Does Crown Gold Exchange conduct an initial training program?
Crown_Gold_Exchange Franchise · 2024 FDDAnswer from 2024 FDD Document
- C. Hiring and training employees. We will provide you with our suggested staffing levels (Section 5.2), suggested guidelines for hiring employees (Section 5.2), operational instructions in the Manual which you can use as part of training new employees (Section 5.3), and our initial training program described below. Our opening support (as described below) includes assisting you in training employees. All hiring decisions and conditions of employment are your sole responsibility.
- F. Initial Training Program. We will conduct our initial training program. (Section 5.4). The current initial training program is described below.
You must attend training. You may send any additional persons to training that you want (up to the maximum described above). You must complete training to our satisfaction at least two weeks before opening your business. You will be required to pass a test which evaluates your understanding for the content and franchise operating content as covered in the training program. Should you fail to pass the test or complete the initial training, we have the right to terminate the franchise agreement with no refund of the initial franchise fee.
Your business must at all times be under your on-site supervision or under the on-site supervision of a general manager who has completed our training program. If you need to send a new general manager to our training program, we will charge a fee, which is currently $250 per day. Otherwise, we do not currently require additional training programs or refresher courses, but we have the right to do so.
| Subject | Hours of Classroom Training | Hours of On-The Job Training | Location |
|---|---|---|---|
| Introduction and Overview - The Industry - The Business Model - The Brand - Establishing the Location - Working together with the Franchisor | 8 | - | Our Location, Rancho Santa Margarita, CA or Your Location or Virtual |
| Operations and Management - Buying - Selling - Staffing - Customer Service - Admin - Insurance - Reporting - Technology and Systems | 8 | 40 | Our Location, Rancho Santa Margarita, CA or Your Location or Virtual |
| Marketing and Sales - Brand - Competitive Overview - Advertising and Marketing - Closing Business - Marketing Collateral and Tools | 8 | 8 | Our Location, Rancho Santa Margarita, CA or Your Location or Virtual |
| Grand Opening and Launch | 2 | 8 | Your Location |
| TOTALS: | 26 | 56 |
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS, AND TRAINING (FDD pages 19–24)
What This Means (2024 FDD)
According to Crown Gold Exchange's 2024 Franchise Disclosure Document, they do conduct an initial training program. The FDD specifies that Crown Gold Exchange will conduct an initial training program, and describes the current program. Franchisees must attend this training, and must complete it to Crown Gold Exchange's satisfaction at least two weeks before opening their business. A test is required to evaluate the understanding of the content covered, and failure to pass the test or complete the initial training gives Crown Gold Exchange the right to terminate the franchise agreement with no refund of the initial franchise fee.
The training program consists of both classroom and on-the-job training. The classroom training totals 26 hours, while on-the-job training accounts for 56 hours. The training covers several subjects including an introduction and overview of the industry, business model, and brand, as well as operations and management, marketing and sales, and grand opening and launch procedures. The training takes place at Crown Gold Exchange's location in Rancho Santa Margarita, CA, at the franchisee's location, or virtually.
There is no fee for up to 2 people to attend training. However, franchisees are responsible for covering the travel and living expenses for their employees or managers attending the training. Furthermore, the franchisee's business must be under the on-site supervision of either the franchisee or a general manager who has completed the training program. If a new general manager needs to attend the training program, there is a fee of $250 per day. Crown Gold Exchange does not currently require additional training programs or refresher courses, but they retain the right to implement them in the future.