How much does a Pure Barre franchise cost?
A new U.S. Pure Barre studio requires an estimated initial investment of $445,299 to $736,465. That is the official range in PB Franchising SPV, LLC's 2026 amended Franchise Disclosure Document for one studio, covering development, the pre-sales phase, and the first three months after the studio's Soft Opening.
Estimated Initial Investment for one Pure Barre Studio under the 2026 amended FDD. The range includes Additional Funds for three months, but excludes taxes, finance charges, interest, debt service, and personal living expenses. Source: 2026 amended FDD, cover page and Item 7, pp. 22–26.
Data basis. Legal franchisor: PB Franchising SPV, LLC. FDD issuance date: April 17, 2026, amended June 18, 2026. Formats reviewed: a single Studio and a Multi-Unit Agreement using a three-Studio example. Core figures come from Items 5, 6, and 7, with cost-relevant details from Items 8, 10, 11, and 17. Information and official webpages were checked July 15, 2026.
The FDD is cited by Item and page because no matching 2026 copy was located on an official franchise-controlled public webpage. The brand's current offer structure is described on the official Pure Barre franchise page. The FTC explains the required disclosure period in its Consumer's Guide to Buying a Franchise.
Capital snapshot
The 2026 figures below separate the opening range, fixed entry payment, continuing percentage charges, and the current public financial screens so they are not mistaken for one combined cash requirement.
What is included in the $445,299 to $736,465 range?
The 2026 Item 7 range combines the Franchise Agreement payment, premises and buildout, equipment, launch inventory, marketing, training, technology, and Additional Funds. The typical Studio assumption is approximately 1,500 to 1,800 square feet in a commercial retail setting. PB Franchising SPV, LLC states that the estimates exclude tax.
Agreement, premises, and fit-out costs
The first half of the 2026 Item 7 schedule covers signing, training travel, premises, construction, signs, and the annual insurance premium funded before opening.
| Item 7 expenditure | Disclosed range | Payment timing | 2026 FDD Item/page |
|---|---|---|---|
| Initial Franchise Fee | $50,000–$60,000 | At Franchise Agreement signing | p. 22 |
| Sourcing Fee | $0–$28,000 | At signing, when applicable | p. 23 |
| Travel & Living Expenses While Training | $0–$3,000 | As incurred | p. 23 |
| Real Estate/Lease and Professional Fees | $17,000–$65,000 | As incurred | pp. 23–24 |
| Leasehold Improvements | $215,000–$336,000 | During design and construction | pp. 23–24 |
| Signage | $9,000–$22,000 | As incurred before opening | pp. 23–24 |
| Insurance | $3,196–$15,256 | Annual premium funded before opening | pp. 23–24 |
Equipment, launch, and working-capital costs
The remaining 2026 Item 7 categories fund the approved physical package, systems, launch inventory, promotion, instructor preparation, software, and the initial business-expense reserve.
| Item 7 expenditure | Disclosed range | Payment timing | 2026 FDD Item/page |
|---|---|---|---|
| Fitness Equipment & Initial FF&E Package | $44,264–$51,520 | Before opening | pp. 23–25 |
| Pre-Sales and Soft Opening Retail Inventory Kit | $13,500–$14,400 | Before opening | pp. 23–25 |
| Computer System, A/V Equipment, and Related Components | $32,000–$41,000 | As arranged before business begins | pp. 23–25 |
| Initial Marketing & Advertising Spend | $30,650–$39,900 | Pre-Sales Phase through first three months | pp. 23–25 |
| Initial Instructor Training Fees | $8,050–$13,750 | Before the applicable training | pp. 23–25 |
| Technology and Software Fees | $3,639 | Pre-sales plus first three operating months | pp. 24–25 |
| Additional Funds — 3 months | $19,000–$43,000 | As incurred | pp. 24–26 |
The Initial Marketing & Advertising Spend line is higher than the separate $15,000 minimum Initial Marketing Requirement stated in the Item 7 footnote. The disclosed range, rather than the minimum alone, is what reconciles to the official total and covers the Pre-Sales Phase plus the first three months after Soft Opening.
How should the low and high ends be read?
