The Swing Bays Franchise Cost, Revenue & Review 2026
Data from FDD filing
Analysis by FranchiseVerdict Research · Methodology
The Swing Bays is a recreation franchise operating indoor golf simulator bays for practice, play, and events. Franchisees run the facilities, managing simulators, bookings, and food and beverage.
FranchiseVerdict summary · 2026
A The Swing Bays franchise requires a total initial investment of $246K – $999K, including a $40K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average unit revenue was $1.0M[2]. FranchiseVerdict grade: C (Average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $246K – $999K
- 20th pct Recreation & …
- Avg gross sales
- $1.0M
- Company-owned onlyn=110th pct Recreation & …
- Royalty
- 6.0%
- 7th pct Recreation & …
- Units
- 1
- 4th pct Recreation & …
- SBA charge-off
- N/A
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 $246K – $999K including a $40K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $1.0M/year (company-owned outlets only - not franchisee performance).
- RISKVerdict C (Average), verdict score 45/100 (higher is better).
- FLAGAuditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- The Swing Bays Franchise, LLC
- Parent company
- Dustin Miller Golf LLC
- CEO title
- CEO and Founder
- Dustin Miller
- Incorporated in
- Colorado
- HQ
- 11183 South Parker Road, Unit A, Parker, CO 80134
- Auditor
- DA Advisory Group PLLC
- Audited financials
- Franchisor revenue
- $0
- Most recent fiscal year
- ⚠ Going-concern note
- Disclosed in FDD 2025
- Auditor flagged doubt about continued operations. Verify against the latest FDD before deciding.
Affiliated brands
- The Swing Bays
Other brands the franchisor or its parent operates (Item 1).
Overview
About
- CEO
- Dustin Miller
- Headquarters
- CO
- Founded
- 2024
- FDD year
- 2025
- States available
- 0
Can you afford it, and what does the money buy?
Entry cost runs 53% below the typical recreation & entertainment franchise.
Source: FDD 2025 · Items 5–7
Full Item 7 breakdown22 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Initial Franchise Feenot refundable | $40K | $40K | |
| Lease Payments (3 Months)not refundable | $12K | $54K | |
| Security Deposits | $4K | $17K | |
| Delayed Opening Feenot refundable | $0 | $6K | |
| Architectural Feesnot refundable | $5K | $20K | |
| Construction & Leasehold Improvementsnot refundable | $30K | $300K | |
| Furniture & Fixturesnot refundable | $8K | $50K | |
| Signagenot refundable | $5K | $40K | |
| Golf Simulators & Golf Equipmentnot refundable | $100K | $200K | |
| Computer System and POS Systemnot refundable | $2K | $10K | |
| Business Licenses and Permits (Excludes Alcohol Permit)not refundable | $500 | $4K | |
| Professional Feesnot refundable | $1K | $5K | |
| Opening Inventory & Suppliesnot refundable | $3K | $25K | |
| Insurance (3 Months)not refundable | $900 | $3K | |
| GM Certification Feenot refundable | $0 | $5K | |
| Travel & Living Expenses for Trainingnot refundable | $500 | $5K | |
| Grand Opening Advertisingnot refundable | $15K | $30K | |
| Ancillary Real Estate Costsnot refundable | $0 | $25K | |
| On-Site Location Evaluation Feenot refundable | $0 | $5K | |
| Gym Buildout (if not included in floorplan)not refundable | $0 | $50K | |
| Total initial investment | $246K | $999K |
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
- $246K – $999K
- Top 40% of category vs category
- Liquid capital req'd
- $20K – $80K
- Top 40% of category vs category
- Franchise fee
- $40K – $40K
- Top 40% of category vs category
- Royalty
- 6.0%
- Gross Revenues · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $700 |
| Transfer fee | $15K |
| Renewal fee | $5K |
| Inventory (initial) | $3K – $25K |
| Total fee load | 8.0% of rev |
What do units actually make?
Average unit sales land near the recreation & entertainment norm.
