What is the deadline for a Bombs Away franchisee to submit an annual financial statement?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
Franchisee shall provide such periodic financial reports as Bombs Away Franchising may require in the Manual or otherwise in writing, including:
- (ii) an annual financial statement (including profit and loss statement, cash flow statement, and balance sheet) for the Business within 90 days after the end of Bombs Away Franchising's fiscal year;
Source: Item 22 — CONTRACTS (FDD pages 35–36)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, franchisees must submit an annual financial statement for their business within 90 days after the end of Bombs Away Franchising's fiscal year. This statement should include a profit and loss statement, a cash flow statement, and a balance sheet.
This requirement ensures that Bombs Away can monitor the financial health of its franchise locations and maintain accurate financial records across the franchise system. Franchisees need to be diligent in maintaining their financial records and preparing the necessary statements to meet this deadline. Failing to submit these reports on time could potentially lead to penalties or other consequences as outlined in the franchise agreement.
It is important for prospective franchisees to understand Bombs Away's fiscal year-end date to accurately calculate the submission deadline for the annual financial statement. This information is crucial for planning and ensuring compliance with the franchise agreement's reporting requirements.