What is the renewal fee requirement for a Fast Fix Jewelry And Watch Repairs franchise?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
Requirements for You must: not be in default under Franchise Agreement; not be in default under your lease or with System suppliers or other creditors; give us timely notice; sign then-current form of franchise agreement; sign general release (subject to state law); pay renewal fee; remodel Service Center and upgrade fixtures and equipment to current standards; and extend lease term.
We may refuse to renew your franchise if your Gross Sales during the 12- you to renew or extend 2.5 & 2.6 month period preceding renewal are in the bottom 25% of Gross Sales generated by all similarly-situated Fast-Fix Service Centers in the U.S. for the same period of time (excluding those open less than 2 years as of your expiration date).
If you renew, you may be required to sign a contract with materially different terms and conditions than the original contract.
Source: Item 17 — RENEWAL, TERMINATION, TRANSFER, AND DISPUTE RESOLUTION THE FRANCHISE RELATIONSHIP (FDD pages 29–31)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, to renew a franchise agreement, a franchisee must meet several requirements, including paying a renewal fee. The specific amount of this renewal fee is not detailed in the provided FDD excerpts. However, the document does state that the franchisee must sign the then-current form of the franchise agreement, which may contain materially different terms and conditions than the original contract.
In addition to the renewal fee, franchisees must not be in default under the Franchise Agreement, their lease, or with system suppliers or other creditors. They must also provide timely notice of their intent to renew, sign a general release (subject to state law), remodel the service center, and upgrade fixtures and equipment to current standards. Furthermore, they need to extend the lease term to qualify for renewal.
Fast Fix Jewelry And Watch Repairs may refuse renewal if the franchisee's gross sales during the 12-month period preceding renewal are in the bottom 25% of gross sales generated by similarly situated Fast-Fix Service Centers in the U.S., excluding those open less than 2 years as of the expiration date. This performance-based criterion adds a layer of risk for franchisees, as consistent sales performance is crucial for securing a renewal. Prospective franchisees should inquire about the typical range of renewal fees and the specific criteria used to evaluate gross sales performance to better understand the financial implications and renewal prospects.