What statements or reports are Hyper Kidz franchisees required to submit with their contributions to the Cooperative?

According to Hyper Kidz's 2024 Franchise Disclosure Document, when franchisees make contributions to a Cooperative, they must also submit statements or reports. The specific statements or reports required are determined by Hyper Kidz or the Cooperative itself. However, Hyper Kidz retains the right to give prior written approval regarding these submissions.

This means that franchisees cannot simply contribute funds to the Cooperative; they must also provide documentation as required by Hyper Kidz or the Cooperative. This could include financial statements, sales reports, or other data deemed necessary to track and manage the Cooperative's funds and activities. The requirement for prior written approval from Hyper Kidz ensures that the franchisor maintains oversight and control over the information being submitted.

For a prospective Hyper Kidz franchisee, this highlights the importance of understanding what specific statements or reports will be required in addition to the monetary contributions. Franchisees should inquire about the frequency, format, and content of these reports to ensure they can comply with these requirements. Failure to submit the required statements or reports could potentially lead to issues with the franchise agreement.