The endpoints are two reconciled totals, not a menu from which a buyer can freely select the cheapest figure in every row. The low-end arithmetic adds the low amount shown for each expenditure, and the high-end arithmetic does the same with the high amount. A transaction may land near one end, between the endpoints, or outside them because individual bids and contractual terms do not necessarily move together. For example, a favorable lease deposit does not guarantee a favorable construction bid, and a landlord contribution may arrive later than contractor invoices. The official total should therefore remain intact until a complete project budget shows which assumption changes and why.
The largest uncertainty is tied to the premises. Design approval, demolition, utilities, heating and cooling, plumbing, electrical capacity, flooring, acoustics, permitting, accessibility work, and local inspection requirements can affect both price and schedule. The national disclosure cannot resolve these site-specific matters. A reliable comparison requires a proposed lease, approved plans, and contractor pricing that cover the same scope. Quotes that exclude freight, permits, professional services, or owner-supplied work are not directly comparable with a line that includes those elements.
The equipment assumption also changes how much cash is needed at each date. The disclosure expects the package to be financed through a third-party approved source rather than paid entirely in one lump sum. That assumption can lower the immediate cash draw while creating payments and financing costs outside the stated opening estimate. An outright purchase reverses that timing. The useful question is not merely what the asset costs, but which portion must be paid as a deposit, which portion is funded at delivery, and which obligations continue after the opening date.
The reserve line is already inside the total. It covers business expenses during the stated ramp-up window and certain development-period expenses, after taking account of estimated operating receipts. Adding the same payroll, utility, repair, professional, or processing expense elsewhere would overstate the required funding. Conversely, treating the reserve as household income would understate it because the disclosure limits the estimate to business needs. A buyer's personal living costs and any debt-service reserve require a separate calculation.
The table also combines payments made to different recipients. Some amounts are paid directly to the franchisor, while others go to a landlord, contractor, architect, insurer, vendor, travel provider, or other third party. Refund rights and payment schedules can therefore differ even when two expenditures appear in the same total. The contract or vendor order governing each payment should identify the deposit, cancellation terms, balance date, taxes, freight, financing charges, and any conditions that could accelerate the payment. Source for these interpretations: 2026 amended FDD, Item 7, pp. 22–26.
Leasehold Improvements create the largest disclosed range; the bars show each category's low-to-high interval on a common $0 to $336,000 scale.
Source: 2026 amended FDD, Item 7, pp. 22–26. The visualization plots official low and high amounts; it does not select a midpoint or typical budget.
The Real Estate/Lease estimate includes three months of base rent, an estimated one-month security deposit, common-area and similar lease charges, and legal or professional fees. The Leasehold Improvements range does not subtract any tenant-improvement allowance negotiated with a landlord. Source: 2026 amended FDD, Item 7, p. 24.
Which signing and pre-opening fees change by buyer or transaction?
The standard Initial Franchise Fee is $60,000, but Item 5 discloses several reductions and broker-related alternatives. The Item 7 table nevertheless uses a $50,000 to $60,000 range and its official total reconciles to that table. The lower veteran and third-or-later-franchise fees should not be subtracted from the total without a written, transaction-specific reconciliation from PB Franchising SPV, LLC.
| Upfront circumstance | Disclosed payment | How it applies | 2026 FDD source |
|---|---|---|---|
| Standard new franchise | $60,000 | Initial Franchise Fee due at signing | Item 5, pp. 14–15 |
| VetFran-qualified veteran | $45,000 | Reduced Initial Franchise Fee | Item 5, p. 14 |
| Existing owner — second franchise | $50,000 | Reduction requires compliance with existing agreements | Item 5, p. 14 |
| Existing owner — third or later franchise | $40,000 | Reduction requires compliance with existing agreements | Item 5, p. 14 |
| Brokered purchase of an existing location | $30,000 | Sourcing Fee paid in lieu of the Initial Franchise Fee when the stated broker condition applies | Item 5, p. 15 |
| Existing owner acquiring one additional franchise after a prior broker introduction | $28,000 | Sourcing Fee paid in addition to the Initial Franchise Fee | Item 5, pp. 15–16 |
Item 5 separately describes $3,001 to $3,501 of pre-opening display items, coverings, flags, signage, and décor. The Item 7 note for the $13,500 to $14,400 Pre-Sales and Soft Opening Retail Inventory Kit says certain coverings, signage, and décor purchased from the franchisor are components of that kit. The smaller amount should therefore not be added again to the official total without written confirmation that a specific invoice falls outside the kit.
What do the fee reductions actually reduce?
