Who is the affiliate whose financial statements are included in the Cool Binz FDD?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
e used in this Section and throughout this Agreement are defined as follows:
Affiliate: any person or entity directly or indirectly owned or controlled by, under common control with, or owning or controlling you or us. For purposes of this definition, "control" means the power to direct or cause the direction of management and policies.
COOL BINZ Affiliates: A collective reference for COOL BINZ franchisee(s), Company Store(s), us and/or COOL BINZ North America, LLC ("CBNA").
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 62)
What This Means (2025 FDD)
According to the 2025 Cool Binz Franchise Disclosure Document, COOL BINZ North America, LLC ("CBNA") is considered an affiliate of Cool Binz. The FDD defines an affiliate as any entity directly or indirectly owned or controlled by, under common control with, or owning or controlling the franchisor.
CBNA is specifically referenced in the definition of "COOL BINZ Affiliates," which includes Cool Binz franchisees, Company Stores, the franchisor (Cool Binz International, LLC), and CBNA. The FDD also states that Company Stores are COOL BINZ offices that are owned by CBNA.
While the excerpt identifies CBNA as an affiliate, it does not explicitly state that CBNA's financial statements are included in the FDD. A prospective franchisee should verify with Cool Binz International, LLC whether the financial statements provided are those of Cool Binz International, LLC, CBNA, or both, to fully understand the financial health of the entities involved in the franchise system.