What is the Engel & Volkers franchisee's financial responsibility if a required principal does not attend the conferences?

According to Engel & Volkers's 2025 Franchise Disclosure Document, any principal owning 25% or more in the franchise must attend all conferences, which may be in-person or virtual. The franchisee is responsible for covering the expenses for the principal to attend the conference. However, if a principal does not attend the conference, the franchisee is still responsible for paying Engel & Volkers the lowest applicable registration fee for either on-site or virtual attendance.

This means that even if the required principal does not attend the Engel & Volkers conference, the franchisee will still incur a cost. This cost is equivalent to the lowest registration fee for the conference, whether it is held on-site or virtually. This policy ensures that Engel & Volkers is compensated for the resources allocated to the conference, regardless of whether all required individuals attend.

For a prospective Engel & Volkers franchisee, this highlights the importance of ensuring that principals owning 25% or more of the franchise attend the conferences. Failure to do so will still result in a financial obligation, even without the benefit of attendance. Franchisees should factor this potential cost into their budget and ensure that the relevant principals are aware of the attendance requirement.