From the filings

+79.57% units YoYHQ-led decisions

Top Rail

Financial services

Software purchasing at Top Rail is controlled at the corporate level, with a mandated technology stack that every franchisee must adopt. The system includes Fencecloud Software and Service Minder Software, creating a locked-in environment for approved vendors. With 167 franchised units and 79.57% year-over-year unit growth, the addressable market is expanding rapidly for any software vendor that can complement or integrate with this mandated core.

For software vendors selling into US franchise brands.

Live signals

Total units
167
167 franchised
Unit growth YoY
+79.57%
vs prior filing
AUV
$1.22M
Item 19, 2024
Royalty
6%
of gross sales
Ad fund
1%
national + local
Initial fee
$60K
per unit
Investment range
$161K–$297K
all-in, Item 7
Procurement
Approved supplier
from the filing
Item 19
Claims
from the filing

Ongoing fee load

What the operator pays every month

The recurring percentage of gross sales named in this filing, before rent, labour or any technology fee.

7%of gross sales (FY2026)

Ongoing fees: 7% of gross sales (FY2026)Royalty 6%, Ad fund 1%. Total 7% of gross sales. Drawn against a 15% reference scale.

15% reference

Royalty 6%Ad fund 1%

Mandated & recommended tech

The systems vendors compete with

1 of these are mandated in the franchise agreement. Each is named in Item 11 of the filing, the incumbents a challenger must displace or integrate with.

QuickBooksIntuit
Mandatory
AccountingItem 7

lities sufficient to run all of the software required to operate your Franchised Business; (ii) a laser printer meeting our standards and specifications; (iii) updated versions of QuickBooks, Microsof

Franchisor behaviours

What the franchisor requires

28 requirements the franchisor states in this filing, each in its own words; 3 explicit no's; 3 questions the text does not settle, which is not a no.

Accounting

Must the franchisee use an accounting or bookkeeping system designated or approved by the franchisor?

Yes

Franchise agreement

Franchisor may require use of a specific accounting software and version thereof as set forth in the Operations Manual, and Franchisee will be solely responsible for any associated cost.

Does the franchisor have direct or independent electronic access to the franchisee's financial, sales or customer records?

Yes

Item 11

You, at all times, must give us unrestricted and independent electronic access (including user IDs and passwords, if necessary) to the Business Management and Technology System for the purposes of obtaining the information relating to the Franchised Business.

Must the franchisee submit periodic financial statements (monthly, quarterly or annual) to the franchisor?

Yes

Franchise agreement

10.1.1 Franchisee will, at its expense, submit to the Franchisor within 60 days of the end of each calendar year of the Franchised Business during the term of this Agreement, a complete financial statement for the said calendar year, including, without limitation, both an income statement and balance sheet, which may…

How the franchisor buys

Is the franchisor or an affiliate itself a supplier of required products, services or systems?

Yes

Item 8

we approve or designate suppliers (which may be us or an affiliate of ours) from time to time in the Operations Manual and otherwise in writing (each an ā€œApproved Supplierā€).

Does the franchisor reserve the right to change designated suppliers or systems at any time?

Yes

Franchise agreement

Franchisor has the irrevocable right to modify, supplement, or otherwise change its lists of Approved Suppliers and any items that must be purchased from such Approved Suppliers at any time, as Franchisor deems advisable in its sole discretion.

How much revenue did the franchisor and its affiliates earn from franchisee purchases in the last fiscal year?

401609

Item 8

The total revenue of $401,609 represents 9.8% of Franchisor’s total revenue of $4,107,458.

Does the franchisor or an affiliate receive rebates, commissions or other revenue from designated or approved suppliers?

Yes

Item 8

We may derive income in the form of rebates or marketing allowances paid to us by Approved Suppliers that we require you to use.

Item 8 gives this proportion in one of two shapes: separate percentages for establishing the business and for operating it, or one figure covering "establishing and operating" together. Where they are separate, answer with the operating percentage; where the passage gives only the combined figure, answer with that. What percentage of the franchisee's purchases must come from designated or approved suppliers?

70

Item 8

We estimate that your Required Purchases will account for approximately 70% to 95% of your total purchases and leases incurred in establishing your Franchised Business, and approximately 70% to 95% of your total ongoing purchases and leases to operate the Franchised Business after the initial start-up phase.

Does the franchisor charge a fee to evaluate a proposed supplier?

Yes

Item 8

You will be required to pay us a $1,000 alternative supplier fee/new product review fee plus our actual cost of the inspection and our actual cost of testing the proposed product or evaluating the proposed service or service provider, including personnel and travel costs to review any alternate supplier.

Can a franchisee propose a new supplier for the franchisor's approval?

