Travel Leaders Franchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Travel Leaders is a travel-agency franchise whose advisors book leisure and corporate travel using the network's supplier relationships. Franchisees run an agency, often home-based, earning commissions on trips and packages.
FranchiseVerdict summary · 2026
A TRAVEL LEADERS franchise requires a total initial investment of $3K – $18K, including a $3K franchise fee. The 2026 FDD does not disclose unit-level revenue (no Item 19). SBA 7(a) loans show a 20.0% charge-off rate across 10 loans[1]. FranchiseVerdict grade: B (Above average), an editorial assessment, not investment advice. Run a live ROI scan →
Data last verified · figures per the 2026 FDD issuance
Overview
- Investment
- $3K – $18K
- 1st pct Recreation & …
- Avg gross sales
- N/A
- 24th pct Recreation & …
- Royalty
- N/A
- Units
- 188
- 45th pct Recreation & …
- SBA charge-off
- 20.0%
- % 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
- Total investment $3K – $18K including a $3K franchise fee.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict B (Above average), verdict score 53/100 (higher is better). SBA loan charge-off rate of 20.0% across 10 loans (above the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- No Item 19 financial performance representation. Without franchisor-disclosed revenue data, you'll need to gather unit economics directly from existing franchisees.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Travel Leaders Network, LLC
- Parent company
- Travel Leaders Group, LLC
- Ultimate parent
- Internova Travel Group
- Predecessor
- Travel Leaders Franchise Group, LLC (formerly Carlson Travel Network Associates, Inc.; originally Ask Mr. Foster Associates, Inc.)
- Prior franchisor entity
- CEO title
- President
- Lindsay Pearlman
- Incorporated in
- Minnesota
- HQ
- 3033 Campus Drive, Suite E192, Minneapolis, Minnesota 55441
- Auditor
- KPMG LLP
- Audited financials
- Franchisor revenue
- $118.5M
- vs $131.7M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
Overview
About
- CEO
- Lindsay Pearlman
- Headquarters
- MN
- Founded
- 1984
- FDD year
- 2026
- States available
- 40
Can you afford it, and what does the money buy?
Entry cost runs 99% below the typical recreation & entertainment franchise.
Source: FDD 2026 · Items 5–7
FDD Item 7 · 2026 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $3K | $3K |
| Working capital (3–6 mo) | $0 | $0 |
| Equipment, build-out, other | $0 | $15K |
| Total initial investment | $3K | $18K |
Source: TRAVEL LEADERS 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
- $3K – $18K
- Top 40% of category vs category
- Liquid capital req'd
- $0 – $0
- Top 40% of category vs category
- Franchise fee
- $3K – $3K
- Top 40% of category vs category
- Royalty
- $1,285 per month
- Ad fund
- $340 per month
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty (flat) | Level 1: $1285/month main, $124/month branch; Level 2: $886/month main, $124/month branch; Level 3: $612/month main, $124/month branch |
| Technology fee | $1K |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Disclosure
Franchisor chose not to disclose financial performance representations. You will need to gather unit economics directly from existing franchisees.
Operator retention
System roughly stable (+2.7% 3-year CAGR) with 188 units.
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 Travel Leaders Compares
Is the system healthy?
Source: FDD 2026 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 188
- Opened
- 7
- Last reporting year
- Closed
- 8
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 1
- Term expired, not renewed (per Item 20)
- Turnover rate
- 4.3%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Net growth (3-yr)
- -0.5%
- Net unit change over 3 years
- 3-yr CAGR
- +2.7%
- Compounded over last 3 years
3-year detail · Item 20
- Transfers (3yr)
- 0
- Termination rate
- 0.5%
- Franchisor-initiated terminations
- Ceased ops
- 1.1%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 26 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.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 10
- Loan volume
- $3.1M
- Median loan
- $312K
- average
- Charge-off rate
- 20.0%
- 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)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 6
- Defaults
- 2
Explore lender portfolios on Bank Reports or regional data on State Reports.
A 20.0% charge-off rate means roughly 1 in 5 franchisees failed to repay their SBA loan. Investigate what changed.
What could kill this investment?
SBA loans charge off at 20.0% — 25% 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 travel-agency franchisor (since 1984), 188 units, no litigation or bankruptcy, strong parent-level financials (net worth $38.7M, revenue $131.7M, net income $56.5M), audited. Financials are parent-level so the brand's own equity isn't disclosed, and there is no Item 19.
Litigation (Item 3)
No litigation required to be disclosed
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · KPMG LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
ⓘ These are the parent company's consolidated financials (the parent guarantees the franchisor), not this brand's standalone results — the figure reflects the whole corporate group, not this brand alone.
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: Yes
- Must buy proprietary products: Yes
- Restricted to system-approved products: No
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 53 / 100 verdict
- 01MEDFinancials are parent-level; brand-specific equity not disclosed
- 02MINORNo Item 19 disclosure
- 03MINOROtherwise clean: 0 litigation, no bankruptcy, 188 units +2.7%, audited
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Source: FDD 2026 · Items 11, 12, 17
FDD Items 12, 15, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 3 years |
|---|---|
| Renewal term | 3 years |
| Protected territory | No |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Granted |
| 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 | No |
| Governing law | Minnesota |
| Litigation count | 0 |
View Item 3 litigation summary
No litigation required to be disclosed
Items 10, 11
Training & Operations
- Classroom training
- 16 hrs
- On-the-job training
- 0 hrs
- Training location
- Franchisor location and on-site
- Ongoing training
- Required
- POS system
- ClientBase CRM
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: ClientBase CRM
Item 20 · call current owners
Franchisee Contacts
100 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
TRAVEL LEADERS · FDD (2026) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a TRAVEL LEADERS franchise?
The total investment to open a TRAVEL LEADERS franchise ranges from $3K – $18K, with an initial franchise fee of $3K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do TRAVEL LEADERS franchise owners earn?
TRAVEL LEADERS 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 TRAVEL LEADERS's franchise failure rate?
Based on SBA 7(a) loan data, TRAVEL LEADERS has a charge-off rate of 20.0% across 10 loans, meaning 20.0% 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 TRAVEL LEADERS franchise locations are there?
As of their most recent FDD filing, TRAVEL LEADERS has 188 total units in the United States, including 187 franchised units and 1 company-owned units. 7 new units were opened in the latest reporting year.
Is TRAVEL LEADERS a good franchise to buy?
FranchiseVerdict rates TRAVEL LEADERS as a B-grade franchise with a verdict score of 53 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 TRAVEL LEADERS, 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.