Does the Bumble Roofing Franchise Disclosure Document include a Promissory Note?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
I have received a disclosure document dated January 28, 2025, that included the following Exhibits:
A Financial Statements
B Franchise Agreement
C List of Franchisees and Franchisees Who Have Left the System
D List of State Agencies and Agents for Service
E State-Specific Addendum
F Operating Manual Table of Contents
G Acknowledgement Addendum
H Promissory Note
I Guarantee of Performance
J State Effective Dates
K Receipts
Source: Item 22 — CONTRACTS (FDD page 53)
What This Means (2025 FDD)
Yes, according to the 2025 Bumble Roofing Franchise Disclosure Document, a Promissory Note is included as an exhibit. Specifically, Exhibit H of the FDD is titled "Promissory Note." This indicates that Bumble Roofing may use a promissory note in its dealings with franchisees, potentially for financing options or other financial obligations.
For a prospective Bumble Roofing franchisee, this means they may be required to sign a promissory note as part of their agreement with the franchisor. This could be related to financing the franchise fee, purchasing equipment, or other initial investments. It is important for the franchisee to carefully review the terms of the promissory note, including the interest rate, repayment schedule, and any collateral requirements.
It is also important to understand the circumstances under which Bumble Roofing might require a promissory note. Franchisees should inquire about the typical reasons for using a promissory note and whether there are alternative financing options available. Understanding the franchisor's policies and practices regarding promissory notes is crucial for making an informed decision about investing in a Bumble Roofing franchise.
Prospective franchisees should seek legal and financial advice to fully understand the implications of signing a promissory note and how it will affect their financial obligations and the overall cost of investing in a Bumble Roofing franchise. They should also compare the terms of the promissory note with those offered by other lenders to ensure they are getting the best possible terms.