Is a Basecamp Fitness franchisee required to provide an updated Statement of Ownership and Management upon the franchisor's request?
Basecamp_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
- A.
You represent and warrant that the information contained in the Statement of Ownership and Management attached hereto is true and correct as of the Effective Date.
You shall immediately notify us of any change in any of the information in the Statement of Ownership and Management last submitted to us.
Further, upon our request you shall provide us with an updated Statement of Ownership and Management.
Each of your owners as of the Effective Date and thereafter, must sign our then-current Guaranty at the time such individual becomes your owner.
Source: Item 17 — RENEWAL, TERMINATION, TRANSFER, AND DISPUTE RESOLUTION (FDD pages 51–55)
What This Means (2025 FDD)
According to Basecamp Fitness's 2025 Franchise Disclosure Document, a franchisee is required to provide an updated Statement of Ownership and Management upon the franchisor's request. The franchisee must also immediately notify Basecamp Fitness of any changes to the information in the Statement of Ownership and Management that was last submitted.
This requirement ensures that Basecamp Fitness maintains current information about the ownership and management structure of each franchise. This allows Basecamp Fitness to monitor compliance with the franchise agreement and assess any potential risks associated with changes in ownership or management.
Each owner must sign Basecamp Fitness's current Guaranty at the time they become an owner. This ensures that all owners are bound by the terms of the guaranty, providing additional security for Basecamp Fitness. The initial Statement of Ownership and Management must be true and correct as of the effective date of the franchise agreement.