When will the purchase price be paid if Card My Yard acquires my business?
Card_My_Yard Franchise · 2025 FDDAnswer from 2025 FDD Document
- (4) The purchase price, if applicable, will be paid at the closing of the purchase, which will take place not later than ninety (90) days after the determination of the purchase price.
We will have the right to set off againstthe purchase price, and thereby reduce the purchase price by, any and all amounts you or your Owners owe to us.
At the closing, you agree to deliver instruments transferring to us: (i) good and merchantable title to the assets purchased, free and clear of all liens and encumbrances, with all sales and other transfer taxes paid by you; and (ii) all licenses and permits of the Card My Yard business which may be assigned or transferred.
If you cannot deliver clear title to all of the purchased assets, or if there are other unresolved issues, the closing of the sale will be accomplished through an escrow.
You and your Owners further agree to execute general releases, in form satisfactory to us, of any and all claims against us and our subsidiaries, shareholders, officers, directors, employees, agents, successors and assigns.
- (5) We may assign our options under this Section XIX.B.to any person or entity without your consent.
Source: Item 23 — RECEIPTS (FDD pages 84–259)
What This Means (2025 FDD)
According to Card My Yard's 2025 Franchise Disclosure Document, if Card My Yard exercises its option to acquire the assets of your Card My Yard business, the purchase price, if applicable, will be paid at the closing of the purchase. This closing will occur no later than ninety (90) days after the determination of the purchase price.
Card My Yard retains the right to offset any amounts that you or your owners owe to them against the purchase price, effectively reducing the amount paid to you. At the closing, you must deliver instruments transferring good and clear title to the purchased assets, free of all liens and encumbrances, and ensure all sales and transfer taxes are paid. Additionally, you must transfer all assignable or transferable licenses and permits of the Card My Yard business.
If you cannot provide clear title to all purchased assets or if there are unresolved issues, the closing of the sale will be managed through an escrow account. Furthermore, you and your owners must execute general releases, in a form satisfactory to Card My Yard, releasing any claims against Card My Yard and its related parties. Card My Yard also has the right to assign its options under this agreement to another person or entity without needing your consent.