How does a Fitstop franchisee manage the costs of the annual convention?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
e written notice of meetings, conferences and annual conventions. You and your General Manager must attend all meetings, conferences and annual conventions and you are solely responsible for the payment of all fees and costs related to meetings, conferences and annual conventions. To assist you in managing the costs of the annual convention, you will remit a monthly contribution to the convention as described more fully below in this Agreement. If you or your General Manager do not attend the annual convention, an amount equal to their attendance fee will be forfeited and you will be in material default of this Agreement.
- ©2024 Fitstop USA, Inc. 4.8 You shall pay all traveling, living, compensation, or other expenses you, your General Manager and/or other personnel incur in connection with the initial training, supplementary trainings,
seminars, meetings, conferences and annual conventions. None of the fees, expenses, or charges associated with the initial training, supplementary trainings, seminars, meetings, conferences, and annual conventions are refundable.
4.9 You acknowledge that we own all proprietary rights in and to the information and methodology of our training, in its entirety, and that the training constitutes our confidential trade secrets. Without our prior written consent, you will not disclose the information or methodology of our training to any person, except to your employees solely for purposes of operating the Franchise.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, Fitstop franchisees are assisted in managing the costs of the annual convention through a monthly contribution. The franchisee may be required to remit $150 per month as a contribution to defray the costs associated with any annual conference that Fitstop establishes and conducts for System Business owners. This contribution is payable in the same manner as the royalty fee on the date Fitstop designates each calendar month, once the franchised business is open and operating.
Fitstop requires the franchisee and their General Manager to attend all meetings, conferences, and annual conventions. The franchisee is solely responsible for the payment of all fees and costs related to these events. If the franchisee or their General Manager does not attend the annual convention, an amount equal to their attendance fee will be forfeited, and the franchisee will be in material default of the Franchise Agreement.
In addition to the monthly contribution and attendance fees, the franchisee is responsible for all traveling, living, compensation, or other expenses incurred by themselves, their General Manager, and/or other personnel in connection with the annual conventions. None of the fees, expenses, or charges associated with the annual conventions are refundable.