What day of the week are the royalty calculations based on for a Closet Storage Concepts franchise?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
All weekly payments required under this section shall be due and deducted from Franchisee's bank account on Monday of each week on the receipts for the preceding week or such other day as Franchisor mandates.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts's 2025 Franchise Disclosure Document, royalty payments are based on weekly gross revenue. These payments are automatically deducted from the franchisee's bank account each week.
The FDD specifies that all weekly payments required, including royalties, are due and will be deducted from the franchisee's bank account on Monday of each week. This payment covers the receipts from the preceding week.
However, Closet Storage Concepts retains the right to change the day on which these payments are due and deducted. This means that while the standard is Monday, the franchisor can mandate a different day for royalty payments. Franchisees should confirm with Closet Storage Concepts if this policy has changed.
Therefore, while franchisees can typically expect royalty payments to be deducted on Mondays, they must stay informed of any changes to this schedule as directed by Closet Storage Concepts.