Franchisel.com — FDD Diligence Memo
Budget Blinds
Generated 2026-04-06 · 2025 FDD · Government-filed source
Budget Blinds
2025 FDD Diligence Memo
Composite score based on six FDD-derived dimensions.
Sys Health
7
Fin Strength
7
Econ Burden
9
Contract
6
Red Flags & Key Signals
Average ($853,650) is 53% above median ($556,955). Top performers may be pulling the headline number up.
Franchisor is not obligated to protect your market area. Encroachment from company-owned units or other franchisees is possible.
Franchisor financial statements are audited with no going concern warning.
Investment Overview
Items 5, 6, 7Total investment range: $100,500 – $211,250. Initial fee: $19,950. Royalty: 3.5. Marketing fund: 0%.
Payback estimate: Investment-to-disclosed-revenue ratio: 0.18x. This is the ratio of midpoint investment ($155,875) to disclosed avg revenue ($853,650). No profit assumptions are applied.
Item 19 — Revenue
Item 19 — 2025 FDD (government-filed)Item 19 discloses avg revenue of $853,650 (Annual).
Sample: WeakThe FDD does not specify how many units were included in this figure. The average ($853,650) is 53% above the median ($556,955), which suggests top performers are pulling the average up. The median is the more reliable benchmark for a typical new unit. Investment-to-disclosed-revenue ratio: 0.18x ($155,875 midpoint investment vs $853,650 avg revenue).
Item 20 — System Health
Item 20 — 2025 FDDSystem flat — net 0 units in reporting period.
→ StableUnit count essentially unchanged.
Total Units
1,366
Net Growth
+0
Turnover
0%
Year-over-Year Trends
2025 FDDOpened
+0
Closed
-0
Net
+0
Prior-year Item 19 revenue data not available. Unit data above covers the reporting period in the 2025 FDD.
Key Contract Terms
Item 17Item 19 Data Quality Flags
Item 19Revenue type unclear
The FDD does not clearly specify whether figures are gross sales, net sales, or a profit metric. This limits comparability.
Profit not disclosed
Item 19 reports revenue only. No expense breakdown is provided. Profit cannot be determined from this disclosure alone.
All units included
Revenue figure includes all reporting units — broadest, most conservative sample basis.
Sample size not specified
The FDD does not state how many units contributed to this figure.
Current data (2025)
Revenue figures are from 2025 — recent and relevant.
Average inflated by top performers (53% above median)
The median ($556,955) is significantly lower than the average ($853,650). Top locations pull the average up — the median is a more realistic target for a new unit.
Franchisee Interview Questions
Item 20 contactsUse Item 20 to get current franchisee contact info. Call at least 3-5. Ask these questions:
Cure period is only 7 days. Ask: have you ever received a default notice? How did the franchisor handle it — were they reasonable?
Look for: A short cure period combined with aggressive enforcement is a serious risk. Look for franchisees who feel supported vs. managed by threat.
How responsive is your franchisor rep — do they actually help when you have a problem, or are they just checking boxes?
Look for: Specific stories (not just vague positives). Ask about a time they needed help urgently — response time matters.
If you decided to sell your franchise tomorrow, how easy would that be? Has the franchisor ever blocked or delayed a transfer you wanted?
Look for: Transfer fee surprises, right-of-first-refusal complications, or franchisor demanding upgrades before approving a sale.
What did your revenue look like in year 1 vs. year 2 vs. now? When did you reach breakeven?
Look for: Year 1 revenue is typically well below Item 19 averages (which often exclude ramp-up units). Expect 12-24 months to reach average.
What did the training actually cover vs. what you needed on day 1? What do you wish you'd learned before opening?
Look for: Gap between training content and operational reality. New franchisees often report the training covered theory but not real-world situations.
Territory — Item 12
NO exclusive territory — encroachment risk exists; franchisor reserves online/ecommerce sales; population-based territory (36,000 pop.).
Item 12 · 2025 FDD
Data sources: 2025 Franchise Disclosure Document filed with a state franchise regulator (government record). Source: Extracted from 2025 FDD filed with WI DFI (file #638445). Source: 638445-2025-Budget-Blinds.pdf. · Payback estimates and margin assumptions are editorial — not from the FDD. This memo does not constitute legal or financial advice. Consult a franchise attorney and accountant before signing. Generated 2026-04-06 by Franchisel.com.