For how many years after the term of the Dryject agreement must a franchisee preserve their books of account?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
- (a) You shall keep and maintain during the Term of this Agreement and any renewal periods, and shall preserve for a minimum of seven (7) years thereafter, full, complete and accurate books of account in accordance with generally accepted accounting standards and practices, which books shall accurately reflect the Gross Revenues of the Franchised Business; and any and all deductions expressly permitted by this Agreement; marketing activities; payroll; closeout sheets, payroll and accounts payable.
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, franchisees must maintain and preserve their financial records for a minimum of seven years after the agreement's term. These records must be full, complete, and accurate, adhering to generally accepted accounting standards. The books should accurately reflect the Gross Revenues of the Franchised Business, any deductions expressly permitted by the agreement, marketing activities, payroll, closeout sheets, payroll, and accounts payable.
This requirement ensures that Dryject franchisees maintain meticulous financial records for a significant period, allowing for potential audits or reviews by the franchisor or regulatory bodies. It is a standard practice in franchising to ensure financial transparency and compliance.
Prospective Dryject franchisees should be aware of this obligation and ensure they have systems in place to properly manage and store their financial data for the required duration. This includes maintaining detailed records of all income, expenses, and financial transactions related to the Dryject franchise.