When are payments for professional fees due for a Fly Fitness franchise?
Fly_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
| Leasehold Improvements, Construction and/or Remodeling6 | $160,500 | $267,500 | As required by supplier, contractor, or landlord | Before opening, as required by supplier. | Suppliers, contractor and/or Landlord |
|---|---|---|---|---|---|
| Furniture, Fixtures and Equipment7 | $3,210 | $6,420 | As required by supplier | Before opening | Suppliers |
| Signage8 | $4,280 | $7,490 | As incurred | Before opening | Suppliers |
| Business Licenses and Permits9 | $214 | $535 | As required by government agencies | Before opening, as required by government agencies | Government Agencies |
| Computer | $1,605 | $2,140 | As required by | Before opening | Suppliers |
| Systems10 | suppliers | ||||
| Security System | $0 | $2,140 | As required by suppliers | Before opening | Suppliers |
| Initial Inventory to Begin Operating11 | $7,490 | $16,050 | As required by suppliers | Before opening | Suppliers and our affiliate |
| Supplies12 | $2,140 | $3,210 | As required by suppliers | Before opening | Suppliers |
| Professional Fees13 | $2,675 | $5,350 | As required by providers | As incurred | Attorney, Accountant, Other Professional Service Providers |
Source: Item 7 — ESTIMATED INITIAL INVESTMENT (FDD pages 14–18)
What This Means (2024 FDD)
According to Fly Fitness's 2024 Franchise Disclosure Document, professional fees, which range from $2,675 to $5,350, are due as incurred. These fees are paid to attorneys, accountants, and other professional service providers as their services are utilized.
This means a prospective Fly Fitness franchisee should budget for these costs and be prepared to pay for professional advice throughout the initial setup phase. These fees cover services such as reviewing the franchise agreement, forming a legal entity, and obtaining zoning approval.
The FDD emphasizes the importance of seeking professional advice when evaluating the franchise opportunity and reviewing contracts. Therefore, franchisees should engage these services early in the process and budget accordingly.