When must a Dryer Vent Squad franchisee sign the Note if financing is elected?

According to Dryer Vent Squad's 2024 Franchise Disclosure Document, if a franchisee elects to finance their franchise and Dryer Vent Squad approves the financing, the franchisee must sign the Note at the same time they sign the Franchise Agreement. The Note outlines the terms of the financing provided by Dryer Vent Squad.

This means that the franchisee should carefully review the Franchise Agreement and the Note simultaneously, understanding all obligations before signing either document. Since the Note contains waivers of legal rights, including waiving the right to receive notices of default and other legal rights and defenses, it is crucial to fully understand the implications of these waivers. A prospective franchisee should seek legal counsel to review both documents before signing.

Dryer Vent Squad may offer direct financing to cover up to $14,000 of the Initial Franchise Fee for a single territory or up to $28,000 for a double territory. The repayment term is up to two years, with a 10% APR finance charge. The franchisee will be personally liable for the amount financed, plus interest, collection costs, and legal fees in case of default. This financial commitment underscores the importance of careful consideration and due diligence before signing the Franchise Agreement and the Note.