Ultimate Ninjas

Item 7 lays out the full initial investment at $621,000-$1,195,000, covering build-out for large obstacle centers or smaller academies, equipment, and opening costs—expect the higher end for prime spots. Franchise fee is a straightforward $50,000, but ongoing fees stack up: 7% royalty, 2% ad fund, plus $2,000/month local ads, up to $2,000/month regional co-op, $217/month tech fee, $200/month iClass Pro, and $70/month QuickBooks. With 5 franchised and 5 corporate locations (growing 60% from 5 total in 2024 to 8 in 2025, projecting 3 more), this system's young but aggressive; no contraction or high terminations noted yet.

Item 19 shines here, showing average gross revenue of $706,954 and median $663,526 across units—solid for fitness studios targeting families and events like parties/open play. That implies potential owner benefit after fees (though not broken out), especially if you nail local marketing in family-heavy suburbs. From Naperville HQ, they're scaling fast post-2020 launch, but low unit count means validate with their FDD deeply; growth trajectory screams opportunity if you can front the cash and handle kid-focused ops.