factual

For the Jersey Mikes franchise agreement, what days are considered a 'Business Day'?

Jersey_Mikes Franchise · 2025 FDD

Answer from 2025 FDD Document

  • b. If Franchisee is a Business Entity (defined in Section 31), Franchisor will consent to Ownership Interest Transfers among Fr anchisee's original Principals and waive payment of a Transfer Fee and its right of first refusal under Section 19.7 if the Transfer does not result in a Transfer of a Controlling Interest. The transferor shall deliver to Franchisor such doc umentation and information concerning the Ownership Interest Transfer and the resulting ownership of Franchisee as Franchisor may request. The required documentation will include, without limitation, a Guaranty and Assumption of Obligations signed by each Principal who has not previously signed such documents.
  • 19.7 Right of First Refusal. If Franchisee or one or more of its Principals wishes to effectuate a Transfer, consistent with any bona fide binding offer received from a third party to purchase that interest, then the proposed seller will promptly notify Franchisor in writing of the offer, at least ninety (90) days prior to the proposed Transfer, and will provide any additional information and documentation relating to the offer that Franchisor requires. Franchisor will have the option, exercisable within fifteen (15) Business Days after Franchisor's receipt of a fully executed purchase agreement, to send written notice to the seller that Franchisor intends to purchase the seller's interest on the same terms and conditions provided under the fully executed purchase agreement received by Franchisor. If Franchisor elects to purchase the seller's interest, Franchisor must receive, and Franchisee and its owners agree to make, all customary representations and warranties given by the seller of the assets of a business or the ownership interests in a legal entity, as applicable. Franchisor has the unrestricted right to assign the right of first refusal outlined in this Section 19.7.

If Franchisee receives a bona f ide binding offer from a third party to purchase the Franchised Restaurant along with other JERSEY MIKE'S restaurants that Franchisee, or its affiliates, own, Franchisor may decide, in its sole discretion, whether to purchase only the Franchised Restaurant or a combination of the Franchised Restaurants of the other JERSEY MIKE'S restaurants owned by Franchisee, or its affiliates, on the same business terms as they relate to the Franchised Restaurant.

Source: Item 22 — CONTRACTS (FDD page 77)

What This Means (2025 FDD)

I am unable to provide a definition of 'Business Day' for the Jersey Mikes franchise agreement, according to the 2025 Franchise Disclosure Document excerpts provided. While the term 'Business Days' is mentioned in the context of the franchisor's right of first refusal regarding a transfer of ownership, the FDD does not specify which days are considered business days. A prospective franchisee should ask the franchisor for clarification on what constitutes a 'Business Day' under the franchise agreement, as this definition could impact deadlines and obligations related to the franchise.

Disclaimer: This information is extracted from the 2025 Franchise Disclosure Document and is provided for research purposes only. It does not constitute legal or financial advice. Consult with a franchise attorney before making any investment decisions.