Yes

Item 8

If you wish to purchase any unapproved item, including inventory, and/or acquire approved items from an unapproved supplier, you must provide us the name, address and telephone number of the proposed supplier, a description of the item you wish to purchase, and the purchase price of the item, if known.

Communications

Does the franchisor own or control the business telephone numbers, or take them over when the agreement ends?

Yes

Franchise agreement

Franchisor reserves the right to procure and supply all telephone numbers and email accounts associated with the Franchised Business.

Franchise management

Does the franchisor conduct periodic inspections, audits or evaluations of the franchised business?

Yes

Franchise agreement

Franchisee agrees that, in order to maintain the high quality and uniform standards associated with the Franchise System and to protect its goodwill and reputation, Franchisee will permit Franchisor, during business hours, to inspect Franchisee’s Franchised Business or attend a project site, confer with Franchisee…

Can the franchisor change the operations manual and brand standards unilaterally?

Yes

Item 8

We may periodically change our standards and specifications at our sole discretion, and you must comply with all changes.

Must the franchisor approve the franchisee's site or location before opening?

Yes

Item 11

Your Approved Location is subject to our written approval.

Marketing

Is the franchisee prohibited from operating its own website or social media accounts, or required to use pages the franchisor provides?

Yes

Franchise agreement

Except as approved in advance in writing by Franchisor, Franchisee must not establish or maintain a separate website, splash page, profile or other presence on the Internet, or otherwise advertise on the Internet or any other public computer network in connection with the Franchised Business, including any profile on…

Is a minimum grand opening advertising spend required?

Yes

Item 11

In connection with the opening of the Franchised Business, you must spend a minimum of $15,000 for grand opening advertising and promotion in the 30 days prior to opening the Franchised Business and the 60 days after opening the Franchised Business in accordance with a plan that you must submit to us.

Is the franchisee required to spend a minimum amount on local advertising or marketing, as a percentage of sales or a fixed amount?

Yes

Franchise agreement

Franchisee will be required to spend the greater of: (i) 3% of Gross Revenue; or (ii) $36,000 annually on local advertising and promotion in accordance with Franchisor’s standards and specifications (the Local Advertising Requirement, as defined in Section 3.6).

Must the franchisee participate in a regional advertising cooperative when one exists?

Yes

Franchise agreement

If a Cooperative is established applicable to the Franchised Business, Franchisee must Ā© 2025 HFB FenceCo Franchising, LLC B-34 2025 FDD v4F participate in the Cooperative.

Operations

Must the franchisee buy products from a designated distributor?

Yes

Franchise agreement

The Franchisee must currently use Franchisor’s designated suppliers to purchase any items and/or services necessary to operate the Franchised Business.

Must equipment be purchased from designated or approved suppliers?

Yes

Franchise agreement

The Franchisee must currently use Franchisor’s designated suppliers to purchase any items and/or services necessary to operate the Franchised Business.

Payments

Are royalties and other fees collected by automatic bank debit (ACH or electronic funds transfer) from the franchisee's account?

Yes

Item 6

With the exception of the Initial Franchise Fee, you must pay all fees and other amounts owed to us and/or our affiliates via electronic funds transfer (ā€œEFTā€) through an electronic funds transfer program (the ā€œEFT Programā€), under which we automatically deduct all payments owed to us and/or our affiliates from the…

People

Does the franchisor require minimum staffing levels or specific roles?

Yes

Franchise agreement

The Franchised Business must, at all times, be staffed with at least 1 individual who has successfully completed Franchisor’s Initial Training Program.

Must employees wear uniforms specified by the franchisor?

Yes

Item 8

Approved Products and Approved Services All Approved Products that we may designate, Approved Services, Approved Location/Storage Facility, vehicles, supplies, equipment, tools, uniforms, forms, advertising materials, computer hardware and software, and inventory used by you in connection with the Franchised Business…

Point of sale

Must the franchisee use a specific point-of-sale system designated or approved by the franchisor?

Yes

Item 11

The Business Management and Technology System will use third-party software from our approved vendors, including our digital platform system for point-of-sale functions, email marketing, and all customer management functions.

Does the franchisor have independent access to the data in the franchisee's POS or computer system?

Yes

Franchise agreement

Franchisor shall also have the right to, at any time without notice, electronically connect with Franchisee’s Computer System to monitor or retrieve data stored on the Computer System or for any other purpose Franchisor deems necessary.

Sales and CRM

Must the franchisee use a CRM system designated or approved by the franchisor?

Yes

Item 11

You must obtain, maintain and use the Business Management and Technology System that we specify periodically in the Manuals

Training

Can the franchisor charge the franchisee for additional, refresher or remedial training?

