Must the proposed transferee of a Crisp & Green franchise have sufficient business experience?
Crisp_Green Franchise · 2024 FDDAnswer from 2024 FDD Document
- (c) the proposed transferee, or its Principal Owners (if the proposed transferee is an Entity), must provide us on a timely basis all information we request, must be individuals acting in their individual capacities who are of good character and reputation, who must have sufficient business experience, aptitude and financial resources to operate the Franchised Restaurant, and who must otherwise meet our approval;
Source: Item 23 — RECEIPTS (FDD pages 66–252)
What This Means (2024 FDD)
According to Crisp & Green's 2024 Franchise Disclosure Document, a proposed transferee of a franchise must have sufficient business experience. Specifically, the proposed transferee, or its Principal Owners if the transferee is an entity, must provide all requested information on a timely basis and must be individuals acting in their individual capacities who are of good character and reputation.
In addition to business experience, the transferee must also have the aptitude and financial resources to operate the Franchised Restaurant and must otherwise meet Crisp & Green's approval. The transferee (or its operating partner) and its managers must also complete the initial training program to Crisp & Green's satisfaction.
Furthermore, the transferee (and its owners) must agree to be bound by all the provisions of Crisp & Green's then-current standard form of franchise agreement with a term of ten years and related documents used in the state in which the Franchised Restaurant is located. The franchisor may also require that the agreement be guaranteed by the seller and their Principal Owners.