What statements and reports must a Burneys Sweets More franchisee submit to the Cooperative?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
ve. Franchisee shall also submit such statements and reports as may be designated from time to time by the Cooperative. The Cooperative shall submit to Franchisor such statements and reports as Franchisor may designate from time to time. The Cooperative shall prepare written governing documents that shall be available to Franchisee and Franchisor for review. These written governing documents are subject to Franchisor's approval. The Cooperative is responsible for determining its own voting procedures; however, each BURNEY'S SWEETS & MORE franchised business that is a member of the Cooperative is entitled to one vote.
Source: Item 22 — CONTRACTS (FDD page 50)
What This Means (2025 FDD)
According to the 2025 Burneys Sweets More Franchise Disclosure Document, franchisees are required to submit statements and reports to the Cooperative, as designated by the Cooperative from time to time. The specific types of statements and reports are not detailed in this document, leaving it to the discretion of the Cooperative.
This means that the obligations of a Burneys Sweets More franchisee regarding reporting to the Cooperative can change over time, depending on the Cooperative's needs. The Cooperative is also obligated to submit statements and reports to Burneys Sweets More as designated by Burneys Sweets More from time to time.
It is important for prospective franchisees to understand that the Cooperative is responsible for its own voting procedures and must prepare quarterly and annual financial statements, which must be available to all members. The governing documents of the Cooperative must be in writing and available for review by both the franchisee and Burneys Sweets More, subject to Burneys Sweets More's approval. Franchisees should inquire about the specific reporting requirements during their due diligence to fully understand their obligations.