When is the $15,000 development fee due for each Cinch I.T. franchised business to be developed?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
| ITEM | AMOUNT | METHOD OF PAYMENT | WHEN DUE | TO WHOM PAYMENT IS TO BE MADE |
|---|---|---|---|---|
| Development Fee for each Franchised Business to be Developed | $15,0001 | Lump sum | At signing of Multi- Unit Development Agreement | Us |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 20–22)
What This Means (2024 FDD)
According to Cinch I.T.'s 2024 Franchise Disclosure Document, the development fee of $15,000 for each franchised business to be developed is due as a lump sum. This payment is required at the signing of the Multi-Unit Development Agreement.
This means that if a prospective franchisee enters into an agreement to develop multiple Cinch I.T. locations, they must pay $15,000 per location upfront when the agreement is signed. This initial investment should be factored into the franchisee's startup costs and financial planning.
It is important to note that, according to Item 7, all payments to Cinch I.T. are non-refundable. Therefore, a prospective franchisee should carefully consider their development plans and financial capabilities before signing a Multi-Unit Development Agreement and paying the associated fees.