Each reduction changes a specific signing payment; it does not reduce rent, construction, equipment, technology, inventory, training, marketing, insurance, or the operating reserve. The distinction matters because a large project can have a lower entry fee and still require the same site-development work. A funding plan should show the reduction on the exact line where it applies and leave every unrelated estimate unchanged unless a written amendment states otherwise.
The veteran incentive and the existing-owner tiers are also eligibility-based. The existing-owner reductions depend on compliance with current agreements, while the broker-related charges depend on how the introduction or transaction occurred. They are not interchangeable. Before using any reduced amount, the buyer should obtain written confirmation of the qualifying condition, the payee, the due date, whether the amount replaces or supplements another payment, and whether it is refundable. The executed agreement and invoice should match that confirmation.
The official total creates a further reconciliation issue because its low endpoint uses the amount shown in the investment table rather than the lowest incentive described elsewhere. The conservative treatment is to retain the published total until the franchisor supplies revised arithmetic for the actual transaction. Subtracting an incentive informally can create a total that no official disclosure supports, particularly when another conditional payment is triggered at the same signing.
Does the three-studio investment range cover all three studios?
No. The disclosed $465,299 to $806,465 range for a three-Studio Multi-Unit Agreement covers the Development Fee, a possible Sourcing Fee, and the cost to open and operate only the initial Studio for its first three months. It does not include the buildout and opening costs for the second and third Studios.
Both bars use the 2026 FDD's official totals. The multi-unit bar has a broader scope at signing, but still includes only one Studio buildout.
Scale: $0 to $806,465. Source: 2026 amended FDD, cover page and Item 7, pp. 26–27. The multi-unit total is not an estimate to open three operating Studios.
How the Multi-Unit Agreement changes the opening commitment
The 2026 three-location example adds signing obligations and development rights, but it does not add the later buildouts to the disclosed total.
The Development Fee is nonrefundable but is applied in $10,000 increments toward the Initial Franchise Fee for each later Franchise Agreement after the first. Subsequent agreements use the then-current form and may contain different fees. Source: 2026 amended FDD, Items 1, 5, and 7, pp. 4, 15–16, and 26–27.
For an existing franchisee whose acquisition follows the broker condition described in Item 5, the additional multi-unit Sourcing Fee schedule is $40,000 for rights covering two additional locations, $50,000 for three to five, $84,000 for six to nine, and $120,000 for ten or more. The fee is transaction-dependent, due at signing, nonrefundable, and separate from the Development Fee. Source: 2026 amended FDD, Item 5, pp. 15–16.
Why is a separate budget needed for every required opening?
The development-rights example establishes the entry cost and the first opening only. Later locations still need premises, construction, signs, equipment, systems, inventory, launch spending, training, insurance, and operating cash. Those future amounts are not disclosed as one combined portfolio total. They may also be governed by later contract forms and later price schedules. Multiplying the first range by the number of required openings would be a derived estimate, not a franchisor disclosure, and could misstate both timing and scope.
A multi-location plan should therefore use a separate column for each required opening and a calendar showing when each commitment is due. The schedule should identify overlapping periods, because one site may be under construction while another is paying rent, recruiting personnel, or conducting pre-opening sales. Overlap can create a higher peak cash need than the sum of isolated deposits suggests. It also affects how much contingency remains available if one opening is delayed while another deadline remains fixed.
The credit mechanism for the development payment should be shown explicitly rather than treated as cash returned to the buyer. The amount is applied in increments against later entry fees when the later agreements are signed. Until that event occurs, the cash has already been paid and is nonrefundable. A sources-and-uses model should therefore record the original outflow, the later credit against the relevant invoice, and any remaining balance under the then-current fee schedule.
Site-level financing should likewise be matched to site-level obligations. A lender may approve one project, a group of projects, or only certain asset categories. A landlord allowance normally belongs to one lease and cannot automatically fund another address. The buyer should document which source is legally available for each expenditure and what happens if an approval, construction draw, or reimbursement occurs later than the contractual due date.
When is the money paid?
Pure Barre costs are paid across four cash milestones rather than as one check. The exact dates depend on the approved site, construction schedule, training dates, Pre-Sales Phase, and Soft Opening.
- Agreement signing. The standard $60,000 Initial Franchise Fee is due in a lump sum. A transaction-specific Sourcing Fee may also be due. Under a Multi-Unit Agreement, the Development Fee and applicable Sourcing Fee are due at signing. The FTC's Franchise Rule governs the pre-sale disclosure period before a buyer signs or pays.
