Can Aira Fitness franchisees, their owners, and affiliates offer securities or partnership interests under private placements?

Based on the 2025 Aira Fitness Franchise Disclosure Document, the document does not explicitly address whether franchisees, their owners, and affiliates can offer securities or partnership interests under private placements. However, the FDD does state that "No security interest may be retained or created, however, without our prior written consent and except upon conditions acceptable to us." This suggests that while franchisees are not explicitly prohibited from offering securities or partnership interests, they must obtain prior written consent from Aira Fitness and adhere to any conditions imposed by them.

This requirement for prior written consent gives Aira Fitness control over how franchisees finance their businesses and ensures that any securities offerings align with the brand's overall strategy and reputation. It also protects Aira Fitness from potential liabilities associated with unauthorized securities offerings by franchisees.

A prospective Aira Fitness franchisee should seek clarification from the franchisor regarding the specific circumstances under which they might consider granting consent for private placements, and what conditions they would typically impose. Understanding these requirements is crucial for franchisees who may need to raise capital through these means.