Putt-Putt Franchise Cost, Revenue & Review 2026
- Investment
- $420K – $975K
- Disclosed sales
- not disclosed
- SBA charge-off
- 33.3%
- on 30 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Putt-Putt is a family entertainment franchise operating mini-golf courses often paired with arcades, go-karts, and games. Franchisees run the venues, managing courses, attractions, parties, and staffing.
FranchiseVerdict summary · 2026
A Putt-Putt franchise requires a total initial investment of $420K – $975K, including a $20K 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. SBA 7(a) loans show a 33.3% charge-off rate across 30 loans[1]. FranchiseVerdict grade: F (Weakest 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: medium - issued 12 to 24 months ago; a newer filing is likely on file
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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $420K – $975K
- 30th pct Recreation & …
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 2nd pct Recreation & …
- Units
- 25
- 33rd pct Recreation & …
- SBA charge-off
- 33.3%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Recreation & Entertainment · color = vs category peers
Green = favorable by >10% vs Recreation & Entertainment 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 $420K – $975K including a $20K 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 F (Weakest tier), verdict score 24/100 (higher is better). SBA loan charge-off rate of 33.3% across 30 loans (well above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHNegative: net -4 franchised outlets in the latest year (0 opened, 4 closed) (Item 20).
- DECLINESystem contracting at -13.8% CAGR over 3 years. Investigate whether closures are franchisor-driven (consolidation) or franchisee-driven (economics).
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Putt-Putt, LLC
- Predecessor
- PPC Investments LLC
- Prior franchisor entity
- CEO title
- President, Chief Executive Officer, and sole Manager
- David M. Callahan
- Incorporated in
- North Carolina
- HQ
- 1414 Raleigh Road, Suite 410, Chapel Hill, North Carolina 27517
- Auditor
- Romeo, Wiggins & Company, L.L.P.
- Audited financials
- Franchisor revenue
- $471K
- vs $564K prior year
Overview
About
- CEO
- David M. Callahan
- Headquarters
- NC
- Founded
- 1954
- FDD year
- 2025
- States available
- 12
Can you afford it, and what does the money buy?
Entry cost runs 25% above the typical recreation & entertainment franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown10 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $20K | $20K | |
| Miniature Golf Course | $175K | $550K | |
| Concessions | $35K | $65K | |
| Design Costs | $15K | $50K | |
| Site Evaluation | $0 | $5K | |
| Real Estate | — | — | |
| Point of Sale hardware/software, Office computers/equipment, and General Supplies | $50K | $75K | |
| Initial Training | $5K | $10K | |
| Insurance | $20K | $50K | |
| Additional Funds – 3 months | $100K | $150K | |
| Total initial investment | $420K | $975K |
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
- $420K – $975K
- Top 40% of category vs category
- Liquid capital req'd
- $100K – $150K
- Middle of category vs category
- Franchise fee
- $20K – $20K
- Top 40% of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 6.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Transfer fee | $10K |
| Renewal fee | $10K |
| Total fee load | 6.0% of rev |
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
Putt-Putt 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 Putt-Putt 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: 2025 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 6.0% — below the Recreation & Entertainment median of 8.0%.
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 -13.8% 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 Recreation & Entertainment medians
How Putt-Putt Compares
Category median of published Recreation & Entertainment 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
- 25
- Opened
- 0
- Last reporting year
- Closed
- 4
- Terminated
- 2
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 16.0%
- Company-owned
- 0
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -13.8%
- Net unit change over 3 years
- 3-yr CAGR
- -13.8%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 2
- Not renewed
- 1
- Transferred
- 1
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 0
- Franchisor's next-year forecast
- Transfer rate
- 4.0%
- Owners selling to other franchisees
- Termination rate
- 12.0%
- Franchisor-initiated terminations
- Ceased ops
- 16.0%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 12 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
25 current owners across 12 states.
- NC 5
- TN 4
- VA 3
- FL 2
- IN 2
- KY 2
- TX 2
- CA 1
- GA 1
- LA 1
- OH 1
- PA 1
Counts only, from the list the franchisor prints in Item 20; 20 entries carry no state. 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
- 30
- Loan volume
- $12.3M
- Median loan
- $411K
- average
- Charge-off rate
- 33.3%
- on 30 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)
- 66.7%
- 5-yr charge-off
- 14.3%
- Loans approved 2021+
- Active lenders
- 18
- Defaults
- 9
- Typical loan rate
- N/A
- vs industry
- N/A
- Jobs supported
- N/A
- Lender concentration
- 20%
- top lender's share
Vintage analysis
Putt-Putt charge-off rate by loan vintage
Top lenders financing Putt-Putt franchisees
Showing 3 of 18 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 Putt-Putt from SBA 7(a) FOIA data.
