How often must a Floyds 99 franchisee submit monthly financial statements?

According to Floyds 99's 2025 Franchise Disclosure Document, franchisees are required to submit monthly financial statements. These statements must be prepared in accordance with Generally Accepted Accounting Principles (GAAP) and utilize the forms and chart of accounts prescribed by Floyds 99. The monthly financial statements, including a profit and loss statement and balance sheet, must be submitted to Floyds 99 no later than the 15th day following the end of the month, reflecting the previous month's operating results, and must be in a format approved by Floyds 99.

This requirement ensures that Floyds 99 has a consistent and timely view of each franchise's financial performance. By adhering to GAAP and using Floyds 99's prescribed forms, the franchisor can effectively compare the financial data across all franchise locations. The 15-day deadline provides a reasonable timeframe for franchisees to compile and submit their financial information while allowing Floyds 99 to promptly analyze the data.

For a prospective Floyds 99 franchisee, this means establishing and maintaining sound bookkeeping and accounting practices from the outset. They will need to be diligent in tracking all financial transactions and preparing the required statements accurately and on time. Failing to meet these reporting requirements could potentially lead to penalties or other consequences as outlined in the franchise agreement. It is also important to note that Floyds 99 has the right to independently access all data related to the barbershop and may require franchisees to install a modem or join an electronic network for data access.