What is the franchisee certifying by signing the Bor Restoration Closing Acknowledgement?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
BEFORE SIGNING THIS FRANCHISE AGREEMENT, YOU SHOULD READ IT CAREFULLY WITH THE ASSISTANCE OF LEGAL COUNSEL. YOU ACKNOWLEDGE THAT:
- a. THE SUCCESS OF THE BUSINESS VENTURE CONTEMPLATED HEREIN INVOLVES SUBSTANTIAL RISKS AND DEPENDS IN LARGE PART UPON YOUR ABILITY AS AN INDEPENDENT BUSINESS PERSON AND YOUR ACTIVE PARTICIPATION IN THE DAILY AFFAIRS OF THE BUSINESS.
- b. YOU UNDERSTAND THAT IF YOU ARE NEVER ABLE TO OPERATE THE BUSINESS PROFITABLY, YOU COULD LOSE PART OR ALL OF YOUR INVESTMENT, PLUS ANY ADDITIONAL FUNDS THAT YOU CONTRIBUTE TO THE BUSINESS.
Source: Item 23 — Receipts (FDD pages 40–202)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, before signing the franchise agreement, franchisees should read it carefully with the assistance of legal counsel. By signing the Closing Acknowledgement, the franchisee acknowledges that the success of the Bor Restoration business venture involves substantial risks and depends largely on their ability as an independent business person and their active participation in the daily affairs of the business.
Furthermore, the franchisee acknowledges that they understand that if they are never able to operate the business profitably, they could lose part or all of their investment, plus any additional funds that they contribute to the business.
Prospective Bor Restoration franchisees should be aware of these risks and carefully consider their own capabilities and financial situation before investing in a franchise. Seeking legal counsel is highly recommended to fully understand the implications of the franchise agreement and the Closing Acknowledgement.