When is the annual financial statement due from a Pearce Bespoke franchisee?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
Franchisee will, at its expense, provide Franchisor with quarterly and annual financial statements and such other financial reports as Franchisor specifies using the forms and chart of accounts Franchisor requires. All financial information provided to Franchisor under this Section must be presented in the form Franchisor periodically requires in writing. Franchisee will deliver the quarterly financial information to Franchisor by the thirtieth (30th) day of the month following the end of the preceding quarter. The annual financial statement must be provided on or before March 1 of each year for the preceding calendar year. Franchisee acknowledges and agrees that the financial data of Franchisee's Pearce Bespoke Franchise (i) is owned by Franchisor, (ii) is Franchisor's Proprietary Information, (iii) may be published in franchise disclosure document(s) issued by Franchisor following the Effective Date hereof, and (iv) may be shared with other franchisees in the Business System.
Source: Item 22 — CONTRACTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, franchisees are required to submit annual financial statements to the franchisor. These statements must be delivered on or before March 1st of each year, covering the preceding calendar year. This means that the annual financial statement for the year 2024, for example, would be due by March 1, 2025.
Pearce Bespoke also requires franchisees to provide quarterly financial statements, which are due within 30 days after the end of each quarter. All financial information must be presented in the format specified by Pearce Bespoke. The franchisor also retains ownership of the franchisee's financial data, considering it proprietary information.
This financial data may be published in franchise disclosure documents issued by Pearce Bespoke and shared with other franchisees within the business system. This level of transparency and reporting is typical in franchising, allowing the franchisor to monitor the financial health of individual locations and the overall network. Prospective franchisees should be prepared to maintain accurate records and meet these reporting deadlines.