Does the definition of 'Assets' for a Beauty Bungalows franchise include intangible items?

According to Beauty Bungalows's 2025 Franchise Disclosure Document, the definition of "Assets" in the franchise agreement is limited to tangible items. Specifically, it includes the Franchised Business, inventories, supplies, furnishings, equipment, fixtures, land, buildings, and improvements.

This definition means that when evaluating the assets of a Beauty Bungalows franchise, items like goodwill, trademarks, or intellectual property are not considered part of the assets as defined in the agreement. This distinction is important for franchisees to understand, especially in situations involving the transfer, sale, or valuation of the franchise.

For a prospective franchisee, this definition clarifies what is included if they were to sell the business. It is important to note that while the Beauty Bungalows system itself includes valuable know-how and trade secrets, these are not considered part of the franchisee's assets under this definition. This could affect how a franchisee values their business for sale or financing purposes.