Are Renewal 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)
Yes, according to Fitstop's 2024 Franchise Disclosure Document, a Renewal Fee is payable to Fitstop. Item 23 outlines various fees that franchisees must pay, including training fees, transfer fees, and renewal fees. Franchisees are responsible for ensuring timely payments for these fees, which can be collected from their designated EFT account.
This means that if a franchisee chooses to renew their franchise agreement with Fitstop, they will be required to pay a renewal fee. The specific amount of this fee is not detailed in this excerpt, but it is a mandatory payment to Fitstop for continuing the franchise operation beyond the initial term.
Prospective franchisees should inquire about the exact amount of the Renewal Fee, the payment schedule, and any conditions or requirements associated with the renewal process. Understanding these costs is crucial for long-term financial planning and assessing the overall profitability of the Fitstop franchise.