When is the Successor Franchise Fee due for an Extreme Art Studio franchise?
Extreme_Art_Studio Franchise · 2024 FDDAnswer from 2024 FDD Document
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| Type of Fee(1) | Amount | Due Date | Remarks |
|---|---|---|---|
| Successor Franchise Fee | 10% of our then-current Initial Franchise Fee per Extreme Art Studio Business | At the time you sign the successor franchise agreement or applicable Extreme Art Rider | This fee is commonly referred to as a "renewal fee." Payable if you qualify for a successor Franchise and choose to enter into a successor franchise agreement or applicable Extreme Art Rider. If we are not offering Franchises at the time of your renewal, the successor franchise fee will be 10% of the initial franchise fee listed in the most recent Franchise Disclosure Document. |
Source: Item 6 — OTHER FEES (FDD pages 13–18)
What This Means (2024 FDD)
According to the 2024 Franchise Disclosure Document, the Successor Franchise Fee for an Extreme Art Studio franchise is due at the time you sign the successor franchise agreement or applicable Extreme Art Rider. This fee is 10% of Extreme Art Studio's then-current Initial Franchise Fee per Extreme Art Studio Business.
Extreme Art Studio clarifies that this fee is commonly referred to as a "renewal fee." It is payable if you qualify for a successor Franchise and choose to enter into a successor franchise agreement or applicable Extreme Art Rider.
If Extreme Art Studio is not offering Franchises at the time of your renewal, the successor franchise fee will be 10% of the initial franchise fee listed in the most recent Franchise Disclosure Document.