Company-owned outlets only - not franchisee performance
Based on a single reporting unit - not a system average
Source: FDD 2025 · Item 19
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$152K
15.0% margin
Unlevered ROIC
23%
EBITDA / total invested capital
Payback
4.4 yrs
cash-on-cash, unlevered
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. The target band for an attractive franchise is 30–60% ROIC. Below that and a passive index fund likely outperforms; above that and the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses. It's the top line only. Operating costs below are category estimates. Override them to match your real lease quote, labor market, and build-out budget.
Returns model · single-unit ROIC
What would one The Swing Bays unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
23%
Below the 30–60% attractive-franchise band
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%.
Levered LBO scenario · Yale Crease Capital framing
What would 25 The Swing Bays units return on equity?
Equity IRR · 5-yr
49.9%
7.57× MOIC
Year-1 DSCR
1.88×
EBITDA ÷ debt service
Equity required
$1.6M
on $8.1M purchase
Total debt
$6.5M
SBA $4.1M + senior + seller note
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
Company-owned outlets only - not franchisee performance
Based on a single reporting unit - not a system average
- Avg gross sales
- $1.0M
- Per unit, per year
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- Affiliate-Owned Location
- Sample size
- 1
- vs category median 5 · small
- Reported figure
- $1.0M
- A single outlet — not a range
- Transparency tier
- revenue_only
- Categorical assessment of disclosure depth
- Reporting year
- 2025
- Fiscal year the figures cover
- Source filing
- FDD 2025
- The FDD edition these figures were read from
- Transparency
- 8 / 10
- vs category median 4 / 10 · above
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.
Unit economics
Average unit generates $1.0M/year in gross sales. Revenue-to-investment ratio: 1.6x. Company-owned outlets only - not franchisee performance.
Fee burden
Total ongoing fee load of 8.0% (near the Recreation & Entertainment average).
Disclosure
Transparency score 8/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence. Sample size of 1 unit — treat as directional only.
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 Swing Bays Compares
Is the system healthy?
Source: FDD 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 1
- 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
- 0.0%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
3-year detail · Item 20
- Opened (3yr)
- 0
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Projected new
- 0
- Franchisor's next-year forecast
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
What could kill this investment?
The auditor flagged going-concern doubt (Item 21) — the single biggest risk here.
Source: SBA 7(a) FOIA · FDD Items 3, 21
Risk analysis
FranchiseVerdict rating + FDD Items 3, 4, 8, 16, 21
Risk & Legal
Auditor raised going-concern doubt but distress is flagged as early-stage: a pre-opening franchisor (began 2024) with 1 company-owned unit and 0 franchised. Positive net worth $24,283 on $1.01M revenue, audited financials, Item 19 disclosed, no litigation. Treated as minor given startup status.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $200,000
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · DA Advisory Group PLLCⓘ Going-concern language present, but this is an early-stage franchisor with limited operating history — common for new systems and not necessarily a sign of distress.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: No
Score breakdown · what drove the 45 / 100 verdict
- 01MINORGoing-concern note = true but early-stage/pre-opening
- 02MINORPositive net worth $24,283 on revenue $1,013,728
- 03MINOR1 unit, 0 franchised, began 2024
- 04MINORNo litigation/bankruptcy
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 2025 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | Yes |
| 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 | Colorado |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 10 hrs
- On-the-job training
- 30 hrs
- Training location
- On-site and corporate
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
2 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
The Swing Bays · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a The Swing Bays franchise?
The total investment to open a The Swing Bays franchise ranges from $246K – $999K, 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 The Swing Bays franchise owners earn?
According to Item 19 of the The Swing Bays FDD, the average gross sales per unit is $1.0M. Important context: Company-owned outlets only - not franchisee performance; Based on a single reporting unit - not a system average. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Item 19 in the The Swing Bays 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 Swing Bays FDD and qualifies whose outlets they describe.
What is The Swing Bays's franchise failure rate?
SBA 7(a) loan charge-off data is not available for The Swing Bays (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many The Swing Bays franchise locations are there?
As of their most recent FDD filing, The Swing Bays has 1 total units in the United States, including 0 franchised units and 1 company-owned units.
Is The Swing Bays a good franchise to buy?
FranchiseVerdict rates The Swing Bays as a C-grade franchise with a verdict score of 45 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
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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.