Does the additional funds estimate for a Ledgers franchise include advertising fees?

According to Ledgers's 2025 Franchise Disclosure Document, the additional funds estimate does not include advertising fees. The FDD specifies that the estimate of additional funds for the initial phase of the business, which ranges from $5,000 to $15,000, is based on staff salaries and operating expenses for the first three months. This estimate does not include an owner's salary or draw, royalties, advertising fees, or interest expenses.

For a prospective Ledgers franchisee, this means they should budget separately for advertising costs in addition to the estimated initial investment. The initial investment table lists "Additional Funds – 3 months" ranging from $5,000 to $15,000, which are earmarked for employee and third-party expenses incurred before and after opening. Since advertising fees are not included in this estimate, franchisees need to determine their advertising budget and factor it into their overall startup costs.

It is common for franchise agreements to have separate fees for advertising, so this is not unusual. Franchisees should inquire with Ledgers about recommended or required advertising expenditures to develop a realistic financial plan. Understanding these costs upfront is crucial for managing cash flow during the initial months of operation.