For a Beverly Anns Cookie franchise, who are considered 'Owners' in the context of the Franchise Owner Agreement?
Beverly_Anns_Cookie Franchise · 2025 FDDAnswer from 2025 FDD Document
- 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.
- 3.1.5 Owner Identification. You certify that Attachment B to this Franchise Agreement completely and accurately describes all of your Owners and their interests in you as of the Effective Date. You agree to sign and deliver to us a revised Attachment B to reflect any permitted changes in the information that Attachment B now contains.
Source: Item 23 — RECEIPTS (FDD pages 57–235)
What This Means (2025 FDD)
According to the 2025 Beverly Anns Cookie Franchise Disclosure Document, the term 'Owners' in the context of the Franchise Owner Agreement refers to individuals or entities with an ownership interest in the franchisee's business. Specifically, Attachment B to the Franchise Agreement is used to identify and describe all of the franchisee's Owners and their respective interests in the business as of the agreement's effective date.
Beverly Anns Cookie requires franchisees to furnish copies of all documents and contracts governing the rights and obligations of their Owners. These documents include Articles of Incorporation or Organization, partnership agreements, operating agreements, shareholder agreements, or similar documents. Furthermore, franchisees must obtain prior written approval from Beverly Anns Cookie before altering, changing, or amending these Company Documents. This approval will not be unreasonably denied or withheld, especially if the changes do not prevent the franchisee from fulfilling their obligations under the Franchise Agreement.
The Franchise Agreement also restricts the issuance and transfer of any ownership interests in the franchisee's company. All certificates and other documents representing ownership interests must bear a legend referring to these restrictions. Franchisees are required to sign and deliver a revised Attachment B to Beverly Anns Cookie to reflect any permitted changes in the information contained in the original attachment. This ensures that Beverly Anns Cookie maintains an accurate record of the current ownership structure of each franchise.