Research
Franchise research reports, ranking reviews, scoring analysis, and portfolio analysis research built from multi-year FDD review, disclosure analysis, and practical diligence questions. Designed to help screen brands, frame follow-up, and spot changes that deserve a closer look.
Browse Research Reports
These reports summarize multi-year disclosure patterns and highlight diligence questions. They are designed to support screening and follow-up discussions, not replace legal or financial advice.
Research ReportNew
Report Date: August 2026
The State of Item 19 Disclosure: 219 Filings Scored
We ran the Franchise Signal Disclosure Score across 219 FDD filings from 138 brands. Three out of four filings produced a clean coverage score. This report explains the five outcomes, shows examples in each, and walks the low end of the scored list.
Disclosure ScoreItem 19Item 20FDD Analysis
Andy LeRoy
Founder, Franchise Signal
Release AnnouncementNew
Report Date: July 2026
How Do You Score a Franchise System?
The Franchise Signal Disclosure Score measures how many of a brand's franchised outlets are included in its Item 19 financial performance representations. A 5 minute read for prospective and current franchisees, franchisors, lenders, and regulators.
A practical look at scoring a franchise system: what the disclosure score measures, why one number cannot capture every brand, and how the score stays reproducible from the source FDD - with a worked Crumbl example.
Disclosure ScoreItem 19Item 20FDD AnalysisFranchise Diligence
Andy LeRoy
Founder, Franchise Signal
Release AnnouncementPublished
Report Date: May 2026
Introducing The Franchise Signal MCP Connector
Franchise Signal now supports an MCP connector that makes selected franchise FDD data available directly inside Claude workflows for franchise research and diligence.
A short release announcement on using Franchise Signal's structured FDD data inside Claude workflows through an MCP connector.
MCPAI WorkflowsFDD DataFranchise Diligence
Andy LeRoy
Founder, Franchise Signal
Research ReportPublished
Report Date: April 2026
Crumbl: A Case Study in Franchise Diligence (2026 FDD)
A practical review of Crumbl's 2025 and 2026 FDDs, focused on disclosure patterns, diligence questions, and what changed year over year.
This report looks at how multi-year FDD review can surface risk, context, and follow-up questions that do not show up when a filing is read in isolation.
FDD AnalysisFranchise DiligenceYear-Over-Year ChangesDisclosure Review
Andy LeRoy
Founder, Franchise Signal
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Covered Topics
Disclosure ScoreItem 19Item 20FDD AnalysisFranchise DiligenceMCPAI WorkflowsFDD DataYear-Over-Year ChangesDisclosure Review
Disclosure
Franchise Signal is an independent research platform and is not affiliated with or endorsed by any franchisor or franchise system.
We do not provide lead generation and we are not brokers, agents, or investment or legal advisors.
If data looks incorrect or you have questions, please contact info@franchisesignal.com.
We do not provide lead generation and we are not brokers, agents, or investment or legal advisors.
If data looks incorrect or you have questions, please contact info@franchisesignal.com.