What is the transfer fee for a Closet Storage Concepts franchise, and what is the minimum amount?

According to Closet Storage Concepts' 2025 Franchise Disclosure Document, a franchisee who wishes to transfer their franchise must pay a transfer fee. This fee is equal to 50% of the then-current initial franchise fee. However, there is a minimum transfer fee of $24,750.

This means that if Closet Storage Concepts increases its initial franchise fee, the transfer fee will also increase, calculated as half of the new initial fee. However, regardless of how low the initial franchise fee might be at the time of transfer, the franchisee will always have to pay at least $24,750 to transfer the franchise.

In addition to the transfer fee, the transferring franchisee must meet several other conditions. The franchisee must provide Closet Storage Concepts with a copy of the executed purchase agreement, including all supporting documents. The person or entity to whom the franchise is being transferred must also meet Closet Storage Concepts' managerial and business standards and have a good moral character, business reputation, and credit rating. The transferee must also demonstrate that they have adequate financial resources to meet the obligations of the Franchise Agreement. The transferee may not be involved with any business that competes with Closet Storage Concepts, unless they are an existing franchisee. The transferee must also execute Closet Storage Concepts' then-current Franchise Agreement and complete the training program to Closet Storage Concepts' satisfaction, at their own expense. Finally, the transferee must demonstrate that they have received approval from the landlord to take over possession of the Franchised Business' lease.