The franchise fee, the one-time payment disclosed in Item 5 of a franchise disclosure document, had a median of $49,500 across 259 FDDs filed in Minnesota and issued 2025 to 2026; $50,000 was the most common figure.
Key takeaways
- The median one-unit initial fee was $49,500 in 259 FDDs issued January 24, 2025 to August 18, 2026; the middle half ran from $35,000 to $59,975 (our compilation of Minnesota CARDS filings).
- 127 of 259 FDDs (49.0%) set the standard fee between $40,000 and $59,999; 7 charge no initial fee at all (Minnesota CARDS).
- 45.2% of the 259 FDDs cut the fee for veterans, and full-text search found discount, reduction or waiver language in 77.2% of Item 5 sections (veteran discount study).
- 51 of 66 Item 5 sections we read in full (77.3%) say the fee is not refundable with no exception; 15 return some of it if, for example, no site is approved within 135 days to 6 months (FDDs on CARDS).
- No payment may be taken until 14 calendar days after you receive the FDD (16 CFR 436.2(a)), and 37 of those 66 FDDs carry a state addendum deferring the fee until the franchisor completes its pre-opening obligations.
What does a franchise fee pay for under the Franchise Rule?
In the FTC Franchise Rule the franchise fee is one of the “initial fees” in Item 5: every payment to the franchisor or an affiliate for goods or services you receive before the business opens, whether paid in a lump sum or in installments (16 CFR 436.5(e)). Item 5 must also state any refund conditions and, when fees are not uniform, the range paid in the prior fiscal year.
The rule gives Item 5 four jobs. The same four labels appear in the diagram below.
- The initial fees: all payments to the franchisor or an affiliate before opening.
- Refund conditions: any conditions under which the fees are refundable.
- Range or formula: if not uniform, the range or formula for fees paid in the prior fiscal year, and the factors that set the amount.
- Installment terms: lump sum or installments, with terms stated here or in Item 10.
The fee is not the whole opening bill. Across 258 FDDs with a fee line, the initial fee was a median 7.6% of the high Item 7 estimate and 15.3% of the low one, according to our franchise initial investment study. Royalties and brand fund charges sit in Item 6 and are covered in our royalty rate index. Item 5 is one of 23 required Items, all explained in our franchise disclosure document guide.
The label on the payment varies. Wendy’s calls its $50,000 per-restaurant payment a “Technical Assistance Fee” (Wendy's FDD, Item 5), hotel systems use affiliation or application fees, and Family Nest splits its $34,500 into ten training and onboarding modules. If required payments in the first six months total less than $735, the federal rule does not apply at all (16 CFR 436.8(a)(1)).
How much is the average initial franchise fee in 259 FDDs?
The median standard fee for one unit was $49,500 in 259 FDDs issued between January 24, 2025 and August 18, 2026, and the middle half ran from $35,000 to $59,975. The mean was $49,477, almost the same as the median, because a few six-figure hotel and territory fees are offset by seven franchisors that charge nothing up front.
| Measure | Value | Basis |
|---|---|---|
| FDDs analysed | 259 | Issued 2025-01-24 to 2026-08-18, filed in Minnesota |
| Median initial fee, one unit | $49,500 | Midpoint of the standard fee before discounts |
| Middle half (25th to 75th percentile) | $35,000 to $59,975 | Same basis |
| Most common fee | $50,000 | 31 fixed at $50,000, 3 ranges starting there |
| Fees of $50,000 or more | 112 (43.2%) | Standard fee, low end |
| No initial fee | 7 (2.7%) | Item 5 states $0 |
| Priced by territory, rooms, package or format | 48 (18.5%) | Coded from Item 5 notes; a floor |
| Veteran fee discount offered | 117 (45.2%) | Veteran discount coding of the same 259 FDDs |
127 of 259 FDDs (49.0%) set the one-unit fee between $40,000 and $59,999; 7 charge nothing. Source: Minnesota CARDS FDDs issued 2025 to 2026, analysed November 2026.
