Hunting Lease Network Franchise Cost, Revenue & Review 2026
- Investment
- $25K – $43K
- Disclosed sales
- not disclosed
- SBA charge-off
- Not SBA-matched
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
Hunting Lease Network is a business services franchise that connects landowners with hunters seeking hunting-lease access. Franchisees run local operations, managing listings, landowner relationships, and lease commissions.
FranchiseVerdict summary · 2026
A Hunting Lease Network franchise requires a total initial investment of $25K – $43K, including a $15K franchise fee and an ongoing 5.0% royalty[2]. This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. FranchiseVerdict grade: D (Below average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2026 filing · Data extracted: · Last cited check: · Staleness risk: low - the current year's filing
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 scored4 of 5 headline figures on this page cite a page of the filing; the rest are marked “Not cited” beside the figure.
Overview
- Investment
- $25K – $43K
- 7th pct Business Serv…
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 5th pct Business Serv…
- Units
- 12
- 18th pct Business Serv…
- SBA charge-off
- N/A
Quick verdict · Business Services · color = vs category peers
Green = favorable by >10% vs Business Services 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 $25K – $43K including a $15K franchise fee, 5.0% ongoing royalty.
- RETURNSThis franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
- RISKVerdict D (Below average), verdict score 36/100 (higher is better).
- GROWTHNegative: net -3 franchised outlets in the latest year (0 opened, 0 closed) (Item 20).
- FLAG3 units terminated last reporting year (25.0% of the system). Ask existing franchisees why.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- National Hunting Lease Network, L.L.C.
- Parent company
- Farmers National Company
- FDD Item 1, page 8 of the 2026 FDD
- Ultimate parent
- FNC, Inc.
- FDD Item 1, page 8 of the 2026 FDD
- Predecessor
- Farmers National Company
- Prior franchisor entity
- Incorporated in
- NE
- HQ
- 11516 Nicholas Street, Suite 100, Omaha, Nebraska 68154-8016
- Auditor
- Deloitte & Touche LLP
- Audited financials
- Franchisor revenue
- $67.8M
- vs $65.4M prior year
Overview
About
- CEO
- Troy A. Langan
- Headquarters
- NE
- Founded
- 2004
- FDD year
- 2026
- States available
- 9
Can you afford it, and what does the money buy?
Entry cost runs 75% below the typical business services franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $15K | $15K |
| Working capital (3–6 mo) | $3K | $7K |
| Equipment, build-out, other | $8K | $21K |
| Total initial investment | $25K | $43K |
Source: Hunting Lease Network 2026 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
- $25K – $43K
- Top 40% of category vs category
- Liquid capital req'd
- $3K – $7K
- Top 40% of category vs category
- Franchise fee
- $15K – $15K
- Top 40% of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 5.0%
- typical 3–5%
- Total fee load
- 5.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 5.0% |
| Training fee | $500 |
| Transfer fee | $10K |
| Renewal fee | $1K |
| Total fee load | 5.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Hunting Lease Network makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. The return models need a revenue figure to start from, and the operating costs that turn gross sales into a profit are in no FDD. Enter your own and the calculator runs on your assumptions — nothing here is modelled until you do.
Returns model · single-unit ROIC
What would one Hunting Lease Network 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 annual revenue, 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.
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
No financial performance representation
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that.
Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
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 5.0% — below the Business Services median of 9.0%.
Disclosure
This franchisor makes no financial performance representation in Item 19 of its FDD. Item 19 is voluntary under the FTC Franchise Rule, and this filing states that it makes none, so no revenue or earnings figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Operator retention
System contracting at -21.4% CAGR over 3 years. Investigate whether closures are franchisor-driven consolidation or franchisee exits.
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 Business Services medians
How Hunting Lease Network Compares
Category median of published Business Services 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
- 12
- Opened
- 0
- Last reporting year
- Closed
- 0
- Terminated
- 3
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 45.5%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 92%
- vs corporate-owned
- Net growth (3-yr)
- -21.4%
- Net unit change over 3 years
- 3-yr CAGR
- -21.4%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 3
- Not renewed
- 0
- Transferred
- 0
- Reacquired
- 0
- Franchisor bought back
- Projected new
- 0
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 33 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.
Where the owners are · Item 20 owner list
42 current owners across 33 states.
- AL 3
- FL 2
- IL 2
- IN 2
- MT 2
- NV 2
- OH 2
- SC 2
- AR 1
- CA 1
- CO 1
- CT 1
- +21 more states
Counts only, from the list the franchisor prints in Item 20. Names and phone numbers are for your own due diligence and are not shown here.
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
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Deloitte & Touche LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Financial statements are consolidated for FNC, Inc. and subsidiaries (NHLN's parent), not NHLN itself. NHLN is a wholly-owned subsidiary of FNC, Inc., which has signed a written guaranty of NHLN's obligations. Audited by Deloitte & Touche LLP, report dated November 14, 2025; fiscal year ended September 30, 2025.
ⓘ 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: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
Score breakdown · what drove the 36 / 100 verdict
- 01MEDSystem contracting sharply: 12 units with -21.4% YoY decline indicates franchisees are exiting or failing
- 02MEDNo financial performance data disclosed: Item 19 absence prevents ROI validation and suggests franchisor may be hiding poor results
- 03MEDModest initial investment ($25k-$42.5k) with 5% royalty creates low barrier to entry but also signals limited support infrastructure
- 04MEDNiche market concentration: Hunting lease networking has limited addressable market and high geographic/seasonal dependency
- 05MINORSmall franchisee base (12 units) provides minimal economies of scale and suggests difficulty recruiting/retaining franchisees
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 5.0% 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 | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| 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 | 1 year |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Curable defaultsℹ | 10 |
| Mandatory arbitration | Yes |
| Arbitration location | Nebraska |
| Jury trial waiver | No |
| Governing law | NE |
| Litigation count | 0 |
Items 10, 11
Training & Operations
- Classroom training
- 9 hrs
- On-the-job training
- 0 hrs
- Training location
- Omaha, Nebraska
- Ongoing training
- Required
- Time to open
- 3 mo
- From signing to launch
- Site selection
- franchisee with franchisor approval
- Franchisor financing
- Not offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
42 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 Hunting Lease Network franchise?
The total investment to open a Hunting Lease Network franchise ranges from $25K – $43K, with an initial franchise fee of $15K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Hunting Lease Network franchise owners earn?
Hunting Lease Network makes no financial performance representation in Item 19 of its FDD - a voluntary item under the FTC Franchise Rule - so no unit revenue figures are disclosed. Declining to publish one is lawful and is not evidence of how the outlets perform. It does mean that less about this brand can be verified from its filing, and the FranchiseVerdict grade - an editorial assessment, not investment advice - reflects that. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns Hunting Lease Network?
Hunting Lease Network is franchised by National Hunting Lease Network, L.L.C.. Its parent company is Farmers National Company. The ultimate parent named in the FDD is FNC, Inc.. Source: FDD Item 1, 2026 filing.
What is Item 19 in the Hunting Lease Network 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 Hunting Lease Network FDD and qualifies whose outlets they describe.
What is Hunting Lease Network's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Hunting Lease Network (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 Hunting Lease Network franchise locations are there?
As of their most recent FDD filing, Hunting Lease Network has 12 total units in the United States, including 11 franchised units and 1 company-owned units.
Is Hunting Lease Network a good franchise to buy?
FranchiseVerdict rates Hunting Lease Network as a D-grade franchise with a verdict score of 36 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.