According to Ledgers' 2025 Franchise Disclosure Document, Ledgers does not reserve a right of first refusal regarding franchise transfers. This means that if a franchisee wishes to sell their Ledgers franchise, they are not obligated to offer the franchise to Ledgers before seeking other potential buyers.

However, the franchisee must still comply with the standard transfer requirements outlined in the Franchise Agreement. These requirements include being in full compliance with the agreement, being current on all payments owed to Ledgers, obtaining Ledgers' approval of the transferee, ensuring the transferee meets specific requirements, signing a transfer and release form, and paying any applicable transfer fees.

While Ledgers does not have a right of first refusal, they do retain the right to approve or disapprove the potential buyer. This provides Ledgers with some control over who enters their franchise system, ensuring that new franchisees meet their standards and are likely to uphold the brand's reputation. This is a fairly common practice in franchising, as franchisors want to ensure that any new franchisees are well-qualified.