- Site approval and development. Lease deposits, professional fees, Leasehold Improvements, permits, signage, Computer System, and other premises costs are paid to landlords, contractors, architects, and Approved Suppliers as incurred. The official franchise process places site selection and team preparation after the Franchise Agreement stage.
- Pre-sales, training, and pre-opening. The reduced Technology Fee starts with the Pre-Sales Phase. Instructor Training is paid before training. The Fitness Equipment & Initial FF&E Package, insurance, and Pre-Sales and Soft Opening Retail Inventory Kit are funded before opening.
- Soft Opening and the first three months. The regular Technology Fee applies at Soft Opening. Royalty and Brand Development Fund payments begin once the Studio generates revenue. Additional Funds cover business expenses through the first three operating months and certain pre-sales expenses.
The Item 7 total is a time-window estimate, not a bank-balance requirement at one instant. A buyer still needs a sources-and-uses schedule showing which deposits, construction draws, equipment payments, and working-capital obligations must be funded before loan proceeds or landlord allowances become available.
How should the cash calendar be tested?
The calendar should be tested against due dates, not only against the final project total. A funding source is useful only if it is available before the corresponding invoice must be paid. An approved loan that funds after completion does not cover an earlier deposit unless bridge cash is available. A landlord reimbursement does not reduce an initial contractor draw until the reimbursement conditions have been satisfied. The model should show the opening cash balance, each expected inflow, each required outflow, and the lowest projected balance during development.
The signing date is the first control point. The buyer should isolate every nonrefundable payment made at that stage and verify that the disclosure waiting period has expired. Site costs should remain separate until a location is approved and the lease terms are known. This prevents a general capital estimate from being mistaken for authorization to commit to a particular property before the design, use, permit, and construction assumptions have been tested.
The pre-opening period is a second control point because expenses begin before normal operations. Personnel recruitment, training attendance, promotional activity, systems, communications, utilities, professional services, and inventory can create repeated outflows while the site is not yet fully open. Some vendors may require deposits well before delivery. The cash calendar should use the actual vendor schedule and should not assume that every item is paid on the day the doors open.
The final control point is the transition into normal operations. Percentage-based payments begin with operating receipts, while fixed monthly charges and local spending duties follow their disclosed schedules. The reserve included in the opening range covers only the specified initial period. A delayed opening, slower collection pattern, unexpected repair, or timing mismatch can require cash beyond that window even without changing the official estimate. This is why the total investment, available liquidity, and timing contingency answer different questions.
A practical reconciliation should also distinguish committed cash from contingent cash. Committed cash covers signed agreements and accepted orders. Contingent cash is held for unresolved bids, change orders, delays, deductibles, or conditions that have not yet occurred. Mixing the two can make a plan appear fully funded while leaving no room for an ordinary timing variance. The relevant contracts, not a generic percentage cushion, should determine the amount held for each unresolved obligation.
Which fees continue after a Pure Barre studio opens?
The principal recurring charges are the Royalty, Brand Development Fund Contribution, Local Advertising Requirement, Technology Fee, and Software Fee. Some other fees begin only if a Co-Op, music-licensing charge, or Instructor Subscription service is established.
| Ongoing obligation | Amount or basis | Timing | 2026 FDD Item/page |
|---|---|---|---|
| Royalty | 7% of Gross Sales | Generally weekly by EFT | pp. 16–17 |
| Brand Development Fund Contribution | Currently 2% of Gross Sales | Weekly with Royalty | pp. 16 and 21 |
| Local Advertising Requirement | Greater of $1,500 or 2% of prior month's Gross Sales | Monthly | pp. 16–17 |
| Regional or Local Advertising Co-Op | As the Co-Op determines; not currently charged | As determined | p. 16 |
| Technology Fee | Currently $304/month | Monthly after Soft Opening | p. 18 |
| Software Fee | Currently $203/month | Monthly to Approved Supplier | Item 7, p. 25 |
| Music Licensing Fee | Currently included in Technology Fee; may be separate | As invoiced or agreed | p. 18 |
| Instructor Subscription Fee | Then-current amount; service not established as of FDD date | Monthly if established | p. 18 |
- Gross Sales basis
- Total revenue generated by the Studio, including gift cards, Approved Products and Approved Services, and business-interruption insurance proceeds, with the disclosed exclusions for collected sales taxes and bona fide customer allowances.
