Category Analysis

Pilates

Sep 8, 2026

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7 min read

Every Other Boutique Workout Is Shrinking. Pilates Is Booming. That Still Won't Save the Wrong Studio.

The category is real, and it is the trap. The 2026 filings show why the tailwind that lifts the whole category never reaches most of the owners inside it, and what actually decides which studios get paid. Part 1 of 4.

Dave's Hot Chicken

The Chicken QSR Inversion: Six Flinches, and the Green Flag Inside Each One

Sep 1, 2026

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10 min read

The Chicken QSR Inversion: Six Flinches, and the Green Flag Inside Each One

Six numbers from four filings that made you flinch, and the green flag hiding inside each one. Where the obvious read breaks, who wins anyway, and the one pattern under all of it. The Pro deep-dive that closes the series.

Dan Lorenz

Chicken Salad Chick

Aug 25, 2026

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6 min read

Chicken Salad Chick: The Franchise That Shows You Its Whole P&L

The one filing in the category that shows its full P&L, with zero litigation and the lightest fee load of the three. The rare document that answers the question instead of dodging it. Part 4 of 4.

Dan Lorenz

Franchise

Church's Texas Chicken: New Private Money, an 885-Store System, and a $1.1M Question

Aug 18, 2026

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6 min read

Church's Texas Chicken: New Private Money, an 885-Store System, and a $1.1M Question

A forty-year-old value brand with fresh capital behind it, a ten-cents-off-the-top fee stack, and an average store that sells $1,115,007. More than half of them sell less. Part 3 of 4.

Dan Lorenz

Dave's Hot Chicken

Aug 11, 2026

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5 min read

Dave's Hot Chicken: The Loudest Numbers in Franchising, and the One It Doesn't Print

An $823,800 to $4.1 million build, eleven cents of every dollar off the top, and 358 units in five years. On what a store actually earns, the filing is silent. Part 2 of 4.

Dan Lorenz

Franchise

The Three Hottest Chicken Brands of 2026. Only One Shows You the Money.

Aug 4, 2026

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6 min read

The Three Hottest Chicken Brands of 2026. Only One Shows You the Money.

All three just filed their latest numbers. One prints a full P&L, one prints a single figure, one prints nothing at all, and you'll still probably buy it. Part 1 of 4.

Dan Lorenz

Franchise

The Boutique HIIT Inversion: Six Flinches, and Which Ones Were Right

Jul 28, 2026

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8 min read

The Boutique HIIT Inversion: Six Flinches, and Which Ones Were Right

The shrinking maps, the fixed fees, the six-figure loss, the missing territory. Every number that made you flinch this month, run backward. Pro deep-dive.

Dan Lorenz

Franchise

F45: When Things Get Tight, Whose Side Is the Math On?

Jul 21, 2026

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7 min read

F45: When Things Get Tight, Whose Side Is the Math On?

The fees don't fall when sales do. The franchisor terminated 54 agreements last year, and the filing runs nine lawsuits deep. Part 4 of 4.

Dan Lorenz

Franchise

Jul 14, 2026

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6 min read

Same Brand, Same Year: One Studio Keeps 31%, the Next Loses Six Figures

It's the only brand in the series that shows you why: a full profit-and-loss that lays out how the winners win and why the losers lose, so you can tell which one you'd be before you sign. Part 3 of 4.

Dan Lorenz

Franchise

Jul 7, 2026

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6 min read

The Best Sales in Boutique Fitness Belong to a Shrinking Brand

$802,145 a studio on average, a $2.87M ceiling, 95 closed last year. The name carries you to the front desk. It doesn't fill the room. Part 2 of 4.

Dan Lorenz

Franchise

Boutique Fitness: Why One Studio Rings Up $1.2M and the Next Goes Dark

Jun 30, 2026

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6 min read

Boutique Fitness: Why One Studio Rings Up $1.2M and the Next Goes Dark

The franchise is identical. The outcomes are not. The reason isn't the brand, and it isn't luck. It's sitting in a filing most investors never finish. Part 1 of 4.

Dan Lorenz

Home Care

Jun 25, 2026

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10 min read

The Home Care Inversion: Six Flinches, and How the Winners Read Them

Every number that makes an investor hesitate has two readings. Here's the flinch, the inversion, the play that wins it, and the way it falls apart if you get it backward.

Dan Lorenz

Home Care

Boost Home Healthcare: Why Most Buyers Should Walk Away (and the One Who Shouldn't)

Jun 23, 2026

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7 min read

Boost Home Healthcare: Why Most Buyers Should Walk Away (and the One Who Shouldn't)

The word "home" is the only thing it shares with the rest of this series. Different capital, different timeline, different operator, and no Item 19 to check. Most should pass. This is the profile of the one who shouldn't.

Dan Lorenz

Home Care

Jun 16, 2026

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7 min read

Seniors Helping Seniors: The One Design Choice That Rewires Home Care Economics

The industry pays 65 to 75% of revenue to caregiver labor. This brand pays 53.3%. The gap isn't a trick. It's who the caregiver is.

Dan Lorenz

Home Care

Jun 9, 2026

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6 min read

One You Love Homecare: What One Owner Changed to Triple His Revenue

Same brand. Same fees. Same territory. One owner still tripled his revenue in a year. The 2026 FDD shows the one thing he changed.

Dan Lorenz

Home Care

Jun 2, 2026

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7 min read

Home Care: The Tailwind, the Trap, and the Part Discovery Day Skips

The aging population is real. So is the 75% turnover. Both are in the FDD. Only one shows up at Discovery Day.

Dan Lorenz

Category Analysis

Every Other Boutique Workout Is Shrinking. Pilates Is Booming. That Still Won't Save the Wrong Studio.

The Chicken QSR Inversion: Six Flinches, and the Green Flag Inside Each One

Chicken Salad Chick: The Franchise That Shows You Its Whole P&L

Church's Texas Chicken: New Private Money, an 885-Store System, and a $1.1M Question

Dave's Hot Chicken: The Loudest Numbers in Franchising, and the One It Doesn't Print

The Three Hottest Chicken Brands of 2026. Only One Shows You the Money.

The Boutique HIIT Inversion: Six Flinches, and Which Ones Were Right

F45: When Things Get Tight, Whose Side Is the Math On?

Same Brand, Same Year: One Studio Keeps 31%, the Next Loses Six Figures

The Best Sales in Boutique Fitness Belong to a Shrinking Brand

Boutique Fitness: Why One Studio Rings Up $1.2M and the Next Goes Dark

The Home Care Inversion: Six Flinches, and How the Winners Read Them

Boost Home Healthcare: Why Most Buyers Should Walk Away (and the One Who Shouldn't)

Seniors Helping Seniors: The One Design Choice That Rewires Home Care Economics

One You Love Homecare: What One Owner Changed to Triple His Revenue

Home Care: The Tailwind, the Trap, and the Part Discovery Day Skips

The Zorzee Report