Tim Ho Wan
Tim Ho Wan International Pte. Ltd., a Singapore private limited company, is the franchisor. It offers a joint venture entity established by an affiliate the right to develop and operate multiple full-service U.S. restaurants serving Cantonese-inspired dim sum, including pork buns and steamed rice, under the Tim Ho Wan name and system. In this document, “you” means that joint venture entity.
What It Costs
Open The Full FDDWhere Your Startup Money Goes
| Cost | Disclosed Amount | Source |
|---|---|---|
| Grand Opening Advertising | $15,000 to $18,000 | 2025 FDD · PDF Page 15 · PDF Page 17 |
Line items are shown as disclosed. Some costs overlap or apply to different formats; do not add them together without reviewing the source.
Open The Full FDDKey Franchise Fees
- Royalty
- 3% Of Gross Sales
View Disclosed Terms
3% Of Gross Sales
What To Know
Gross Sales means total revenue from sales of goods and services at, from, or in connection with the Restaurants, regardless of payment method. It excludes sales, use, and service taxes collected from customers and paid to the proper authority; documented good-faith customer refunds and credits; and customer discounts compliant with approved System Standards. Gift-certificate, gift-card, loyalty, and similar-program revenue is included according to the franchisor’s then-current guidelines. Gross Sales also includes insurance proceeds replacing lost revenue from a covered interruption. The FDD table states payment is monthly and is based on each Restaurant’s preceding-month Gross Sales; the agreement says payment is due on the date of the month prescribed by the franchisor from time to time. Item 6’s notes and the agreement both require payments in SGD, net of bank charges, by electronic transfer, and apply the franchisor-designated interbank exchange rate as of the due date or actual payment date, whichever is more favorable to the franchisor, when calculating a payment based on U.S.-dollar revenue. No royalty minimum, tier, cap, or inflation adjustment is stated. Item 6’s general note says fees are uniform and nonrefundable except as otherwise described.
2025 FDD · PDF Page 12 · PDF Page 14 · PDF Page 42 · PDF Page 43 · Item 6
Review Fee Sources
Fees And Payment Terms
| Fee | Disclosed Terms | Source |
|---|---|---|
| Stamp Duties | If stamp duties or comparable duties or taxes are assessed on the Development Agreement, the franchisor and developer share the assessed costs equally.What To KnowThis is 50% of direct costs incurred by each party, not a stated fixed amount. It applies only if required by applicable law and assessed as payable on or in respect of the Development Agreement; the described shared costs include any penalties for late payment. The franchisor may submit an executed agreement to the relevant governmental agency to assess or obtain an opinion on the duty. Payment is as incurred. Payments to the franchisor are in SGD, net of bank charges, by electronic transfer; the agreement specifies Singapore Dollars and the same payment method. No discount, refund, cap, or inflation adjustment is stated for this conditional cost. | 2025 FDD · PDF Page 13 · PDF Page 14 · PDF Page 43 |
| Audit Costs | The developer must reimburse audit or inspection costs, including follow-up re-inspections, if the franchisor determines that a specified default, System Standards failure, or Gross Sales understatement exists.What To KnowThe reimbursable amount is the cost of the audit or inspection, including vendor fees, travel, room and board, and employee compensation; no fixed rate, minimum, or cap is disclosed. The trigger is the franchisor’s determination after an inspection or audit that one or more Development Agreement defaults, failures of System Standards, and/or understatement of Gross Sales exists. The franchisor may conduct one or more follow-up re-inspections in its discretion to evaluate cure or conduct another follow-up review, and their costs are also reimbursable. Payment is upon completion of the audit or inspection, if applicable. Item 6’s general note says fees are uniform and nonrefundable, except as otherwise described, and payments to the franchisor are in SGD, net of bank charges, by electronic transfer. No inflation or discount rule is stated. | 2025 FDD · PDF Page 13 · PDF Page 14 |