- Marketing Expenditure Cap
- The combined monthly percentage required for the Brand Development Fund, a Regional or Local Advertising Co-Op, and the Local Advertising Requirement cannot exceed 7% of Gross Sales. The Royalty is separate.
- Reduced pre-sales Technology Fee
- $150 per month during the estimated six-month Pre-Sales Phase. Item 5 estimates $900 for that period. The $3,639 Item 7 technology-and-software line covers nine months in total.
- Fee-change authority
- The FDD permits increases or new separate charges in several categories, including Technology, music licensing, training, and subscription services. Current amounts are not lifetime caps.
- Collection and tax adjustment
- Amounts owed are collected through the required electronic-funds-transfer program by the disclosed due time. If a local taxing authority assesses tax on Royalty or Fund Contribution payments made to the franchisor, the franchisee may have to increase the payment to cover that assessment.
Why should the recurring charges remain as formulas?
The percentage charges should be modeled from the contractual base, not converted into an unsupported annual dollar figure. The disclosure defines the base broadly and identifies specific exclusions. A forecast prepared by a buyer or lender may apply the formula to its own assumptions, but that result is not an official fee estimate. Keeping the formula visible makes it clear which input is uncertain and prevents a private projection from being presented as a franchisor number.
The local spending obligation is different from a payment that always goes to the franchisor. It is a minimum spending duty, although the franchisor reserves the right to collect the amount rather than require direct spending. The calculation also contains a fixed floor and a percentage alternative. A model should calculate both and use the greater amount for the applicable month, while separately recording any regional cooperative assessment that is actually established.
The marketing cap applies to the specified combined marketing categories, not to every continuing payment. It should not be used to reduce the separate royalty calculation or unrelated technology and software charges. Likewise, a current zero or included amount does not guarantee that a category will remain free. Where the agreement permits a later assessment or increase, the budget should identify the obligation as variable rather than assume a permanent zero.
Collection frequency affects cash management even when it does not change the percentage. Weekly withdrawals require the operating account to hold sufficient cleared funds throughout the month. Monthly vendor charges may fall on different dates, and the local spending duty can be tested against the prior month's calculation. A cash forecast should therefore preserve each cadence instead of compressing all continuing obligations into one month-end line.
Which fees apply only after a specific event?
Item 6 includes contract-event, compliance, and default-related fees that do not belong in the standard Item 7 opening range. They can still become material during the Franchise Agreement term.
Source for the trigger list: 2026 amended FDD, Item 6, pp. 17–21. The list summarizes payment triggers; the Franchise Agreement controls the complete conditions and remedies.
How much liquid capital and net worth does Pure Barre require?
The official franchise FAQ states that Pure Barre is seeking candidates and investors with liquid assets greater than $250,000 and individuals with a minimum net worth of $500,000. These screening thresholds are distinct from the $445,299 to $736,465 Estimated Initial Investment and should not be added to it.
- Estimated Initial Investment
- The Item 7 range for establishing and operating one Studio through the disclosed opening period.
- Liquid assets
- Assets available in a liquid form for the applicant's funding structure. The official threshold is greater than $250,000; it is not the same as total project cost.
- Net worth
- Assets minus liabilities. The official minimum is $500,000, but net worth is not necessarily cash available for construction and working capital.
- Guarantee exposure
- Owners holding at least 10% of a franchisee entity must provide the disclosed Guarantee. The FDD's Special Risks section also states that a spouse must sign a document making the spouse liable for financial obligations.
The current thresholds and loan language appear on the official Pure Barre franchise FAQ. The official page says applicants who meet the minimum financial requirements may consider a loan, with each funding structure assessed case by case.
Item 10 states that PB Franchising SPV, LLC does not offer direct or indirect financing and does not guarantee a note, lease, or obligation. The official FAQ's reference to possible loan use is not a promise of approval. Buyers can review the SBA 7(a) loan program and the SBA Franchise Directory, while recognizing that lender underwriting and franchise eligibility are separate decisions.
What does the official investment range not fully resolve?
The FDD gives a national range, but it does not settle the buyer's exact lease economics, contractor bids, financing cost, local requirements, or cash timing. The official range also contains assumptions that should be replaced with transaction-specific documents before signing.
Which documents turn the range into a transaction budget?
