What is the process for Punch King Fitness to approve a new supplier?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
products or services.
To approve a supplier, we require a sample of the product(s), information regarding the product or service's quality standards, availability, terms and conditions of purchase, and other information we may request. If desired, we may request a physical inspection of the supplier's place of business or manufacturing facility. Upon submitting samples and information required for approval, we will notify you within 30 days of our approval or disapproval of a supplier. As a condition of approval, we require reimbursing any costs or expenses we incur in approving the supplier. We may revoke the approval of any supplier upon 30 days' written notice to franchisees.
We estimate that assuming the estimated minimum initial costs to begin operations and other financial obligations are within the ranges described in Item 7 of this disclosure document, the proportion of your purchases and leases of goods and services from approved suppliers or of products that meet our specifications to be approximately 90% of all the purchases and leases in establishing your Punch King Fitness Franchised Business and approximately 25% of your ongoing costs of operating your Punch King Fitness Franchised Business.
Neither Punch King Fitness, Inc.
Source: Item 8 — RESTRICTIONS ON SOURCES OF PRODUCTS AND SERVICES (FDD pages 22–25)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, to get a supplier approved, franchisees must provide a product sample, information on the product or service's quality standards, availability, purchase terms, and any other information Punch King Fitness requests. Punch King Fitness may also conduct a physical inspection of the supplier's business or manufacturing facility.
Within 30 days of submitting the required items, Punch King Fitness will notify the franchisee of the approval or disapproval. The franchisee is responsible for reimbursing Punch King Fitness for any costs or expenses incurred during the approval process. Punch King Fitness can revoke supplier approval with 30 days' written notice to franchisees.
Franchisees are required to purchase fitness and training equipment from suppliers that Punch King Fitness designates or approves. Punch King, LLC, an affiliate of Punch King Fitness, is the sole exclusive supplier of Punch King punching bags, training equipment, protective gear, flooring, and hanging rack systems. The criteria for designating approved suppliers include a supplier's ability to meet quality standards, availability, and consistency of the products or services. The criteria for designating and approving suppliers are not published and are not made available to franchisees.