| Operation After Default | If the franchisor assumes operation of a Restaurant following default, the Item 6 table lists a then-current fee of no fee, but says that if a fee is imposed it may be up to 25% of Gross Sales.What To KnowThe table describes the amount as the franchisor’s then-current fee, currently no fee, with a possible imposed amount of up to 25% of Gross Sales. It does not specify a minimum, the period over which Gross Sales is measured, a rate-change mechanism, or a cap below the stated 25% maximum. Payment is upon invoice. The trigger is the franchisor assuming operation of a Restaurant in the event of default. Item 6’s general note states fees are uniform and nonrefundable except as otherwise described and that payments to the franchisor are in SGD, net of bank charges, by electronic transfer. No discount or inflation adjustment is stated. | 2025 FDD · PDF Page 13 · PDF Page 14 |
| Late-Payment Interest | Overdue amounts owed to the franchisor bear interest from their original due date at the lesser of 15% per annum or the maximum rate permitted by law.What To KnowApplies to all amounts owed to the franchisor for any reason that remain unpaid after the due date. Interest accrues from the original due date at the lesser of 15% per annum or the maximum rate permitted by law. Item 6 says it is due from the date payments are due; the agreement confirms accrual from the original due date. The source does not specify compounding. Payments to the franchisor are in SGD, net of bank charges, by electronic transfer. No discount or inflation adjustment is stated. | 2025 FDD · PDF Page 13 · PDF Page 14 · PDF Page 43 |
| Royalty | 3% Of Gross SalesWhat To KnowGross Sales means total revenue from sales of goods and services at, from, or in connection with the Restaurants, regardless of payment method. It excludes sales, use, and service taxes collected from customers and paid to the proper authority; documented good-faith customer refunds and credits; and customer discounts compliant with approved System Standards. Gift-certificate, gift-card, loyalty, and similar-program revenue is included according to the franchisor’s then-current guidelines. Gross Sales also includes insurance proceeds replacing lost revenue from a covered interruption. The FDD table states payment is monthly and is based on each Restaurant’s preceding-month Gross Sales; the agreement says payment is due on the date of the month prescribed by the franchisor from time to time. Item 6’s notes and the agreement both require payments in SGD, net of bank charges, by electronic transfer, and apply the franchisor-designated interbank exchange rate as of the due date or actual payment date, whichever is more favorable to the franchisor, when calculating a payment based on U.S.-dollar revenue. No royalty minimum, tier, cap, or inflation adjustment is stated. Item 6’s general note says fees are uniform and nonrefundable except as otherwise described. | 2025 FDD · PDF Page 12 · PDF Page 14 · PDF Page 42 · PDF Page 43 |
Some fees apply only to a specific event or service. These are not all monthly expenses.
Open The Full FDDYour Role As An Owner
Open The Full FDDThe joint venture is solely responsible for management, direction, and control of its restaurants and must maintain enough staff to meet its obligations. It handles employee hiring, training, pay, scheduling, assignments, safety, discipline, and supervision. A third-party management company may be used only with the franchisor’s prior written approval.
2025 FDD · PDF Page 27 · Item 15 · View Source
Territory
Open The Full FDDThe Development Area is the United States, but restaurants may operate only at sites approved by the franchisor. Relocation requires prior approval, and you have no right of first refusal to another area. The territory is not guaranteed exclusivity: while you comply with the agreement, the franchisor says it will not authorize another party to develop or operate Tim Ho Wan restaurants in the area, except for rights involving restaurants already operating there before the agreement.
2025 FDD · PDF Page 24 · Item 12 · View Source
Read The Disclosed Requirements
The franchisor and affiliates reserve broad rights, including operating food businesses under other brands, non-restaurant sales under the marks, marketing, and distribution through channels such as online sales, catering, and ghost kitchens. You may not use the marks outside the area or use distribution channels without consent. Affiliated restaurant brands may compete, and the franchisor says it will resolve conflicts as it sees fit, including by taking no action.
2025 FDD · PDF Page 24 · PDF Page 25 · Item 12 · View Source
A disclosed territory policy does not confirm that your preferred area is available. Ask the franchisor about the specific area you are considering.
