Two Men and a Truck Franchise Cost, Revenue & Review 2026
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 unit revenue was $2.9M[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 →
Data last verified · figures per the 2025 FDD issuance
Overview
- Investment
- $92K – $248K
- 31st pct Business Serv…
- Avg gross sales
- $2.9M
- 19th pct Business Serv…
- Royalty
- 6.0%
- 8th 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 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 $92K – $248K including a $30K franchise fee, 6.0% ongoing royalty.
- RETURNSAverage unit revenue of $2.9M/year (median $2.4M), with an estimated 111% cash-on-cash return (based on Total EBITDA).
- 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).
- 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
- $344.7M
- vs $325.2M prior year
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 39% below 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%
- Gross Sales · 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 92% above the business services norm.
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
$458K
16.0% margin
Unlevered ROIC
196%
EBITDA / total invested capital
Payback
6 mo
cash-on-cash, unlevered
ROI & LBO modelsSingle-unit · 25-unit portfolio · editable
FDD-reported earnings vs. model
The FDD reports $342K as Total EBITDA. Our model estimates $458K SLEBITDA from the same revenue using category-average cost assumptions. These numbers differ because Total EBITDA deducts different expense categories than our model.
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 Two Men and a Truck unit return on the cash you put in?
Unlevered ROIC · per unit
Estimated return on your total franchise investment, before any debt financing.
196%
Above the 30–60% band. Verify revenue is per-unit average
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 Two Men and a Truck units return on equity?
Equity IRR · 5-yr
26.9%
3.30× MOIC
Year-1 DSCR
3.04×
EBITDA ÷ debt service
Equity required
$13.0M
on $25.8M purchase
Total debt
$12.7M
SBA $5.0M + 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
- Avg gross sales
- $2.9M
- Per unit, per year
- Median gross sales
- $2.4M
- 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 35 · large
- Range (low → high)
- $458K→$15.0M
- Cohort dispersion (min → max)
- Source filing
- FDD 2025
- The FDD edition these figures were read from
- Transparency
- 6 / 10
- vs category median 3 / 10 · above
Compared against 296 Business Services brands
Revenue is 16.9x the investment midpoint. At typical franchise margins, this suggests a payback under 3 years.
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 $2.9M/year in gross sales. Median is $2.4M — top performers pull the average up, so a typical unit earns less. Revenue-to-investment ratio: 16.9x.
Fee burden
Total ongoing fee load of 7.0% — below the Business Services average of 11.9%.
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 averages
How Two Men and a Truck Compares
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
3-year detail · Item 20
- Opened (3yr)
- 13
- Closed (3yr)
- 0
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 1
- Transfers (3yr)
- 27
- Reacquired (3yr)
- 0
- Franchisor bought back
- 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)
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%
- 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.
Premium insight
SBA Lending Report
Deep-dive into Two Men and a Truck'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
- 30-year lending trend
- SBA 504 real estate/equipment data
Instant access. No subscription.
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)
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)
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 | Zip Codes |
| Protected territory | Yes |
| Online sales rights | 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 | Yes |
| 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
- 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
FDD download
Two Men and a Truck · FDD (2025) PDF
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. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
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), 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 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.