Besides the Transfer Fee, what other payments must be current to transfer a Cool Binz franchise?

According to Cool Binz's 2025 Franchise Disclosure Document, in addition to the Transfer Fee, a franchisee must ensure several other payments are current to transfer their franchise. Specifically, all Royalties for completed jobs up to the closing date must be paid. This includes any outstanding balances on promissory notes with Cool Binz, as well as any Late Payment Fees, Late Report Fees, NSF Fees, and Interest Fees. Essentially, all financial obligations to Cool Binz must be settled before the transfer can proceed.

This requirement protects Cool Binz's financial interests by ensuring that franchisees do not transfer their business to avoid paying outstanding debts. For a prospective franchisee looking to sell, this means carefully reviewing all financial records and ensuring all payments are up-to-date before initiating the transfer process. Failure to do so could delay or even prevent the transfer.

It is also important to note that these payments must be current, meaning they cannot be in arrears or subject to dispute. Franchisees should maintain meticulous records of all payments made to Cool Binz to avoid any discrepancies during the transfer process. This requirement is fairly standard in franchising, as franchisors typically want to ensure they receive all owed payments before a transfer is finalized.