Training & Support
Open The Full FDDBefore opening, the franchisor will review and approve or reject each proposed site and opening, and provide access to the system standards and Brand Standards Manual. You choose sites, but each must be in the United States and receive prior approval. The franchisor says it will use reasonable efforts to respond to a site submission within 30 days; its estimated opening period is 10 to 12 months after lease signing, depending on approvals, permits, construction, insurance, and other requirements.
2025 FDD · PDF Page 21 · PDF Page 22 · Item 11 · View Source
Read The Disclosed Requirements
During operations, the franchisor provides use of its marks and manual, reviews submitted advertising, may set price limits, and provides an authorized-supplier list if applicable. You are responsible for advertising, and the franchisor has no obligation to advertise for the brand. You must use the required computer system; the franchisor has ongoing access to its data but is not required to maintain, repair, or update the system.
2025 FDD · PDF Page 22 · PDF Page 23 · Item 11 · View Source
The franchisor is not required to provide training in connection with development or operation. It may offer guidance by methods it chooses, and Honeybee may provide support services. On-site support or employee training requires mutual agreement on the visit or schedule, and you must pay the related expenses. No particular training duration or required attendee group is promised in these passages.
2025 FDD · PDF Page 24 · Item 11 · View Source
Franchisor Financing
Open The Full FDDThe joint venture’s board may require shareholders, including affiliate Tim Ho Wan Ventures Pte. Ltd. (THWV), to offer additional funding up to their subscribed amounts. Funding can take the form of equity or unsecured shareholder loans. Loan interest and other conditions are determined by the board. This is a shareholder arrangement for the designated joint venture, not a general loan offer to prospective franchisees.
2025 FDD · PDF Page 20 · PDF Page 21 · Item 10 · View Source
Read The Disclosed Requirements
Any shareholder financing must be used for restaurant development, opening, and operating costs as determined by the board. The FDD does not describe whether outside lenders will provide financing; it says that, apart from the shareholder arrangement, the franchisor and its affiliates do not offer financing or guarantee obligations.
2025 FDD · PDF Page 21 · Item 10 · View Source
Inside The FDD
Open The Full FDDPlain-language summaries of the FDD. Follow the page links to read the original document and its conditions.
Source-linked summaries of this FDD. Unresolved terms are omitted.
Sources
01The Franchisor And The Business
Tim Ho Wan International Pte. Ltd., a Singapore private limited company, is the franchisor. It offers a joint venture entity established by an affiliate the right to develop and operate multiple full-service U.S. restaurants serving Cantonese-inspired dim sum, including pork buns and steamed rice, under the Tim Ho Wan name and system. In this document, “you” means that joint venture entity.
2025 FDD · PDF Page 8 · PDF Page 10 · Item 1 · View Source
The franchisor acquired the Tim Ho Wan brand and intellectual property from Pui Keung Company Limited in November 2019. It says it does not currently own or operate restaurants, although certain affiliates do. Its affiliate Honeybee Foods Corporation may provide operational, procurement, and development support; the document does not describe that support as guaranteed.
2025 FDD · PDF Page 8 · Item 1 · View Source
02Business Experience
The 2025 FDD names Richard Chong Woo Shin and Carl Brian Ang Tancaktiong as board members. Shin joined the board in January 2025; he has been Jollibee Foods Corporation’s chief financial officer since May 2022 and chief executive officer since January 2025. Tancaktiong joined the board in January 2025 and has held roles with Jollibee Foods Corporation and affiliates since 2004, including Global Digital Advisor from May 2022.
2025 FDD · PDF Page 11 · Item 2 · View Source
Yeong Sheng Lee became the franchisor’s Global Chief Executive Officer in April 2025, after consulting for Tim Ho Wan International from January 2024 to March 2025 and holding roles at Tyson Foods and The Coffee Club International. Gino Ho Sing Edward Lau became General Manager, North America in May 2025; his listed prior roles include Managing Director of Jollibee Hong Kong from January 2024 to April 2025 and regional work for Starbucks Coffee Asia Pacific from 2014 to 2021.
