How often must a Buona franchisee submit a Period Statement?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
During the Term, Franchisee shall, at its expense, submit to Franchisor within twenty-one (21) days following the end of each of the thirteen (13) 4-week reporting periods of Franchisor ("Periods"), a statement providing certain sales and other financial data in a form and format as Franchisor may reasonably require ("Period Statement") together with a certificate executed by Franchisee or an officer of Franchisee stating that such financial statement is true and accurate.
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, franchisees are required to submit a Period Statement to Buona every four weeks, resulting in thirteen submissions per year. These statements must be submitted within twenty-one days following the end of each of Buona's thirteen reporting periods. The Period Statement must include sales and other financial data in a format that Buona requires.
Along with the Period Statement, the franchisee or an officer of the franchisee must provide a certificate confirming that the financial statement is accurate and truthful. This requirement ensures that Buona receives regular financial updates from its franchisees, allowing them to monitor performance and calculate royalties accurately.
Buona also requires franchisees to submit Quarterly Statements, in addition to the Period Statements. Buona retains the right to modify the format, method, and timing of submitting Period Statements, Quarterly Statements, Financial Statements, and other reports, as detailed in the manual or in writing. Failure to comply with these reporting requirements can lead to penalties, including estimated payments determined by Buona if the franchisee's records are insufficient to determine gross sales.