Does the definition of 'Owner' for a Bigfoot Forestry business include those who indirectly own an Equity Interest?

According to the 2025 Bigfoot Forestry Franchise Disclosure Document, the definition of "Owner" does include individuals or entities that indirectly own an Equity Interest in the business. Specifically, the FDD states that an "Owner" is a person who directly or indirectly through one or more intermediaries owns an Equity Interest in the Business or Franchisee Entity.

This definition has significant implications for prospective franchisees. It means that anyone with a direct or indirect financial stake in the Bigfoot Forestry franchise, regardless of how many layers of ownership exist, will be considered an "Owner" under the terms of the franchise agreement. This is a broad definition that extends beyond just the person who signs the agreement or directly manages the business.

For example, if a franchisee sets up a holding company to own their Bigfoot Forestry franchise, the shareholders of that holding company would likely be considered "Owners" under this definition. Similarly, if an individual invests in the franchise through a trust or other investment vehicle, the beneficiaries of that trust may also be considered "Owners." This is important because all "Owners" may be required to sign certain documents, such as the General Release in connection with a Transfer, and are subject to certain obligations and restrictions under the franchise agreement.

Bigfoot Forestry also designates a "Managing Owner" who has primary responsibility for the business. The Managing Owner must be approved by Bigfoot Forestry, complete training programs, dedicate either full-time or commercially reasonable efforts to the business, own at least 20% of the Equity Interests (unless waived), and have binding decision-making authority. Other Owners can be passive investors, but the Managing Owner has specific requirements to ensure active management and control.