2025 FDD · PDF Page 11 · PDF Page 12 · Item 2 · View Source
03Litigation
The FDD states that no litigation is required to be disclosed in this Item. This is the document’s required-disclosure statement, not a claim that litigation has never occurred.
2025 FDD · PDF Page 12 · Item 3 · View Source
04Bankruptcy
The FDD states that no bankruptcy is required to be disclosed in this Item. This describes what the document says must be disclosed; it does not establish that no bankruptcy has ever occurred.
2025 FDD · PDF Page 12 · Item 4 · View Source
05Initial Fees
Each restaurant carries an initial franchise fee. The disclosure states that it is uniformly imposed, fully earned when paid and nonrefundable. It is denominated in Singapore dollars, with a dated U.S.-dollar conversion shown for reference. Different sections use different payment triggers, so a single payment-timing rule is not shown here.
2025 FDD · PDF Page 12 · PDF Page 15 · Item 5 · View Source
06Other Fees
If stamp duties or comparable duties or taxes are assessed on the Development Agreement, the franchisor and developer share the assessed costs equally.
What To Know
This is 50% of direct costs incurred by each party, not a stated fixed amount. It applies only if required by applicable law and assessed as payable on or in respect of the Development Agreement; the described shared costs include any penalties for late payment. The franchisor may submit an executed agreement to the relevant governmental agency to assess or obtain an opinion on the duty. Payment is as incurred. Payments to the franchisor are in SGD, net of bank charges, by electronic transfer; the agreement specifies Singapore Dollars and the same payment method. No discount, refund, cap, or inflation adjustment is stated for this conditional cost.
2025 FDD · PDF Page 13 · PDF Page 14 · PDF Page 43 · Item 6 · View Source
The developer must reimburse audit or inspection costs, including follow-up re-inspections, if the franchisor determines that a specified default, System Standards failure, or Gross Sales understatement exists.
What To Know
The reimbursable amount is the cost of the audit or inspection, including vendor fees, travel, room and board, and employee compensation; no fixed rate, minimum, or cap is disclosed. The trigger is the franchisor’s determination after an inspection or audit that one or more Development Agreement defaults, failures of System Standards, and/or understatement of Gross Sales exists. The franchisor may conduct one or more follow-up re-inspections in its discretion to evaluate cure or conduct another follow-up review, and their costs are also reimbursable. Payment is upon completion of the audit or inspection, if applicable. Item 6’s general note says fees are uniform and nonrefundable, except as otherwise described, and payments to the franchisor are in SGD, net of bank charges, by electronic transfer. No inflation or discount rule is stated.
2025 FDD · PDF Page 13 · PDF Page 14 · Item 6 · View Source
If the franchisor assumes operation of a Restaurant following default, the Item 6 table lists a then-current fee of no fee, but says that if a fee is imposed it may be up to 25% of Gross Sales.
What To Know
The table describes the amount as the franchisor’s then-current fee, currently no fee, with a possible imposed amount of up to 25% of Gross Sales. It does not specify a minimum, the period over which Gross Sales is measured, a rate-change mechanism, or a cap below the stated 25% maximum. Payment is upon invoice. The trigger is the franchisor assuming operation of a Restaurant in the event of default. Item 6’s general note states fees are uniform and nonrefundable except as otherwise described and that payments to the franchisor are in SGD, net of bank charges, by electronic transfer. No discount or inflation adjustment is stated.
2025 FDD · PDF Page 13 · PDF Page 14 · Item 6 · View Source
Overdue amounts owed to the franchisor bear interest from their original due date at the lesser of 15% per annum or the maximum rate permitted by law.
What To Know
Applies to all amounts owed to the franchisor for any reason that remain unpaid after the due date. Interest accrues from the original due date at the lesser of 15% per annum or the maximum rate permitted by law. Item 6 says it is due from the date payments are due; the agreement confirms accrual from the original due date. The source does not specify compounding. Payments to the franchisor are in SGD, net of bank charges, by electronic transfer. No discount or inflation adjustment is stated.
