Goldfish Swim School Franchise Cost, Revenue & Review 2026
- Investment
- $1.7M – $3.7M
- Disclosed sales
- $2.0M
- gross sales, not profit
- SBA charge-off
- 0.0%
- on 106 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Goldfish Swim School is a kids' education franchise teaching swimming and water safety to infants through school-age children. Franchisees run an indoor pool facility managing certified instructors, class scheduling, and member enrollment.
FranchiseVerdict summary · 2026
A Goldfish Swim School franchise requires a total initial investment of $1.7M – $3.7M, including a $50K franchise fee and an ongoing 6.0% royalty[2]. 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]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: low - issued within the last 12 months
Evidence: strong✓ Investment (Item 7)✓ Item 19 status✓ Units and owners (Item 20)✓ SBA loan coverage✓ Litigation (Item 3)✓ Financial statements (Item 21)✓ Franchisor identityhow this is scored7 of 8 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $1.7M – $3.7M
- 77th pct Education
- Avg gross sales
- $2.0M
- 30th pct Education
- Royalty
- 6.0%
- 7th pct Education
- Units
- 199
- 72nd pct Education
- SBA charge-off
- 0.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Education · color = vs category peers
Green = favorable by >10% vs Education median · 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 – $3.7M including a $50K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $2.0M/year (median $1.8M), with an estimated 11% cash-on-cash return (based on PROFIT BEFORE OTHER EXPENSES (8)).
- RISKVerdict A (Strongest tier), verdict score 99/100 (higher is better). SBA loan charge-off rate of 0.0% across 106 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHPositive: net +20 franchised outlets in the latest year (23 opened, 3 closed) (Item 20).
- GROWTHSystem growing at 23.9% CAGR over 3 years with 199 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Goldfish Swim School Franchising LLC
- CEO title
- Managing Member and CEO
- Chris McCuiston
- Incorporated in
- MI
- HQ
- 2701 Industrial Row Drive, Troy, Michigan 48084
- Auditor
- Plante & Moran, PLLC
- Audited financials
- Franchisor revenue
- $31.7M
- 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
- CEO
- Chris McCuiston
- Headquarters
- MI
- Founded
- 2008
- FDD year
- 2026
- States available
- 40
Can you afford it, and what does the money buy?
Entry cost runs 1292% above the typical education franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown14 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 | |
| Total initial investment | $1.7M | $3.7M |
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.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $1.7M – $3.7M
- Bottom third — review vs category
- Liquid capital req'd
- $75K – $350K
- Middle of category vs category
- Franchise fee
- $50K – $50K
- Middle of category vs category
- Royalty
- 6.0%
- Set by a formula · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
- Payback period
- 8.8 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% |
| Technology fee | $700 |
| Transfer fee | $25K |
| Renewal fee | $10K |
| Total fee load | 8.0% of rev |
What do units actually make?
Average unit sales run 389% above the education norm.
Source: FDD 2026 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Goldfish Swim School until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
Total invested capital · disclosed
$2.9M
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings
The FDD reports $561K as PROFIT BEFORE OTHER EXPENSES (8). This is a disclosed figure, not our estimate — we publish no modelled profit for Goldfish Swim School.
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, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Goldfish Swim School unit return on the cash you put in?
Illustrative category typicals — not sourced to any filing, survey or sample. Replace them with figures from franchisee validation calls before you rely on the output.
Unlevered ROIC · per unit
Your modelled return on total invested capital, before any debt financing.
—
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
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%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for COGS, labour, rent / occupancy and other operating costs, and will not substitute an assumed one. Enter your own and the model runs on your assumptions.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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: 2026 FDD
Financial Performance
- Avg gross sales
- $2.0M
- Per unit, per year
- Median gross sales
- $1.8M
- Avg profit before other expenses (8)
- $561K
- Reported as PROFIT BEFORE OTHER EXPENSES (8) in FDD Item 19
- Cash-on-cash
- 11.4%
- Based on PROFIT BEFORE OTHER EXPENSES (8) / 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
- gross sales
- Sample size
- 169 outlets
- vs category median 16 · large
- Range (low → high)
- $529K→$6.4MCited, not corroborated — printed on page 68 of the 2026 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Quartile band
- $1.4M→$2.4M
- Bottom 25% → top 25%
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 10 / 10
- vs category median 4 / 10 · above
Compared against 204 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.
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 $2.0M/year in gross sales. Revenue-to-investment ratio: 0.7x.
Fee burden
Total ongoing fee load of 8.0% (near the Education median).
Disclosure
Transparency score 10/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 23.9% CAGR over 3 years across 199 units — operators are staying and new ones are joining.
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 Education medians
How Goldfish Swim School Compares
Category median of published Education brands that report the figure; the middle half spans the 25th to 75th percentile and n counts the brands behind it. Medians are used because a few very large systems pull an average far from the typical brand. Revenue is disclosed gross sales, not profit.
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 199
- Opened
- 23
- Last reporting year
- Closed
- 3
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 1.5%
- Company-owned
- 7
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
- Net growth (3-yr)
- +23.9%
- Net unit change over 3 years
- 3-yr CAGR
- +23.9%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 1
- Not renewed
- 0
- Transferred
- 8
- Reacquired
- 2
- Franchisor bought back
- Projected new
- 22
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 40 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.
