Is attendance at Bor Restoration's annual conference mandatory for franchisees?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
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| TYPE OF FEE (Note 1) | AMOUNT | DUE DATE | REMARKS |
|---|---|---|---|
| Substitute or New Designated Manager Training | Currently, $1,500 per person, plus your travel room and board. | 14 Days Before Course Begins. | Payable to us to train any replacement "Designated Manager" (Item 11). We have the right to increase this fee by any amount without limitation after giving you no less than 60 days' prior written notice. |
| Conference Fee | Currently, $995. | As incurred. | We have an annual conference, and attendance is mandatory. All attendees will pay our then-current Conference Fee. We may increase this fee at any time by any amount after giving you no less than 60 days' prior written notice. |
| Mandatory Non- | Currently, $1,500. | As incurred. | If you fail to attend the annual meeting, you will pay this fee. We may increase this fee at any time by any amount after giving you no less than 60 days' prior written notice. |
| Attendance Fee | |||
| Additional | Currently, none. | As incurred. | We may offer additional conferences, seminars, or programs at a frequency we determine. Some of these seminars or programs may be mandatory, and we may charge tuition. We have no criteria for determining tuition and thus cannot now quote a fee. We will give you no less than 60 days prior written notice before we assess tuition. |
| Conferences, | |||
| Seminars, or | |||
| Prog |
Source: Item 6 — Other Fees (FDD pages 10–15)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, attendance at the annual conference is mandatory for franchisees. The current conference fee is $995, and this fee is incurred annually. Bor Restoration retains the right to increase this fee at any time, provided they give franchisees at least 60 days' prior written notice.
If a Bor Restoration franchisee fails to attend the annual meeting, they will be required to pay a Mandatory Non-Attendance Fee, which is currently $1,500. Similar to the conference fee, Bor Restoration can increase the non-attendance fee at any time, given 60 days' prior written notice.
In addition to the annual conference, Bor Restoration may offer additional conferences, seminars, or programs. Some of these may also be mandatory, and Bor Restoration may charge tuition for them. The FDD states that Bor Restoration has no set criteria for determining the tuition for these additional events, but they will provide at least 60 days' notice before assessing any tuition fees. This means that franchisees need to factor in the cost of the annual conference, potential non-attendance fees, and possible tuition for additional mandatory events when budgeting for their Bor Restoration franchise.