2025 FDD · PDF Page 13 · PDF Page 14 · PDF Page 43 · Item 6 · View Source
The royalty is 3% of each Restaurant’s Gross Sales for the preceding month, payable monthly.
What To Know
Gross Sales means total revenue from sales of goods and services at, from, or in connection with the Restaurants, regardless of payment method. It excludes sales, use, and service taxes collected from customers and paid to the proper authority; documented good-faith customer refunds and credits; and customer discounts compliant with approved System Standards. Gift-certificate, gift-card, loyalty, and similar-program revenue is included according to the franchisor’s then-current guidelines. Gross Sales also includes insurance proceeds replacing lost revenue from a covered interruption. The FDD table states payment is monthly and is based on each Restaurant’s preceding-month Gross Sales; the agreement says payment is due on the date of the month prescribed by the franchisor from time to time. Item 6’s notes and the agreement both require payments in SGD, net of bank charges, by electronic transfer, and apply the franchisor-designated interbank exchange rate as of the due date or actual payment date, whichever is more favorable to the franchisor, when calculating a payment based on U.S.-dollar revenue. No royalty minimum, tier, cap, or inflation adjustment is stated. Item 6’s general note says fees are uniform and nonrefundable except as otherwise described.
2025 FDD · PDF Page 12 · PDF Page 14 · PDF Page 42 · PDF Page 43 · Item 6 · View Source
07Estimated Initial Investment
Item 7 estimates Grand Opening Advertising of $15,000 to $18,000 for one Restaurant.
What To Know
The estimate is for the grand-opening promotion for a Restaurant; amounts are in U.S. dollars unless otherwise indicated. It is an estimated third-party expenditure, paid as incurred, with no fixed due date. Actual marketing cost depends on local rates, competition, and the amount of marketing conducted, and the franchisor must approve advertising items, methods, and media. The source does not state a refund, discount, or inflation rule for this estimate. This one-time Item 7 estimate is distinct from neither, nor additive to, any other fee unless the source says so; it should not be summed with another mention of advertising costs.
2025 FDD · PDF Page 15 · PDF Page 17 · Item 7 · View Source
08Required Purchases And Suppliers
The franchisor says it has not designated exclusive or approved U.S. suppliers, but you must obtain its approval for suppliers. It will provide supplier criteria and specifications and says it will notify you within 30 days whether a proposed supplier is approved. It may revoke approval at any time with notice, and it does not charge a fee to review proposed suppliers.
2025 FDD · PDF Page 18 · Item 8 · View Source
The franchisor may require specified goods or services and may require purchases from vendors it designates, potentially including itself or affiliates. Currently, neither it nor its affiliates is a mandatory or exclusive supplier. You must maintain supply arrangements on competitive terms, meet system standards, and provide supply agreements if requested. The franchisor may also require some or all insurance from a designated supplier on terms it approves.
2025 FDD · PDF Page 18 · Item 8 · View Source
09Your Obligations
The Development Agreement’s obligations table covers site selection and leasing, pre-opening purchases and construction, opening approval, system standards, menus, ongoing purchases, maintenance, insurance, advertising, staffing, records, inspections, transfers, and disputes. It directs readers to agreement sections and other FDD Items for the details.
2025 FDD · PDF Page 19 · PDF Page 20 · Item 9 · View Source
10Franchisor Financing
The joint venture’s board may require shareholders, including affiliate Tim Ho Wan Ventures Pte. Ltd. (THWV), to offer additional funding up to their subscribed amounts. Funding can take the form of equity or unsecured shareholder loans. Loan interest and other conditions are determined by the board. This is a shareholder arrangement for the designated joint venture, not a general loan offer to prospective franchisees.
2025 FDD · PDF Page 20 · PDF Page 21 · Item 10 · View Source
Any shareholder financing must be used for restaurant development, opening, and operating costs as determined by the board. The FDD does not describe whether outside lenders will provide financing; it says that, apart from the shareholder arrangement, the franchisor and its affiliates do not offer financing or guarantee obligations.
