When is the Renewal Fee due for a Fast Fix Jewelry And Watch Repairs franchise?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
| TYPE OF FEE 1 | AMOUNT 2, 3 | DUE DATE | REMARKS |
|---|---|---|---|
| Renewal Fee | 50% of then-current initial franchise fee | 30 days before renewal | If you are unable to secure a 10-year renewal of your lease, you pay us a pro-rated renewal fee calculated as our then-current initial franchise fee, divided by 240 (to determine "monthly" renewal fee) multiplied by number of months comprising the renewal term of the lease. |
Source: Item 6 — OTHER FEES (FDD pages 11–14)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, the Renewal Fee is due 30 days before the renewal of the franchise agreement. The standard renewal fee is 50% of the then-current initial franchise fee.
However, there's a specific condition related to lease renewals that impacts the renewal fee. If a franchisee is unable to secure a full 10-year renewal of their lease, the renewal fee is pro-rated. This pro-rated fee is calculated by dividing the then-current initial franchise fee by 240 (representing the number of months in a 20-year term) to determine a 'monthly' renewal fee. This monthly fee is then multiplied by the number of months comprising the actual renewal term of the lease.
This pro-rated fee structure provides some flexibility for franchisees who may face challenges in securing long-term lease renewals. It ensures that the renewal fee is aligned with the actual length of the renewed lease term, rather than imposing the full 50% fee regardless of the lease duration. Franchisees should carefully consider their lease renewal options and discuss the implications for the renewal fee with Fast Fix Jewelry And Watch Repairs.