Two Men and a Truck Franchise Cost, Revenue & Review 2026
- Investment
- $92K – $248K
- Disclosed sales
- $2.9M
- gross sales, not profit
- SBA charge-off
- 5.4%
- on 181 loans
Data from FDD filing + SBA 7(a) records
Analysis by FranchiseVerdict Research · Methodology
Two Men and a Truck is a moving franchise providing local and long-distance residential and commercial moves. Franchisees run a moving operation managing crews, trucks, scheduling, and customer service, often starting owner-operated.
FranchiseVerdict summary · 2026
A Two Men and a Truck franchise requires a total initial investment of $92K – $248K, including a $30K – $40K franchise fee and an ongoing 6.0% royalty[2]. Per the 2025 FDD, average revenue per franchisee was $2.9M. This franchisor reports Item 19 per franchisee rather than per outlet, so the figure is not comparable with per-outlet averages[2]. SBA 7(a) loans show a 5.4% charge-off rate across 181 loans[1]. FranchiseVerdict grade: A (Strongest tier), an editorial assessment, not investment advice. Run a live ROI scan →
Sources, dates and evidence
FDD issued: · Data extracted: · Last cited check: · Staleness risk: medium - issued 12 to 24 months ago; a newer filing is likely on file
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 scored8 of 8 headline figures on this page cite a page of the filing.
Overview
- Investment
- $92K – $248K
- 32nd pct Business Serv…
- Avg gross sales
- $2.9M
- Per franchisee, not per outlet
- Royalty
- 6.0%
- 9th pct Business Serv…
- Units
- 339
- 61st pct Business Serv…
- SBA charge-off
- 5.4%
- % of SBA 7(a) loans not repaid · median varies by category
Quick verdict · Business Services · color = vs category peers
Green = favorable by >10% vs Business 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 $92K – $248K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage revenue per franchisee of $2.9M/year (median $2.4M), with an estimated 111% cash-on-cash return (based on Total EBITDA). Averaged per franchisee, not per outlet - not comparable with per-outlet figures.
- RISKVerdict A (Strongest tier), verdict score 95/100 (higher is better). SBA loan charge-off rate of 5.4% across 181 loans (near or below the 16% franchise average, based on all SBA 7(a) franchise lending, 2010–2025).
- GROWTHPositive: net +25 franchised outlets in the latest year (25 opened, 0 closed); 12 signed but not yet open (Item 20).
- GROWTHSystem growing at 15.4% CAGR over 3 years with 339 total units. Strong expansion trajectory.
Item 1 · who you're contracting with
The Franchisor
Corporate structure & franchisor financials
- Legal entity
- Two Men and a Truck SPE LLC
- Parent company
- ServiceMaster Systems LLC (SM Systems)
- Ultimate parent
- RW Parent LLC (owned by Roark Capital Management LLC funds)
- Predecessor
- Two Men and a Truck/International, LLC (TMTI)
- Prior franchisor entity
- Incorporated in
- Delaware
- HQ
- One Glenlake Parkway, 14th Floor, Atlanta, Georgia 30328
- Auditor
- PricewaterhouseCoopers LLP
- Audited financials
- Franchisor revenue
- $325.2M
- vs $344.7M prior year
Same owner · FDD Item 1
4 other brands on this site name RW Parent LLC (owned by Roark Capital Management LLC funds) as parent or ultimate parent in their own FDD.
Portfolio: Roark Capital (private-equity sponsor)
Grouped by the owner's name as each filing prints it (this page: the 2025 FDD). Spelling variants of the same group may be listed apart; a brand is never grouped with an owner its filing does not name.
Overview
About
- CEO
- Jon Nobis
- Headquarters
- GA
- Founded
- 1989
- FDD year
- 2025
- States available
- 47
Can you afford it, and what does the money buy?
Entry cost runs 28% above the typical business services franchise.
