What are the names of the attachments that the Southern Steer Franchisee's Owners must execute?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
- (j) Each of the Franchisee's Owners will execute the Personal Guaranty attached hereto as Attachment C and the Non-competition and Non-Disclosure Agreement attached hereto as Attachment I-1; and
Source: Item 22 — ITEM. 22 CONTRACTS (FDD pages 61–168)
What This Means (2025 FDD)
According to the 2025 Southern Steer Franchise Disclosure Document, each of the franchisee's owners must execute two specific attachments. These include the Personal Guaranty, identified as Attachment C, and the Non-competition and Non-Disclosure Agreement, identified as Attachment I-1. These documents are legally binding agreements that place obligations and restrictions on the franchisee's owners.
The Personal Guaranty (Attachment C) likely ensures that the owners are personally liable for the financial obligations of the franchise. This is a common practice in franchising, as it provides the franchisor with additional security and recourse in case the franchise business fails to meet its financial responsibilities. The Non-competition and Non-Disclosure Agreement (Attachment I-1) is designed to protect Southern Steer's proprietary information and prevent owners from competing with the franchise system, both during the term of the franchise agreement and for a specified period after its termination.
Prospective Southern Steer franchisees should carefully review these attachments with legal counsel to fully understand their implications. It is important to be aware of the personal liabilities and restrictions that these agreements impose on the owners of the franchise. Understanding these obligations is a critical part of assessing the overall risks and benefits of investing in a Southern Steer franchise.