With whom does Potbelly Sandwich Works currently have an agreement for cash collection services?
Potbelly_Sandwich_Works Franchise · 2025 FDDAnswer from 2025 FDD Document
Section 6.06 Cash Services. Seller and/or one or more of its Affiliates is currently a party to an agreement with Garda CL Great Lakes, Inc. and/or one or more of its Affiliates (the "Armored Car Service") pursuant to which the Armored Car Service provides certain cash collection services with respect to the Shops (such agreement, the "Cash Services Agreement"). At or prior to the Closing and effective as of the Effective Time, Purchaser shall enter into such agreements and provide such other documentation as may be reasonably requested or required by the Armored Car Service in order for Purchaser to assume Seller's and/or its Affiliates' rights and obligations arising from and after the Effective Time under such Cash Services Agreement, in each case to the extent related to the Shops. If Purchaser fails to assume such rights and obligations, Purchaser shall reimburse Seller for the costs and fees charged for the termination of the Cash Services Agreement between Seller and the Armored Car Service with respect to the Shops.
Source: Item 23 — RECEIPTS (FDD pages 79–355)
What This Means (2025 FDD)
According to Potbelly Sandwich Works's 2025 Franchise Disclosure Document, the company has an existing agreement with Garda CL Great Lakes, Inc. and/or its affiliates, referred to as the "Armored Car Service," for cash collection services for its shops.
For a prospective franchisee, this means that Potbelly Sandwich Works has already established a relationship with a cash collection service, which could simplify the process of managing cash handling and security for new locations. The franchisee will be required to enter into agreements with the Armored Car Service to assume the obligations under the existing Cash Services Agreement.
However, if the franchisee fails to assume these obligations, they will be responsible for reimbursing Potbelly Sandwich Works for any costs or fees associated with terminating the Cash Services Agreement. This highlights the importance of understanding and complying with the franchisor's established systems and vendor relationships to avoid potential additional expenses.