What documents must a Fitstop franchisee provide to Fitstop when proposing a transfer?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
- 15.3 You shall notify us in writing of the terms and conditions of any proposed transfer, including, but not limited to the interest proposed to be transferred, the purchase price or other consideration to be received therefore, any credit or financing terms being extended by the seller, the date of the proposed transfer, and all other pertinent provisions of the proposed transfer.
In addition, a copy of any and all contracts, agreements, memoranda of sale, deposit receipts, letters of intent, side letter agreements and/or the like, must also be forwarded to us as soon as signed by the proposed seller.
Following receipt of all pertinent data and documents concerning the proposed transfer, including any additional information concerning the transaction requested by us to you, we have 30 calendar days within which to advise you
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, a franchisee must provide written notice of any proposed transfer. This notice must include the terms and conditions of the proposed transfer, such as the interest being transferred, the purchase price or other consideration, any credit or financing terms, the proposed transfer date, and all other relevant provisions.
In addition to the written notice, the franchisee must also forward copies of any and all contracts, agreements, memoranda of sale, deposit receipts, letters of intent, and side letter agreements as soon as they are signed by the proposed seller. The franchisee must also include a nonrefundable Application Fee of $500 payable to Fitstop with the notice of the proposed transfer, unless exempted.
After Fitstop receives all the necessary data and documents, including any additional information requested, Fitstop has 30 calendar days to advise the franchisee.