The Back Nine Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
The Back Nine is an indoor-golf entertainment franchise offering 24/7 access to private golf-simulator bays, often with a bar. Franchisees run a venue managing simulator bays, memberships, bookings, and food and beverage.
FranchiseVerdict summary · 2026
A The Back Nine franchise requires a total initial investment of $307K – $689K, including a $50K franchise fee and an ongoing 8.0% royalty[2]. The 2026 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 0.0% charge-off rate across 107 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $307K – $689K
- 25th pct Recreation & …
- Avg gross sales
- N/A
- Royalty
- 8.0%
- 39th pct Recreation & …
- Units
- 124
- 46th pct Recreation & …
- SBA charge-off
- 0.0%
- % 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 avg · 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 $307K – $689K including a $50K franchise fee, 8.0% ongoing royalty.
- RETURNSItem 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
- RISKVerdict A (Strongest tier), verdict score 73/100 (higher is better). SBA loan charge-off rate of 0.0% across 107 loans (well below the franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHSystem growing at 1614.3% CAGR over 3 years with 124 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Back Nine Golf Group, LLC
- Ultimate parent
- None
- Predecessor
- The Golf Studio, LLC
- Prior franchisor entity
- CEO title
- Founder & CEO
- Wil Bangerter
- CEO experience
- 2023 yrs
- Years in role or industry
- Founder active
- Yes
- Original founder still leading the business
- Incorporated in
- Utah
- HQ
- 898 E 4010 S., Washington, Utah, 84780
- Auditor
- Kezos & Dunlavy
- Audited financials
- Franchisor revenue
- $661K
- vs $6.2M prior year
Overview
About
- CEO
- Wil Bangerter
- Headquarters
- UT
- Founded
- 2023
- FDD year
- 2026
- States available
- 31
Can you afford it, and what does the money buy?
Entry cost runs 63% below the typical recreation & entertainment franchise.
Source: FDD 2026 · Items 5–7
Full Item 7 breakdown18 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $50K | $50K | |
| Travel Expenses While Training | $1K | $5K | |
| Real Estate Improvements | $50K | $225K | |
| Signage | $5K | $15K | |
| Equipment | $156K | $251K | |
| Miscellaneous Supplies | $3K | $3K | |
| Initial Supply of Advertising Materials | $3K | $3K | |
| Marketing Launch Ad Spend | $6K | $10K | |
| Premises Deposit | $2K | $10K | |
| Rent (3 months) | $6K | $29K | |
| Internet/Utilities (3 months) | $2K | $3K | |
| Furniture | $5K | $25K | |
| Business Licenses and Permits | $200 | $1K | |
| Insurance | $1K | $2K | |
| Professional Fees | $0 | $5K | |
| Security/Automation | $8K | $25K | |
| Utility Deposits | $2K | $3K | |
| Additional Funds - 3 months | $8K | $25K | |
| Total initial investment | $307K | $689K |
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
- $307K – $689K
- Top 40% of category vs category
- Liquid capital req'd
- $8K – $25K
- Top 40% of category vs category
- Franchise fee
- $50K – $50K
- Top 40% of category vs category
- Royalty
- 8.0%
- monthly Gross Revenues · typical 6–8%
- Ad fund
- 0.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 8.0% of gross sales |
| Marketing / ad fund | 0.0% of gross sales |
| Technology fee | $600 |
| Transfer fee | $20K |
| Renewal fee | $5K |
| Total fee load | 8.0% of rev |
What do units actually make?
Source: FDD 2026 · Item 19
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
The Back Nine did not disclose financial performance in FDD Item 19. The ROIC and return models require Item 19 revenue. Without it all inputs are estimates. You can still run the calculator with your own assumptions by entering an expected revenue figure.
Returns model · single-unit ROIC
What would one The Back Nine unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
22%
Below the 30–60% attractive-franchise band
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
- Sample size
- 45 outlets
- vs category median 5 · large
- Transparency tier
- limited
- Categorical assessment of disclosure depth
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2026
- Disclosed in the 2026 filing, covering 2025
- Transparency
- 4 / 10
- vs category median 4 / 10 · typical
Compared against 166 Recreation & Entertainment 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 8.0% (near the Recreation & Entertainment average).
Disclosure
Item 19 reports outlet revenue, but not in a form that yields a per-outlet average we can compare across brands.
Operator retention
System expanding at 1614.3% CAGR over 3 years across 124 units — operators are staying and new ones are joining.
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 averages
How The Back Nine Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 124
- Opened
- 95
- 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
- 0.0%
- Company-owned
- 4
- Corporate units in the system
- % franchised
- 97%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 95
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 2
- Reacquired (3yr)
- 0
- Franchisor bought back
- Transfer rate
- 1.6%
- Owners selling to other franchisees
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 31 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.
31
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
- 107
- Loan volume
- $30.7M
- Median loan
- $315K
- 50th percentile
- Charge-off rate
- 0.0%
- 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)
- 100.0%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 37
- Defaults
- 0
- Typical loan rate
- 9.9%
- avg rate to borrowers
- Franchised industry avg
- 13.9%
- brand beats franchise avg ↓
- Jobs supported
- 330
- 1.1 per loan
- Lender concentration
- 43%
- top lender's share
Borrower mix: 96% went to startups / new businesses, 4% to established operators
Franchise vs independent — in all other amusement and recreation industries, franchised businesses charge off at 13.9% vs 16.2% for independents — franchising is associated with 14% lower SBA default risk in this category.
Top lenders financing The Back Nine franchisees
Showing 3 of 37 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.
Premium insight
SBA Lending Report
Deep-dive into The Back Nine's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 10 lenders with concentration factor
- Per-state charge-off rates across 15 states
- Startup risk premium and job creation velocity
- 4-year lending trend
Instant access. No subscription.
With a 0.0% charge-off rate across 107 loans, banks have historically viewed this brand favorably for lending.
What could kill this investment?
SBA loans charge off at 0.0% — 100% 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
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · Kezos & Dunlavy
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
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 73 / 100 verdict
- 01MINORNegative franchisor net worth -$4,223,323
- 02MINORNet loss -$821,537 on $6.24M revenue
- 03MINORYoung franchisor (2023), 124 units
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 8.0% 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 | Population-based |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory population | 75,000 |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Utah |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 17 hrs
- On-the-job training
- 7 hrs
- Training location
- Virtual and HQ in Washington, UT
- Ongoing training
- Required
- Field support
- 4 hrs/yr
- On-site visits per year
- Time to open
- 6 mo
- From signing to launch
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
107 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
The Back Nine · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a The Back Nine franchise?
The total investment to open a The Back Nine franchise ranges from $307K – $689K, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do The Back Nine franchise owners earn?
The Back Nine does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Item 19 in the The Back Nine 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 The Back Nine FDD and qualifies whose outlets they describe.
What is The Back Nine's franchise failure rate?
Based on SBA 7(a) loan data, The Back Nine has a charge-off rate of 0.0% across 107 loans, meaning 0.0% 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 The Back Nine franchise locations are there?
As of their most recent FDD filing, The Back Nine has 124 total units in the United States, including 120 franchised units and 4 company-owned units. 95 new units were opened in the latest reporting year.
Is The Back Nine a good franchise to buy?
FranchiseVerdict rates The Back Nine as a A-grade franchise with a verdict score of 73 out of 100 (higher is better), 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
Are you the franchisor?
If you represent The Back Nine, you can request corrections or provide updated information.
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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.