FYZICAL Therapy & Balance CentersFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A FYZICAL Therapy & Balance Centers franchise requires a total initial investment of $64K – $519K, including a $49K franchise fee. Per the 2026 FDD, average unit revenue was $670K[2]. SBA 7(a) loans show a 0.0% charge-off rate across 103 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2026 FDD issuance
Overview
- Investment
- $64K – $519K
- 10th pct Healthcare
- Avg gross sales
- $670K
- 19th pct Healthcare
- Royalty
- N/A
- Units
- 579
- 74th pct Healthcare
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Healthcare · color = vs category peers
Green = >15% above Healthcare 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
Only 0.0% of 103 SBA loans charged off, well below the 16% franchise average.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
Bottom line
- Total investment $64K – $519K including a $49K franchise fee.
- Average unit revenue of $670K/year (median $508K).
- Verdict A (Top Quintile) with a risk score of 31/100. SBA loan charge-off rate of 0.0% across 103 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- FYZICAL, LLC
- Parent company
- Fyzical Acquisition Holdings LLC
- Ultimate parent
- New Harbor Capital
- CEO title
- Chief Executive Officer
- Wayne Cavanaugh
- Incorporated in
- DE
- HQ
- 1751 Mound Street, Suite 102, Sarasota, Florida 34236
- Auditor
- Kerkering Barberio & Co.
- Audited financials
- Franchisor revenue
- $16.9M
- vs $15.1M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
- ⚠ Going-concern note
- Disclosed in FDD 2026
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Independent franchisee associations
- Franchise Advisory Council (FAC)
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- The Provider Connection
Other brands the franchisor or its parent operates (Item 1).
Overview
About
FYZICAL franchisees operate physical therapy and balance centers delivering rehabilitation services, fall prevention programs, and vestibular therapy to patients with insurance or self-pay arrangements. Day-to-day operations include patient assessment, treatment delivery, billing/insurance claims management, and staff scheduling across typically 2-5 licensed therapists per location.
- CEO
- Wayne Cavanaugh
- Headquarters
- FL
- Founded
- 2012
- FDD year
- 2026
- States available
- 44
FDD Item 7 · 2026 filing · 51 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee (New Center - Licensed Professional)not refundable | $49K | $49K | |
| Grand Opening Marketing Fund (New Center - Licensed Professional)not refundable | $5K | $18K | |
| Training Expenses (New Center - Licensed Professional) | $2K | $5K | |
| Lease Deposit & Rent (New Center - Licensed Professional) | $3K | $6K | |
| Build Out & Improvements (New Center - Licensed Professional) | $65K | $180K | |
| Security System (New Center - Licensed Professional) | $500 | $2K | |
| Computer System (New Center - Licensed Professional) | $1K | $3K | |
| Furniture, Fixtures and Equipment (New Center - Licensed Professional) | $11K | $76K | |
| Signage, Branding, Design (New Center - Licensed Professional) | $2K | $15K | |
| Utility Deposits, Business Licenses & Other Prepaid Expenses (New Center - Licensed Professional) | $1K | $5K | |
| Insurance (12 months) (New Center - Licensed Professional) | $3K | $5K | |
| Miscellaneous Opening Costs (New Center - Licensed Professional) | $1K | $5K | |
| Additional Funds - 5 months (New Center - Licensed Professional) | $25K | $50K | |
| Initial Franchise Fee (New Center - Clinical Director)not refundable | $49K | $49K | |
| Grand Opening Marketing Fund (New Center - Clinical Director)not refundable | $5K | $18K | |
| Training Expenses (New Center - Clinical Director) | $2K | $5K | |
| Lease Deposit & Rent (New Center - Clinical Director) | $3K | $6K | |
| Build Out & Improvements (New Center - Clinical Director) | $65K | $180K | |
| Security System (New Center - Clinical Director) | $500 | $3K | |
| Computer System (New Center - Clinical Director) | $1K | $3K | |
| Total initial investment | $665K | $1.6M |
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.
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
$114K
17.0% margin
Unlevered ROIC
30%
EBITDA / total invested capital
Payback
3.3 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $64K – $519K
- Better than avg vs category
- Liquid capital req'd
- $25K – $150K
- Better than avg vs category
- Franchise fee
- $20K – $49K
- Better than avg vs category
- Royalty
- Greater of $1,000-$3,000 per month or 6% of Gross Revenue
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty (flat) | Greater of $1,000-$3,000 per month or 6% of Gross Revenue |
| Marketing / ad fund | 2.0% of gross sales |
| Transfer fee | $5K |
| Renewal fee | $5K |
| Inventory (initial) | $500 – $1K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $670K
- Per unit, per year
- Median gross sales
- $508K
- Item 19 type
- gross_sales
- Sample size
- 258 units
- vs category median 12 · large
- Range (low → high)
- $28K→$3.8M
- Cohort dispersion (min → max)
- Transparency tier
- revenue_only
- Categorical assessment of disclosure depth
- Reporting year
- 2024
- Fiscal year the figures cover
- Transparency
- 4 / 5
- vs category median 4 / 5 · typical
Compared against 201 Healthcare brands
vs Healthcare averages
How FYZICAL Therapy & Balance Centers Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 579
- Opened
- 81
- Last reporting year
- Closed
- 52
- Turnover rate
- 9.0%
- Company-owned
- 56
- Corporate units in the system
- % franchised
- 90%
- vs corporate-owned
- Net growth (yr3)
- +5.9%
- Net unit change last year
- 3-yr CAGR
- +17.8%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 30
- Closed (3yr)
- 1
- Terminated (3yr)
- 20
- Transfers (3yr)
- 14
- Reacquired (3yr)
- 5
- Franchisor bought back
- Transfer rate
- 2.4%
- Owners selling to other franchisees
- Termination rate
- 3.4%
- Franchisor-initiated terminations
- Ceased ops
- 0.2%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 39 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.
