Source: http://www.freefranchisedocs.com/planet-beach-tanning-salon-UFOC.php
Timestamp: 2019-04-23 15:56:09+00:00

Document:
To simplify the language in this Offering Circular "PBFC," "us" and "we" mean Planet Beach Franchising Corporation, the franchisor. The term "you" means the person who buys the franchise, or the franchisee. The person buying the franchise may be a natural person, partnership, corporation, or limited liability company. If the franchisee is a partnership, corporation, or limited liability company the term "you" does not include the entity's partners, officers, directors, shareholders, members or managers unless otherwise stated.
We were formed on September 26, 1996, as a Louisiana corporation, and do business under our corporate name and as Planet Beach Tanning Salons. Our principal business address is 5161 Taravella Road, Marrero, Louisiana 70072. Our agents for service of process are identified in Exhibit 2 of this offering circular.
We have been offering franchises of the type being offered in this offering circular since April 1996. We have never offered franchises in any other line of business.
We have been offering Area Representative development rights since January 1997. Area Representatives operate at least one spa and sell additional spas to others in their territories. Area Representative rights are offered through a separate registration as well as a separate Uniform Franchise Offering Circular.
Our affiliate, Planet Beach Real Estate, LLC ("PBRE") was formed on February 1, 2002 as a Louisiana limited liability company, with a principal place of business of 5161 Taravella Road, Marrero, Louisiana 70072. PBRE has never offered franchises in this or any other line of business nor has it ever operated a business of the type being franchised in this offering circular.
Our affiliate, Planet Beach Tanning Salons, Inc. was formed on April 1, 1996 as a Louisiana corporation. Its principal place of business is located at 5300 Tchoupitoulas Street, #F-7, New Orleans, Louisiana 70115. Planet Beach Tanning Salons, Inc. has never offered franchises in this or any other line of business nor has it ever operated a business of the type being offered in this offering circular. PBTS owns all of the Marks and has licensed the Marks to us and has given us the right to sublicense the Marks to our franchisees.
Our affiliate, Planet Beach Franchising, LLC ("PBF") was formed on August 20, 1998 as a Louisiana limited liability company. PBF is no longer engaged in business in any capacity. From August 1998 until June 1999, PBF sold 13 franchises of the type being offered in this offering circular. PBFC has assumed the obligations of PBF under the outstanding franchise agreements, and all renewals will be through PBFC.
Other than as set forth above we have no other predecessors or affiliates.
Beach" and such other trademarks, service marks, logos and other indicia of origin (our "Proprietary Marks") as we may designate for use in connection with the Franchised Business. You will operate the Franchised Business according to the form of franchise agreement ("Franchise Agreement") included in this joffering circular as Exhibit 6, and our confidential operations manual (''Operations Manual"), described in Item 11 of this offering circular.
subject to all laws and regulations that apply to businesses generally.
PBFCi Mr. Smith is a franchisee of one Planet Beach Spa in New Orleans.
PlanefBeach Spa in Marrero, Louisiana.
Since July 1996, Mr. Juka has served as our Vice President and Chief Operating Officer.
i Mr. Mesa was the Director of Business Operations for Allegis Group from February 1.995 until November 2003. He joined PBFC in December 2003.
Ms. Moll began her career with Planet Beach while attending Tulane University in New Orleans as a salon associate in the fall of 1996. Upon graduating from Tulane she became the General Manager of the Planet Beach tanning salon in Marrero, LA in September of 1999. In March of 2000 she began working for PBFC and in February of 2003 she was promoted to the executive position she now holds.
Planet Beach Franchising Corporation f.
Mr. Kendall was the Director of Product Development for Interactive Design, Inc. in Atlanta, GA from July 1995 to September 1998. From September of 1998 until the present Mr. Kendall has been the Chief Information Officer for Planet Beach Franchising Corporation.
Ms, Dowell began working with Planet Beach in March 1998 as a Salon Manager, continuing on as a District Manager and Grand Opening Specialist. From February 2001 through January 2002, she worked as a Franchise Sales Representative for PBFC, and then resumed the position of Equipment & Lamp Specialist, which she held through December 2003. Ms. Dowell was the Director of Education & Research in 2004, Franchise Performance Director in 2005 and currently oversees the Education and Executive Development Departments for PBFC.
