Goldfish Swim SchoolFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Goldfish Swim School franchise requires a total initial investment of $1.7M – $3.7M, including a $50K franchise fee. Per the 2026 FDD, average unit revenue was $2.0M[2]. SBA 7(a) loans show a 0.0% charge-off rate across 106 loans[1]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2026 FDD issuance
Overview
- Investment
- $1.7M – $3.7M
- 69th pct Education
- Avg gross sales
- $2.0M
- 41st pct Education
- Royalty
- N/A
- Units
- 199
- 64th pct Education
- SBA default
- 0.0%
- system-wide median varies by category
Quick verdict · Education · color = vs category peers
Green = >15% above Education 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
At 0.7x revenue per dollar invested, this system underperforms the typical 1.5-2.5x range.
Only 0.0% of 106 SBA loans charged off, well below the 16% franchise average.
21% cash-on-cash return (based on P&L Bottom Line). Within the 15-30% range most franchise investors consider acceptable.
Bottom line
- Total investment $1.7M – $3.7M including a $50K franchise fee.
- Average unit revenue of $2.0M/year (median $1.8M), with an estimated 21% cash-on-cash return (based on P&L Bottom Line).
- Verdict A (Top Quintile) with a risk score of 25/100. SBA loan charge-off rate of 0.0% across 106 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2024).
- System growing at 23.9% CAGR over 3 years with 199 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Goldfish Swim School Franchising LLC
- Incorporated in
- MI
- HQ
- 2701 Industrial Row Drive, Troy, Michigan 48084
- Auditor
- Plante & Moran, PLLC
- Audited financials
- Franchisor revenue
- $26.8M
- vs $30.5M prior year
Affiliated brands
- MFO Fitchburg
- MFO West Bloomfield
- provides a location for training
- Goldfish Swim School
- MFO Knapps Crossing
- MFO Grandville
Other brands the franchisor or its parent operates (Item 1).
Overview
About
Franchisees operate swim schools providing swim lessons, water safety training, and aquatic programs for infants through children. Day-to-day operations include managing certified swim instructors, scheduling classes, maintaining pool facilities (chlorine, temperature, safety compliance), handling member enrollment/billing, and managing customer service across multiple daily class sessions.
- CEO
- Chris McCuiston
- Headquarters
- MI
- Founded
- 2008
- FDD year
- 2026
- States available
- 40
FDD Item 7 · 2026 filing · 15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Feenot refundable | $40K | $50K | |
| Real Estate Fee | $0 | $3K | |
| Real Estate / Rent | $0 | $82K | |
| Architectural Fees | $35K | $85K | |
| Leasehold Improvements | $1.3M | $2.7M | |
| Insurance | $4K | $6K | |
| Training | $17K | $37K | |
| Furniture, Fixtures, Equipment, Computers, and Decor | $100K | $127K | |
| Initial Advertising Expense | $30K | $70K | |
| Licenses, Permits, & Deposits | $5K | $80K | |
| Legal & Accounting | $9K | $35K | |
| Project Manager/Owner's Representative | $15K | $45K | |
| Water Tap Fees | $0 | $93K | |
| Additional Funds (3 months) | $75K | $350K | |
| Area Development Feenot refundable | $70K | $70K | |
| Total initial investment | $1.7M | $3.8M |
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
$299K
15.0% margin
Unlevered ROIC
10%
EBITDA / total invested capital
Payback
9.8 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $1.7M – $3.7M
- Below avg, review vs category
- Liquid capital req'd
- $75K – $350K
- Near category avg vs category
- Franchise fee
- $40K – $50K
- Near category avg vs category
- Royalty
- the greater of $1,250 per month or 6% of gross sales for …
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 4.8 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $1K |
| Transfer fee | $25K |
| Renewal fee | $10K |
| Total fee load | 8.0% of rev |
Financial Performance
- Avg gross sales
- $2.0M
- Per unit, per year
- Median gross sales
- $1.8M
- Avg p&l bottom line
- $561K
- Reported as P&L Bottom Line in FDD Item 19
- Cash-on-cash
- 20.7%
- Based on P&L Bottom Line / investment midpoint
- Item 19 type
- Actual
- Sample size
- 169 units
- vs category median 14 · large
- Range (low → high)
- $529K→$6.4M
- Cohort dispersion (min → max)
- Quartile band
- $1.4M→$2.4M
- Bottom 25% → top 25%
- Transparency
- 10 / 5
- vs category median 4 / 5 · above
Compared against 237 Education brands
Revenue is only 0.7x the investment. This means each unit may take 5+ years to recoup the initial outlay at typical margins.
