How long after the Purchase Notice does Pump It Up have to close the purchase?
Pump_It_Up Franchise · 2025 FDDAnswer from 2025 FDD Document
Within 10 days after the Purchase Price has been determined, we may exercise our option to purchase the Assets by notifying you in writing (the "Purchase Notice").
The Purchase Price will be paid in cash or cash equivalents at the closing of the purchase (the "Closing"), which will take place no later than 60 days after the date of the Purchase Notice.
For a period of 30 days after the date of the Purchase Notice (the "Due Diligence Period"), we have the right to conduct such investigations as we deem necessary and appropriate to determine: (1) the ownership, condition and title of the Assets; (2) any liens or encumbrances on the Assets; (3) environmental and hazardous substances at or upon the Premises; and (4) the validity of contracts and liabilities inuring to us or affecting the Assets, whether contingent or otherwise.
Source: Item 23 — RECEIPTS (FDD pages 60–225)
What This Means (2025 FDD)
According to Pump It Up's 2025 Franchise Disclosure Document, the closing of the purchase of assets will occur no later than 60 days after the date of the Purchase Notice. The Purchase Notice is the written notification from Pump It Up to the franchisee that they are exercising their option to purchase the assets of the franchised business. The purchase price will be paid in cash or cash equivalents at the closing.
During the 30 days after the Purchase Notice, Pump It Up has the right to conduct due diligence to investigate the assets. This includes assessing the ownership, condition, and title of the assets, any liens or encumbrances, environmental and hazardous substances on the premises, and the validity of contracts and liabilities.
This means that a Pump It Up franchisee needs to be prepared to finalize the sale of their business assets within a relatively short timeframe after receiving the Purchase Notice. They should ensure all documentation related to the assets is readily available to facilitate the due diligence process and ensure a smooth closing.