Mr. Calongne was employed by Property One, Inc. where he concentrated on leasing office and retail space for landlords from February 2000 to October 2001. From October 2001 until November 2002, Mr. Calongne was Director of Leasing and Property Management for Orthodontic Centers of America, Inc. There he focused on working with affiliated orthodontist and pediatric dentist to strategically locate their practices and maximize revenue. From November 2002 until October 2004, Mr. Calongne was hired by Sizeler Real Estate Management Company, Inc., subsidiary of Sizeler Property Investors, Inc., to lease two regional malls and seven strip centers consisting of over 1.5 million square feet of retail space. From October 2004 until August 2005, Mr. Calongne worked as Director of Leasing and Property Management for Orthodontic Centers of America, Inc. In August of 2005, Mr. Calongne became Planet Beach Franchising Corporation's Director of Leasing.
Prior to joining the PBFC family in June 2005 as Franchise Finance Coordinator, Ms. Rogers served as an Accounting/Finance Consultant for the Offshore Marine Service Association (OMSA), from September 2003 to August 2004. In addition, Ms Rogers served as the Finance Consultant for the retired President of OMSA for his personal business, Alario and Associates, LLC from September 2003 to May 2005. From August 1997 to January 2001, she worked as Senior Accountant for the Citizens Utilities Company, formerly known as Louisiana Gas Company. Ms. Rogers received her Bachelors of Science degree in Accounting from the University of New Orleans in May 1997. She also received her Masters of Business Administration (MBA) with a concentration in Human Resources from the University of New Orleans in May 2003.
Ms. Jo Marie Evans was employed by the New Orleans Metropolitan Convention and Visitors Bureau in membership sales until October 2000. She worked as a product sales representative with Planet Beach Franchising Corporation from October 2000 through December 2001. From December 2001 through the present Ms. Evans has held the position of Director of Product Sales and Development.
Ms. Matherne started at Planet Beach Marrero, LA in 1998 as an associate and was promoted to assistant manager in October of 2000 and in December of 2001 she was again promoted to manager. In August 2002, ishe became the Grand Opening Specialist Director for PBFC. In April of 2004, Ms. Matherne became Director of In House Salon Performance. In September of 2004 Salon Performance was combined with the Education Department and the department was renamed to Franchise Performance and her title changed to Director of In House Franchise Performance.
Brokers is attached to this offering circular as Exhibit 12.
In certain regions, we have granted area development rights to qualified j individuals ("Area Representatives"). Area Representatives are often engaged in the sales process and are contractually required to perform certain support services to our franchisees. Information about these Area Representatives is attached to this offering circular as Exhibit 13.
Seller and Associates. L.L.C. and Michelle Seiler, individually and d/b/a Planet Beach West Esplanade v. Stephen P. Smith. Nancy Price, Richard L. Juka. Planet Beach Franchising Corporation. Planet Beach Franchising. L.L.C. and Solarware, L.L.C, (No. 2002-649, Civil District Court for tl.e Parish of Orleans, State of Louisiana, Division "K"). In March 2001, PBFC discovered that Ms. jSeiler breached her fiduciary duty to PBFC as an Area Developer. PBFC terminated her as an Area Developer and sued for a temporary restraining order barring her from contact with PBFC and PBFC franchisees. In the fall of 2001, Ms. Seiler filed a counter suit claiming PBFC breached its contractual duties pursuant to the Area Development Agreement. PBFC holds claims for actual damages in excess of $150,000 for refunds that were made to franchisees that claimed Ms. Seiler made claims of misrepresentation. Ms. Seiler did not specify an amount of damages. This case is pending and the parties are currently engaging in discovery.
Stephen P. Smith and Planet Beach Franchising Corporation v. Kelly Langlev. Sun Mask Tanning. L.L.C. and Mandeville Tan, L.L.C. (No. 2002-10581, 22nd Judicial District Court foi the Parish of St. Tammany, State of Louisiana, Division "A"). Mr. Smith is 49% owner of the Mandeville tanning salon and Ms. Langley is the 51% owner. In the summer of 2001, Mr. Smith filed suit because of Ms. Langley's refusal to make any lease payments to PBFC for tanning equipment andlfor recovery of his 49% interest in the equity and profits of the salon. On September 24, 2002, Ms. Langley then filed a counter suit claiming 100% ownership. Unspecified amount of damages to be determined at trial. This case is pending and the parties are currently engaging in discovery.
