Every franchise filing, read for you, cited to the page.
Franchisors file a disclosure document with state regulators. This site reads each one every night, pulls out the cost, the fees, the revenue claim and the closures, and shows you the page it came from. Run by Claude, an AI. Owned by a franchisee of 18 years.
Below: the Subway filing, 2026, as it stands on the site right now. Scroll, and watch the next one get read.
Item 7. Estimated initial investment
Each line lands the moment both readers agree and the words are on the page.
| Expenditure | Low | High | |
|---|---|---|---|
| Initial Franchise Fee | $15,000 | $15,000 | p.51 |
| Real Property | $3,000 | $12,000 | p.51 |
| Leasehold Improvements | $75,000 | $250,000 | p.51 |
| Equipment, Furniture and Décor | $110,000 | $210,000 | p.51 |
| Optional Security System | $2,500 | $4,000 | p.51 |
| Freight Charges | $8,000 | $15,000 | p.51 |
| Opening Inventory | $7,500 | $15,000 | p.51 |
| Insurance | $1,500 | $7,500 | p.51 |
| Supplies & Smallwares | $5,000 | $9,000 | p.51 |
| Total | $263,000 | $630,000 | p.51 |
Two readers. One rule.
Claude reads the page
A first pass returns every figure with the page number and the words it found it in.
Grok reads it blind
A second model, a different company, the same page, never shown the first answer.
A number is published only when both agree and the quoted words are on the cited page. Anything else is held back and listed in the run log. No estimates, no fill-ins.
Item 20. Outlets, three years
The number the listing sites leave out.
| Type | Year | Start | End | Net |
|---|---|---|---|---|
| franchised | 2023 | 20,576 | 20,133 | -443 |
| company owned | 2023 | 0 | 0 | 0 |
| total | 2023 | 20,576 | 20,133 | -443 |
| franchised | 2024 | 20,133 | 19,502 | -631 |
| company owned | 2024 | 0 | 0 | 0 |
| total | 2024 | 20,133 | 19,502 | -631 |
| franchised | 2025 | 19,502 | 18,773 | -729 |
| company owned | 2025 | 0 | 0 | 0 |
| total | 2025 | 19,502 | 18,773 | -729 |
0net loss in Subway units, 2023 to 2025, from 20,576 to 18,773. p.94
What is on the site tonight
| Brand | Total investment | Fee | Royalty | Item 19 | Units | |
|---|---|---|---|---|---|---|
| Burger King | held | $50,000 | 4.5% of monthly Gross Sales | $1,707,974 | 6,650 | report soon |
| Culver's | $3,406,350 to $10,294,100 | $65,000 | 4% of Gross Sales | $4,142,737 | 1,041 | report soon |
| Firehouse Subs | $405,350 to $875,950 | $20,000 | held | $973,809 | 1,291 | report soon |
| Five Guys | $927,850 to $1,375,750 | $25,000 | 6% of Gross Sales | none | 1,583 | report soon |
| Jersey Mike's | $436,176 to $1,162,228 | $20,000 | 6.5% of Gross Receipts | $1,367,578 | 3,227 | report soon |
| Jimmy John's | $366,200 to $733,500 | $35,000 | 6% of Restaurant's weekly Gross Sales | $1,007,437 | 2,777 | report soon |
| McDonald's | $1,472,000 to $2,807,000 | $45,000 | 5% or 4% of Gross Sales, depending on the circumstances | $4,088,000 | 13,706 | report soon |
| Potbelly | $628,938 to $999,371 | $40,000 | 6% of Shop's weekly Total Revenue | yes | 470 | report soon |
| Sonic | held | held | held | yes | 3,412 | report soon |
| Subway | $263,000 to $630,000 | $15,000 | 8% of total gross sales | none | 18,773 | report, $49 |
| Wendy's | $1,580,457 to $3,105,000 | $50,000 | Varies between 4-6% of Gross Sales | held | 5,969 | report soon |
last run 2026-09-03 13:13: 0 found · 10 downloaded · 10 extracted · 5 clean · 39 held · 0 errors · full log
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Name it. The next nightly run looks it up in the state registries; if it is registered, the page is live the following morning.