Are Floyds 99 franchisees required to attend an annual meeting or convention, and who bears the cost?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
- Provide additional seminars or programs, at a frequency that we will determine, on new methods, marketing techniques, equipment and products.
This may include a mandatory annual meeting or convention that all franchisees must attend at their cost. (Section 9.1(c) of the Franchise Agreement)
As often as twice annually, you or your Principal Manager may be required to attend, at your expense, a national convention or a manager retreat which may include mandatory training sessions. If you hire a new Principal Manager after your Barbershop opens, that person must attend the initial training program and we will charge tuition of $3,500 for the training. The New Franchise Training Program consists of approximately 5 days of in-shop instruction and tasks in an existing shop location, approximately 5 days of in class training at our principal offices in Greenwood Village, Colorado, and approximately five days of on-site training at your Barbershop (if you are opening your first Barbershop) under the instruction of your Principal Manager. You will also pay wages, travel and living expenses for your Principal Manager and all other managers while they attend training and retreats. We may also require you, your Principal Manager and other designated management-level employees to attend, at your expense, local or regional seminars or meetings in person up to two times each calendar year.
Source: Item 11 — FRANCHISOR'S ASSISTANCE, ADVERTISING, COMPUTER SYSTEMS AND TRAINING (FDD pages 31–38)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, attendance at an annual meeting or convention is not definitively required, but it is a possibility. The FDD states that Floyds 99 may provide additional seminars or programs, at a frequency they determine, covering new methods, marketing techniques, equipment, and products. These programs may include a mandatory annual meeting or convention. If such a meeting or convention is mandated, franchisees are responsible for covering their own costs to attend.
In addition to the potential annual meeting, Floyds 99 can require franchisees or their Principal Manager to attend a national convention or manager retreat as often as twice annually, and the franchisee bears the expense. If a new Principal Manager is hired after the shop opens, they must attend the initial training program, which costs $3,500. Franchisees are also responsible for wages, travel, and living expenses for their personnel during training and retreats. Floyds 99 may also require franchisees, their Principal Manager, and other designated management-level employees to attend local or regional seminars or meetings in person up to two times each calendar year, again at the franchisee's expense.
It is important for prospective Floyds 99 franchisees to recognize these potential costs for mandatory meetings and training. These costs can include not only the direct expenses of travel, lodging, and tuition (if applicable) but also the indirect costs of wages paid to employees while they are attending these events. Franchisees should factor these expenses into their financial projections and business plans. It is also worth noting that these meetings and training sessions are in addition to any state and local licensing and training requirements for stylists, barbers, and other personnel.