What details regarding each owner's interest are required on the Hydrodog Principal Owner's Statement?
Hydrodog Franchise · 2025 FDDAnswer from 2025 FDD Document
- (c) the Principal Owners Statement will completely and accurately describe all of your owners and their interests in you. A copy of our current form of Principal Owners Statement is attached to the Franchise Disclosure Document you were furnished;
- (d) you and your owners agree to revise the Principal Owners Statement as may be necessary to reflect any ownership changes and to furnish such other information about your organization or formation as we may request (no ownership changes may be made without our approval);
- (e) each of your owners during the Term will sign and deliver to us our standard form of Principal Owner's Guaranty undertaking to be bound jointly and severally by all provisions of this Agreement and any other agreements between you and us, and any
amendments or modifications thereto. A copy of our current form of Principal Owners Guaranty is attached to the Franchise Disclosure Document; and
- (f) at our request, you will furnish true and correct copies of all documents and contracts governing the rights, obligations and powers of your owners and agents (like articles of incorporation or organization and partnership, operating or shareholder agreements).
- (g) a Principal Owner of your HydroDog Business Entity (defined as a person with at least a twenty percent (20%) ownership interest in you) must: (i) have management responsibility and authority over the "Business" (defined as your HydroDog Business) on a day-to-day basis; (ii) be actively employed on a full-time basis to manage your HydroDog Business's operations; (iii) be present at your HydroDog Business for at least fifty percent (50%) of the hours your HydroDog Business is open to the public for business; (iv) be bound by our then-current form of Confidentiality Agreement (or other form satisfactory to us); and (v) satisfactorily complete our initial training program and any other training programs we request during the Term; and
Source: Item 23 — RECEIPTS (FDD pages 43–166)
What This Means (2025 FDD)
According to Hydrodog's 2025 Franchise Disclosure Document, if a franchisee is a business entity, the Principal Owners Statement must completely and accurately describe all of the business's owners and their interests in the business. Hydrodog retains the right to request revisions to the Principal Owners Statement to reflect any ownership changes. No ownership changes can be made without Hydrodog's approval.
Furthermore, each owner must sign and deliver Hydrodog's standard form of Principal Owner's Guaranty, agreeing to be bound jointly and severally by all provisions of the Franchise Agreement and any other agreements between the franchisee and Hydrodog. Hydrodog can also request true and correct copies of all documents and contracts governing the rights, obligations, and powers of the owners and agents, such as articles of incorporation or organization and partnership, operating, or shareholder agreements.
For a Hydrodog Business Entity, a Principal Owner is defined as a person with at least a twenty percent ownership interest. This Principal Owner must have management responsibility and authority over the Hydrodog business on a day-to-day basis, be actively employed on a full-time basis to manage the business's operations, and be present at the business for at least fifty percent of the hours it is open to the public. The Principal Owner must also be bound by Hydrodog's then-current form of Confidentiality Agreement and satisfactorily complete Hydrodog's initial training program and any other training programs requested during the term of the agreement.