What is the 'LMR' mentioned in the context of other fees payable to Fitstop?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
- ©2024 Fitstop USA, Inc. 13.7 Other Fees Payable to Us and Local Marketing Requirement ("LMR"). You must ensure that all payments are timely made and/or payable out of your Designated EFT Account to cover any
and all Training Fees (whether for Instructor Training for a new/replacement Auhtorized Instructor or fee applicable to any other additional/remedial training, as set forth in our Manuals or otherwise in writing), Transfer Fee(s), Renewal Fee, Local Marketing Requirement and/or other marketing/advertising and/or promotional expenditures, to the extent such amounts are payable to us and/or any of our Approved Suppliers.
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, LMR refers to the Local Marketing Requirement. As a Fitstop franchisee, you must make timely payments, potentially from your Designated EFT Account, to cover various fees. These include Training Fees for instructor training, Transfer Fees, Renewal Fees, and the Local Marketing Requirement. The payments may be directed to Fitstop or their Approved Suppliers. This means a portion of your financial obligations involves local marketing and promotional expenditures, highlighting the importance of local advertising in the Fitstop franchise model. Franchisees should budget accordingly to meet these requirements and effectively promote their Fitstop location within their community.