What is the minimum term required for the lease agreement for a Fly To Fit franchise?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
site is not a representation or warranty that the Business will be successful, and Fly To Fit Franchise has no liability to Franchisee with respect to the location of the Business.**
- 6.2 Lease. In connection with any lease between Franchisee and the landlord of the Location: (i) if requested by Fly To Fit Franchise, Franchisee must submit the proposed lease to Fly To Fit Franchise for written approval, (ii) the term of the lease (including renewal terms) must be for a period of not less than the term of this Agreement, and (iii) Franchisee shall use commercially reasonable efforts to obtain the landlord's signature to a rider to the lease in the form required by Fly To Fit Franchis
Source: Item 22 — CONTRACTS (FDD page 44)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the lease term for a Fly To Fit franchise location must be at least as long as the franchise agreement term. The initial term of the Fly To Fit Franchise Agreement is 10 years. Therefore, a prospective franchisee must secure a lease, including any renewal terms, for a minimum of 10 years to align with the franchise agreement's duration.
Fly To Fit requires franchisees to submit the proposed lease agreement for written approval if requested. Additionally, franchisees must use commercially reasonable efforts to get the landlord to sign a rider to the lease in the form required by Fly To Fit. This ensures that Fly To Fit has some control over the lease terms and conditions, protecting their interests in the franchise location.
It is important for potential Fly To Fit franchisees to factor this long-term lease commitment into their financial planning and site selection process. Securing a lease for the full term of the franchise agreement is a critical step in establishing and maintaining a Fly To Fit franchise.