What is the required action for all owners of an entity that owns a Fly Fitness franchise?

According to Fly Fitness's 2024 Franchise Disclosure Document, if a Fly Fitness franchise is owned by a business entity, all owners of that entity must personally sign the Franchise Agreement as a Principal. This requirement ensures that all individuals with an ownership stake in the franchise are directly bound by the terms and conditions outlined in the agreement.

This provision is significant for prospective franchisees who plan to operate their Fly Fitness business through a corporation, partnership, or other entity. It means that every person with an ownership stake, regardless of their day-to-day involvement, must commit to the obligations and responsibilities detailed in the Franchise Agreement. This personal commitment can provide Fly Fitness with an additional layer of security and accountability.

Furthermore, if the franchisee is married, the spouse must sign a Personal Guaranty, which is attached to the Franchise Agreement. This ensures that the financial obligations of the franchise are secured, even in the event of unforeseen circumstances. These requirements are fairly standard in the franchise industry, as franchisors seek to protect their brand and ensure franchisee commitment.