| Standard initial fee (one unit) | FDDs | Share | Cumulative |
|---|---|---|---|
| $0 (no fee) | 7 | 2.7% | 2.7% |
| $1 to $9,999 | 6 | 2.3% | 5.0% |
| $10,000 to $19,999 | 12 | 4.6% | 9.7% |
| $20,000 to $29,999 | 18 | 6.9% | 16.6% |
| $30,000 to $39,999 | 35 | 13.5% | 30.1% |
| $40,000 to $49,999 | 69 | 26.6% | 56.8% |
| $50,000 to $59,999 | 58 | 22.4% | 79.2% |
| $60,000 to $69,999 | 26 | 10.0% | 89.2% |
| $70,000 to $79,999 | 18 | 6.9% | 96.1% |
| $80,000 to $89,999 | 1 | 0.4% | 96.5% |
| $90,000 to $99,999 | 2 | 0.8% | 97.3% |
| $100,000 or more | 7 | 2.7% | 100.0% |
Fees bunch at price points. 192 of the 259 standard fees are whole thousands, and another 59 end in $500, $900 or $950, such as $49,500, $59,900 and $39,950. After $50,000, the next most common figures were $40,000 and $60,000 (18 FDDs each), $45,000 (17) and $49,500 (15).
A $0 fee does not mean a $0 entry price. Among the 7 FDDs with no initial fee, Merle Norman Cosmetics requires an initial product package of $24,861 to $46,926 bought from the franchisor, and Cornwell requires at least $60,000 of opening inventory plus a $20,000 reserve, as recorded in our coding of each Item 5.
Why does the fee change with territory, rooms or format?
In 48 of 259 FDDs (18.5%), the fee scales with what you buy: population, households, hotel rooms, a service package or a store format. Lodging is the clearest case. 14 of 18 hotel FDDs price per room above a minimum; Comfort Inn, for example, charges $500 per room with a $50,000 minimum for a new franchise.
| Sector | FDDs | Lowest standard fee | Highest standard fee | Fees of $50,000+ | Priced by territory, rooms or format | Veteran fee discount |
|---|---|---|---|---|---|---|
| Automotive | 17 | $4,000 | $250,000 | 0 | 3 | 7 |
| Business services | 18 | $0 | $222,500 | 4 | 4 | 8 |
| Cleaning and restoration | 18 | $2,500 | $300,000 | 8 | 6 | 11 |
| Education and children | 18 | $19,750 | $59,500 | 8 | 2 | 7 |
| Entertainment and recreation | 18 | $35,000 | $75,000 | 15 | 0 | 9 |
| Fitness | 18 | $30,000 | $100,000 | 13 | 0 | 9 |
| Food and beverage | 27 | $3,750 | $60,000 | 4 | 0 | 11 |
| Health and wellness | 17 | $0 | $80,000 | 9 | 0 | 8 |
| Home services | 18 | $17,400 | $100,000 | 11 | 7 | 12 |
| Lodging | 18 | $7,500 | $125,000 | 11 | 15 | 0 |
| Personal services and beauty | 18 | $0 | $105,000 | 9 | 1 | 5 |
| Pet services | 18 | $0 | $119,950 | 8 | 3 | 12 |
| Retail | 18 | $0 | $140,000 | 2 | 0 | 4 |
| Senior and in-home care | 18 | $34,500 | $99,500 | 10 | 7 | 14 |
Sector ranges are wide. Retail runs from $0 (two pharmacy brands and Cornwell) to $140,000 at TravelCenters of America, and cleaning and restoration tops out at $300,000 because System 4 charges $1,200 per 10,000 people with a $96,000 minimum. Food and beverage never exceeded $60,000 in this sample of 27 FDDs.
The Weed Man FDD shows population pricing, a seasonal discount and a refund clause on one page. Its Item 5 sets $30,000 for one Unit Territory of up to 150,000 people and $50,000 for two territories covering up to 300,000 (Weed Man FDD, issued March 31, 2026, Item 5).
| Case from the Weed Man Item 5 | Input as printed | Arithmetic | Fee |
|---|---|---|---|
| One Unit Territory, up to 150,000 people | $30,000 | As printed | $30,000 |
| Two Unit Territories, up to 300,000 people | $50,000 | As printed | $50,000 |
| Two territories, paid in full by July 31 | 10% discount | $50,000 x 0.90 | $45,000 |
| Two territories, paid in full by September 30 | 7% discount | $50,000 x 0.93 | $46,500 |
| Two territories, paid in full by November 30 | 5% discount | $50,000 x 0.95 | $47,500 |
| Refund if a required government approval is refused | Fee less the greater of $2,500 or actual costs | $50,000 minus at least $2,500 | At most $47,500 back |
Which discounts cut the initial fee, and how often?
