If Cicis exercises its right of first refusal, how long does it have to complete the purchase?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
Within 30 days after we receive an exact copy of the bona fide offer and all relevant information we request, we may, by written notice delivered to you or your selling owner(s), elect to purchase the interest offered for the price and on the terms and conditions contained in the offer. We may substitute any form of payment proposed in the offer as acceptable consideration. If we exercise our right of first refusal, we will have 30 days from the date we notified you of our intended purchase to complete the purchase. You and your owners must make all customary representations and warranties given by the seller of the assets of a business or the ownership interests in a legal entity, as applicable. We have the unrestricted right to assign this right of first refusal to a third party, who then will have the rights described in this Section 5.F.
Source: Item 23 — RECEIPTS (FDD pages 65–263)
What This Means (2025 FDD)
According to Cicis's 2025 Franchise Disclosure Document, if a franchisee or their owners intend to transfer their interest, they must first provide Cicis with a copy of a bona fide, executed written offer from a potential buyer. This offer must include payment terms and financing details, with an earnest money deposit of at least 5% of the offering price.
Within 30 days of receiving the offer and any requested information, Cicis has the option to purchase the interest at the offered price and terms. If Cicis decides to exercise its right of first refusal, it has 30 days from the date of notifying the franchisee of its intent to purchase to complete the transaction.
This means that a Cicis franchisee looking to sell their franchise must be prepared for a potentially lengthy process. First, Cicis has 30 days to decide whether to exercise its right of first refusal. If Cicis does exercise this right, it then has an additional 30 days to finalize the purchase. Therefore, the franchisee needs to factor in at least 60 days for this process when planning the sale of their franchise.