Source: FDD 2025 · Items 5–7
FDD Item 7 · 2025 filing
Initial investment breakdown
| Cost component | Low | High |
|---|---|---|
| Initial franchise fee | $30K | $30K |
| Working capital (3–6 mo) | $26K | $101K |
| Equipment, build-out, other | $36K | $117K |
| Total initial investment | $92K | $248K |
Source: Two Men and a Truck 2025 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
- $92K – $248K
- Top 40% of category vs category
- Liquid capital req'd
- $26K – $101K
- Middle of category vs category
- Franchise fee
- $30K – $40K
- Top 40% of category vs category
- Royalty
- 6.0%
- typical 6–8%
- Ad fund
- 1.0%
- typical 3–5%
- Total fee load
- 7.0%
- vs 9–13% typical
- Payback period
- 0.9 yrs
- From FDD / Item 19
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 1.0% of gross sales |
| Technology fee | $1K |
| Transfer fee | $20K |
| Renewal fee | $13K |
| Total fee load | 7.0% of rev |
What do units actually make?
Average unit sales run 317% above the business services norm.
Averaged per franchisee, not per outlet - not comparable with per-outlet figures
Source: FDD 2025 · Item 19
Single-unit · not modelled
Returns at a glance
An FDD discloses gross sales, not profit, and the operating costs that turn one into the other are in no filing. We publish no modelled return for Two Men and a Truck until someone supplies them — yours, in the models below.
—
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
Total invested capital · disclosed
$233K
Item 7 initial investment plus working capital, as filed — the one figure here that needs no assumption.
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings
The FDD reports $342K as Total EBITDA. This is a disclosed figure, not our estimate — we publish no modelled profit for Two Men and a Truck.
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, read against the 30–60% reference band · Yale SOM, Post-MBA Path Exhibit 2 (2023). Below that band a passive index fund likely outperforms; above it the franchisor has pricing power you're subsidizing.
Note: Item 19 revenue is what the franchisor discloses, and it is the top line only — gross sales are not profit. No FDD discloses the operating costs that turn one into the other, so those fields start empty and nothing is modelled until you supply them from your own lease quote, labor market and build-out budget.
Returns model · single-unit ROIC
What would one Two Men and a Truck 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 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.
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%.
Not modelled yet
An FDD discloses gross sales, not profit. We hold no sourced figure for 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.
A 25-unit return is built on a per-unit EBITDA. Fill in the operating costs in Model A above and this model runs on that figure, or take the whole scenario to the full ROI workbench, where the portfolio and LBO models accept your own per-unit economics directly.
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
Averaged per franchisee, not per outlet - not comparable with per-outlet figures
- Avg gross sales
- $2.9M
- Per franchisee, per year — not per outlet
- Median gross sales
- $2.4M
- Per franchisee, not per outlet
- Avg total ebitda
- $342K
- Reported as Total EBITDA in FDD Item 19
- Cash-on-cash
- 110.6%
- Based on Total EBITDA / investment midpoint
Gross sales are revenue before expenses — not profit. Actual owner earnings depend on rent, labor, royalties, marketing fees, and debt service.
- Item 19 type
- gross sales
- Sample size
- 199 franchisees
- vs category median 37 · large
- Range (low → high)
- $458K→$15.0MCited, not corroborated — printed on page 78 of the 2025 FDD. Nothing else in our record independently restates or re-derives it.
- Cohort dispersion (min → max)
- Reporting year
- 2024
- Fiscal year the figures cover
- Source filing
- FDD 2025
- Disclosed in the 2025 filing, covering 2024
- Transparency
- 6 / 10
- vs category median 3 / 10 · above
Compared against 296 Business Services brands
Operator outlook
What the numbers say
Data-driven interpretation of this brand's financial disclosures, fee structure, and system trajectory.
Unit economics
The average franchisee generates $2.9M/year in gross sales. Median is $2.4M — top performers pull the average up, so a typical unit earns less.
Fee burden
Total ongoing fee load of 7.0% — below the Business Services median of 9.0%.
Disclosure
Transparency score 6/10 — this franchisor discloses detailed breakdowns (quartiles, segments, or cohort data). Buyers can model unit economics with higher confidence.
Operator retention
System expanding at 15.4% CAGR over 3 years across 339 units — operators are staying and new ones are joining.
Multi-unit rate
Only 7% of franchisees own multiple units. Could indicate challenging economics or a young system where operators haven't had time to expand.
