If Buona elects to acquire the interest proposed to be transferred, can the completion date of the transfer be extended, and if so, for how long?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
Following its receipt of all pertinent data and documents concerning the proposed transfer, including any additional data concerning the transaction requested by Franchisor from Franchisee, Franchisor shall have thirty (30) days within which to advise Franchisee in writing of Franchisor's election to acquire the interest proposed to be transferred on the same terms and conditions agreed to by the prospective transferee. Should Franchisor elect to acquire the interest proposed to be transferred pursuant to its right of first refusal, Franchisee and Franchisor shall cooperate to consummate the transfer. The date for the completion of the transfer may be extended at Franchisor's option for up to thirty (30) days beyond the date originally indicated for the completion of the transfer in order to allow the completion of the transaction in a manner more convenient to Franchisor.
Source: Item 23 — RECEIPTS (FDD pages 78–356)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, if a franchisee proposes to transfer their interest in the franchise, Buona has the right of first refusal to acquire that interest on the same terms as the proposed transfer. Should Buona elect to exercise this right, the completion date of the transfer can be extended.
The FDD states that Buona, at its option, can extend the completion date for up to thirty (30) days beyond the originally scheduled date. This extension is intended to allow Buona sufficient time to finalize the transaction in a manner that is more convenient for them.
This clause provides Buona with flexibility in managing franchise ownership changes. For a franchisee looking to sell, it means the sale process could be delayed by up to 30 days if Buona decides to buy the franchise themselves. Franchisees should factor this potential delay into their plans when considering a transfer of ownership.