According to Ledgers' 2025 Franchise Disclosure Document, Exhibit E-2 contains the list of former franchisees. This exhibit includes the names, city and state, and current business telephone number, or if unknown, the last known home telephone number of every franchisee who had an outlet terminated, canceled, not renewed, or otherwise voluntarily or involuntarily ceased to do business under the franchise agreement during Ledgers' most recently completed fiscal year. The list also includes franchisees who have not communicated with Ledgers within 10 weeks of the Issuance Date of the FDD.

It is important for prospective franchisees to review this list to understand the turnover rate and reasons for franchisees leaving the Ledgers system. By contacting former franchisees, potential franchisees can gain valuable insights into the challenges and opportunities associated with the franchise. This information can help them make a more informed decision about investing in a Ledgers franchise.

The FDD states that if a franchisee buys the franchise, their contact information may be disclosed to other buyers when they leave the franchise system. This transparency can be beneficial for both the franchisor and potential franchisees, as it allows for open communication and due diligence.