CAMP BOW WOW

Item 7 pegs initial investment at $943,606-$1,199,536, including a $50,000 franchise fee, for buildouts of specialized facilities. Ongoing fees hit 7% royalty (discounted to 3.5% in year one if compliant), 1% brand/ad fund (potentially up to 3%), plus fixed $250/month tech fee, $300/month marketing platform, and up to $1,000/month third-party software—elevated versus pet category norms where royalties often cap at 6%. Item 19 shines with average gross revenue of $993,149 and median $960,150 across units, but EBITDA margin sits at 0%, squeezing estimated profits to just $151,729-$159,403; that's thin for the capital outlay, flagging high operating costs in enrichment, staffing, and grooming add-ons.

System metrics show stability: 223 franchise locations (one corporate), up 5% from 212 in 2023 to 222 in 2024, with 54 projected new units and only 3 terminations amid 7 transfers. SBA data impresses—174 loans averaging $886,693 with a stellar 0.6% default rate, beating many service brands. Yet flags persist: parent Propelled Brands has bankruptcy history, and litigation centers on post-termination enforcement and ex-franchisee contract breaches since 2014 franchising start. For investors eyeing pet booms, scale via 223 units appeals, but zero EBITDA and fee stack demand laser-focused ops to hit profitability—strong growth trajectory offsets risks if you nail premium pricing.