What documents are required from a new Owner of a Beverly Anns Cookie franchise?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
The transferee and its owners sign our then-current form of franchise agreement and related
documents, including, but not limited to, our then-current form of Franchise Owner Agreement or other guaranty (unless we, in our sole discretion, instruct you to assign this Franchise Agreement to the transferee), except that: (i) the Term and successor term(s) shall be the Term and successor term(s) remaining under this Franchise Agreement; and (ii) the transferee does not need to pay a separate initial franchise fee.
You and each of your Owners sign a general release in the form we prescribe for all known and unknown claims against us, our affiliates and subsidiaries, and our and their respective members, officers, directors, agents and employees, arising before or contemporaneously with the Transfer.
If the proposed transferee has any previous relationship with us or our affiliates, then the proposed transferee must also execute a general release.
- 3.1.2 Company Documents. At our request, you will furnish copies of all documents and contracts governing the rights and obligations of your Owners (such as, Articles of Incorporation or Organization and partnership, operating or shareholder agreements or similar documents, the "Company Documents"). You will not alter, change, or amend your Company Documents, without obtaining our prior written approval, which approval we will not unreasonably deny or withhold, and will grant if such changes will not prevent you from performing your obligations under this Franchise Agreement.
- 3.1.3 Transfer Restrictions. Your Company Documents will recite that this Franchise Agreement restricts the issuance and transfer of any ownership interests in you, and all certificates and other documents representing ownership interests in you will bear a legend referring to this Franchise Agreement's restrictions.
Source: Item 23 — RECEIPTS (FDD pages 57–235)
What This Means (2025 FDD)
According to Beverly Anns Cookie's 2025 Franchise Disclosure Document, a new owner (transferee) must sign the then-current form of the franchise agreement and related documents. These related documents include, but are not limited to, the Franchise Owner Agreement or other guaranty. The standard initial franchise fee is waived for the new owner.
Additionally, both the transferring franchisee and their owners must sign a general release in a form prescribed by Beverly Anns Cookie. This release covers all known and unknown claims against Beverly Anns Cookie, its affiliates, subsidiaries, and their respective members, officers, directors, agents, and employees, arising before or at the time of the transfer. If the proposed new owner has any prior relationship with Beverly Anns Cookie or its affiliates, they must also execute a general release.
Beverly Anns Cookie also requires that the franchisee furnish copies of all documents and contracts governing the rights and obligations of their owners, such as Articles of Incorporation or Organization and partnership, operating or shareholder agreements or similar documents, also known as the "Company Documents". The franchisee must obtain prior written approval from Beverly Anns Cookie before altering, changing, or amending these Company Documents. Furthermore, the Company Documents must state that the Franchise Agreement restricts the issuance and transfer of any ownership interests, and all certificates and other documents representing ownership interests must bear a legend referring to these restrictions.