Are royalties included in the estimated initial investment for a Ledgers franchise?

According to Ledgers's 2025 Franchise Disclosure Document, the estimated initial investment does not include royalties. Item 7 of the FDD outlines the estimated initial investment for a Ledgers franchise, and specifically states that the estimate does not include royalties, advertising fees, or interest expenses.

This means that prospective franchisees should be aware that the total cost of starting and operating a Ledgers franchise will be higher than the initial investment range provided. Franchisees must budget separately for ongoing royalty payments, advertising fees, and any interest expenses incurred.

Understanding what is excluded from the initial investment is crucial for accurate financial planning. A potential Ledgers franchisee should carefully consider these additional expenses and factor them into their overall budget to ensure they have sufficient capital to sustain the business during its initial months of operation.