What is the purpose of the 'Receipt' at the end of the Golden Corral disclosure document?
Golden_Corral Franchise · 2025 FDDAnswer from 2025 FDD Document
king with a franchise broker, franchisees are advised to carefully evaluate any information provided by the franchise broker about a franchise.
| GOLDEN CORRAL FRANCHISING SYSTEMS, INC. |
|---|
| By: |
| R. Chappell Phillips, Executive Vice President |
| Email: chappell.phillips@goldencorral.net |
| FRANCHISEE |
| By: |
| Name/Title: |
| Email: |
EXHIBIT L
CERTIFICATION
EXHIBIT L
(Not Applicable to Prospective Franchisees in CA, HI, IL, IN, MD, MI, MN, NY, ND, RI, SD, VA, WA and WI)
CERTIFICATION
Golden Corral Franchising Systems, Inc. ("Golden Corral") wants to be sure that the procedures followed by us and our sales representatives in connection with the offer and sale to you of area development rights and/or franchises for Golden Corral® restaurants have been in full compliance with the law. Please review each of the following statements carefully and, if they are true, please initial each page and sign this certification.
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- I am planning to enter into a Franchise Agreement and/or Area Development Agreement with Golden Corral today.
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- Prior to today and with respect to this transaction, I have neither entered into any binding agreement with Golden Corral nor paid any money to Golden Corral (or anyone associated with Golden Corral) concerning the granting of the franchise/area development rights.
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- I have received a copy of Golden Corral's Franchise Disclosure Document ("FDD") at least 14 calendar days before today.
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Source: Item 23 — RECEIPTS (FDD pages 85–304)
What This Means (2025 FDD)
According to the 2025 Golden Corral Franchise Disclosure Document, Exhibit L, titled "Certification," serves to confirm that Golden Corral and its representatives have adhered to legal procedures during the franchise sales process. This certification is not applicable to prospective franchisees in California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin.
The certification requires the prospective franchisee to acknowledge several key points. These include confirming their intention to enter into a Franchise Agreement or Area Development Agreement, affirming that they have not previously entered into any binding agreements or paid any money to Golden Corral related to the franchise, and acknowledging receipt of the FDD at least 14 calendar days prior to signing any agreements. The franchisee also confirms they have had sufficient time to conduct their own investigation and consult with advisors, understand the business risks involved, and that no oral or written representations inconsistent with the FDD have been made.
By signing this certification, the prospective Golden Corral franchisee is essentially attesting that they have been given the opportunity to review all necessary information and seek advice before committing to the franchise. This helps Golden Corral ensure transparency and compliance with franchise laws, while also protecting the franchisee by ensuring they are making an informed decision. However, it's important to note that this certification does not apply in certain states, and franchisees should be aware of their rights and protections under state-specific franchise laws, as detailed in state-specific addenda within the FDD.