Most franchisors print at least one route to a lower fee: full-text search found discount, reduction or waiver language in 200 of 259 Item 5 sections (77.2%). The most common named route was a lower price for additional units or development deals, in at least 138 FDDs, followed by veteran discounts in 117 (45.2%).
At least 138 of 259 FDDs price additional units lower and 117 discount the fee for veterans. Source: Minnesota CARDS FDDs issued 2025 to 2026, analysed November 2026.
| Route to a lower fee | FDDs (at least) | Share of 259 | Example as recorded from Item 5 |
|---|---|---|---|
| Additional units or a development deal | 138 | 53.3% | ServiceMaster Restore: $72,500 for one; $62,000 each for 2 to 4; $55,000 each for 5 or more |
| Veteran | 117 | 45.2% | Subway: $7,500 instead of $15,000 for an honorably discharged veteran’s first franchise (Subway FDD, Item 5) |
| Conversion of an existing business | 41 | 15.8% | Midas: $17,500 to convert an independent shop against $35,000 standard |
| Existing franchisee | 28 | 10.8% | European Wax Center: $36,000 for an existing franchisee against $45,000 |
| First responder | 20 | 7.7% | Haven: $10,000 off for honorably discharged veterans and first responders |
| Employee | 11 | 4.2% | ComForCare Home Care: $15,000 employee discount |
Counts come from short coded notes on each Item 5, so they are floors, not ceilings. The rule also makes franchisors show what buyers actually paid when fees differ, and at least 28 notes record such a range. Moe’s Southwest Grill lists a $35,500 standard fee, yet 2025 fees paid ran from $4,500 to $20,500.
Payment timing can also move the price. TEGG charges $75,000 as $37,500 at signing plus 11 monthly installments, or $65,000 as a lump sum at signing. Veteran offers are sized in our veteran franchise discounts report (median value $6,000), and per-unit development pricing is compared in our area development agreements study.
Can you get a franchise fee back?
Usually not. Of 66 FDDs whose Item 5 we read in full, 51 (77.3%) state the initial franchise fee is not refundable with no exception. The other 15 return some or all of it only in narrow cases: no approved site by a deadline (7 FDDs), failed training (5, one overlapping) or a refused permit or other stated event (4). The franchisor usually keeps a set amount or share.
| Brand | Trigger | Refund terms in Item 5 (site deadlines) | Source |
|---|---|---|---|
| Primrose Schools | Site | Refund of the Initial Fee less $20,000 if the franchisor terminates for listed site reasons | Item 5, CARDS 36231-202604-08 |
| Kiddie Academy | Site | Franchisee may terminate during the Site Selection Period; refund less $15,000 | Item 5, CARDS 35613-202603-08 |
| Checkers and Rally’s | Site | May refund 50% if no acceptable site within 180 days or permits not obtained | Item 5, CARDS 37322-202609-01 |
| Five Guys | Site | Refund of 75% if no approved location within 6 months of the first Franchise Agreement | Item 5, CARDS 37173-202608-08 |
| Speed Queen | Site | May terminate and refund the Initial Franchise Fee if no site approved within six months | Item 5, CARDS 36159-202604-10 |
| Steak n Shake | Site | Refund of 75% if no location agreed 135 days after signing | Item 5, CARDS 31681-202405-06 |
| Goldfish Swim School | Site or training | Refund of 25% if terminated for no site within 180 days or failed training | Item 5, CARDS 33047-202503-07 |
The remaining eight refund clauses turn on training, permits or a stated event rather than a site deadline.
