What is the name of the statement that must be completed by principal owners of a Beef O Bradys franchise?
Beef_O_Bradys Franchise · 2025 FDDAnswer from 2025 FDD Document
The Principal Owners Statement will completely and accurately describe all of your Owners and their interests in you.
A copy of our current form of Principal Owners Statement is attached to the Franchise Agreement as Exhibit F;
- (d) Ownership Changes.
You and your Owners agree to revise the Principal Owners Statement as may be necessary to reflect any ownership changes and to furnish such other information about your organization or formation as we may request (any and all ownership changes must be approved in advance by us);
- (e) Guaranty.
Each of your Owners during the term of this Agreement will sign and deliver to us our standard form of Principal Owner's Guaranty undertaking to be bound jointly and severally by all provisions of this Agreement and any other agreements between you and us.
A copy of our current form of Principal Owners Guaranty is attached to the Franchise Agreement as Exhibit E; and
(f) Documents and Contract. At our request, you will furnish true and correct copies of all documents and contracts governing the rights, obligations and powers of your Owners and agents (like articles of incorporation or organization, and partnership, operating or shareholder agreements).
Source: Item 15 — OBLIGATION TO PARTICIPATE IN THE ACTUAL OPERATION OF THE FRANCHISED BUSINESS. (FDD page 45)
What This Means (2025 FDD)
According to Beef O Bradys's 2025 Franchise Disclosure Document, principal owners must complete the 'Principal Owners Statement.' This statement requires a complete and accurate description of all owners and their respective interests in the franchise.
Beef O Bradys requires franchisees to revise this statement to reflect any changes in ownership, and these changes are subject to the franchisor's approval. Additionally, each owner must sign and deliver a 'Principal Owner's Guaranty,' which binds them jointly and severally to the obligations outlined in the Franchise Agreement and any other agreements between the franchisee and Beef O Bradys.
Beef O Bradys attaches a copy of the current form of the Principal Owners Statement to the Franchise Agreement as Exhibit F, and the Principal Owners Guaranty as Exhibit E. This ensures that all parties are aware of their obligations and liabilities from the outset. Franchisees must also provide copies of all documents governing the rights, obligations, and powers of the owners and agents, such as articles of incorporation or partnership agreements, at Beef O Bradys's request.