Frost Shades Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Frost Shades is a home services franchise installing window film, decorative frost film, and solar control film for homes and businesses. Franchisees run local operations, managing measurements, installation, and accounts.
FranchiseVerdict summary · 2026
A Frost Shades franchise requires a total initial investment of $56K – $89K, including a $30K franchise fee and an ongoing 7.0% royalty[2]. The 2022 FDD does not disclose unit-level revenue (no Item 19). FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2022 FDD issuance
Overview
- Investment
- $56K – $89K
- 10th pct Home Services
- Avg gross sales
- N/A
- Royalty
- 7.0%
- 34th pct Home Services
- Units
- 19
- 28th 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 $56K – $89K including a $30K franchise fee, 7.0% ongoing royalty.
- RETURNSFY2021 audited total revenue: Franchise Fees $357,754, Franchise Royalties $33,089, Other $14,057. Prior year (FY2020) total revenue was $0 (entity established Oct 28, 2020).
- RISKVerdict A (Strongest tier), verdict score 59/100 (higher is better).
- DATANo 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
Corporate structure & franchisor financials
- Legal entity
- Frost Shades Franchising, LLC
- Predecessor
- Frost Shades, LLC
- Prior franchisor entity
- 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
- $405K
- vs $0 prior year
Overview
About
- CEO
- Leo Goldberger
- Headquarters
- TN
- Founded
- 2020
- FDD year
- 2022
- States available
- 10
Can you afford it, and what does the money buy?
Entry cost runs 68% below the typical home services franchise.
Source: FDD 2022 · Items 5–7
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 | $39K |
| Total initial investment | $56K | $89K |
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 – $89K
- Top 40% of category vs category
- Liquid capital req'd
- $10K – $20K
- Top 40% of category vs category
- Franchise fee
- $30K – $30K
- Top 40% of category vs category
- Royalty
- 7.0%
- formula · typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 9.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 7.0% of gross sales |
| Marketing / ad fund | 0.0% of gross sales |
| Technology fee | $250 |
| Transfer fee | $13K |
| Renewal fee | $5 |
| Inventory (initial) | $2K – $5K |
| Total fee load | 9.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Frost Shades did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one Frost Shades unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
103%
Above the 30–60% band. Verify revenue is per-unit average
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: 2022 FDD
Financial Performance
FY2021 audited total revenue: Franchise Fees $357,754, Franchise Royalties $33,089, Other $14,057. Prior year (FY2020) total revenue was $0 (entity established Oct 28, 2020).
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 9.0% (near the Home Services average).
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
Net unit growth of +260.0% over 3 years (14 opened, 0 closed).
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 Frost Shades Compares
Is the system healthy?
Source: FDD 2022 · Item 20
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 (3-yr)
- Outlier (see FDD)
- Likely small-sample artifact
3-year detail · Item 20
- Opened (3yr)
- 14
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 1
- Franchisor bought back
- Projected new
- 6
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 10 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.
10
states with franchisees (per FDD Item 12)
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.
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
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 59 / 100 verdict
- 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
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 2022 · 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 population | 350,000 |
| Online sales rightsℹ | 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 | 10 days |
| Curable defaultsℹ | 7 |
| Mandatory arbitration | Yes |
| Arbitration location | Davidson County, Tennessee |
| Jury trial waiver | Yes |
| Governing law | TN |
| 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
- Ongoing training
- Required
- Time to open
- 1 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
- POS system
- Vonigo
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Vonigo
Item 20 · call current owners
Franchisee Contacts
14 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 – $89K, 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 Item 19 in the Frost Shades 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 Frost Shades FDD and qualifies whose outlets they describe.
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 A-grade franchise with a verdict score of 59 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.