Does Cool Binz provide assistance with negotiating the lease or purchase of a site?
Cool_Binz Franchise · 2025 FDDAnswer from 2025 FDD Document
Before you open your COOL BINZ Business, we will:
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- Designate the Territory for a COOL BINZ Business (Section 1.D and the Summary Page of the Franchise Agreement). We do not provide any assistance with (a) selecting a business site or negotiation of any lease or purchase of any site, (b) conforming the site to local ordinances and codes and obtaining any required permits, or (c) hiring and training employees (other than the required training discussed in Section 3.A of the Franchise Agreement). Your business site must be located within the Territory and must contain at least 500 square feet and a minimum lot size of 0.5 to 1.0 acre, and must adhere to our standards and specifications, which includes demographics, size, local traffic, whether there are complementary businesses or competitors in the area, and similar characteristics. Your COOL BINZ Business site must be approved by us, in our sole discretion, which we will not unreasonably withhold provided that the site meets our minimum specifications. (Section 1.D of the Franchise Agreement). We will use commercially reasonable efforts to approve a suggested site in 30 days. Failure to find a site and commence operation of the COOL BINZ Business within eight (8) months of signing the Franchise Agreement may result in termination of the Franchise Agreement (Section 12.B of the Franchise Agreement). We do not generally (a) own the premises from which franchisees operate the COOL BINZ Business or (b) lease any premises to franchisees to operate the COOL BINZ Business.
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS AND TRAINING (FDD pages 36–45)
What This Means (2025 FDD)
According to Cool Binz's 2025 Franchise Disclosure Document, Cool Binz does not provide assistance with selecting a business site or negotiating the lease or purchase of any site. However, Cool Binz does designate a territory for the business. The site must be within the designated territory and meet specific criteria, including a minimum of 500 square feet and a lot size of 0.5 to 1.0 acre. Cool Binz must approve the site, and will use commercially reasonable efforts to approve a suggested site within 30 days.
It is the franchisee's responsibility to find a location that meets Cool Binz's standards. These standards include demographics, size, local traffic, and the presence of complementary businesses or competitors. The franchisee bears the risk of finding a suitable site and negotiating favorable lease terms.
Failure to secure a site and commence operations within eight months of signing the Franchise Agreement may result in termination of the agreement. This places added pressure on the franchisee to act quickly and efficiently in the site selection process. Prospective franchisees should carefully consider the time and resources required to find and secure an appropriate location, given Cool Binz's lack of direct assistance in this area.