Aqua-Tots is a mature, mostly-franchised swim-school system (132 outlets, 131 franchised, 11 signed-but-not-open) showing active development but no Item 19 financial disclosures—a notable high-risk indicator that leaves unit-level performance unverified. The opportunity is capital-intensive: a non‑refundable $50,000 initial fee plus major build-out costs dominated by tenant improvements ($1.2M–$2.1M) and pool installation ($250k–$400k), with additional advertising and working-capital needs in the tens of thousands. Training and support are a clear strength (score 93; 154 hours of formal instruction and on-site assistance), although mandatory on-site support carries an expensive franchisee-paid rate ($1,295/day) and living/travel costs are not covered. Territory protections are weak (protected but not exclusive, franchisor can sell online, shrink territories for non‑performance, and there is no right of first refusal), which undermines exclusivity despite a clean legal disclosure (no reported proceedings) and zero disclosed terminations/non‑renewals.