Is there a requirement to keep a copy of the Exit FDD receipt acknowledgement?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
THE RECEIPT IS A SEPARATE DOCUMENT ATTACHED AS EXHIBIT G (2 COPIES) OF THIS DISCLOSURE DOCUMENT ACKNOWLEDGING RECEIPT OF THE DISCLOSURE DOCUMENT BY YOU.
To determine mutual compatibility and financial responsibility, we ask you to fill out this form for careful evaluation by our management team. We require a copy of a government issued photo ID such as your driver's license. The information supplied by you will be held in the strictest confidence. The submission of this form does not constitute an agreement by either party and is purely for informational purposes.
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the receipt acknowledging that you received the FDD is attached as Exhibit G in two copies. The document does not explicitly state that you are required to keep a copy of the Exit FDD receipt acknowledgement. However, Exit requires a copy of a government-issued photo ID, such as a driver's license, to determine mutual compatibility and financial responsibility. This is part of a form that Exit asks prospective franchisees to complete for evaluation by their management team.
While the FDD doesn't mandate keeping the receipt, standard business practice suggests retaining important documents. The acknowledgement confirms you received the FDD, which contains critical information for your investment decision. Keeping this receipt could be useful in the event of any future disputes or misunderstandings with Exit regarding the disclosure process.
Prospective franchisees should confirm with Exit during their due diligence whether retaining a copy of the FDD receipt acknowledgement is required or recommended. Understanding Exit's expectations regarding document retention will help ensure compliance and protect your interests as a franchisee.