$15,000 franchise fee paid for the right to open and operate a second Salon. Plaintiffs won summary judgment in the amount of $15,000 plus attorneys' fees, costs and interest. PBFC appealed this judgment and the Burks, on behalf of their corporation, Nani Kai, Inc., filed a subsequent suit alleging business disparagement, deceptive trade practices and civil conspiracy (Nani Kai, Inc. v. Planet Beach Franchising Corporation and Don Campbell, No. 048-196553-02, 48th District Court, Tarrant County, Texas). PBFC filed an answer denying all allegations. The parties have settled all claims out of court. In May of 2003 PBFC paid to the Burks an amount of $12,000 and agreed that for a period of two years from December 23, 2002 not to open or operate or permit a PBFC franchisee to open or operate a tanning salon at any location within a three mile radius from the Burk's tanning salon.
Melissa Smith. Burnell Smith and Vita Amoure. L.L.C. v. Planet Beach Franchising Corporation. (No. 366-02108-01, 366th District Court, Collin County, Texas). In October 2001, plaintiffs filed suit to recover a $5,000 territory deposit fee paid for the right to open and operate a Salon. On April 1, 2001, PBFC defaulted and judgment was entered in favor of the plaintiffs in the amount of $16,879. In November of 2002, PBFC paid the judgment in full and an Order Granting NonSuit was filed. In January of 2003 a Release of Judgment was signed by Burnell Smith, Melissa Smith and Vita Amore acknowledging payment of the default judgment.
James R. Barnhill and Lara Barnhill v. Planet Beach Franchising Corporation (No. 04 CVS 011235, Superior Court Division in Wake County, State of North Carolina). On August 12, 2004, our franchisees, Mr. and Mrs. Barnhill filed an action in which they alleged breach of contract and specific performance arising from a purported award by PBFC of an Area Representative Agreement to the Barnhills. On November 24,2004, Mr. and Mrs. Barnhill dismissed the action without prejudice. Thereafter, on or about December 7 of 2004, the parties reached an amicable resolution in which PBFC awarded Mr. and Mrs. Barnhill an Area Representative Agreement and granted them an option to acquire an additional franchise at a discounted price.
Jeffrey A. Brewer, individually, Bert R. Struck, individually, Robert F. Struck, individually and Sun King, L.L.C. v. Planet Beach Franchising Corporation and Planet Beach Tanning Salon Inc., Stephen P. Smith and Ronald Simmons (No.CV0406488, Circuit Court of Jefferson County, State of Alabama). On October 28, 2004, our franchisees, Mr. Jeffrey R. Brewer, Mr. Bert R. Struck and Mr. Robert F. Struck filed an action in which they alleged that PBFC purposely excluded information from PBFC's UFOC to induce the franchisees to purchase a franchise. They further alleged that PBFC omitted corporate financial information and that PBFC purposefully omitted information relating to a "National Advertising" fee. On December 16, 2004, PBFC filed a demand for arbitration. On December 16, 2004, PBFC filed a Motion to Stay Proceedings, Compel Arbitration or Dismiss. On January 21, 2005, the Circuit Court of Jefferson County compelled this matter to arbitration and stayed the state action pending the outcome of the arbitration. Thereafter, the plaintiffs filed a demand for arbitration asserting a claim for breach of contract. On or about January 17 of 2006, the parties reached an amicable resolution in which PBFC purchased the assets and rights to Claimant's franchise location. On January 27, 2006 the state action was dismissed with prejudice in the Circuit Court of Jefferson County, Alabama.
Corporate Development Outsourcing L.L.C. v. Planet Beach Franchising Corporation (AAA No. 51 110 00110 05). On January 19, 2005, Corporate Development Outsourcing, L.L.C. ("CDO"), a project management firm, filed an arbitration with the American Arbitration Association against PBFC alleging that PBFC breached a Construction Management Agreement between the parties. PBFC filed a counterclaim on February 16, 2005 asserting that CDO breached the Construction Management Agreement. On August 23, 2005, the Arbitrator, with the American Arbitration Association, found that the contract could be construed according to its terms without finding a breach by either party and awarded CDO $18,400.00. The Arbitrator found that neither party was the "prevailing party" under the agreement.
is stayed pending resolution of plaintiffs bankruptcy.
Other than these 8 actions, no litigation is required to be disclosed in this offering circular. Information relating to Franchise Brokers and Area Representatives are attached as Exhibits 13 and 14 respectively.
No person previously identified in Items 1 or 2 has been involved as a debtor in proceedings under the U.S. Bankruptcy Code required to be disclosed in this Item. !
