On what day of the week are Floyds 99 royalty payments due?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
- 12.3 Royalty Payments. Royalty payments shall be made weekly and sent to the Franchisor by electronic funds transfer on the day of the week the Franchisor shall designate from time to time ("Due Date") based on Gross Sales for the immediately preceding week. No later than 30 days prior to the opening of the Barbershop, the Franchisee shall execute an Authorization Agreement for Preauthorized Payments in the form attached to this Agreement as Exhibit IV to allow the electronic transfer of funds from the Franchisee's bank account to the Franchisor's bank account of delinquent Royalties, National Marketing Contributions and other past due amounts owed by the Franchisee to the Franchisor arising from or relating
Source: Item 22 — CONTRACTS (FDD pages 57–58)
What This Means (2025 FDD)
According to Floyds 99's 2025 Franchise Disclosure Document, royalty payments are due weekly via electronic funds transfer. The specific day of the week for these payments, referred to as the "Due Date," is designated by Floyds 99 and may change from time to time.
To facilitate these electronic transfers, a prospective Floyds 99 franchisee must execute an Authorization Agreement for Preauthorized Payments at least 30 days before the barbershop opens. This agreement, attached as Exhibit IV to the franchise agreement, allows Floyds 99 to electronically debit the franchisee's bank account for royalties, national marketing contributions, and any other overdue amounts.
It is important for a prospective franchisee to clarify with Floyds 99 what the designated day of the week will be for royalty payments to ensure timely compliance and avoid potential late fees or penalties. This information is crucial for managing cash flow and scheduling financial obligations effectively.