MRI NetworkFranchise Cost, Revenue & Review 2026
Data from FDD filing
FranchiseVerdict summary · 2026
A MRI Network franchise requires a total initial investment of $2K – $15K and an ongoing 1.0% royalty[2]. Per the 2023 FDD, average unit revenue was $95K[2]. Verdict grade: F. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2023 FDD issuance
Overview
- Investment
- $2K – $15K
- 0th pct Business Serv…
- Avg gross sales
- $95K
- 2nd pct Business Serv…
- Royalty
- 1.0%
- 2nd pct Business Serv…
- Units
- 205
- 49th pct Business Serv…
- SBA default
- N/A
Quick verdict · Business Services · color = vs category peers
Green = >15% above Business Services 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
Each dollar invested generates 11.5x in gross revenue, well above the typical 1.5-2.5x range.
Franchising since 1965. Systems this mature have refined operations and brand recognition.
Franchised units fell from 265 to 205 over 3 years. Investigate why operators are leaving.
Bottom line
- Total investment $2K – $15K including a $0 franchise fee, 1.0% ongoing royalty.
- Average unit revenue of $95K/year.
- Verdict F (Bottom Quintile) with a risk score of 100/100.
- System contracting at -22.6% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- HQ MRI Corporation
- Parent company
- HireQuest, Inc.
- Incorporated in
- DE
- HQ
- 111 Springhall Drive, Goose Creek, SC 29445
- Auditor
- Plante & Moran, PLLC
- Audited financials
- Franchisor revenue
- $23K
- vs $31K prior year
Affiliated brands
- HQ Franchising
- Hire Quest
Other brands the franchisor or its parent operates (Item 1).
Overview
About
MRI Network franchisees operate as staffing/recruitment agencies specializing in MRI technician placement and related healthcare staffing services. Franchisees source candidates, match them with client healthcare facilities, and earn placement commissions while paying franchisor royalties and flat service fees regardless of revenue performance.
- CEO
- Richard F. Hermanns
- Headquarters
- SC
- Founded
- 1965
- FDD year
- 2023
- States available
- 42
FDD Item 7 · 2023 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Working capital (3–6 mo) | $0 | $5K |
| Equipment, build-out, other | $2K | $10K |
| Total initial investment | $2K | $15K |
Source: MRI Network 2023 FDD, Items 5 and 7[2]. “Equipment, build-out, other” is computed as total minus disclosed line items above.
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
$20K
21.5% margin
Unlevered ROIC
189%
EBITDA / total invested capital
Payback
6 mo
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $2K – $15K
- Better than avg vs category
- Liquid capital req'd
- $0 – $5K
- Better than avg vs category
- Franchise fee
- N/A
- Better than avg vs category
- Royalty
- 1.0%
- percentage · typical 6–8%
- Ad fund
- 0.5%
- typical 3–5%
- Total fee load
- 1.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 1.0% of gross sales |
| Marketing / ad fund | 0.5% of gross sales |
| Transfer fee | $5K |
| Total fee load | 1.5% of rev |
A 1.5% total fee load is unusually lean. More of each revenue dollar stays with the franchisee.
Financial Performance
- Avg gross sales
- $95K
- Per unit, per year
- Median gross sales
- N/A
- Item 19 type
- Historical performance of existing outlets
- Sample size
- 197 units
- vs category median 32 · large
- Range (low → high)
- $196→$189K
- Cohort dispersion (min → max)
- Transparency
- 0 / 5
- vs category median 3 / 5 · below
Compared against 360 Business Services brands
Revenue is 11.5x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
vs Business Services averages
How MRI Network Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 205
- Opened
- 6
- Last reporting year
- Closed
- 49
- Turnover rate
- 23.9%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (yr3)
- -17.3%
- Net unit change last year
- 3-yr CAGR
- -22.6%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 2
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 41 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.
A system losing more than 10% of its units year-over-year is a red flag. Check whether closures are concentrated in specific regions.
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.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
MRI Network exhibits high-risk characteristics including rapid unit contraction, litigation history, undisclosed financials, high fixed fees on short terms, and unprotected territories—suggesting a destabilized system with structural incentive misalignment.
Litigation (Item 3)
4 case reference(s): 3 pending, 6 settled.
Largest disclosed settlement: $300,000
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 100 / 100 rating
- 01MINORUnit count declining 17.3% YoY indicates systematic franchisee failure or attrition
- 02MINORThree concluded legal actions involving breach of contract, royalty disputes, and territory conflicts suggest systemic governance and enforcement issues
- 03MEDNo average revenue or net income disclosure (missing Item 19) prevents realistic ROI assessment on $24K-$48K annual fees
- 04MEDHigh fixed annual fees ($24K-$48K minimum) on undisclosed revenue creates cash flow risk, especially with 1% variable royalty
- 05MINORTerritory not protected despite 205 competing units exposes franchisees to internal competition and encroachment
- 06MINOR3-year term is unusually short, limiting franchisee ability to recoup $2K-$14.5K investment and build equity
- 07HIGHGoing Concern = False raises questions about franchisor's financial stability and long-term viability
- 08MINORZero franchise fee suggests franchisor prioritizes rapid unit growth over quality franchisee screening
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 | 3 years |
|---|---|
| Renewal term | 5 years |
| Territory type | non_exclusive |
| Protected territory | No |
| Online sales rights | Granted |
| 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 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | South Carolina |
| Litigation count | 3 |
View Item 3 litigation summary
4 case reference(s): 3 pending, 6 settled.
Items 10, 11
Training & Operations
- Classroom training
- 27 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and corporate
- Franchisor financing
- Offered
- Item 10
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
187 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
MRI Network · FDD (2023) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a MRI Network franchise?
The total investment to open a MRI Network franchise ranges from $2K – $15K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do MRI Network franchise owners earn?
According to Item 19 of the MRI Network FDD, the average gross sales per unit is $95K. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is MRI Network's franchise failure rate?
SBA 7(a) loan charge-off data is not available for MRI 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 MRI Network franchise locations are there?
As of their most recent FDD filing, MRI Network has 205 total units in the United States, including 265 franchised units and 0 company-owned units. 6 new units were opened in the latest reporting year.
Is MRI Network a good franchise to buy?
FranchiseVerdict rates MRI Network as a F-grade franchise with a risk score of 100 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.
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.