SealMaster Franchise Cost, Revenue & Review 2026
- Investment
- $580K – $925K
- Disclosed sales
- partial, no system average
- SBA charge-off
- 10.0%
- on 35 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
SealMaster is a pavement maintenance franchise providing sealcoating, crack filling, and line striping for parking lots and roads. Franchisees run local operations, managing crews, equipment, and commercial and municipal accounts.
FranchiseVerdict summary · 2026
A SealMaster franchise requires a total initial investment of $580K – $925K, including a $35K franchise fee and an ongoing 5.0% royalty[2]. The 2026 FDD on file does not yield a unit-revenue figure we can publish. SBA 7(a) loans show a 10.0% charge-off rate across 35 loans[1]. FranchiseVerdict grade: B (Above average), 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 scored5 of 5 headline figures on this page cite a page of the filing.
Overview
- Investment
- $580K – $925K
- 87th pct Home Services
- Avg gross sales
- N/A
- Royalty
- 5.0%
- 8th pct Home Services
- Units
- 47
- 44th pct Home Services
- SBA charge-off
- 10.0%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Home Services · color = vs category peers
Green = favorable by >10% vs Home 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 $580K – $925K including a $35K franchise fee, 5.0% ongoing royalty.
- RETURNSItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
- RISKVerdict B (Above average), verdict score 65/100 (higher is better). SBA loan charge-off rate of 10.0% across 35 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHFlat: no net change in franchised outlets in the latest year (0 opened, 0 closed) (Item 20).
- DATAItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands. Ask franchisees directly for full unit-level revenue.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- InFrasys, Inc.
- Predecessor
- SealMaster Franchising, Inc.
- Prior franchisor entity
- CEO title
- President
- David L. Thorson
- Incorporated in
- Minnesota
- HQ
- 2520 S. Campbell Street, Sandusky, Ohio 44870
- Auditor
- William Vaughan Company
- Audited financials
- Franchisor revenue
- $25.4M
- vs $24.6M prior year
Independent franchisee associations
- Franchisee Advisory Board
Franchisee-led councils or alliances disclosed in Item 20. Indicates operator voice.
Affiliated brands
- produces and sells pavement maintenance coatings and repair products
- is ThorWorks Industries
- also owns and operates SEALMASTER businesses as described above
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- David L. Thorson
- Headquarters
- OH
- Founded
- 1991
- FDD year
- 2026
- States available
- 38
Can you afford it, and what does the money buy?
Entry cost runs 347% above the typical home services franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $35K | $35K |
| Working capital (3–6 mo) | $100K | $150K |
| Equipment, build-out, other | $445K | $740K |
| Total initial investment | $580K | $925K |
Source: SealMaster 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
- $580K – $925K
- Bottom third — review vs category
- Liquid capital req'd
- $100K – $150K
- Bottom third — review vs category
- Franchise fee
- $35K – $35K
- Top 40% of category vs category
- Royalty
- 5.0%
- typical 6–8%
- Ad fund
- 1.5%
- typical 3–5%
- Total fee load
- 6.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.0% of gross sales |
| Marketing / ad fund | 1.5% of gross sales |
| Transfer fee | $18K |
| Renewal fee | $9K |
| Inventory (initial) | $100K – $150K |
| Total fee load | 6.5% of rev |
What do units actually make?
Source: FDD 2026 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
No Item 19 revenue figure for SealMaster is on file. 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 SealMaster 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
- Item 19 type
- Gross Sales and Cost of Materials for all franchised Manufacturing Facilities systemwide
- Sample size
- 29
- vs category median 32
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 5 / 10
- vs category median 4 / 10 · above
Compared against 319 Home Services brands
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 6.5% — below the Home Services median of 8.0%.
Disclosure
Item 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
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 Home Services medians
How SealMaster Compares
Category median of published Home 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
- 47
- Opened
- 0
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- N/A
- Company-owned
- 4
- Corporate units in the system
- % franchised
- 91%
- vs corporate-owned
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Transferred
- 10
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 0
- 0.00 per open outlet · Item 20 Table 5
- Projected new
- 1
- Franchisor's next-year forecast
- Continuity rate
- 100.0%
- Units that stayed open
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 38 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.
38
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
- 35
- Loan volume
- $28.7M
- Median loan
- $400K
- 50th percentile
- Charge-off rate
- 10.0%
- on 35 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)
- 90.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 19
- Defaults
- 3
- Typical loan rate
- 6.2%
- avg rate to borrowers
- vs industry
- 10.0%
- brand is above its industry ↑
- Jobs supported
- 295
- 1.0 per loan
- Lender concentration
- 17%
- top lender's share
Borrower mix: 0% went to startups / new businesses, 100% to established operators
Vintage analysis
SealMaster charge-off rate by loan vintage
Top lenders financing SealMaster franchisees
Showing 3 of 19 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 SealMaster from SBA 7(a) FOIA data.
