How often must a Buona franchisee submit Period Statements to the franchisor?
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 Period Statements to Buona every four weeks. Specifically, the FDD states that franchisees must submit these statements within twenty-one (21) days following the end of each of the thirteen (13) 4-week reporting periods that Buona uses. These Period Statements must include certain sales and other financial data in a format that Buona requires.
These statements must be certified as true and accurate by the franchisee or an officer of the franchisee. This requirement ensures that Buona receives regular financial updates from its franchisees, allowing them to monitor performance and calculate royalties accurately.
Buona also requires Quarterly Statements, which are submitted within twenty-one (21) days following the end of each quarter of the fiscal year. Additionally, Buona retains the right to modify the form, manner, and timing of these Period Statements, Quarterly Statements, and Financial Statements, as specified in the manuals or in writing. This allows Buona to adapt its reporting requirements as needed.