Perkins Restaurant and Bakery Franchise Cost, Revenue & Review 2026
- Investment
- $1.4M – $3.6M
- Disclosed sales
- $1.9M
- gross sales, not profit
- SBA charge-off
- 6.7%
- on 39 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Perkins Restaurant and Bakery is a family-dining franchise serving all-day breakfast, comfort food, and its signature bakery pies. Franchisees run full-service restaurants with an in-house bakery, managing kitchen and service staff across dayparts.
FranchiseVerdict summary · 2026
A Perkins Restaurant and Bakery franchise requires a total initial investment of $1.4M – $3.6M, including a $40K franchise fee and an ongoing 4.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.9M[2]. SBA 7(a) loans show a 6.7% charge-off rate across 39 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: 2025 filing · Data extracted: · Last cited check: · Staleness risk: medium - a newer filing may exist
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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $1.4M – $3.6M
- 96th pct Service Resta…
- Avg gross sales
- $1.9M
- Net sales32nd pct Service Resta…
- Royalty
- 4.0%
- 3rd pct Service Resta…
- Units
- 257
- 85th pct Service Resta…
- SBA charge-off
- 6.7%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Quick-Service Restaurants · color = vs category peers
Green = favorable by >10% vs Quick-Service Restaurants 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 $1.4M – $3.6M including a $40K franchise fee, 4.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.9M/year (median $1.9M).
- RISKVerdict B (Above average), verdict score 60/100 (higher is better). SBA loan charge-off rate of 6.7% across 39 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -8 franchised outlets in the latest year (1 opened, 3 closed); 60 signed but not yet open (Item 20).
- FLAGItem 4 discloses a bankruptcy of an officer or of a company an officer ran, not of the franchisor. Review Item 4 for details.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Perkins LLC
- Parent company
- Ascent Hospitality Management LLC
- FDD Item 1, page 12 of the 2025 FDD
- Ultimate parent
- Elysium Management LLC
- FDD Item 1, page 7 of the 2025 FDD
- Predecessor
- Perkins & Marie Callender's, LLC
- Prior franchisor entity
- CEO title
- Chief Executive Officer and President
- Paul Damico
- Incorporated in
- DE
- HQ
- 5901-B Peachtree Dunwoody Road, Suite 450, Sandy Springs, Georgia 30328
- Auditor
- Frazier & Deeter, LLC
- Audited financials
- Franchisor revenue
- $191.5M
- vs $200.2M prior year
Independent franchisee associations
- Franchise Advisory Council (FAC)
- Independent Franchisee Association
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- of Perkins
- Huddle House
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Paul Damico
- Headquarters
- GA
- Founded
- 1958
- FDD year
- 2025
- States available
- 30
Can you afford it, and what does the money buy?
Entry cost runs 417% above the typical quick-service restaurants franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown17 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $40K | $40K | |
| Training Fee and Travel and Living Expenses While Training | $40K | $60K | |
| Real Estate - Rent for First 3 months | $20K | $60K | |
| Improvements | $700K | $2.3M | |
| Interest during construction | $25K | $30K | |
| Equipment and Seating | $350K | $650K | |
| Signs and Decor | $35K | $82K | |
| Site Plan/Engineering Drawings | $13K | $35K | |
| Travel Expenses for Opening Guide Meeting | $0 | $750 | |
| Smallwares, Small equipment, Opening Inventory and Uniforms | $50K | $75K | |
| POS System | $16K | $21K | |
| Help Desk (total for first 3 months) | $215 | $375 | |
| Hardware and Software Components - Computer Security | $5K | $7K | |
| Other Computer and Technology Expenses (first 3 months) | $675 | $1K | |
| Grand Opening Promotion | $5K | $15K | |
| Miscellaneous Opening Costs | $45K | $55K | |
| Additional Funds-3 Months | $100K | $150K | |
| Total initial investment | $1.4M | $3.6M |
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.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $1.4M – $3.6M
- Bottom third — review vs category
- Liquid capital req'd
- $100K – $150K
- Bottom third — review vs category
- Franchise fee
- $40K – $40K
- Middle of category vs category
- Royalty
- 4.0%
- typical 6–8%
- Ad fund
- 3.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 4.0% of net sales |
| Marketing / ad fund | 3.0% of net sales |
| Technology fee | $850 |
| Training fee | $40K |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Inventory (initial) | $50K – $75K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales run 98% above the quick-service restaurants norm.
