The franchisor's audited financials include a going-concern warning. Ask franchisees: have you heard anything about the franchisor's financial stability? Any changes to support or services recently?

Signs of reduced headquarters staffing, delayed tech updates, or reduced field support — early indicators of a financially stressed franchisor.

How responsive is your franchisor rep — do they actually help when you have a problem, or are they just checking boxes?

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?

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?

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?

Gap between training content and operational reality. New franchisees often report the training covered theory but not real-world situations.

Knowing everything you know now, would you sign this franchise agreement again? What would you negotiate differently?

This is the single highest-signal question. Listen for hesitation. Franchisees rarely criticize their decision publicly; even mild reservations are meaningful.