Prior to a Cicis franchise transfer, what outstanding payments and reports must be submitted?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
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- you must pay all amounts owed to us, our Affiliates, and third-party vendors and have submitted all required reports and statements under this Agreement and any Franchise Agreement with us;
Source: Item 23 — RECEIPTS (FDD pages 65–263)
What This Means (2025 FDD)
According to Cicis's 2025 Franchise Disclosure Document, before a franchise can be transferred, the franchisee must fulfill certain financial and reporting obligations. Specifically, all outstanding amounts owed to Cicis, its affiliates, and any third-party vendors must be paid in full. Additionally, the franchisee must have submitted all reports and statements that are required under the franchise agreement or any other agreement with Cicis.
This requirement ensures that Cicis maintains financial integrity and receives all necessary information before approving a transfer. It protects Cicis's interests by ensuring that the franchise is in good financial standing and that all reporting obligations are up to date.
For a prospective franchisee, this means that if they are considering selling their Cicis franchise, they need to ensure that all payments are current and all required reports have been submitted. Failure to do so could delay or prevent the transfer of the franchise. This is a fairly standard requirement in franchising, as franchisors typically want to ensure that franchisees are in good standing before allowing them to transfer their business to someone else.