If the Fly Fitness franchisee is married, who must sign the Personal Guaranty?

According to Fly Fitness's 2024 Franchise Disclosure Document, if a franchisee is married, their spouse must sign the Personal Guaranty. This requirement is outlined in Item 15, which discusses the obligations of the franchisee in operating the Fly Fitness business. The Personal Guaranty is attached to the Franchise Agreement as Attachment 7.

This means that the spouse of the franchisee is also taking on a degree of financial responsibility for the franchise's performance. By signing the Personal Guaranty, the spouse agrees to be liable for the franchise's debts and obligations if the franchisee defaults. This is a common practice in franchising, as it provides the franchisor with additional security and recourse in case of financial difficulties.

Prospective Fly Fitness franchisees should carefully consider this requirement and discuss it with their spouse before moving forward with the franchise opportunity. It is important to understand the implications of the Personal Guaranty and to be comfortable with the level of financial risk involved. Franchisees should also consult with a legal and financial advisor to fully understand their obligations and liabilities.