What is the timeframe within which the Bevaris Alliance Franchisee must transfer the Franchisee's Business to the proposed purchaser after the Franchisor does not provide a Purchase Notice?

According to the 2024 Bevaris Alliance Franchise Disclosure Document, if the Franchisor does not provide an Asset Purchase Notice within 20 business days of receiving an Asset Transfer Notice, the Franchisee has a 60-day window to transfer the Franchisee's Business to the proposed third-party purchaser. This transfer must be for a price not less than the Proposed Asset Sale Price, and it is subject to meeting the criteria outlined in clause 16.11 of the franchise agreement.

This clause ensures that the Franchisee can proceed with the sale to a third party if Bevaris Alliance declines to purchase the business itself. However, the Franchisee must act within the specified 60-day period to complete the transfer. Failing to do so would likely require the Franchisee to restart the notification process with any new potential buyers.

It is important for a prospective Bevaris Alliance franchisee to understand these timelines and conditions, as they directly impact the ability to sell the business. The franchisee should also familiarize themselves with clause 16.11, which contains additional criteria that must be satisfied for the transfer to be valid. This ensures compliance with the franchise agreement and a smooth transfer process.