Available to sell in · Item 12
- California
- Illinois
- Indiana
- Maryland
- Michigan
- Minnesota
- New York
- North Dakota
- Rhode Island
- South Dakota
- Virginia
- Washington
- Wisconsin
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 103
- Loan volume
- $22.6M
- Median loan
- $220K
- average
- Charge-off rate
- 0.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 30
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
With a 0.0% charge-off rate across 103 loans, banks have historically viewed this brand favorably for lending.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
FYZICAL presents moderate-to-cautionary risk: lack of earnings transparency, active litigation indicating franchisor-franchisee disputes, slow growth, and going concern status warrant deep validation before committing $500K+ investment.
Litigation (Item 3)
Three cases disclosed: (1) Merissa Kihnke v. FYZICAL, LLC and Parent - whistleblower/retaliatory termination claim by former in-house general counsel, original case dismissed without prejudice March 13, 2025, refiled August 6, 2025, counterclaim filed December 31, 2025 for breach of confidentiality and fiduciary duties, motion to dismiss pending January 21, 2026; (2) Dr. Christopher Mulvey v. FYZICAL, LLC - federal court case alleging retaliatory termination under Florida Private Whistleblower Act and False Claims Act, stayed October 6, 2025 pending Florida Supreme Court decision in unrelated case; (3) PG Therapy LLC v. FYZICAL, LLC - franchisee breach of contract and misrepresentation claims seeking $357,435.31, settled January 15, 2026 for $50,000 with counterclaim for unpaid royalties.
Largest disclosed settlement: $357,435
Bankruptcy (Item 4)
Disclosed in last 7 years
Bankruptcy Code; (b) obtained a discharge of its debts under the U.S. Bankruptcy Code; or (c) was a principal officer of a company or a general partner in a partnership that either filed as a debtor (or had filed against it) a petition to start an action under the U.S. Bankruptcy Code or that obtain
Audited financials (Item 21)
Yes · Kerkering Barberio & Co.⚠ Going-concern note flagged
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 31 / 100 rating
- 01MEDNo Item 19 (Average Unit Volume) disclosed despite $670K average revenue claim — inability to verify earnings claims or unit profitability
- 02HIGHThree active litigation cases including breach of contract/misrepresentation settlement ($50K) suggest franchisor-franchisee conflict and potential systemic issues
- 03MINORSlow unit growth (5.9% YoY) with 579 units indicates market saturation or franchisee dissatisfaction in mature system
- 04MINORHigh royalty floor ($3,000/month = $36K annually) creates significant fixed costs regardless of revenue, problematic for underperforming locations
- 05HIGHGoing Concern status signals potential financial distress at franchisor level, raising questions about support, technology, and long-term viability
- 06MINORConstructive discharge and retaliation claims suggest internal management/HR dysfunction that may extend to franchisee relations
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 | 10 years |
| Allowed renewalsℹ | 2 |
| Territory type | Radius |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| 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 | 15 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Florida |
| Litigation count | 3 |
View Item 3 litigation summary
Three cases disclosed: (1) Merissa Kihnke v. FYZICAL, LLC and Parent - whistleblower/retaliatory termination claim by former in-house general counsel, original case dismissed without prejudice March 13, 2025, refiled August 6, 2025, counterclaim filed December 31, 2025 for breach of confidentiality and fiduciary duties, motion to dismiss pending January 21, 2026; (2) Dr. Christopher Mulvey v. FYZICAL, LLC - federal court case alleging retaliatory termination under Florida Private Whistleblower Act and False Claims Act, stayed October 6, 2025 pending Florida Supreme Court decision in unrelated case; (3) PG Therapy LLC v. FYZICAL, LLC - franchisee breach of contract and misrepresentation claims seeking $357,435.31, settled January 15, 2026 for $50,000 with counterclaim for unpaid royalties.
Items 10, 11
Training & Operations
- Classroom training
- 35 hrs
- On-the-job training
- 0 hrs
- Training location
- SRQHQ
- Time to open
- 9 mo
- From signing to launch
- Site selection
- franchisor
- Franchisor financing
- Offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
366 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
FYZICAL Therapy & Balance Centers · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a FYZICAL Therapy & Balance Centers franchise?
The total investment to open a FYZICAL Therapy & Balance Centers franchise ranges from $64K – $519K, with an initial franchise fee of $49K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do FYZICAL Therapy & Balance Centers franchise owners earn?
According to Item 19 of the FYZICAL Therapy & Balance Centers FDD, the average gross sales per unit is $670K. The median is $508K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is FYZICAL Therapy & Balance Centers's franchise failure rate?
Based on SBA 7(a) loan data, FYZICAL Therapy & Balance Centers has a charge-off rate of 0.0% across 103 loans, meaning 0.0% of franchise loans were charged off. Charge-off rates are one proxy for franchise risk, though they do not capture all closures. This data comes from FOIA-sourced SBA lending records.
How many FYZICAL Therapy & Balance Centers franchise locations are there?
As of their most recent FDD filing, FYZICAL Therapy & Balance Centers has 579 total units in the United States, including 444 franchised units and 56 company-owned units. 81 new units were opened in the latest reporting year.
Is FYZICAL Therapy & Balance Centers a good franchise to buy?
FranchiseVerdict rates FYZICAL Therapy & Balance Centers as a A-grade franchise with a risk score of 31 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.
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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.