2025 FDD · PDF Page 21 · Item 10 · View Source
11Training And Support
Before opening, the franchisor will review and approve or reject each proposed site and opening, and provide access to the system standards and Brand Standards Manual. You choose sites, but each must be in the United States and receive prior approval. The franchisor says it will use reasonable efforts to respond to a site submission within 30 days; its estimated opening period is 10 to 12 months after lease signing, depending on approvals, permits, construction, insurance, and other requirements.
2025 FDD · PDF Page 21 · PDF Page 22 · Item 11 · View Source
During operations, the franchisor provides use of its marks and manual, reviews submitted advertising, may set price limits, and provides an authorized-supplier list if applicable. You are responsible for advertising, and the franchisor has no obligation to advertise for the brand. You must use the required computer system; the franchisor has ongoing access to its data but is not required to maintain, repair, or update the system.
2025 FDD · PDF Page 22 · PDF Page 23 · Item 11 · View Source
The franchisor is not required to provide training in connection with development or operation. It may offer guidance by methods it chooses, and Honeybee may provide support services. On-site support or employee training requires mutual agreement on the visit or schedule, and you must pay the related expenses. No particular training duration or required attendee group is promised in these passages.
2025 FDD · PDF Page 24 · Item 11 · View Source
12Territory
The Development Area is the United States, but restaurants may operate only at sites approved by the franchisor. Relocation requires prior approval, and you have no right of first refusal to another area. The territory is not guaranteed exclusivity: while you comply with the agreement, the franchisor says it will not authorize another party to develop or operate Tim Ho Wan restaurants in the area, except for rights involving restaurants already operating there before the agreement.
2025 FDD · PDF Page 24 · Item 12 · View Source
The franchisor and affiliates reserve broad rights, including operating food businesses under other brands, non-restaurant sales under the marks, marketing, and distribution through channels such as online sales, catering, and ghost kitchens. You may not use the marks outside the area or use distribution channels without consent. Affiliated restaurant brands may compete, and the franchisor says it will resolve conflicts as it sees fit, including by taking no action.
2025 FDD · PDF Page 24 · PDF Page 25 · Item 12 · View Source
13Trademarks
The franchisor says it owns the listed U.S.-registered mark. It may require you to modify, replace, add, or stop using a mark at your cost, without reimbursing the change costs or any resulting loss of revenue. You must promptly report infringement or challenges; the franchisor controls any resulting action and is not required to defend or indemnify you.
2025 FDD · PDF Page 25 · PDF Page 26 · Item 13 · View Source
14Patents, Copyrights And Proprietary Information
The franchisor says it owns no patents material to the franchise and has filed no material patent applications. It claims copyrights in system standards, websites, and advertising and marketing materials. Use is limited to its instructions; it may require changes or discontinued use at your cost and is not required to defend the materials or indemnify you in related proceedings.
2025 FDD · PDF Page 26 · Item 14 · View Source
You and your personnel must protect confidential system, customer, software, supplier, and business information and use it only for the restaurants, following the franchisor’s safeguards. The stated restrictions exclude information generally known other than through unlawful disclosure and allow legally compelled disclosure if you make best efforts to obtain protective treatment and give the franchisor an opportunity to do so. Related innovations developed by or for you belong to the franchisor, without compensation.
2025 FDD · PDF Page 26 · PDF Page 27 · Item 14 · View Source
15Your Role As An Owner
The joint venture is solely responsible for management, direction, and control of its restaurants and must maintain enough staff to meet its obligations. It handles employee hiring, training, pay, scheduling, assignments, safety, discipline, and supervision. A third-party management company may be used only with the franchisor’s prior written approval.
2025 FDD · PDF Page 27 · Item 15 · View Source
16Products And Services You May Sell
Restaurants must follow system standards for menu offerings and products and services sold. The franchisor may require sales to be limited to approved offerings or require designated offerings, and may change the approved-menu standards at any time without a stated limit on that right.
