What statements and reports must a Dryer Vent Squad franchisee submit to the Advertising Cooperative?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
- (6) Franchisee shall submit to the Advertising Cooperative and to Franchisor such statements and reports as may be required by the Advertising Cooperative and approved by Franchisor. All contributions to the Advertising Cooperative shall be maintained and administered in accordance with the documents governing the Advertising Cooperative. The Advertising Cooperative shall be operated solely for the purpose of collection and expenditure of the Advertising Cooperative's fees for the purpose set forth in this Article 9.C.;
Source: Item 23 — RECEIPTS (FDD pages 51–207)
What This Means (2024 FDD)
According to the 2024 Dryer Vent Squad FDD, franchisees are required to submit statements and reports to both the Advertising Cooperative and Dryer Vent Squad itself. The specific statements and reports required are those determined by the Advertising Cooperative and approved by Dryer Vent Squad. All contributions made to the Advertising Cooperative must be maintained and managed according to the documents that govern the Advertising Cooperative.
This means that as a Dryer Vent Squad franchisee, you will need to be prepared to provide regular updates and financial data related to your marketing and advertising activities. The exact nature of these reports will be determined by the cooperative, but Dryer Vent Squad retains the right to approve these requirements. This ensures that the franchisor has oversight regarding the information being shared and collected within the cooperative.
It is important for prospective franchisees to understand the obligations for providing statements and reports, as non-compliance could potentially lead to issues with the franchise agreement. Franchisees should ask Dryer Vent Squad for examples of the types of statements and reports that are typically required to ensure they are prepared to meet these obligations.