What is the definition of 'Development Area' for a Floyds 99 franchise?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
EXHIBIT I TO DEVELOPMENT AGREEMENT
DEVELOPMENT FEE, DEVELOPMENT SCHEDULE & DEVELOPMENT AREA 1. The Development Fee (Section 4.1) is: $ 2. The Development Area (Section 2.1) is comprised of the following geographic area: ( check box if map is attached; in the event of any conflict between the map and the written description, the written description will control.) 3. The Development Schedule (Section 5.1) is as follows: Development Deadline Minimum Total Number of Barbershops Open for Business in Development Area Fully executed this
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the Development Area is defined in Exhibit I to the Development Agreement. Specifically, Section 2 of Exhibit I states that the Development Area is comprised of a geographic area, which is further detailed in writing and may include a map. In the event of any conflict between the map and the written description, the written description will control.
For a prospective Floyds 99 developer, understanding the Development Area is crucial. It defines the geographic scope where the developer has the right and obligation to open a specific number of Floyds 99 Barbershops according to the Development Schedule. The developer pays a Development Fee for these rights.
It is important to carefully review Exhibit I, Section 2 of the Development Agreement to fully understand the defined geographic area. A prospective developer should pay close attention to the written description of the territory and compare it to any provided map to ensure clarity and agreement on the boundaries. Any discrepancies should be addressed with Floyds 99 Franchising, LLC before signing the agreement.