What is the deadline for a Floyds 99 franchisee to submit a weekly report on Gross Sales?
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 the 2025 Floyds 99 Franchise Disclosure Document, franchisees are required to submit weekly royalty payments based on their Gross Sales. These royalty payments are to be sent via electronic funds transfer on a designated day of the week, which the franchisor will specify. This day is referred to as the "Due Date." The payments are based on Gross Sales from the immediately preceding week.
In practical terms, a Floyds 99 franchisee must ensure they have systems in place to accurately track Gross Sales on a weekly basis. They also need to be prepared to make electronic fund transfers each week on the day designated by Floyds 99. The FDD specifies that no later than 30 days prior to the Barbershop opening, the franchisee must execute an Authorization Agreement for Preauthorized Payments to allow for these electronic transfers.
It is important for prospective franchisees to clarify with Floyds 99 what the standard "Due Date" is for these weekly payments to ensure timely compliance. Furthermore, franchisees should understand that failure to make timely payments could result in penalties or other actions by the franchisor, as outlined elsewhere in the franchise agreement.