What form must the weekly reports from a Closet Storage Concepts franchisee be in?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
Such reports will reconcile the monthly Gross Revenue of Franchisee with Franchisee's weekly Gross Revenue and royalty payments.
Source: Item 22 — CONTRACTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, the weekly reports submitted by the franchisee must reconcile with the monthly Gross Revenue and royalty payments. The FDD does not specify a particular format for these weekly reports.
However, Closet Storage Concepts does require franchisees to furnish a statement on forms provided by the franchisor within sixty days after the close of the franchisee's fiscal year. This annual statement must contain all information requested on the forms and be certified by the franchisee and signed by their accountant, showing the total net revenue for the preceding fiscal year.
Since the weekly reports are used to reconcile monthly gross revenue and royalty payments, it is likely that Closet Storage Concepts has specific requirements for the content of these reports. A prospective franchisee should ask the franchisor for clarification on the format and specific information required in the weekly reports to ensure compliance.