Reported as net sales, not gross sales
Source: FDD 2025 · 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 Perkins Restaurant and Bakery 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
$2.6M
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
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 Perkins Restaurant and Bakery 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: 2025 FDD
Financial Performance
Reported as net sales, not gross sales
- Avg gross sales
- $1.9M
- Per unit, per year
- Median gross sales
- $1.9M
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- net sales tiers
- Sample size
- 168 outlets
- vs category median 19 · large
- Range (low → high)
- $590K→$4.2MCited, not corroborated — printed on page 78 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Quartile band
- $996K→$3.1M
- Bottom 25% → top 25%
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 781 Quick-Service Restaurants brands
Revenue is only 0.8x 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 $1.9M/year in gross sales. Revenue-to-investment ratio: 0.8x.
Fee burden
Total ongoing fee load of 7.0% (near the Quick-Service Restaurants median).
Disclosure
Transparency score 4/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System contracting at -8.4% 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 Quick-Service Restaurants medians
How Perkins Restaurant and Bakery Compares
Category median of published Quick-Service Restaurants 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 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 257
- Opened
- 1
- Last reporting year
- Closed
- 3
- Terminated
- 1
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 3
- Term expired, not renewed (per Item 20)
- Turnover rate
- 4.0%
- Company-owned
- 82
- Corporate units in the system
- % franchised
- 68%
- vs corporate-owned
- Net growth (3-yr)
- -8.4%
- Net unit change over 3 years
- 3-yr CAGR
- -8.4%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 1
- Not renewed
- 3
- Transferred
- 9
- Reacquired
- 2
- Franchisor bought back
- Signed, not yet open
- 60
- 0.23 per open outlet · Item 20 Table 5
- Projected new
- 7
- Franchisor's next-year forecast
- Transfer rate
- 5.1%
- Owners selling to other franchisees
- Continuity rate
- 95.1%
- Units that stayed open
- Termination rate
- 2.3%
- Franchisor-initiated terminations
- Ceased ops
- 1.7%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 32 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).
Where the owners are · Item 20 owner list
166 current owners across 29 states; 22 former (terminated, transferred or not renewed) listed separately.
- PA 37
- MN 21
- OH 18
- SD 11
- WI 9
- NE 8
- NJ 7
- IA 6
- NY 6
- IN 5
- KS 5
- TN 5
- +17 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.
- Total loans
- 39
- Loan volume
- $28.0M
- Median loan
- $717K
- average
- Charge-off rate
- 6.7%
- on 39 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)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 7
- Defaults
- 2
- Typical loan rate
- 6.6%
- avg rate to borrowers
- vs industry
- N/A
- Jobs supported
- N/A
- Lender concentration
- 16%
- top lender's share
Vintage analysis
Perkins Restaurant and Bakery charge-off rate by loan vintage
Top lenders financing Perkins Restaurant and Bakery franchisees
Showing 3 of 7 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 Perkins Restaurant and Bakery from SBA 7(a) FOIA data.
- Avg interest rate
- 6.57%
- Lender concentration
- 15.8%
Top SBA lendersTop lender holds 16% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | Wells Fargo Bank National Association | 6 | $4.3M | 0.0% |
| 2 | First Interstate Bank | 5 | $1.6M | 0.0% |
| 3 | First Citizens Bank of Butte | 3 | $770K | 0.0% |
| 4 | Northwest Bank | 2 | $1.4M | 0.0% |
| 5 | First Savings Bank | 2 | $2.4M | N/A |
| 6 | MISSINGMAINBANKID | 1 | $160K | 0.0% |
| 7 | Columbia Bank | 1 | $750K | 0.0% |
| 8 | Business Loan Center, LLC | 1 | $1.0M | 0.0% |
| 9 | PNC Bank, National Association | 1 | $274K | N/A |
| 10 | Heritage Bank, National Association | 1 | $250K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| MNMinnesota | 6 | 0 | 0.0% |
| COColorado | 4 | 0 | 0.0% |
| INIndiana | 4 | 0 | 0.0% |
| NJNew Jersey | 4 | 0 | 0.0% |
| FLFlorida | 3 | 0 | 0.0% |
| IAIowa | 3 | 1 | 50.0% |
| MTMontana | 3 | 0 | 0.0% |
| WAWashington | 3 | 0 | 0.0% |
| KSKansas | 2 | 0 | -- |
| OHOhio | 2 | 1 | 100.0% |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
SBA loans charge off at 6.7% — 58% 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
Perkins faces declining unit economics, undisclosed profitability, employment litigation exposure, and unclear financial viability, creating meaningful risk for new franchisees entering a contracting system.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
4 predecessor (PMC) employment/PAGA cases; Norwalt (wrongful termination + PAGA, settled $26K), Ramirez (PAGA wage deductions, settled $7K), Nourani (PAGA off-clock/overtime, no resolution), Cupp (class/PAGA rest breaks, individual arbitration, no resolution). All relate to predecessor franchisor Perkins & Marie Callender's LLC.
