What is a 'Purchase Offer' in the context of selling a Big Air Trampoline Park franchise?

According to Big Air Trampoline Park's 2025 Franchise Disclosure Document, a 'Purchase Offer' is a specific, formal offer a franchisee obtains when they decide to sell their Big Air Trampoline Business. This offer must be a bona fide, executed, written offer from a responsible, arms' length, and fully disclosed purchaser. It must include all real or personal property, leasehold improvements, and other assets used in the Big Air Trampoline Business. The franchisee is then required to submit an exact copy of this Purchase Offer to Big Air Trampoline Park.

This Purchase Offer triggers Big Air Trampoline Park's right of first refusal, meaning they have the first opportunity to buy the business on the terms outlined in the offer. Big Air Trampoline Park has the option to purchase all of the franchisee's rights, title, and interest in the Big Air Trampoline Business, including improvements, furniture, fixtures, equipment, products, accounts, contract rights, customer and vendor lists, work in progress, and other business assets.

The purchase price will be the price specified in the Purchase Offer received by the franchisee. Big Air Trampoline Park has a specified timeframe to notify the franchisee of their intent to exercise or not exercise their right to purchase, which is 15 days following the receipt of the Purchase Offer. If Big Air Trampoline Park declines to exercise its right of first refusal, the franchisee may then sell the business to the third party identified in the Purchase Offer, but not at a lower price or on more favorable terms than those outlined in the Purchase Offer.

This process ensures that Big Air Trampoline Park maintains control over who becomes a franchisee and protects the brand's integrity. It also gives the franchisee a clear path to selling their business if they choose to do so, while providing Big Air Trampoline Park with the opportunity to maintain the location within its franchise system. A franchisee should ensure that any Purchase Offer they obtain is comprehensive and accurately reflects the value of the business to avoid potential disputes during the sale process.