When are the Quarterly Statements due for a Buona franchise, relative to the Periods?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
financial data in a form and format as Franchisor may reasonably require ("Quarterly Statement") together with a certificate executed by Franchisee or an officer of Franchisee stating that such financial statement is true and accurate.. The Quarterly Statements shall be submitted within twenty-one (21) days following the end of the fourth (4th), seventh (7th), tenth (10th) and thirteenth (13th) Periods. Upon Franchisor's request, Franchisee shall submit to Franchisor, with each Period Statement or Quarterly Statement, copies of any state or local sales tax returns filed by Franchisee for the period included in the Period Statement or Quarterly Statement.
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, franchisees must submit Quarterly Statements within twenty-one (21) days following the end of the fourth, seventh, tenth, and thirteenth Periods. Buona divides its fiscal year into thirteen 4-week reporting periods, and these Periods determine the Quarterly Statement deadlines.
This requirement ensures that Buona receives timely financial data from its franchisees, allowing them to monitor performance and calculate royalties accurately. The franchisee bears the expense of preparing and submitting these statements. The Period and Quarterly Statements must include sales and other financial data in a format that Buona requires, along with a certificate confirming the accuracy of the information.
It is important for prospective Buona franchisees to understand these reporting requirements and factor in the associated costs and administrative burden. Failing to submit these statements on time or providing inaccurate information could result in penalties or other consequences as outlined in the franchise agreement. Franchisees should also be aware that Buona has the right to access their point-of-sale system and other software to retrieve financial data directly.