What agreement must the transferee execute to take over a Goldfish Swim School franchise?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
18.2.5 the transferee and, if Franchisor requires, all persons owning any interest in the transferee, have executed the then-current franchise agreement for new franchisees, which may be substantially different from this Agreement, including different Royalty Fee and Brand Fund Contribution rates and other material provisions, and the franchise agreement then executed shall be for the term specified in such agreement;
18.2.6 the transferee has executed a general release, in a form the same as or similar to the General Release attached as Exhibit 1, of any and all claims against Franchisor and its officers, directors, shareholders, managers, members, partners, owners, employees and agents (in their corporate and individual capacities), with respect to any representations regarding the Franchise or the business conducted pursuant thereto or any other matter that may have been made to the transferee by Franchisee;
Source: Item 23 — RECEIPTS (FDD pages 77–389)
What This Means (2025 FDD)
According to the 2025 Goldfish Swim School FDD, a prospective transferee must execute several agreements to take over a franchise. The transferee must execute the then-current franchise agreement for new franchisees, which may differ substantially from the original agreement. These differences can include variations in Royalty Fee and Brand Fund Contribution rates, as well as other material provisions. The new franchise agreement will be for a term specified in that agreement.
Additionally, the transferee must execute a general release, similar to the one attached as Exhibit 1, releasing Goldfish Swim School and its affiliates from any claims. This release covers any representations made regarding the franchise or the business conducted, or any other matter made to the transferee by the franchisee.
These requirements ensure that the new owner agrees to the current terms and conditions of the Goldfish Swim School franchise system and releases the franchisor from potential liabilities related to the previous owner's operation. This is a common practice in franchising to maintain consistency and protect the brand.