The range becomes actionable only when each assumption is tied to a current written document. The lease should establish the premises charges and landlord contribution. Approved plans and bid packages should establish construction scope. Vendor quotes should establish the asset, freight, installation, deposit, and delivery terms. Insurance proposals should establish coverage and premium. Training rosters and travel plans should establish attendance costs. A financing commitment should establish the funded categories, borrower contribution, closing conditions, fees, and disbursement dates.
Those documents must use compatible definitions. A contractor's base bid may exclude permits, professional fees, taxes, freight, audiovisual work, data cabling, or owner-provided fixtures. A lease summary may omit common-area charges or the date on which full rent begins. A financing quote may cover equipment but not installation or working capital. The buyer should normalize these scopes before comparing them with the disclosed categories; otherwise, an apparently lower quote may simply contain fewer obligations.
Timing assumptions require the same discipline. A reimbursement received after inspection cannot fund an earlier deposit without another source. A vendor credit may reduce a later invoice but not the initial cash draw. A fee reduction may apply only after eligibility is confirmed. The budget should state the evidence supporting every timing assumption and should flag any amount that depends on approval, reimbursement, financing, or a future event.
The final reconciliation should avoid both omissions and duplication. Every required cost should appear once, under the category that best matches the underlying invoice. If one invoice contains several types of work, the allocation should be documented rather than copied into several rows. If a disclosed line already includes a smaller package or reserve, the smaller amount should not be added again. The goal is a traceable schedule in which the total can be followed back to contracts, quotes, and the current disclosure.
- Lease package. Reconcile base rent, common-area maintenance, taxes, insurance, HVAC, trash, security deposit, rent commencement, and any landlord contribution.
- Construction scope. Obtain bids that match the approved design, permitting, architect, sound consultant, HVAC, electrical, plumbing, flooring, and finish requirements.
- Equipment funding. Item 7 assumes financing for the Fitness Equipment & Initial FF&E Package; compare financed cash timing with an outright purchase and include interest outside Item 7.
- Pre-sales cash plan. Map six months of reduced Technology Fees, Software Fees, personnel, marketing, inventory, and pre-sale expenses before Soft Opening.
- Three-month reserve. Confirm that Additional Funds cover business expenses only and are net of estimated Studio revenue; they do not fund the owner's household costs.
- Required suppliers. Price the current Approved Supplier list for inventory, Fitness Equipment & Initial FF&E, instructor training, insurance, shipping, lease counsel, music licensing, POS, and software.
- Multi-unit schedule. Build separate sources-and-uses schedules for every Studio because the three-Studio Item 7 example excludes the second and third opening costs.
- Post-opening obligations. Budget the Royalty, Fund Contribution, Local Advertising Requirement, Technology Fee, Software Fee, training replacements, and potential remodel or successor-franchise costs.
The 2026 amended FDD is internally inconsistent on the low end of Initial Instructor Training Fees: Item 5 states $8,850 to $13,750, while the Item 7 table states $8,050 to $13,750. This article preserves the Item 7 table amount inside the official total but does not treat the $800 difference as resolved. A buyer should request written confirmation of the applicable training invoice and an updated Item 7 reconciliation.
The Item 7 assumptions also exclude taxes, finance charges, interest, and debt service. Signage excludes optional temporary graphics, Leasehold Improvements do not reflect a landlord allowance, and insurance varies by location, coverage, deductibles, and carrier. The U.S. Small Business Administration provides a general startup-cost framework and a separate guide to buying a franchise; neither replaces Pure Barre's current FDD or transaction documents.
What is the practical capital takeaway?
The verified 2026 starting point is $445,299 to $736,465 for one Studio. The largest disclosed cost driver is Leasehold Improvements, while location economics, approved construction scope, equipment funding, and pre-sales cash timing determine where a project falls within or outside the range. The standard $60,000 Initial Franchise Fee, the official liquidity and net-worth screens, and the ongoing Royalty and marketing obligations are separate concepts and should remain separate in the buyer's funding model.
For a Multi-Unit Agreement, the disclosed $465,299 to $806,465 entry range should be treated as the first-Studio project plus the Development Fee and possible Sourcing Fee—not the capital needed to open all three Studios. The central unresolved question is therefore not only whether a buyer can fund the first Item 7 range, but whether the buyer can document a credible, non-duplicative capital plan for every required Studio and every payment deadline.