| Brand | Trigger | Refund terms in Item 5 (training, permits, other) | Source |
|---|---|---|---|
| Fleet Clean | Training | Refund less $5,000 plus franchisor costs if the Operating Principal or Manager cannot complete initial certification | Item 5, CARDS 36661-202605-04 |
| Dave’s Hot Chicken | Permits | Non-Traditional only: refund less direct expenses if permits are denied and you terminate within 90 days | Item 5, CARDS 36528-202605-09 |
| Great Clips | Other | Partial Initial Franchise Fee refunded if a non-first agreement is cancelled (not under an incentive program) | Item 5, CARDS 35696-202603-08 |
| College Hunks Hauling Junk | Training | Refund less broker fees and training costs if franchisor terminates after failed training | Item 5, CARDS 37194-202608-03 |
| Weed Man | Permits | Refund less the greater of $2,500 or actual costs if a required government approval cannot be obtained | Item 5, CARDS 36217-202604-11 |
| Spring-Green | Training | Refund less costs and broker fees if initial training is not completed to the franchisor’s satisfaction | Item 5, CARDS 35708-202603-09 |
| Chick-fil-A | Other | $5,000 of the $10,000 fee is a working capital deposit returned after termination, less amounts owed | Item 5, CARDS 37426-202610-03 |
| British Swim School | Training | Partially refundable only if you do not pass Initial Training, less sales commission | Item 5, CARDS 36257-202604-01 |
Three patterns repeat. Refunds tied to a site carry a day count, from 135 days at Steak n Shake to 180 days at Checkers and Goldfish Swim School. Retained amounts are stated in dollars or percentages, such as $20,000 at Primrose Schools or 25% at Five Guys. Several clauses, including Weed Man’s and Dave’s Hot Chicken’s, require you to sign a general release first. The FTC consumer guide warns that franchise fees “may be non-refundable”.
When is the fee due, and when must a franchisor wait to collect it?
No payment is allowed until at least 14 calendar days after you receive the FDD (16 CFR 436.2(a)). After that, most Item 5 sections make the fee due when you sign. In 37 of the 66 FDDs we read (56.1%), a state addendum defers initial fees until the franchisor finishes its pre-opening obligations, and in most of them until the business opens.
| Point in time | What happens to the fee | Example | Source |
|---|---|---|---|
| Day 0 | You receive the FDD | Clock starts | 16 CFR 436.2(a) |
| Day 14 or later | Earliest signing or payment | Applies to every franchise sale covered by the rule | 16 CFR 436.2(a) |
| Signing | Fee due in most FDDs | Chick-fil-A: $10,000 payable in full at signing | Chick-fil-A FDD, Item 5 |
| 135 days | Site refund window closes | Steak n Shake: 75% back if no location agreed | Steak n Shake FDD, Item 5 |
| 180 days | Site refund window closes | Checkers: 50% back; Goldfish Swim School: 25% back | Each FDD, Item 5 |
| 6 months | Site refund window closes | Five Guys: 75% back; Speed Queen: refund if no site approved | Five Guys FDD, Item 5 |
| Opening | Deferred fees fall due | State addenda in 37 of 66 FDDs; McDonald’s collects its $45,000 fee on opening | McDonald's FDD, Item 5 |
By our text match, Maryland was the state named most often next to deferral language (26 of the 37 FDDs), followed by Minnesota and Virginia (10 each), Illinois (9) and Hawaii (8). A typical clause, from Fish Window Cleaning, reads: “Payment of the initial franchise fee is deferred until such time as the franchisor completes its initial obligations and franchisee is open for business.” These addenda only apply to buyers covered by that state’s law.
What do Chick-fil-A, McDonald’s, Subway and other brands charge?
Current Item 5 fees for well-known brands run from $5,000 for some Papa John’s restaurants to $50,000 at Burger King, Popeyes and Wendy’s. Starbucks has no US franchise fee because it does not sell franchises. Each row below is the Item 5 amount for one standard unit as printed in the FDD named in the Source column, listed alphabetically.
