How soon after a request from Crepe De Licious must a franchisee deliver a certified financial statement?
Crepe_De_Licious Franchise · 2025 FDDAnswer from 2025 FDD Document
In addition, you must, within 30 days after we request, deliver to us a financial statement, certified as accurate and complete, in a form which is satisfactory to us and which fairly represents your total assets and liabilities.
Source: Item 22 — CONTRACTS (FDD page 57)
What This Means (2025 FDD)
According to Crepe De Licious's 2025 Franchise Disclosure Document, franchisees must deliver a certified financial statement within 30 days of the request. This financial statement must be accurate and complete, in a form satisfactory to Crepe De Licious, and fairly represent the franchisee's total assets and liabilities. This requirement is in addition to the regular financial reporting, including quarterly profit and loss statements and balance sheets, that franchisees must provide to Crepe De Licious.
This requirement ensures that Crepe De Licious has access to detailed financial information about its franchisees when needed. The franchisor can request this certified statement for various reasons, such as assessing the franchisee's financial health, evaluating a potential transfer of the franchise, or ensuring compliance with the franchise agreement.
For a prospective Crepe De Licious franchisee, this means being prepared to provide a comprehensive and certified financial statement on short notice. Maintaining accurate and up-to-date financial records is crucial to meet this obligation. Additionally, franchisees should understand what Crepe De Licious considers a "satisfactory" form for the financial statement to avoid delays or non-compliance.