2025 FDD · PDF Page 27 · PDF Page 28 · Item 16 · View Source
Subject to applicable law, the franchisor may set minimum or maximum prices, which you must follow. Where it sets no mandatory pricing rule, you may set your own prices, although advertising policies may still require or restrict advertised prices even if you are not required to honor the promotion at the restaurant.
2025 FDD · PDF Page 28 · Item 16 · View Source
17Renewal, Termination, Transfer And Disputes
The Development Agreement term is 10 years. It gives no contractual right to renewal; any renewal is subject to the franchisor’s sole approval, subject to applicable state law. The franchisor may terminate for specified violations, with cure periods for some defaults. Listed non-curable defaults include unauthorized transfer, abandonment, specified repeated breaches, and the franchisor and/or its affiliates owning less than 70% of the joint venture’s ownership or voting control. The franchisee’s stated termination right for an uncured franchisor default is also subject to state law.
2025 FDD · PDF Page 28 · PDF Page 29 · Item 17 · View Source
Transfers of the agreement, a restaurant, substantially all restaurant assets, or a right to share in restaurant profits or operations require prior written consent. The franchisor may set approval conditions and has a right of first refusal after receiving the required information: it may elect to purchase within 30 days, substitute cash for non-cash consideration, and then has an additional 60 days to prepare for closing. It may also elect to buy a restaurant at fair market value after termination or expiration.
2025 FDD · PDF Page 29 · PDF Page 30 · Item 17 · View Source
At termination or expiration, the joint venture must pay amounts due, close and de-identify the restaurants, stop using the marks, and address online presences as required. The table lists no post-term non-compete covenant as applicable. Disputes are assigned to binding arbitration in Delaware, with court claims assigned to Delaware courts; the FDD notes state-law qualifications.
2025 FDD · PDF Page 29 · PDF Page 30 · PDF Page 31 · Item 17 · View Source
18Public Figures
The franchisor states that it does not use any public figure to promote the franchise system.
2025 FDD · PDF Page 31 · Item 18 · View Source
19Financial Performance Representations
The franchisor says it makes no representation about a franchisee’s future financial performance or the past performance of company-owned or franchised outlets, and does not authorize employees or representatives to make such representations. If you buy an existing outlet, it may provide that outlet’s actual records. No revenue, profit, margin, earnings, or forecast figures are reported here.
2025 FDD · PDF Page 31 · PDF Page 32 · Item 19 · View Source
20Outlets And Franchisee Information
The historical tables cover 2022 through 2024 and report a transfer in California during 2024. They report no franchised outlet openings, terminations, non-renewals, reacquisitions, or other cessations during those years. A California location was temporarily closed for construction at the end of 2024. The franchisor says it acquired rights to existing franchises from its predecessor and did not offer or sell those franchises.
2025 FDD · PDF Page 32 · PDF Page 33 · Item 20 · View Source
Exhibit E lists franchisees in the system as of December 31, 2024. The franchisor says a departing franchisee’s contact information may be disclosed to buyers. Some current and former franchisees may be restricted from speaking openly about their experience, so not all may be able to communicate with prospective buyers.
2025 FDD · PDF Page 34 · Item 20 · View Source
21Financial Statements
Exhibit C contains audited balance sheets for fiscal years ending December 31, 2022, 2023, and 2024, with related statements of operations, cash flow, and stockholders’ equity for those years. It also contains an unaudited balance sheet as of April 30, 2025, with a profit-and-loss statement for January 1 through April 30, 2025. The fiscal year ends December 31.
2025 FDD · PDF Page 34 · Item 21 · View Source
22Contracts
The contracts passage lists the Multi-Unit Development Agreement as Exhibit B and State Specific Addenda as Exhibit D. The FDD identifies the Development Agreement as the agreement used to acquire the U.S. development rights.
2025 FDD · PDF Page 10 · PDF Page 34 · Item 22 · View Source
23Receipts
Exhibit F contains detachable documents acknowledging receipt of the Disclosure Document.
2025 FDD · PDF Page 35 · Item 23 · View Source
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