Is there a fee for an extension to the Floyds 99 development schedule?
Floyds_99 Franchise · 2025 FDDAnswer from 2025 FDD Document
- (c) grant Developer, upon Developer's reasonable request, up to two (2) extensions of the Development Schedule, each for a period of six (6) months. If Franchisor agrees to provide any extensions, the first extension will be provided at no charge and the second extension, if also provided, will be subject to Developer's payment of a non-refundable $5,000 extension fee; or
Any extensions of the time periods to open the Barbershops are subject to Franchisor's extension policy, which may change from time to time and may require Developer to pay additional fees to Franchisor.
Source: Item 23 — RECEIPT (FDD pages 58–229)
What This Means (2025 FDD)
According to the 2025 Floyds 99 Franchise Disclosure Document, a developer who fails to meet the development schedule may request up to two extensions, each lasting six months. The first extension is provided at no charge. However, Floyds 99 requires a non-refundable $5,000 extension fee for the second extension.
Floyds 99 emphasizes that strict compliance with the development schedule is crucial, and failure to adhere to it constitutes a material breach of the agreement. If a developer cannot maintain the required number of open shops according to the schedule, Floyds 99 has the right to terminate the agreement, operate or franchise others within the development area, grant extensions, or reduce the development area.
It's important to note that any extensions are subject to Floyds 99's extension policy, which may change and potentially require the developer to pay additional fees. This implies that the $5,000 fee for the second extension is not necessarily fixed and could be subject to change based on the franchisor's policies at the time of the request.