How long does Fly To Fit Franchise have to exercise its right of first refusal?

According to Fly To Fit's 2024 Franchise Disclosure Document, Fly To Fit Franchise has 30 days to exercise its right of first refusal regarding a transfer of the franchise. This 30-day period begins when Fly To Fit receives a copy of the terms and conditions of the proposed transfer from the franchisee. To exercise this right, Fly To Fit must provide written notice to the franchisee within that 30-day window.

This right of first refusal allows Fly To Fit to purchase the assets subject to the proposed transfer. The purchase would be for the same price and under the same terms and conditions as offered by the third party, although Fly To Fit can substitute cash for any other form of payment. If Fly To Fit chooses not to exercise its right of first refusal within the 30-day period, the franchisee is then free to proceed with the transfer to the third party, provided all other terms and conditions of the transfer agreement are met.

This clause is a standard inclusion in franchise agreements, giving the franchisor control over who enters their system. For a potential Fly To Fit franchisee, this means that selling the business isn't solely their decision; Fly To Fit has the option to buy the franchise back first. It is important for a franchisee to understand the implications of this clause when considering a future sale.