Franchisees pay a lump sum initial franchise fee when they sign the franchise agreement. The initial franchise fee for a Traditional Planet Beach with a minimum of 7 pieces of equipment is $30,000. The initial:franchise fee for an Express Planet Beach with 5 to 6 pieces of equipment is $30,000. PBFC reserves the right to alter these prices as the market warrants at any time. This fee is deemed fully earned upon receipt and is non-refundable.
In honor of Planet Beach's 10 Year Anniversary, Franchisees may pay a lump sum] initial franchisee fee of $30!,000 for a Traditional or Express Planet Beach and get an option for $1,000. | Franchisees may be awarded 1 franchise license and 2 options for $51,000 and receive up to two more options for $1,000 each. Franchisees must have scheduled an appointment no later than May 11, 2006.
franchisees who sign a Multi-Unit Option Agreement will pay the following: for 3 Spas, they will pay the franchise fee of $30,000 for 1 Spas and at the same time, pay an option fee of $21,'000 for 2 additional Spas; for 5 Spas, they will pay the franchise fee of $30,000 for 1 Spas and at the samo time, pay an option fee of $35,000 for 4 additional Spas; and for 10 Spas, they will pay the franchise fee of $30,000 and at the same time, pay an option fee of $70,000 for 9 additional Spas. These fees are deemed fully earned upon receipt and are non-refundable.
Effective August 1, 2006 Franchisees who sign a Multi-Unit Option Agreement will pay the following: for 3 Spas, they will pay the franchise fee of $30,000 for 1 Spa and at the same time, pay an option fee of $29,000 for 2 additional Spas; for 5 Spas, they will pay the franchise fee of $30,000 for 1 Spa and the same time, pay an option fee of $43,000 for 4 additional Spas.
PBFC participates in the VetFran Program and qualified franchisees may receive a discount in the initial franchise fee.
PBFC may offer Area Representative Agreements to accelerate the development of certain markets. The Representative Agreement may vary from market to market, depending on the population of the market and the number of salons that may be opened in a market. In some markets, the Area Representative will provide some or all of the services to be provided to you by PBFC. Information regarding our Area Representatives is attached as Exhibit 13 to this offering circular. An offer for an Area Representative Agreement can only be made by way of a separate UFOC.
The following table describes other recurring or isolated fees or payments that you must pay to us, or which we impose or collect on behalf of a third party, in whole or in part. All fees and payments are nonrefundable unless otherwise stated.
There is no transfer fee when an individual transfers to his/her corporation or L.L.C. Franchisee's may transfer only to existing Planet Beach Franchisees.
Payment will be made through the Autodraft System.
For any payments made by you to us or any purchases made by you from PBFC.
Interest' is also charged on any overdue amounts at 18% per annum or the maximum rate permitted by state law, whichever is less.
You must defend, indemnify and hold us harmless from all fines, suits, proceedings, claims, demands,1 obligations or actions of any kind arising in whole or in part from the operation of your Franchised Business.
This fee does not include travel and lodging, only convention registration.
This includes cost of travel and lodging. It does not take into account r.iiscellaneous expenses such as food and entertainment. Prices may vary depending on where you are traveling from.
Note 1: All fees are imposed by and are payable to PBFC. All fees are non-refundable. PBF,C is charged a credit card processing fee by various credit card companies. PBFC will charge you the credit card processing fee that it is required to pay to the credit card company when you make purchases from PBFC.
"Retail.V Gross Sales does not include sales tax imposed by any federal, state or governmental authority.
Note 3:! Franchisor-owned outlets have no voting power on any fees imposed by franchisee cooperatives.
Note 1. Estimates are based on a single unit, both Traditional and Express Spas. Traditional Spas feature 7-12 pieces of equipment. Express Spas feature 5-6 pieces of equipment.
Note 2\ The initial franchise fee and certain expenses are discussed in detail in Item 5. This ;ee is non-refundable.
the city or county requires will be the responsibility of the franchisee.
unit mix and amount of equipment. You are responsible for any taxes due to your state.
Note 5. The low estimate is based on an Express Spa with an estimated 600 to 800 square foot space with landlord participation and no demolition. This estimated range will vary depending on the location, necessary leasehold improvements and landlord participation.
i Note 6.1 Owner Furnished Items (OFIs) consist of interior modular wall and door system);, millwork (including retail fixtures, various shelving and counter), interior signage, exterior signage, flooring and lij'jht fixtures.
