When is the initial franchise fee due for a Fly Fitness franchise?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
| Type of Expenditure | Low | High | Method of Payment | When Due | To Whom Payment is Made |
|---|---|---|---|---|---|
| Initial Franchise Fee1 | $50,000 | $50,000 | Lump sum payment in cash or available funds. | Upon signing the Franchise Agreement. | Us |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 14–18)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, the initial franchise fee, ranging from $50,000 to $50,000, is due upon signing the Franchise Agreement. This fee is payable as a lump sum in cash or available funds directly to Fly Fitness.
This means that a prospective Fly Fitness franchisee must have the full $50,000 available at the time of signing the agreement to secure the franchise rights. It is a non-refundable payment, so it's crucial to carefully consider all aspects of the franchise opportunity before committing.
Understanding the payment terms and non-refundable nature of the initial franchise fee is essential for budgeting and financial planning. Prospective franchisees should also inquire about any potential incentive programs that may offer a discount on the initial franchise fee, as mentioned in Item 5 of the FDD.