40
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.
- Total loans
- 106
- Loan volume
- $165.1M
- Median loan
- $1.5M
- 50th percentile
- Charge-off rate
- 0.0%
- on 106 loans · 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
- Typical loan rate
- 6.5%
- avg rate to borrowers
- Franchised industry avg
- 12.5%
- brand beats franchise avg ↓
- Jobs supported
- 4,769
- 2.9 per loan
- Lender concentration
- 20%
- top lender's share
Borrower mix: 85% went to startups / new businesses, 15% to established operators
Franchise vs independent — in sports and recreation instruction, franchised businesses charge off at 12.5% vs 14.2% for independents — franchising is associated with 12% lower SBA default risk in this category.
Vintage analysis
Goldfish Swim School charge-off rate by loan vintage
Top lenders financing Goldfish Swim School franchisees
Showing 3 of 30 lenders. The full breakdown — every lender, state distribution, interest rates & risk ratings — is in the SBA Lending Report below.
Explore lender portfolios on Bank Reports or regional data on State Reports.
Lender network · 7(a) + 504
SBA Lending Report
Full lending analysis for Goldfish Swim School from SBA 7(a) FOIA data.
- Principal loss rate
- 0.0%
- Avg SBA guarantee
- 74%
- Avg interest rate
- 6.47%
- Lender concentration
- 19.8%
- Job velocity
- 2.9 per $100K
- Startup risk premium
- 0.0pp
- NAICS benchmark
- 3.1%
- NAICS 611620
- Jobs supported
- 4,769
Top SBA lendersTop lender holds 20% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | First Merchants Bank | 21 | $30.6M | 0.0% |
| 2 | Bank of Ann Arbor | 15 | $21.4M | 0.0% |
| 3 | KeyBank National Association | 8 | $13.6M | 0.0% |
| 4 | Wells Fargo Bank National Association | 8 | $12.3M | 0.0% |
| 5 | The Huntington National Bank | 6 | $6.7M | 0.0% |
| 6 | The Bancorp Bank National Association | 4 | $7.3M | 0.0% |
| 7 | Byline Bank | 4 | $6.7M | 0.0% |
| 8 | Pathward National Association | 3 | $6.9M | 0.0% |
| 9 | Independent Bank | 3 | $6.7M | 0.0% |
| 10 | United Community Bank | 3 | $6.1M | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| NJNew Jersey | 11 | 0 | 0.0% |
| OHOhio | 10 | 0 | 0.0% |
| ILIllinois | 7 | 0 | 0.0% |
| MAMassachusetts | 7 | 0 | 0.0% |
| MIMichigan | 7 | 0 | 0.0% |
| PAPennsylvania | 6 | 0 | 0.0% |
| FLFlorida | 4 | 0 | 0.0% |
| GAGeorgia | 4 | 0 | 0.0% |
| MDMaryland | 4 | 0 | 0.0% |
| NYNew York | 4 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
With a 0.0% charge-off rate across 106 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% below the 16.0% national norm, i.e. lower lender-observed risk.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
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)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
0 case reference(s): 0 pending, 0 settled.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Plante & Moran, PLLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Consolidated total net revenue for Goldfish Swim School Franchising, LLC and Subsidiary; FY2025 (12/31/2025) total net revenue $31,737,995 comprises Revenue $21,414,023, Initial franchise fees $1,114,139, Brand fund fees $7,426,635, Management fees $140,998, Other charges $1,642,200. Audited (unqualified opinion dated March 2, 2026).
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
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
Score breakdown · what drove the 99 / 100 verdict
- 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)
- 04MINORModerate 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
What are you signing up for?
Ongoing fees run about 8.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 15 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | Exclusive territory |
| Protected territory | Yes |
| Exclusive territoryℹ | Yes |
| 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 | 25 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 2 |
| Curable defaultsℹ | 2 |
| Mandatory arbitration | Yes |
| Arbitration location | Oakland County, Michigan |
| Jury trial waiver | Yes |
| Governing law | MI |
| 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
- Troy, Michigan (HQ) and designated locations
- Ongoing training
- Required
- Time to open
- 20 mo
- From signing to launch
- Site selection
- Franchisee with franchisor approval; franchisor provides criteria and review
- Franchisor financing
- Not 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
14 owners to call
Name · phone · city · state. Extracted from FDD Item 20
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.
Who owns Goldfish Swim School?
Goldfish Swim School is franchised by Goldfish Swim School Franchising LLC. Source: FDD Item 1, 2026 filing.
What is Item 19 in the Goldfish Swim School 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 Goldfish Swim School FDD and qualifies whose outlets they describe.
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 192 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 verdict score of 99 out of 100 (higher is better). The grade is a deterministic score built from six weighted dimensions — financial health, unit economics, unit growth, scale, legal, and transparency — then calibrated against SBA loan charge-off rates and FDD age. Transparency is one of the six, so a filing that discloses less scores lower on that dimension than one that discloses more. 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.