When is the Fly To Fit transfer fee due?
Fly_To_Fit Franchise · 2024 FDDAnswer from 2024 FDD Document
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| Type of Fee | Amount | Due Date | Remarks |
|---|---|---|---|
| Special inspection fee | Currently $600, plus our out-of-pocket costs | On demand | Payable only if we conduct an inspection of your business because of a governmental report, customer complaint or other customer feedback, or your default or non-compliance with any system specification. |
| Non-compliance cure costs and fee | Our out-of-pocket costs and internal cost allocation, plus 10% |
Source: Item 6 — OTHER FEES (FDD pages 12–16)
What This Means (2024 FDD)
According to Fly To Fit's 2024 Franchise Disclosure Document, the transfer fee is due when the transfer occurs. The transfer fee is payable if you sell your Fly To Fit business. The fee is $10,000 plus any broker fees and other out-of-pocket costs that Fly To Fit incurs.
This means that if a franchisee decides to sell their Fly To Fit franchise to another party, they will be required to pay Fly To Fit a transfer fee at the time the sale is completed. This fee covers Fly To Fit's costs associated with the transfer, such as reviewing the new franchisee's qualifications and updating the franchise agreement.
It is important for prospective Fly To Fit franchisees to understand this fee and factor it into their financial planning. When considering selling their franchise, franchisees should also account for potential broker fees and other out-of-pocket costs that Fly To Fit may charge in addition to the $10,000 transfer fee.