What section of the agreement outlines the requirements for transfer after death or incapacity for a Bombs Away franchise?
Bombs_Away Franchise · 2024 FDDAnswer from 2024 FDD Document
- 15.4 Transfer upon Death or Incapacity. Upon the death or incapacity of Franchisee (or, if Franchisee is an entity, the Owner with the largest ownership interest in Franchisee), the executor, administrator, or personal representative of that person must Transfer the Business to a third party approved by Bombs Away Franchising (or to another person who was an Owner at the time of death or incapacity of the largest Owner) within nine months after death or incapacity. Such transfer must comply with Section 15.2.
Source: Item 22 — CONTRACTS (FDD pages 35–36)
What This Means (2024 FDD)
According to Bombs Away's 2024 Franchise Disclosure Document, the requirements for transfer of the franchise upon death or incapacity are detailed in Section 15.4 of the franchise agreement.
Specifically, if the franchisee (or the owner with the largest ownership interest, if the franchisee is an entity) dies or becomes incapacitated, their executor, administrator, or personal representative is required to transfer the Bombs Away business. This transfer must be to a third party approved by Bombs Away Franchising, or to another person who was an owner at the time of death or incapacity of the largest owner.
The transfer must occur within nine months of the death or incapacity and must comply with the conditions outlined in Section 15.2 of the Bombs Away franchise agreement, which generally covers the process and requirements for any transfer initiated by the franchisee.