| Brand | Initial fee, one standard unit | What else Item 5 says | Source |
|---|---|---|---|
| Burger King | $50,000 | Standard fee for a 20-year Franchise Agreement term | FDD issued March 26, 2026, amended September 2, 2026 |
| Chick-fil-A | $10,000 | $5,000 of it held as a working capital deposit; $5,000 per additional business | FDD issued March 31, 2026, amended October 2, 2026 |
| Five Guys | $25,000 | 75% refund if no approved location within 6 months | FDD issued June 30, 2026 |
| Great Clips | $20,000 | Later agreements pay $10,000 at signing, $10,000 at equipment order | FDD issued March 30, 2026 |
| McDonald’s | $45,000 | Lump sum, paid on opening | FDD issued May 1, 2026 |
| Papa John’s | $5,000 to $25,000 | Standard restaurant, depending on incentives; $5,000 Non-Traditional | FDD issued March 30, 2026 |
| Pizza Hut (Traditional) | $25,000 | “Not refundable under any circumstances” | FDD issued March 25, 2026, amended October 8, 2026 |
| Popeyes Louisiana Kitchen | $50,000 | Not credited against any other fee; not refundable | FDD issued March 20, 2026 |
| Starbucks | None | “Not accepting applications for franchisees”; no FDD on CARDS | Starbucks investor FAQ |
| Subway | $15,000 | $7,500 reduced fee, including a veteran’s first franchise | FDD issued April 30, 2026, amended June 15, 2026 |
| The UPS Store | $39,950 | $19,950 for a second or later center | FDD issued April 23, 2026 |
| Wendy’s | $50,000 | Called a Technical Assistance Fee, per restaurant | FDD issued March 27, 2026, amended May 29, 2026 |
Chick-fil-A’s $10,000 is the lowest fixed standard fee in this list, and half of it is not a fee in the usual sense. Its Item 5 holds $5,000 of the $10,000 as a working capital deposit and returns it after termination or non-renewal, less amounts owed, “generally, within two to four months” (Chick-fil-A FDD, Item 5, PDF page 27).
Which franchise fee figures in circulation miss the filing?
Several ranking pages for this query repeat round numbers without a document behind them. Four claims checked against current FDDs and our 259-FDD count did not hold: a Subway fee near $45,000, a UPS Store fee of $29,950, a retail average near $10,000 and a “typical” ceiling of $50,000.
| Claim seen in top-ranking guides | What the filing or count shows | Source |
|---|---|---|
| Subway’s fee is about $45,000 (a small-business news guide, March 2026) | Standard fee $15,000; $7,500 reduced | Subway FDD, Item 5 |
| The UPS Store charges $29,950 (a franchise marketplace study, 2025) | $39,950 for a first center; $19,950 for later centers | UPS Store FDD, Item 5 |
| Retail franchise fees are about $10,000 (same news guide) | Retail median $27,250 across 18 retail FDDs | Royalty rate index, sector table |
| Typical fees run $20,000 to $50,000 (several guides) | 112 of 259 (43.2%) are $50,000 or more; 25 (9.7%) are under $20,000 | 259 FDDs on Minnesota CARDS |
Before you pay: what in Item 5 should change your next step?
Read Item 5 for four things before signing: how the fee is priced, which discounts you qualify for, when it is due and what happens if the site or training falls through. Each row pairs wording found in the FDDs above with a concrete next step and the threshold that triggers it.
| If Item 5 says | Then | Threshold or example |
|---|---|---|
| The fee depends on population, households or rooms | Get the exact territory count in writing before comparing brands | Weed Man: $30,000 up to 150,000 people, $50,000 up to 300,000 |
| Fees paid last year ranged below the standard fee | Ask which program produced the lower fees and whether you qualify | Moe’s: $35,500 standard, $4,500 to $20,500 paid in 2025 |
| A veteran or first responder discount exists | Bring proof of service (often a DD-214) before signing | 117 of 259 FDDs; median veteran discount $6,000 |
| A refund applies only if no site is approved | Put the deadline in your calendar and document every site you submit | 135 days to 6 months in the FDDs read |
| The fee is non-refundable with no exception | Treat the fee as spent at signing and finish financing first | 51 of 66 FDDs read |
| A state addendum defers initial fees | Check whether your state’s addendum covers your purchase | 37 of 66 FDDs read |
| The fee is $0 or under $20,000 | Add up the other pre-opening payments listed in the same Item 5 | Merle Norman: $24,861 to $46,926 product package |
| A lump-sum price differs from installments | Compare the two totals before choosing a schedule | TEGG: $65,000 lump sum against $75,000 in installments |
How we compiled this
We analysed our coded dataset of 259 franchise disclosure documents issued January 24, 2025 to August 18, 2026 and filed with the Minnesota Department of Commerce (CARDS), using the standard one-unit Item 5 fee before discounts and the coder’s Item 5 note; feature counts from those notes are floors. We also read the full Item 5 section of 66 FDDs held on disk in November 2026 for refund and deferral wording, and the federal rule text at 16 CFR 436.5. Earnings figures from Item 19 were excluded. This page explains disclosures; it is not legal, financial or investment advice.
