What is the deadline for complying with the terms and conditions for Burneys Sweets More's consent to transfer?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
ent of Franchisor. Franchisor will consent to the Transfer, as provided in the Seller Franchise Agreement, and will release (a) Seller from any obligations arising under the Seller Franchise Agreement and (b) Seller Guarantors under any guaranty agreement (in each case except as described below) from and after the Effective Date; provided, however, such consent and release are expressly contingent upon compliance with the following terms and conditions on or before the date of the closing of the Transfer ("Closing"):
- a. Franchise 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.
Source: Item 23 — RECEIPT (FDD pages 50–199)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, the consent and release for a franchise transfer are contingent upon meeting specific terms and conditions. These conditions must be met on or before the closing date of the transfer.
The conditions include the termination of the Seller Franchise Agreement as of the closing date, with the Buyer Franchise Agreement governing operations thereafter. The seller is responsible for paying all outstanding amounts owed to Burneys Sweets More through the closing date, including any past due royalty and advertising fees. Additionally, the seller must pay a transfer fee as stipulated in the Seller Franchise Agreement.
Furthermore, the seller is required to provide all necessary monthly financial statements for the franchised location up to the closing date. The buyer, or their designated representatives, must also satisfactorily complete the initial training program outlined in the Buyer Franchise Agreement before the closing can occur. These stipulations ensure a smooth transition and adherence to Burneys Sweets More's standards and financial obligations during the transfer process.
Prospective franchisees should note the importance of adhering to these deadlines to ensure a seamless transfer process. Failure to meet these conditions by the closing date could potentially delay or even void the transfer agreement. It is crucial for both the seller and the buyer to coordinate and fulfill these requirements in a timely manner to avoid any complications.