What financial statements are required from the proposed transferee of a Burneys Sweets More franchise?

According to Burneys Sweets More's 2025 Franchise Disclosure Document, a proposed transferee, including all owners of an interest in a transferee entity, must provide Burneys Sweets More with copies of financial statements for the preceding three years. This information must be provided at least 45 days before the proposed transfer date. If the transferee is an entity, they must also provide copies of their certificate of incorporation and bylaws (including any amendments or modifications), minutes, resolutions, and all other documents, records, and information pertaining to the transferee's existence and ownership.

This requirement allows Burneys Sweets More to assess the financial stability and suitability of the proposed transferee. By reviewing the financial statements, Burneys Sweets More can determine if the transferee has the financial resources to successfully operate the franchise. The additional documents required for entity transferees provide insight into the ownership structure and governance of the entity, ensuring that the new ownership aligns with Burneys Sweets More's standards.

For a prospective Burneys Sweets More franchisee looking to sell their franchise, this means they need to ensure that any potential buyer is prepared to disclose significant financial information. This requirement could potentially deter some buyers or delay the transfer process if the buyer needs time to gather the necessary documentation. It is also important for the franchisee to understand that Burneys Sweets More has the right to request additional financial reports and data related to the franchised business to further evaluate the proposed transfer.