Frequently asked questions
What is a franchise fee?
It is the one-time payment a buyer makes to the franchisor for the license and pre-opening help, disclosed in Item 5 of the FDD. The FTC rule counts every payment to the franchisor or an affiliate before opening as an initial fee, and requires refund conditions to be stated (16 CFR 436.5(e)). Royalties are separate and appear in Item 6.
How much is the average initial franchise fee?
In 259 FDDs filed in Minnesota and issued 2025 to 2026, the median one-unit fee was $49,500 and the mean $49,477. Half fell between $35,000 and $59,975, and $50,000 was the most common figure. Seven franchisors charged no initial fee, while hotel and large-territory fees reached six figures.
Is a franchise fee refundable?
Rarely. In 66 Item 5 sections we read in full, 51 called the fee non-refundable with no exception. The other 15 return part or all of it in narrow cases, such as Five Guys refunding 75% if no location is approved within 6 months, usually after deducting a set amount and requiring a signed release.
Can you negotiate a franchise fee?
The FDD shows where the price moves. 200 of 259 Item 5 sections mention a discount, reduction or waiver, and franchisors must disclose the range actually paid when fees are not uniform. Common routes are additional units, veteran status (117 FDDs) and converting an existing business (at least 41 FDDs).
How much is the Chick-fil-A franchise fee?
$10,000, paid in full when the Franchise Agreement is signed, according to Item 5 of the Chick-fil-A Operator Program FDD issued March 31, 2026 and amended October 2, 2026. Chick-fil-A holds $5,000 of that amount as a working capital deposit and returns it after the agreement ends, less any amounts owed.
Does Starbucks charge a franchise fee?
No. Starbucks states that it is not accepting applications for franchisees, and a search of Minnesota’s CARDS franchise registrations returns no Starbucks FDD. Its non-company stores in the US operate under licensing agreements rather than franchise agreements, so there is no Item 5 franchise fee to compare.
Is the franchise fee included in the total investment?
Yes. Item 7 lists the initial fee as one line of the estimated initial investment. Across 258 FDDs with that line, the fee was a median 7.6% of the high Item 7 estimate and 15.3% of the low estimate, so build-out, equipment and working capital usually cost far more than the fee itself.
Sources
- 16 CFR 436.5, Disclosure items (Item 5: Initial Fees), 2025 edition, U.S. Government Publishing Office: www.govinfo.gov, accessed November 3, 2026.
- 16 CFR 436.2, Obligation to furnish documents, U.S. Government Publishing Office: www.govinfo.gov, accessed November 3, 2026.
- 16 CFR 436.8, Exemptions, U.S. Government Publishing Office: www.govinfo.gov, accessed November 3, 2026.
- A Consumer’s Guide to Buying a Franchise, Federal Trade Commission: www.ftc.gov, accessed November 3, 2026.
- Franchise registrations search (CARDS), Minnesota Department of Commerce: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Chick-fil-A Operator Program FDD, issued March 31, 2026, amended October 2, 2026, Chick-fil-A, Inc. via Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Weed Man FDD, issued March 31, 2026, Turf Holdings Inc via Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Burger King FDD, issued March 26, 2026, amended September 2, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Popeyes Louisiana Kitchen FDD, issued March 20, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Pizza Hut (Traditional) FDD, issued March 25, 2026, amended October 8, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Papa John’s FDD, issued March 30, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Wendy’s FDD, issued March 27, 2026, amended May 29, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Five Guys FDD, issued June 30, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Great Clips FDD, issued March 30, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- McDonald’s USA, LLC FDD, issued May 1, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Subway FDD, issued April 30, 2026, amended June 15, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- The UPS Store FDD (Traditional), issued April 23, 2026, Minnesota CARDS: cards.web.commerce.state.mn.us, accessed November 3, 2026.
- Frequently Asked Questions, Starbucks Investor Relations: investor.starbucks.com, accessed November 3, 2026.