We are in the process of purchasing a Vending Franchise based in California. When we requested them an FDD, they provided us with FDD ending December 2011 and said that they are currently working on the FY12 ending December 2012.
I understand that there are FTC and CA board of corporations regulations guiding the Franchisor's to provide certain information (in FDD) before the purchase of the Franchise. What exactly do these Franchises need to provide a consumer interested in buying their Franchise? Does providing the latest FY FDD part of what they have to disclose?
What other questions do we need to ask before the purchase?
Any advice would be greatly appreciated.