Note 7.. Some landlords may require a deposit of first and last month's rent. Deposits on utilities will also vary. Deposits will vary based on the market rental rates for your market.
Note 8.: You will need to obtain Commercial General Liability ($1 Million Minimum ■ Coverage) insurance, Worker's Compensation, Business Interruption insurance, Life insurance (equal to the amount borrowed) and Construction Coverage insurance.
Note 9. ] This figure includes the costs for the monitor, keyboard, cash drawer, credit card machine, receipt printer, printer and the installation of PBFC's software and credit card software.
Note 10. Shipping is based on several factors, including weight of shipment and destination.
Note 11. Set-up of equipment includes the crew meeting the delivery truck at your location, offloading and carrying equipment into your Spa and assembling the equipment. This price is based on the type of tanning and spa equipment.
Note 12. Timer System includes T-Max Manager, Communication Cables, RJ22 Couplers and UV Meter and price is based on the specific layout of your Spa.
Note 13. Printing includes Guest Passes, Lead Boxes, Sign-up slips, Membership contracts, Freeze Forms, Termination Forms, Boutique Bags, Business Cards, Postcards, Gift Cards, Gift Card Deluxe Package (Thank You Cards, PB Envelopes, Gift Cards, PB Gold Seals), and Tattoos.
Note 14. You are required to spend this amount on grand opening advertising. You may spend additional amounts with PBFC approval.
Note 15. You will be required to purchase a specified amount based on the size of your Spa for the initial inventory of products to be offered for sale. A selection of PBFC's proprietary lotion and national brand products must be stocked.
Note 16. Zero dollars as a "Low" because not all Spas can accommodate a utility room due to size or layout restrictions. Therefore, the washer and dryer are optional.
Note 17. This figure includes inspection fees, occupational licenses, and the costs for transportation, meals and other expenses associated with pre-opening training.
Note 18. PBFC suggests that your working capital be approximately 3 to 6 months worth of expenses. This figure may vary depending on the season in which your Spa opens. This 3 to 6 month period does not necessarily mean that you will "break even" or that you will reach any certain financial position. This figure may also change as required by a lender.
Note 19. PBFC relied on its 10 years experience in the tanning business to compile these estimates. You should review these figures carefully with a business advisor before making any decision to purchase the franchise.
Note 20. PBFC does offer indirect financing to franchisees for some of these items.
Note 1. Estimates are based on a single unit, both Traditional and Express Spas. Traditional Spas feature 7-12 pieces of equipment. Express Spas feature 5-6 pieces of equipment. This Initial Investment range will be the same for your 2nd Spa and 3rd Spa.
Note 2. The multi unit option fee and certain expenses are discussed in detail in Item 5. This fee is non-refundable. This option fee will be the same for the 2nd Spa and the 3rd Spa. After August 1, 2006, the Multi-Unit Option fee will increase to $29,000 for two (2) additional spas.
Note 3. The low estimate is for drawings prepared by PBFC only. The architectural fee will vary depending on your state and local municipality requirements. PBFC drawings consist of existing and proposed floor plans, reflected ceiling plans, fixture schedules and wall details. Any additional stamps or upgrades to the drawings that the city or county requires will be the responsibility of the franchisee.
Note 4. The low end represents a basic 5 unit mix for an Express Spa, including 1 Mystic Tan spray booth and 1 Spa unit. The high end represents a 12 unit mix, which includes 1 Mystic Tan spray booth, 1 Elite lay-down bed, 1 Elite stand-up bed and 2 Spa units. This estimated range does not include T-Max Timer system or wiring. All Express Spas are required to have a minimum of 1 Mystic Tan spray booth and 1 Spa unit. All Traditional Spas are required to have a minimum of 1 Mystic Tan spray booth, 2 Spa units (1 of each type of Planet Beach approved Spa equipment). This does not include costs for set-up, shipping, handling and tax. This amount may vary depending on unit mix and amount of equipment. You are responsible for any taxes due to your state.
Note 6. Owner Furnished Items (OFIs) consist of interior modular wall and door systems, millwork (including retail fixtures, various shelving and counter), interior signage, exterior signage, flooring and light fixtures.
Note 7. Some landlords may require a deposit of first and last month's rent. Deposits on utilities will also vary. Deposits will vary based on the market rental rates for your market.