- Lender concentration
- 20.0%
Top SBA lendersTop lender holds 20% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | JPMorgan Chase Bank, National Association | 6 | $1.5M | 33.3% |
| 2 | First Western SBLC, Inc | 3 | $1.4M | 66.7% |
| 3 | Bank of America, National Association | 3 | $737K | 50.0% |
| 4 | U.S. Bank, National Association | 2 | $1.2M | 0.0% |
| 5 | Wells Fargo Bank National Association | 2 | $585K | 0.0% |
| 6 | GE Capital Small Business Finance Corporation | 2 | $2.1M | 100.0% |
| 7 | First United Bank and Trust Company | 1 | $49K | 100.0% |
| 8 | Manufacturers and Traders Trust Company | 1 | $200K | 0.0% |
| 9 | First-Citizens Bank & Trust Company | 1 | $275K | 100.0% |
| 10 | First Horizon Bank | 1 | $436K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| TXTexas | 5 | 1 | 25.0% |
| OHOhio | 4 | 0 | 0.0% |
| GAGeorgia | 3 | 2 | 66.7% |
| MIMichigan | 3 | 0 | 0.0% |
| NMNew Mexico | 3 | 0 | 0.0% |
| VAVirginia | 3 | 0 | 0.0% |
| WVWest Virginia | 3 | 3 | 100.0% |
| INIndiana | 1 | 1 | 100.0% |
| LALouisiana | 1 | 0 | 0.0% |
| NCNorth Carolina | 1 | 1 | 100.0% |
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
A 33.3% charge-off rate means roughly 1 in 3 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 33.3% — 108% above the 16.0% national norm, i.e. higher 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
Established mini-golf/FEC franchisor (since 2004) with 25 franchised units, no financial distress, bankruptcy, or going-concern, and audited financials. Concerns are a single Item 3 litigation matter, no Item 19 disclosure, and a -13.8% unit decline.
Litigation (Item 3)
Subject: the franchisor is a named party (plaintiff).
Putt-Putt, LLC v. Putt-Putt Golf Courses of Richmond, Inc., Gary Claude Hinshaw and Patricia W. Hinshaw, Case No. 3:24-cv-00666 (E.D. Va. 2024). Suit to enforce system standards and collect royalties.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Romeo, Wiggins & Company, L.L.P.
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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
- Can negotiate own supplier terms: No
Score breakdown · what drove the 24 / 100 verdict
- 01HIGH1 litigation matter
- 02MINORNo Item 19 disclosure
- 03MINORDeclining units (net_growth -13.8%)
- 04MINORNo bankruptcy, going-concern, or distress; audited financials
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.0% 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 | 5 years |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 10 mi |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 10 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 30 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 11 |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | North Carolina |
| Litigation count | 1 |
View Item 3 litigation summary
Putt-Putt, LLC v. Putt-Putt Golf Courses of Richmond, Inc., Gary Claude Hinshaw and Patricia W. Hinshaw, Case No. 3:24-cv-00666 (E.D. Va. 2024). Suit to enforce system standards and collect royalties.
Items 10, 11
Training & Operations
- Classroom training
- 0 hrs
- On-the-job training
- 160 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Franchisor financing
- Not offered
- Item 10
- POS system
- CenterEdge Software
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: CenterEdge Software
Item 20 · call current owners
Franchisee Contacts
45 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 Putt-Putt franchise?
The total investment to open a Putt-Putt franchise ranges from $420K – $975K, with an initial franchise fee of $20K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Putt-Putt franchise owners earn?
Putt-Putt 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 Putt-Putt?
Putt-Putt is franchised by Putt-Putt, LLC. Source: FDD Item 1, 2025 filing.
What is Item 19 in the Putt-Putt 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 Putt-Putt FDD and qualifies whose outlets they describe.
What is Putt-Putt's franchise failure rate?
Based on SBA 7(a) loan data, Putt-Putt has a charge-off rate of 33.3% across 30 loans, meaning 33.3% 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 Putt-Putt franchise locations are there?
As of their most recent FDD filing, Putt-Putt has 25 total units in the United States, including 25 franchised units and 0 company-owned units.
Is Putt-Putt a good franchise to buy?
FranchiseVerdict rates Putt-Putt as a F-grade franchise with a verdict score of 24 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.