and suggests either aggressive recruitment or system instability
- 03HIGHGoing Concern status is FALSE, indicating potential franchisor financial distress or operational uncertainty
- 04MINORRoyalty structure with 'greater of 7% or minimum monthly fee' is opaque — actual franchisee burden unclear without knowing the minimum
- 05MEDOnly 19 units total — very small, immature system with limited track record and franchisee reference pool
- 06MINORWide investment range ($55.5K–$119.2K) suggests unclear cost structure and potential hidden expenses
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | population based |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 250,000 |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Davidson County, Tennessee |
| Jury trial waiver | Yes |
| Governing law | Tennessee |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed.
Items 10, 11
Training & Operations
- Classroom training
- 16 hrs
- On-the-job training
- 9 hrs
- Training location
- Nashville, Tennessee
- POS system
- Vonigo
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Vonigo
Item 20 · call current owners
Franchisee Contacts
12 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Frost Shades · FDD (2022) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Frost Shades franchise?
The total investment to open a Frost Shades franchise ranges from $56K – $119K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Frost Shades franchise owners earn?
Frost Shades does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Frost Shades's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Frost Shades (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 Frost Shades franchise locations are there?
As of their most recent FDD filing, Frost Shades has 19 total units in the United States, including 18 franchised units and 1 company-owned units. 14 new units were opened in the latest reporting year.
Is Frost Shades a good franchise to buy?
FranchiseVerdict rates Frost Shades as a B-grade franchise with a risk score of 54 out of 100, 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.