vs Education averages
How Goldfish Swim School Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 199
- Opened
- 23
- Last reporting year
- Closed
- 1
- Turnover rate
- 0.5%
- Company-owned
- 7
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Net growth (yr3)
- +11.6%
- Net unit change last year
- 3-yr CAGR
- +23.9%
- Compounded over last 3 years
3-year detail · Item 20
- Opened (3yr)
- 20
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 8
- Reacquired (3yr)
- 0
- Franchisor bought back
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.
Available to sell in · Item 12
- Michigan
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
- 106
- Loan volume
- $165.1M
- Median loan
- $1.5M
- 50th percentile
- 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)
- 100.0%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 30
- Defaults
- 0
Vintage analysis
Goldfish Swim School charge-off rate by loan vintage
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Goldfish Swim School's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 15 states
- Startup risk premium and job creation velocity
- 15-year lending trend
- SBA 504 real estate/equipment data
Instant access. No subscription.
With a 0.0% charge-off rate across 106 loans, banks have historically viewed this brand favorably for lending.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Goldfish presents moderate risk: high capital requirements, aggressive royalties, and unvalidated financial claims in a labor-intensive, seasonally-sensitive market require thorough franchisee validation.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $50,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Plante & Moran, PLLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: No
- Restricted to system-approved products: No
Score breakdown · what drove the 25 / 100 rating
- 01MINORHigh initial investment ($1.66M-$3.75M) with moderate unit growth (11.6% YoY) creates longer payback period risk
- 02MINORDual-tier royalty structure (greater of $1,250/mo or 6%) is aggressive; at $1.99M avg revenue, 6% royalty = ~$119,400/year in perpetuity
- 03MINORAverage net income of $560,524 on $1.99M revenue (28% margin) appears optimistic for swim instruction (labor-intensive, seasonal demand, facility overhead)
- 04MEDNo Item 19 financial performance representations disclosed; cannot validate average revenue/income claims independently
- 05MINORModerate unit growth (11.6% YoY on 199 units = ~23 new locations) suggests market saturation or franchisee satisfaction plateau
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 | 15 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | Area of Primary Responsibility |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Michigan |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 82 hrs
- On-the-job training
- 34 hrs
- Training location
- On-site
- Franchisor financing
- Offered
- Item 10
- POS system
- iClassPro Enterprise Portal
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: iClassPro Enterprise Portal
Item 20 · call current owners
Franchisee Contacts
15 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Goldfish Swim School · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Goldfish Swim School franchise?
The total investment to open a Goldfish Swim School franchise ranges from $1.7M – $3.7M, 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 Goldfish Swim School franchise owners earn?
According to Item 19 of the Goldfish Swim School FDD, the average gross sales per unit is $2.0M. The median is $1.8M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Goldfish Swim School's franchise failure rate?
Based on SBA 7(a) loan data, Goldfish Swim School has a charge-off rate of 0.0% across 106 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 Goldfish Swim School franchise locations are there?
As of their most recent FDD filing, Goldfish Swim School has 199 total units in the United States, including 155 franchised units and 7 company-owned units. 23 new units were opened in the latest reporting year.
Is Goldfish Swim School a good franchise to buy?
FranchiseVerdict rates Goldfish Swim School as a A-grade franchise with a risk score of 25 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.