What fee is required for a Cool Binz transfer term?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
8. you pay us:
- a. our then-current Transfer Fee, as published in our Operations Manual. The Transfer Fee is due upon our preparation of the required transfer documentation (consent to transfer and assignment agreement and/or preparation of transferee's franchise agreement), and is non-refundable at such time;
- b. all Royalties for completed jobs up through the date of closing, fees, amounts owed under any promissory notes with us, Late Payment Fees, Late Report Fees, NSF Fees, Interest Fees, and all other fees or amounts owed to us, plus interest; and
- c. all commissions, broker fees or other similar expenses if: (i) you list the COOL BINZ Business with a broker, lead referral network or similar entity; or (ii) the transferee is referred to you or us by a broker, lead referral network or similar entity;
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- the transferee must successfully complete our Business Manager and Technical Operations Training program;
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- the transferee must assume and agree to be bound by all outstanding obligations to customers and clients of the COOL BINZ Business;
Source: Item 23 — RECEIPTS (FDD pages 63–238)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, a franchisee seeking to transfer their franchise must pay the then-current transfer fee, as published in the Cool Binz Operations Manual. This fee is due upon Cool Binz's preparation of the required transfer documentation, which includes the consent to transfer and assignment agreement, and/or the preparation of the transferee's franchise agreement. Once the transfer documentation is prepared, the transfer fee becomes non-refundable.
In addition to the transfer fee, the franchisee is responsible for all royalties for completed jobs up to the date of closing. They must also settle all outstanding fees and amounts owed to Cool Binz, including amounts due under any promissory notes, late payment fees, late report fees, NSF fees, and interest fees. Furthermore, the franchisee is liable for all commissions, broker fees, or similar expenses if they list the Cool Binz business with a broker or if the transferee is referred by a broker or lead referral network.
The prospective transferee must also successfully complete Cool Binz's Business Manager and Technical Operations Training program and agree to assume all outstanding obligations to customers and clients of the Cool Binz business. These stipulations ensure that the new franchisee is adequately trained and committed to maintaining the standards and obligations of the Cool Binz franchise system.