How long must a Floyds 99 franchisee preserve their books and records?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
- 17.4 Books and Records.
The Franchisee shall maintain all books and records for its FLOYD'S 99 Shop in a manner as reasonably prescribed by the Franchisor, shall prepare all annual balance sheets and profit and loss statements in accordance with GAAP, consistently applied, and shall preserve these records for at least five years after the fiscal year to which they relate.
Source: Item 22 — CONTRACTS (FDD pages 57–58)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, a franchisee must maintain all books and records for their Floyds 99 shop in a manner reasonably prescribed by the franchisor. These records must be prepared in accordance with Generally Accepted Accounting Principles (GAAP).
More specifically, the franchisee is required to prepare annual balance sheets and profit and loss statements. These financial documents must be consistently applied following GAAP standards to ensure accuracy and uniformity in reporting.
Most importantly, the franchisee is obligated to preserve these financial records for a minimum of five years after the end of the fiscal year to which they pertain. This retention period ensures that the records are available for audits, reviews, or any other necessary financial assessments that may arise during or after the franchise agreement term.