Bankruptcy (Item 4)
Subject: an officer. An officer’s own bankruptcy or a company an officer ran, not the franchisor’s
Predecessor PMC (Perkins & Marie Callender's LLC) filed Chapter 11 August 2019 (Case No. 19-11743, D. Del.). Also non-affiliate TOMS King LLC Chapter 11 filed January 2023 (Case No. 23-50001), cases closed May/July 2023 — disclosed because current Brand President Matt Carpenter was CEO of TOMS King during bankruptcy.
Audited financials (Item 21)
Yes · Frazier & Deeter, LLC
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Consolidated statements of operations for Perkins, LLC and Subsidiary, fiscal year ended April 29, 2025 (in thousands). Total revenues of $191,524K comprise Revenues $180,599K and Marketing fund revenues $10,925K. Net loss of $(487)K. Prior year (April 30, 2024) total revenues $200,215K, net income $7,613K.
ⓘ 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
- Can negotiate own supplier terms: No
Score breakdown · what drove the 60 / 100 verdict
- 01MINORDeclining unit count (-4.4% YoY) indicates system contraction and potential franchisee struggles
- 02HIGHMaterial employment litigation against predecessor franchisor (PMC) involving wage/hour violations and PAGA claims signals potential operational/compliance risks
- 03MINOR20-year term is lengthy commitment for declining franchise with unproven current profitability metrics
- 04HIGHSuccessor franchisor liability exposure unclear given litigation tied to predecessor operations
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% of sales (royalty + ad fund), before rent and labor.
Source: FDD 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 20 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 3 mi |
| 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 | 5 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 10 days |
| Curable defaultsℹ | 4 |
| Mandatory arbitration | No |
| Arbitration location | Fulton County, Georgia or U.S. District Court for Northern District of Georgia |
| Jury trial waiver | Yes |
| Governing law | GA |
| Litigation count | 4 |
View Item 3 litigation summary
4 predecessor (PMC) employment/PAGA cases; Norwalt (wrongful termination + PAGA, settled $26K), Ramirez (PAGA wage deductions, settled $7K), Nourani (PAGA off-clock/overtime, no resolution), Cupp (class/PAGA rest breaks, individual arbitration, no resolution). All relate to predecessor franchisor Perkins & Marie Callender's LLC.
Items 10, 11
Training & Operations
- Classroom training
- 34 hrs
- On-the-job training
- 100 hrs
- Training location
- Perkins Certified Training Restaurants (company-owned and/or franchised, as designated)
- Ongoing training
- Required
- Time to open
- 12 mo
- From signing to launch
- Site selection
- Franchisee proposes, Perkins approves
- Franchisor financing
- Offered
- Item 10
- POS system
- Micros 3700
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Micros 3700
Item 20 · call current owners
Franchisee Contacts
188 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 Perkins Restaurant and Bakery franchise?
The total investment to open a Perkins Restaurant and Bakery franchise ranges from $1.4M – $3.6M, with an initial franchise fee of $40K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Perkins Restaurant and Bakery franchise owners earn?
According to Item 19 of the Perkins Restaurant and Bakery FDD, the average gross sales per unit is $1.9M. The median is $1.9M. Important context: Reported as net sales, not gross sales. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Perkins Restaurant and Bakery?
Perkins Restaurant and Bakery is franchised by Perkins LLC. Its parent company is Ascent Hospitality Management LLC. The ultimate parent named in the FDD is Elysium Management LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Perkins Restaurant and Bakery 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 Perkins Restaurant and Bakery FDD and qualifies whose outlets they describe.
What is Perkins Restaurant and Bakery's franchise failure rate?
Based on SBA 7(a) loan data, Perkins Restaurant and Bakery has a charge-off rate of 6.7% across 39 loans, meaning 6.7% 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 Perkins Restaurant and Bakery franchise locations are there?
As of their most recent FDD filing, Perkins Restaurant and Bakery has 257 total units in the United States, including 175 franchised units and 82 company-owned units. 1 new units were opened in the latest reporting year.
Is Perkins Restaurant and Bakery a good franchise to buy?
FranchiseVerdict rates Perkins Restaurant and Bakery as a B-grade franchise with a verdict score of 60 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.