What is the reason Belocal does not include financial information about Publications managed by its affiliate?

According to Belocal's 2025 Franchise Disclosure Document, the company does not include financial information regarding publications managed by its affiliate in its financial performance representations. This means that the Item 19 data, which provides details on commission payments and net profits, is solely based on the performance of franchised Belocal publications and does not reflect any financial results from publications operated by Belocal's affiliate.

For a prospective franchisee, this exclusion is important because it provides a clearer picture of what independent franchisees are achieving. By excluding affiliate-managed publications, Belocal aims to present data that is more representative of a franchisee's potential performance under normal operating conditions. This allows potential franchisees to evaluate the opportunity based on the experiences of other franchisees, rather than including data that might be influenced by the franchisor's direct involvement or resources.

It is standard practice in franchising to disclose the basis for any financial performance representations, including any exclusions. Belocal is being transparent by stating that affiliate-managed publications are not included. A potential franchisee may want to understand the reasons behind the affiliate's management of certain publications and whether those reasons could impact their own operations. Understanding the performance of these affiliate-managed publications, even if not formally disclosed in Item 19, could provide additional context for a prospective franchisee's decision-making process.