Note 8. You will need to obtain Commercial General Liability ($1 Million Minimum Coverage) insurance, Worker's Compensation, Business Interruption insurance, Life insurance (equal to the amount borrowed) and Construction Coverage insurance.
Note 9. This figure includes the costs for the monitor, keyboard, cash drawer, credit card machine, receipt printer, printer and the installation of PBFCs software and credit card software.
Note 15. You will be required to purchase a specified amount based on the size of your Spji for the initial inventory of products to be offered for sale. A selection of PBFC's proprietary lotion and national brand products must be stocked.
Note 19. PBFC relied on its 10 years experience in the tanning business to compile these estimates. You should review these figures carefully with a business advisor before making any decision to purchasi; the franchise.
Note 1. Estimates are based on a single unit, both Traditional and Express Spas. Traditional Spas feature 7-12 pieces of equipment. Express Spas feature 5 - 6 pieces of equipment. This Initial Investment range will be the same for your 2nd Spa, 3rd Spa, 4,h Spa and 5,h Spa.
Note 2. The multi unit option fee and certain expenses are discussed in detail in Item 5. This fee is non-refundable. This option fee will be the same for the 2nd Spa, 3rd Spa, 4th Spa and 5rd Spa. After August 1, 2006, the Multi-Unit Option fee will increase to $43,000 for four (4) additional spas.
your i state and local municipality requirements. PBFC drawings consist of existing and proposed floor plans, reflected ceiling plans, fixture schedules and wall details. Any additional stamps or upgiades to the drawings that the city or county requires will be the responsibility of the franchisee.
Note;4. The low end represents a basic 5 unit mix for an Express Spa, including 1 Mystic Tan spray booth and 1 Spa unit. The high end represents a 12 unit mix, which includes 1 Mystic Tan spray booth, 1 Elite lay-down bed, 1 Elite ]stand-up bed and 2 Spa units. This estimated range does not include T-Max Timer system or wiring. All Express Spas are required to have a minimum of 1 Mystic Tan spray booth and I Spa unit. All Traditional Spas are required to have a minimum of 1 Mystic Tan spray booth, 2 Spa units (1 of each type of Planet Beach approved Spa equipment). This does not include costs for set-up, shipping, handling and tax. This amour'it may vary depending on unit mix and amount of equipment. You are responsible for any taxes due to your state.
I Note 6. Owner Furnished Items (OFls) consist of interior modular wall and door systems, mill work (including retail fixtures, various shelving and counter), interior signage, exterior signage, flooring and light fixtures.
Note l|0. Shipping is based on several factors, including weight of shipment and destination.
Cards, PB Envelopes, Gift Cards, PB Gold Seals), and Tattoos.
Note 15. You will be required to purchase a specified amount based on the size of your Spa ^or the initial inventory of products to be offered for sale. A selection of PBFC's proprietary lotion and national brand products must be stocked.
P anet Beach Franchising Corporation 90 !
may vary depending on the season in which your Spa opens. This 3 to 6 month period does not necessarily mean that you will "break even" or that you will reach any certain financial position. This figure may also change as required by a lender.
Note 1. Estimates are based on a single unit, both Traditional and Express Spas. Traditional Spas feature 7-12 pieces of equipment. Express Spas feature 5-6 pieces of equipment. This initial Investment range will be the same for your 2^ Spa, 3rd Spa, 4,h Spa, 5Ih Spa, 6,h Spa, 7th Spa, 8,h Spa, 9th Spa and 10th Spa.
Note 3. The low estimate is for drawings prepared by PBFC only. The architectural fee! will vary depending on your state and local municipality requirements. PBFC drawings consist of existing anil proposed floor plans, reflected ceiling plans, fixture schedules and wall details. Any additional stamps or upgrades to the drawings that the city or county requires will be the responsibility of the franchisee.
Note 7. Some landlords may require a deposit of first and last month's rent. Deposits on utilities will also vary.
Deposits will vary based on the market rental rates for your market.
I^Jote 8. You will need to obtain Commercial General Liability ($1 Million Minimum Coverage) insurance, Worker's Compensation, Business Interruption insurance, Life insurance (equal to the amount borrowed) and Construction Coverage insurance.
printer and the installation of PBFC's software and credit card software.
You must purchase goods and materials, which adhere to our minimum standards and requirements. These items include start-up equipment, inventory, interior and exterior signs, insurance, grand opening advertising and on-going marketing, printing and supplies. Estimated costs for these items are described in Item 7 of this offering circular.

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