For the Floyds 99 FDD receipt, what signatures are required in addition to the 'Owner of Prospective Franchisee'?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
This is a Notice of Restrictive Covenants ("Notice") that Floyd's 99 Franchising, LLC ("Franchisor") requires the undersigned prospective franchisee (the "Prospective Franchisee") and the undersigned Prospective Franchisee's management personnel (which includes, the Principal Manager, Barbershop manager and owners of Prospective Franchisee; collectively, the "Management Personnel") to sign. Prospective Franchisee and Management Personnel have received the following documents:
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- A Development Agreement ("Development Agreement"), the form of which is attached as Exhibit B to the Franchise Disclosure Document ("FDD").
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- A Franchise Agreement ("Franchise Agreement"; the Development Agreement and Franchise Agreement are collectively referred to as the "Agreements"), the form of which is attached as Exhibit C to the FDD provided to Prospective Franchisee as noted above. The Agreements were provided to Prospective Franchisee as a condition of purchasing a franchise on
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, the receipt included in Item 23 requires the signature of the prospective franchisee to acknowledge receipt of the document. The FDD also mentions a 'Notice of Restrictive Covenants' as Exhibit M, which requires signatures from both the prospective franchisee and their management personnel. Management personnel includes the Principal Manager, Barbershop manager, and owners of the Prospective Franchisee.
This means that in addition to the prospective franchisee's signature on the FDD receipt, Floyds 99 also requires signatures from key management personnel on the Notice of Restrictive Covenants. This ensures that all individuals involved in the franchise's operations are aware of and agree to the restrictive covenants outlined in the franchise agreement.
Prospective franchisees should carefully review Exhibit M and understand the implications of the restrictive covenants before signing. They should also ensure that their management personnel are fully informed and willing to sign the Notice of Restrictive Covenants, as this is a requirement for purchasing a Floyds 99 franchise. It is common practice in franchising to have key personnel acknowledge and agree to certain terms, especially those related to non-disclosure and non-competition, to protect the franchisor's interests.
It is important to note that the specific requirements for signatures may vary depending on the state and any addenda or riders to the franchise agreement. Therefore, prospective franchisees should carefully review all documents provided in the FDD and consult with legal counsel to ensure they understand their obligations.