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 Business Services medians
How Two Men and a Truck Compares
Per franchisee, not per outlet - the category median is per-outlet only, so no comparison is shown
Category median of published Business 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 2025 · Item 20
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 339
- Opened
- 25
- 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
- 0.3%
- Company-owned
- 1
- Corporate units in the system
- % franchised
- 100%
- vs corporate-owned
- Multi-unit owners
- 7.4%
- Net growth (3-yr)
- +15.4%
- Net unit change over 3 years
- 3-yr CAGR
- +15.4%
- Compounded over last 3 years
Last fiscal year · Item 20 exits and transfers
- Terminated
- 0
- Not renewed
- 0
- Reacquired
- 0
- Franchisor bought back
- Signed, not yet open
- 12
- 0.04 per open outlet · Item 20 Table 5
- Projected new
- 25
- Franchisor's next-year forecast
- Transfer rate
- 8.0%
- Owners selling to other franchisees
- Continuity rate
- 100.0%
- Units that stayed open
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 12 · 47 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.
47
states with franchisees (per FDD Item 12)
Where the owners are · Item 20 owner list
2 current owners across 2 states.
- CA 1
- NY 1
Counts only, from the list the franchisor prints in Item 20; 279 entries carry no state. Names and phone numbers are for your own due diligence and are not shown here.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 181
- Loan volume
- $91.3M
- Median loan
- $300K
- 50th percentile
- Charge-off rate
- 5.4%
- on 181 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)
- 94.1%
- 5-yr charge-off
- 0.0%
- Loans approved 2021+
- Active lenders
- 46
- Defaults
- 5
- Typical loan rate
- 6.8%
- avg rate to borrowers
- Franchised industry avg
- 12.5%
- brand beats franchise avg ↓
- Jobs supported
- 3,779
- 5.4 per loan
- Lender concentration
- 10%
- top lender's share
Borrower mix: 29% went to startups / new businesses, 71% to established operators
Franchise vs independent — in used household and office goods moving, franchised businesses charge off at 12.5% vs 17.7% for independents — franchising is associated with 29% lower SBA default risk in this category.
Vintage analysis
Two Men and a Truck charge-off rate by loan vintage
Top lenders financing Two Men and a Truck franchisees
Showing 3 of 46 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 Two Men and a Truck from SBA 7(a) FOIA data.
- Principal loss rate
- 1.2%
- Avg SBA guarantee
- 70%
- Avg interest rate
- 6.83%
- Avg chargeoff amount
- $169K
- Lender concentration
- 10.2%
- Job velocity
- 5.4 per $100K
- NAICS benchmark
- 5.0%
- NAICS 484210
- Jobs supported
- 3,779
Top SBA lendersTop lender holds 10% of loans
| # | Lender | Loans | Volume | Default % |
|---|---|---|---|---|
| 1 | PNC Bank, National Association | 14 | $2.0M | 0.0% |
| 2 | Wells Fargo Bank National Association | 13 | $5.3M | 0.0% |
| 3 | Comerica Bank | 11 | $4.1M | 0.0% |
| 4 | The Huntington National Bank | 11 | $2.9M | 0.0% |
| 5 | JPMorgan Chase Bank, National Association | 8 | $1.4M | 0.0% |
| 6 | SouthState Bank, National Association | 6 | $8.2M | 0.0% |
| 7 | Stock Yards Bank & Trust Company | 6 | $8.6M | 0.0% |
| 8 | First Bank of the Lake | 6 | $2.4M | N/A |
| 9 | Bank of America, National Association | 5 | $1.4M | 0.0% |
| 10 | Live Oak Banking Company | 4 | $6.9M | N/A |
Geographic failure vector
| State | Loans | Defaults | Rate |
|---|---|---|---|
| MIMichigan | 25 | 3 | 13.0% |
| TXTexas | 17 | 0 | 0.0% |
| CACalifornia | 14 | 0 | 0.0% |
| FLFlorida | 9 | 0 | 0.0% |
| GAGeorgia | 8 | 1 | 16.7% |
| OHOhio | 6 | 0 | 0.0% |
| ILIllinois | 5 | 0 | 0.0% |
| INIndiana | 5 | 0 | 0.0% |
| MNMinnesota | 5 | 0 | 0.0% |
| WIWisconsin | 5 | 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 5.4% — 66% 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
Clean FDD: no litigation attributable to the franchisor, no bankruptcy, no going-concern. Strong financials with $1.65B net worth, $325.2M revenue, $113.4M net income across 339 units. Audited financials and Item 19 disclosed; established since 1989.