Yes

Franchise agreement

Franchisor may charge Franchisee its then‐current training tuition fee for Franchisee and any other persons that attend such additional or refresher training, and Franchisee will be solely responsible for any and all expenses associated with such training (including travel, lodging, meals and employee wages incurred).

Is attendance at an annual convention or conference mandatory for the franchisee?

Yes

Franchise agreement

Attendance at the Annual Conference is mandatory.

The filing answers no to 3 questions
  • Is there a franchisee advisory council, association or committee?Item 11
  • Must the franchisee participate in a customer-satisfaction or net-promoter survey program?Franchise agreement
  • Must the franchisee use a payment processor or merchant-services provider designated or approved by the franchisor?Franchise agreement

The vendor opportunity at Top Rail

Top Rail is a financial services franchise with 167 units, all franchised, and no company-owned locations disclosed in the 2026 FDD. The brand reported average unit volume of $1,215,336 and a 6.0% royalty rate. Year-over-year unit growth sits at 79.57%, signaling aggressive expansion. For software vendors, this means a growing base of franchisees who must adopt the technology stack dictated by headquarters. The addressable market is 167 locations today, with a trajectory that suggests that number will climb quickly.

Who controls software purchasing

Technology decisions at Top Rail are centralized. The FDD lists five executives in Item 1: Todd Bingham (President), Jeffrey Dudan (CEO), Michael O’Driscoll (COO and President of Franchising), Joshua Krisher (CFO), and Thomas Ryan, Jr. (Chief Development Officer). Any vendor selling into this system needs to engage the C-suite, particularly the CEO and COO, who oversee operations and franchising. The CFO is the likely budget gatekeeper. There is no franchisee-level autonomy on core systems; the franchisor mandates specific platforms, which means a top-down sales motion is the only viable path.

Mandated and current tech stack

The 2026 FDD mandates three systems: a Business Management and Technology System, Fencecloud Software, and Service Minder Software. These are not optional or recommended—they are required for every franchisee. Fencecloud and Service Minder are named vendors, while the Business Management and Technology System is described generically. Any software vendor targeting Top Rail must either integrate with these mandated platforms or replace one of them, which would require a decision at the highest level of the organization. The stack suggests a focus on operational management and service scheduling, consistent with a financial services franchise.

Procurement, renewals, and timing

Top Rail’s FDD does not include an Item 8 extract, so the procurement model—whether designated supplier, approved supplier list, or open—is not publicly disclosed. Similarly, Item 17 contains no renewal terms, and the initial franchise term is not stated in the available data. Without these signals, it is impossible to map out contract renewal windows or predict when the franchisor might revisit its technology vendors. Vendors should approach this as an always-on prospecting opportunity, building relationships with the executive team rather than waiting for a known RFP cycle.

How to read the Top Rail FDD

The 2026 Top Rail Franchise Disclosure Document is embedded below. It contains the full legal and operational disclosures filed with state franchise regulators. For software vendors, the most relevant sections are Item 1 (executives), Item 11 (mandated systems), and Item 8 (procurement restrictions, if present). The FDD confirms a tightly controlled technology environment with no franchisee discretion on core platforms. Use this document to understand exactly where your software fits—or doesn’t—before approaching the leadership team. For a ranked target list of franchise brands matched to your software category, FranCloud can help.

Questions vendors ask

Top Rail, answered from the filing

The executive team controls technology decisions. Key contacts include CEO Jeffrey Dudan, COO/President of Franchising Michael O’Driscoll, and CFO Joshua Krisher. All franchised units must follow HQ mandates.
The 2026 FDD mandates a Business Management and Technology System, Fencecloud Software, and Service Minder Software. No optional or recommended systems are listed; these three are required for all franchisees.
Top Rail has 167 total units, all of which are franchised. No company-owned units are disclosed. The brand operates in the financial services segment.
The FDD does not include an Item 8 procurement extract, so whether Top Rail uses designated suppliers, approved suppliers, or an open model is not disclosed in the most recent filing.
The FDD does not include an Item 17 renewal extract, and the initial term length is not disclosed. Without renewal or term data, contract window timing cannot be estimated from the filing.
The 2026 Top Rail FDD is filed with state franchise regulators. You can review it directly using the embedded PDF viewer below this section.
Source

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The brands you can actually sell into, from the filings.

Operator footprint

Top Rail’s FDD on file does not disclose a franchisee directory.

Ownership

The portfolio behind Top Rail

holding_vehicle of Homefront Brands.

Sibling brands

Related Financial services brands

Primary franchise filings Ā· updated June 2026. Every figure is source-traceable and QA-checked.