What is the deadline for an All County franchisee to provide annual financial statements?
All_County Franchise · 2025 FDDAnswer from 2025 FDD Document
- 18.1.4. Annual Financial Statements. You agree to provide us, within ninety (90) days after the end of the Business' fiscal year, reviewed annual profit and loss and source and use of funds statements and a reviewed balance sheet for the Business as of the end of such fiscal year signed by you or your principal operating officer or operating partner.
Source: Item 23 — Receipts (FDD pages 43–157)
What This Means (2025 FDD)
According to All County's 2025 Franchise Disclosure Document, franchisees must provide annual financial statements within 90 days after the end of the business's fiscal year. These statements must include a reviewed annual profit and loss statement, a source and use of funds statement, and a reviewed balance sheet. The franchisee or their principal operating officer or partner must sign these documents.
This requirement ensures that All County has a clear understanding of each franchisee's financial performance. By mandating reviewed statements, All County aims to receive reliable and accurate financial data, which helps them assess the overall health of the franchise system and provide appropriate support and guidance to franchisees.
For a prospective franchisee, this means planning to have these statements prepared and reviewed by a qualified professional in a timely manner. Failing to submit these statements on time could potentially lead to penalties or other consequences as outlined in the franchise agreement. Therefore, understanding the fiscal year-end date and setting up a system to gather and submit the required financial documents within the specified timeframe is crucial for maintaining compliance with the All County franchise agreement.