What is the condition regarding the Buyer Franchise Agreement for Burneys Sweets More?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
anchise Agreement. The Seller Franchise Agreement will terminate as of the Closing, and the operation of the Franchised Location will thereafter be governed by the Buyer Franchise Agreement;
- b. Payment of Amounts Due. Seller will pay all amounts due and owing to Franchisor through the date of Closing; including but not limited to past due royalty and advertising fees in the amount of $_________________;
- c. Transfer Fee. Seller shall pay a transfer fee of $_________________ as provided in the Seller Franchise Agreement;
- d. Financial Statements. Seller will provide Franchisor with all required monthly financial statements for the Franchised Location through the date of Closing;
- e. Training. Buyer or Buyer's designated representative(s) shall have satisfactorily completed the initial training program as described in the Buyer Franchise Agreement prior to the Closing;
- f. Right to Possession. Buyer will provide satisfactory evidence to Franchisor that Buyer has the right to possession of the premises for the Franchised Location by way of lease assignment (with all required landlord consents) or otherwise;
- g. Site Selection Assistance.
Source: Item 23 — RECEIPT (FDD pages 50–199)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, the operation of a franchised location will be governed by the Buyer Franchise Agreement after the Seller Franchise Agreement terminates as of the closing date of the transfer.
Prior to the closing of the transfer, the buyer or their representative must satisfactorily complete the initial training program as described in the Buyer Franchise Agreement. Additionally, the buyer must provide evidence to Burneys Sweets More that they have the right to possess the premises for the franchised location through a lease assignment or other means. The document also states that Burneys Sweets More has satisfied all obligations regarding site selection and development assistance under the Buyer Franchise Agreement.
Furthermore, the buyer is required to provide Burneys Sweets More with copies of all loan documents or loan commitments that evidence any debt taken on to purchase the franchised location. Prior to changing possession of the franchised location, both the seller and buyer must obtain written consent from Burneys Sweets More for the change in possession. These conditions ensure that the buyer is prepared to operate the franchise and that Burneys Sweets More maintains control over the transfer process and financial stability of the franchise.