FDD ITEM 20 · FISCAL 2023–2025
BEARD PAPA'S Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), BEARD PAPA'S reported 34 franchised outlets at year end. 9 of 42 franchised outlets open at the start of the year left the system — an annualized exit rate of 21.4%— while 1 new outlets opened. Systemwide units moved -10.0% over 2023–2025.
| Status (FTC) | 2023 | 2024 | 2025 |
|---|---|---|---|
| Outlets at start | 39 | 40 | 43 |
| Opened | 7 | 4 | 1 |
| Transfers | 3 | 3 | 2 |
| Terminations | 0 | 0 | 8 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 |
| Ceased — other reasons | 6 | 2 | 1 |
| Outlets at end | 40 | 43 | 36 |
| Net change | +1 | +3 | -7 |
8 terminations + 0 non-renewals + 1 ceased (other) = 9 exits ÷ 42 at start = 21.4%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (2) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
| State | Franchised | Company-owned |
|---|---|---|
| CA | 15 | 2 |
| NY | 4 | — |
| TX | 4 | — |
| MA | 2 | — |
| WA | 2 | — |
| AZ | 1 | — |
| CO | 1 | — |
| GA | 1 | — |
| MN | 1 | — |
| NC | 1 | — |
| NV | 1 | — |
| OR | 1 | — |
| IL | 0 | — |
| LA | 0 | — |
| NJ | 0 | — |
| SC | 0 | — |
| UT | 0 | — |
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