For Auntie Annes Co-Branded Shops, what does the initial investment estimate include?

with the following notes.

You should review this information, including the footnotes, carefully, conduct your own investigation and seek the help of qualified advisors before making any decision about an initial investment in a Shop.

None of these fees or payments are refundable unless otherwise noted below.

• 1. Initial Franchise Fee. See Item 5. For Co-Branded Shops, the Initial Franchise Fee estimate includes both the Initial Franchise Fee paid to us ($35,500) and the initial franchise fee paid, as applicable, to Cinnabon under the Cinnabon® Franchise Agreement for the right to operate a Cinnabon® franchise ($30,500) or to Jamba under the Jamba® Franchise Agreement for the right to operate a Jamba® franchise ($35,500).
• 1. Construction and Build Out Costs. This estimate includes fees paid to a general contractor you engage to build out the Shop to meet our Standards (and for a Co-Branded Shop, the standards of the Co-Branded Franchisor too). Leasehold improvements include but are not limited to HVAC, electrical, carpentry, floor covering, and painting. The cost of a general contractor will vary widely depending on the size and condition of the premises, whether or not there are any existing and comparable leasehold improvements in the premises, the extent and quality of improvements you desire over and above our minimum requirements, your landlord's cash contribution to the cost of the improvements, and the local costs of material and labor. In certain major metropolitan markets such as Boston, Chicago, New York, Los Angeles, San Francisco, Seattle, and Washington, D.C., costs could be significantly higher than the estimates provided here due to local market rates for materials and labor.

For a Jamba Co-Branded Shop, the estimate is based on an endcap or free-standing location with a drive-thru. This estimate does not include leasehold improvements for new free-standing buildings with a drive-thru, as the costs for this format may vary significantly. For a Cinnabon Co-Branded Shop, the estimate is based on a mall or streetside location.

You may be able to negotiate tenant improvement allowances from your landlord. The estimate is presented net of estimated tenant improvement allowances. For the low estimate, we estimated a tenant improvement allowance of $2,500, which is approximately the average tenant improvement allowance that our franchisees have reported to us in recent years. For the high estimate, we assumed that a tenant improvement allowance was not available.

• 1. Permitting. This estimate includes the cost of acquiring construction permits, including permit fees. Your costs will vary depending upon your Shop's location. In some markets, the costs of required permits may significantly exceed our estimates.
• 1. Equipment Package. You must purchase or lease from an Approved Supplier certain equipment (like kitchen equipment) and machinery that complies with our Standards (and for a Co-Branded Shop, the standards of the Co-Branded Franchisor too).

Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 44–54)