franchise due diligence

A 2026 research guide to FDD Item 19 financial performance representations: a claim matrix, reporting and attainment fraction formulas, a fictional selection-bias example, and reconciliation with Items 20 and 21.

A 2026 guide to FDD Item 20 for private equity research, with an item-by-item extraction template, state filing-access matrix, outlet-movement bridge, and strict limits on ownership and growth inferences.