According to the 2025 Ledgers Franchise Disclosure Document, Exhibit E-2 contains a list of former franchisees. This list 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 Disclosure Document.

This information is crucial for prospective franchisees as it allows them to contact former franchisees to gain insights into their experiences with the Ledgers franchise system. By speaking with former franchisees, potential investors can learn about the challenges and opportunities associated with the franchise, the level of support provided by the franchisor, and the overall satisfaction of franchisees.

The FDD also states that if a franchisee buys a Ledgers franchise, their contact information may be disclosed to other buyers when they leave the franchise system. This transparency ensures that potential franchisees have access to a wide range of perspectives when making their investment decision.

Reviewing the list of former franchisees and contacting them is a standard due diligence step for anyone considering investing in a franchise. It provides valuable information that can help in evaluating the potential risks and rewards of the franchise opportunity.