Litigation (Item 3)
Subject: officers or affiliates. The franchisor is not a named party in these cases.
Three settled cases involving affiliates (Arby's Restaurant Group, Inc. and Dunkin' Brands, Inc.) with state Attorneys General regarding no-poaching/non-solicitation provisions in franchise agreements and data security breach notification. All cases are settled with no admission of liability by affiliates. No impact on Two Men and a Truck franchisor or brand alleged.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · PricewaterhouseCoopers LLP
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Can negotiate own supplier terms: Yes
Score breakdown · what drove the 95 / 100 verdict
- 01MINORNo franchisor litigation, no bankruptcy, no going-concern
- 02MINORStrong financials: $1.65B net worth, $113.4M net income
- 03MEDAudited, Item 19 disclosed, long operating history
Severity inferred from the FDD text · not a regulatory classification
What are you signing up for?
Ongoing fees run about 7.0% 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 | 5 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 1 |
| Territory type | Protected territory |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Territory radius | 20 mi |
| Online sales rights | Granted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 20 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | Yes |
| Arbitration location | Atlanta, Georgia (offices of the AAA or another suitable hearing locale in the metropolitan area of Franchisor's then-current principal place of business) |
| Jury trial waiver | Yes |
| Governing law | Georgia |
| Litigation count | 3 |
View Item 3 litigation summary
Three settled cases involving affiliates (Arby's Restaurant Group, Inc. and Dunkin' Brands, Inc.) with state Attorneys General regarding no-poaching/non-solicitation provisions in franchise agreements and data security breach notification. All cases are settled with no admission of liability by affiliates. No impact on Two Men and a Truck franchisor or brand alleged.
Items 10, 11
Training & Operations
- Classroom training
- 41 hrs
- On-the-job training
- 0 hrs
- Training location
- On-site and corporate
- Site selection
- Franchisee proposes, franchisor approves
- Franchisor financing
- Not offered
- Item 10
- POS system
- Movers Who Care
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Movers Who Care
Item 20 · call current owners
Franchisee Contacts
281 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 Two Men and a Truck franchise?
The total investment to open a Two Men and a Truck franchise ranges from $92K – $248K, with an initial franchise fee of $30K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Two Men and a Truck franchise owners earn?
According to Item 19 of the Two Men and a Truck FDD, the average gross sales per unit is $2.9M. The median is $2.4M. Important context: Averaged per franchisee, not per outlet - not comparable with per-outlet figures. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
Who owns Two Men and a Truck?
Two Men and a Truck is franchised by Two Men and a Truck SPE LLC. Its parent company is ServiceMaster Systems LLC (SM Systems). The ultimate parent named in the FDD is RW Parent LLC (owned by Roark Capital Management LLC funds). Source: FDD Item 1, 2025 filing.
What is Item 19 in the Two Men and a Truck 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 Two Men and a Truck FDD and qualifies whose outlets they describe.
What is Two Men and a Truck's franchise failure rate?
Based on SBA 7(a) loan data, Two Men and a Truck has a charge-off rate of 5.4% across 181 loans, meaning 5.4% 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 Two Men and a Truck franchise locations are there?
As of their most recent FDD filing, Two Men and a Truck has 339 total units in the United States, including 338 franchised units and 1 company-owned units. 25 new units were opened in the latest reporting year.
Is Two Men and a Truck a good franchise to buy?
FranchiseVerdict rates Two Men and a Truck as a A-grade franchise with a verdict score of 95 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
Are you the franchisor?
If you represent Two Men and a Truck, you can request corrections or provide updated information.
Other Business Services franchises
Compare similar franchise opportunities in the Business Services category
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.