Bottom line
- Total investment $307K – $689K including a $50K franchise fee, 8.0% ongoing royalty.
- Average unit revenue of $239K/year (median $239K).
- Rated MODERATE with a risk score of 59/100. SBA loan default rate of 0.0% across 214 loans (below the industry average).
- System growing at 1000.0% CAGR over 3 years with 124 total units — strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one The Back Nine unit return on the cash you put in?
Unlevered ROIC · per unit
7%
Below typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 The Back Nine units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$383K
on $1.9M purchase
Total debt
$1.5M
SBA $1.0M + senior + seller note
Overview
About
The Back Nine operates golf-themed entertainment venues—likely golf simulator lounges, bars, or entertainment centers. Day-to-day operations involve managing facility usage, food/beverage service, maintaining golf simulation technology, handling customer reservations, and managing staff across what is likely an evening/weekend-heavy revenue model.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 36 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 phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
The Back Nine presents elevated risk due to missing profitability data, explosive unvalidated growth, franchisor going concern status, and unclear unit economics that prevent informed investment decisions.
Score breakdown · what drove the 59 / 100 rating
- 01MINORNo net income disclosure (Item 19) prevents accurate ROI validation and profitability assessment
- 02MINORExtreme unit growth of 380% YoY suggests either rapid expansion or prior low baseline—difficult to sustain and validate quality
- 03HIGHGoing Concern status is FALSE, indicating potential financial instability or structural issues at franchisor level
- 04MINORAverage revenue of $239,280 against $307,050-$688,500 investment creates concerning payback timeline without net income data
- 05MED8% royalty on monthly revenues is standard but combined with other factors limits franchisee margins given disclosed average revenue
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
86 numbers
One-time purchase · CSV download · Validation questions included
FDD download
The Back Nine · FDD (2026) PDF