How many company-owned Ledgers outlets were operating at the end of 2024?

According to Ledgers's 2025 Franchise Disclosure Document, at the end of 2024, Ledgers had zero company-owned outlets. This is based on the provided table summarizing systemwide outlet data from 2022 to 2024. The table provides a breakdown of franchised and company-owned outlets, detailing the number of outlets at the start and end of each year, as well as the net change.

For a prospective franchisee, the fact that Ledgers does not operate company-owned outlets could mean several things. On one hand, it could indicate that Ledgers is fully committed to the franchise model and focuses its resources on supporting franchisees rather than competing with them. On the other hand, it might suggest that Ledgers has limited experience operating outlets directly, which could affect the quality of support and training provided to franchisees.

It is important to note that while Ledgers did not have any company-owned stores operating, this does not necessarily mean that they will not open any in the future. The FDD also includes a table projecting new outlet openings as of December 31, 2024, but it does not specify the number of company-owned outlets projected to open in the next fiscal year. A prospective franchisee should inquire about Ledgers's future plans for company-owned operations to gain a better understanding of the company's strategic direction and potential impact on the franchise network.