How much notice will Fitstop provide before changing the method for remitting Brand Development Fund Contributions?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
You will be required to contribute to the Fund an amount equal to two percent (2%) of the Gross Revenue of the Franchised Business ("Fund Contributions"), which shall be remitted to us at the same time and in the same manner as your Royalty Fees (unless we designate another method upon at least 30 days' prior written notice via the Manual(s) or otherwise).
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, Fitstop will provide at least 30 days prior written notice if they decide to designate another method for franchisees to remit Brand Development Fund contributions. This notice will be provided via the Manual(s) or otherwise.
Franchisees are required to contribute to the Brand Development Fund an amount equal to two percent (2%) of the Gross Revenue of the Franchised Business. These Fund Contributions are remitted at the same time and in the same manner as the Royalty Fees, unless Fitstop specifies an alternative method with the aforementioned notice.
This policy ensures that Fitstop franchisees have advance warning before any changes are made to payment procedures, allowing them to adjust their financial processes accordingly. It is important for prospective franchisees to understand that Fitstop retains the right to change the remittance method, provided they adhere to the notification period.