Does Dryer Vent Squad offer any discounts on the initial franchise fee?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
We may, in our discretion, offer direct financing to you of your Initial Franchise Fee. We are not obligated to provide this financing to you and our election to provide financing of your Initial Franchise Fee will be based on factors internal to us, as determined by us from time-to-time. We reserve the right to form or designate additional affiliates as potential lenders in the future. We may in the future also provide indirect financing through third parties and receive referral fees from these third-party providers. The terms of your financing with third parties will vary. If you request indirect financing, we may receive a referral fee from the third-party financing provider. We do not guarantee your note, lease or obligation.
If we make financing available to you, we will provide a promissory note (a "Note") for the amount financed. You will be responsible for repayment of the Note, including finance charges and interest and, if you are a Corporate Entity, you individual owners must personally guaranty the repayment of the Note and the payment of all sums due under the Note. You are required to return an original signed copy of the Note to us. We have the right to assign your Note to a third party. Additionally, if you enter into a Note with us for a new Dryer Vent Squad Business, we require that you open the Dryer Vent Squad Business within six months of your receipt of the funding provided under the Note.
Source: Item 5 — INITIAL FEES (FDD pages 15–16)
What This Means (2024 FDD)
According to the 2024 Dryer Vent Squad FDD, Dryer Vent Squad may offer direct financing for the initial franchise fee at their discretion. However, they are not obligated to provide this financing, and the decision to do so is based on internal factors determined by Dryer Vent Squad.
Dryer Vent Squad reserves the right to designate additional affiliates as potential lenders in the future and may also provide indirect financing through third parties, potentially receiving referral fees from these third-party providers. The terms of financing with third parties will vary. If a franchisee requests indirect financing, Dryer Vent Squad may receive a referral fee from the third-party financing provider. However, Dryer Vent Squad does not guarantee any franchisee's note, lease, or obligation.
If Dryer Vent Squad makes financing available, the franchisee will receive a promissory note for the amount financed and will be responsible for repayment, including finance charges and interest. If the franchisee is a corporate entity, its individual owners must personally guarantee the repayment of the note. The franchisee is required to return an original signed copy of the note, and Dryer Vent Squad has the right to assign the note to a third party. Additionally, if a franchisee enters into a note with Dryer Vent Squad for a new Dryer Vent Squad Business, they are required to open the business within six months of receiving the funding.