- Principal loss rate
- 8.1%
- Avg SBA guarantee
- 68%
- Avg interest rate
- 6.20%
- Avg chargeoff amount
- $775K
- Lender concentration
- 17.1%
- Job velocity
- 1.0 per $100K
- NAICS benchmark
- 10.0%
- NAICS 324121
- Jobs supported
- 295
Top SBA lendersTop lender holds 17% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | United Community Bank | 6 | $2.2M | 0.0% |
| 2 | Manufacturers and Traders Trust Company | 3 | $3.0M | 0.0% |
| 3 | Wells Fargo Bank National Association | 3 | $660K | 0.0% |
| 4 | The Huntington National Bank | 3 | $2.8M | 0.0% |
| 5 | Loans from Old Closed Lenders | 2 | $782K | 0.0% |
| 6 | PNC Bank, National Association | 2 | $445K | 0.0% |
| 7 | Washington Trust Bank | 2 | $1.1M | 0.0% |
| 8 | KeyBank National Association | 2 | $4.6M | 0.0% |
| 9 | SouthState Bank, National Association | 2 | $4.2M | 50.0% |
| 10 | Comerica Bank | 1 | $450K | 0.0% |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| FLFlorida | 5 | 2 | 40.0% |
| GAGeorgia | 5 | 0 | 0.0% |
| KYKentucky | 4 | 0 | 0.0% |
| TXTexas | 4 | 1 | 25.0% |
| COColorado | 3 | 0 | 0.0% |
| AZArizona | 2 | 0 | 0.0% |
| CACalifornia | 2 | 0 | 0.0% |
| IDIdaho | 2 | 0 | 0.0% |
| NYNew York | 2 | 0 | 0.0% |
| ALAlabama | 1 | 0 | 0.0% |
SBA 7(a) lending trend
Borrower profile
Source: SBA 7(a) + 504 FOIA loan-level data, matched by FranchiseVerdict
What could kill this investment?
SBA loans charge off at 10.0% — 38% 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
Financially strong 47-unit franchisor with net worth $19.7M and net income $14.1M. One historical California administrative Citation/Desist order for offering unregistered franchises with a $5,000 penalty is the single minor regulatory concern; otherwise clean with Item 19 disclosed and audited financials.
Litigation (Item 3)
Subject: the franchisor is a named party (defendant).
One administrative proceeding: California Department of Corporations issued a Citation and Desist and Refrain Order against the franchisor for offering unregistered franchises and failing to disclose two prior California civil actions; $5,000 penalty imposed.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · William Vaughan Company
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Revenue figures are for franchisor InFrasys, Inc. only, not for the affiliate ThorWorks Industries, Inc. which separately reported $124,031,833 total revenue in Item 8.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: No
- Can negotiate own supplier terms: No
Score breakdown · what drove the 65 / 100 verdict
- 01MINOR1 historical CA administrative order (unregistered franchise offering, $5,000 penalty)
- 02MINORStrong financials: $14.06M net income, $19.73M net worth
- 03MEDAudited financials, Item 19 disclosed, no bankruptcy
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 6.5% 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 | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 3 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 80 mi |
| Territory population | 3,000,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 3 years |
| Non-compete (miles)ℹ | 500 mi |
| Right of first refusalℹ | Yes |
| RoFR response window | 15 days |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 1 |
| Curable defaultsℹ | 3 |
| Mandatory arbitration | Yes |
| Arbitration location | Erie County, Ohio |
| Jury trial waiver | Yes |
| Governing law | Ohio |
| Litigation count | 1 |
View Item 3 litigation summary
One administrative proceeding: California Department of Corporations issued a Citation and Desist and Refrain Order against the franchisor for offering unregistered franchises and failing to disclose two prior California civil actions; $5,000 penalty imposed.
Items 10, 11
Training & Operations
- Classroom training
- 80 hrs
- On-the-job training
- 40 hrs
- Training location
- On-site and corporate
- Ongoing training
- Required
- Site selection
- franchisee
- Franchisor financing
- Offered
- Item 10
- POS system
- Sage or equivalent
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Sage or equivalent
Item 20 · call current owners
Franchisee Contacts
36 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 SealMaster franchise?
The total investment to open a SealMaster franchise ranges from $580K – $925K, with an initial franchise fee of $35K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do SealMaster franchise owners earn?
Item 19 of the SealMaster FDD discloses figures for part of the system but no single average across all outlets. These are gross sales figures, not profit; the Revenue section shows what the filing reports and on what basis. Item 20 of the FDD lists current and former franchisees; asking them directly is the standard way to fill this gap.
Who owns SealMaster?
SealMaster is franchised by InFrasys, Inc.. Source: FDD Item 1, 2026 filing.
What is Item 19 in the SealMaster 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 SealMaster FDD and qualifies whose outlets they describe.
What is SealMaster's franchise failure rate?
Based on SBA 7(a) loan data, SealMaster has a charge-off rate of 10.0% across 35 loans, meaning 10.0% 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 SealMaster franchise locations are there?
As of their most recent FDD filing, SealMaster has 47 total units in the United States, including 43 franchised units and 4 company-owned units.
Is SealMaster a good franchise to buy?
FranchiseVerdict rates SealMaster as a B-grade franchise with a verdict score of 65 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.