FDD ITEM 20 · FISCAL 2021–2025
ENGEL & VOLKERS Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2025), ENGEL & VOLKERS reported 223 franchised outlets at year end. 29 of 237 franchised outlets open at the start of the year left the system — an annualized exit rate of 12.2%— while 15 new outlets opened. Systemwide units moved +32.7% over 2021–2025.
| Status (FTC) | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Outlets at start | 152 | 168 | 216 | 239 | 237 |
| Opened | 17 | 15 | 34 | 17 | 15 |
| Transfers | 0 | 9 | 53 | 3 | 8 |
| Terminations | 1 | 1 | 0 | 6 | 15 |
| Non-renewals | 0 | 0 | 1 | 1 | 3 |
| Reacquired by franchisor | 0 | 0 | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 6 | 10 | 12 | 11 |
| Outlets at end | 168 | 176 | 239 | 237 | 223 |
| Net change | +16 | +8 | +23 | -2 | -14 |
15 terminations + 3 non-renewals + 11 ceased (other) = 29 exits ÷ 237 at start = 12.2%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (8) 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 |
|---|---|---|
| FL | 43 | 0 |
| CA | 24 | 0 |
| MT | 15 | 0 |
| CO | 14 | 0 |
| MA | 11 | 0 |
| TX | 9 | 0 |
| WA | 8 | 0 |
| AL | 5 | 0 |
| AZ | 5 | 0 |
| GA | 5 | 0 |
| MN | 5 | 0 |
| NV | 5 | 0 |
| NY | 5 | 0 |
| OR | 5 | 0 |
| UT | 5 | 0 |
| WY | 5 | 0 |
| AR | 4 | 0 |
| ID | 4 | 0 |
| NC | 4 | 0 |
| PA | 4 | 0 |
| HI | 3 | 0 |
| LA | 3 | 0 |
| OH | 3 | 0 |
| OK | 3 | 0 |
| SC | 3 | 0 |
| IL | 2 | 0 |
| MD | 2 | 0 |
| ME | 2 | 0 |
| NJ | 2 | 0 |
| RI | 2 | 0 |
| SD | 2 | 0 |
| TN | 2 | 0 |
| DC | 1 | 0 |
| IN | 1 | 0 |
| KS | 1 | 0 |
| MI | 1 | 0 |
| MO | 1 | 0 |
| NH | 1 | 0 |
| NM | 1 | 0 |
| VA | 1 | 0 |
| VT | 1 | 0 |
| CT | 0 | 0 |
A broker is paid by the franchisor to place you. An independent CPA is paid by you — and the job is pressure-testing ENGEL & VOLKERS's numbers, including talking you out of a bad deal.
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