Where in the Bor Restoration FDD can I find the conditions to approval of any transfer?

According to Bor Restoration's 2024 Franchise Disclosure Document, Item 23 outlines the conditions for transfer approval. Specifically, section 9.3 indicates the location of these conditions within the document. Bor Restoration will assess potential transferees based on their current standards for new franchisees. This includes evaluating their net worth, creditworthiness, background, training, personality, reputation, and business experience. Bor Restoration will also consider the transfer terms and any circumstances that might conflict with their reasonable business judgment or the best interests of the Bor Restoration system.

As a condition of transfer, Bor Restoration requires notification of the proposed transfer, including a copy of the written offer from the proposed transferee. The current franchisee must confirm that the potential transferee is aware of Bor Restoration's rights to review and consent to the transfer. The franchisee needs to be in full compliance with the franchise agreement, with all accounts payable and obligations to Bor Restoration or its affiliates settled. All required reports and financial statements must be submitted on time.

The proposed transferee might need to sign the then-current form of the franchise agreement, which could have significantly different terms than the original agreement. The transferee will likely need to attend training and cover any associated tuition and travel expenses. A transfer fee must be paid upon the execution of the franchise agreement by the proposed transferee. Bor Restoration also retains a Right of First Refusal, allowing them to purchase the franchise under the same terms as the proposed transfer. Any material changes to the transfer terms restarts this 30-day right of first refusal period for Bor Restoration.