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FINANCIAL PERFORMANCE REPRESENTATIONS
Venture X franchise is a collaboration that brings together some of the best business minds in the industry.
The FTC's Franchise Rule permits a franchisor to provide information about the actual financial performance of its franchises and/or franchisor-owned units, if there is a reasonable basis for the information, and if the information is included in the disclosure document. Financial performance information that differs from that included in Item 19 may be given only if: (1) a franchisor provides the actual records of an existing outlet you are considering buying; or (2) a franchisor supplements the information provided in this Item 19, for example, by providing information about possible performance at a particular location under particular circumstances.
The disclosures in the below table contains historical information related to peak occupancy rates for our Venture X locations in operation during calendar year 2018. There were 12 Venture X locations in operation during 2018. These peak occupancy rates are for 11 locations in the United States and I location in Canada.
*For purposes of this table only, one VentureX location (San Antonio, TX) is recognized as 2 locations because the construction and opening occurred at two different times in two different phases; occurpancy data for Phase I is included the categories of "Over 1 Year" & "Over 6 Months" and occupancy data for Phase II is included only in the category of"Over 6 Months."
**The row of information titled "Over 6 Months" includes the data for VentureX locations open for over one year.
On average, the Venture X locations in the Peak Occupancy Percentage table above have been open for 11.6 months. Twenty-three percent (23%) of the locations have been in operation for more than 11.6 months, and seventy-seven percent (77%) have been in operation for less than 11.6 months.
Size and Capacity of Venture X Locations
The disclosures in the below tables contain historical information related to the square footage and number of available seats for 21 Venture X locations either 1) currently in operation or 2) currently under construction, with square footage and number of seats being submitted as definite specifications for the location build-out. These size and capacity numbers are for 20 locations in the United States and 1 location in Canada.
Improvements and Rental Costs for Leased Venture X Locations
The disclosures in the below tables contain historical information related to the tenant improvement allowances (which includes amounts contributed by the landlord) and months of free rent for Venture X locations which are leased properties (and not owned by the current franchisee) who used the services of our affiliate, Franchise Real Estate, and are either 1) currently in operation or 2) currently under construction. This data is for all Venture X locations which are leased properties and includes 13 locations in the United States.
On average, these leased Venture X locations in the TIA table above were allowed $1,078,449.65 in tenant improvements costs (or alternatively, received some or all of that cost in the form of a landlord contribution). Thirty-eight percent (38%) of these locations had tenant improvement allowances or landlord contributions exceed $1,078,449.65, and sixty-two percent (62%) had tenant improvement allowances or landlord contributions below $1,078,449.65.
On average, these leased Venture X locations received 7.8 months of free rent. Forty-six percent (46%) of these locations received more than 7.8 months of free rent, and fifty-four percent (54%) have received less than 7.8 months of free rent.
Some outlets achieved these results. Your individual results may differ. There is no assurance you will achieve these results.
We do not make any representations about a franchisee's future financial performance. Except for the information provided above, we do not make any representations about the past financial performance of franchised outlets. We also do not authorize our employees or representatives to make any such representations either orally or in writing. If you are purchasing an existing outlet, however, we may provide you with the actual records of that outlet. If you receive any other financial performance information or projections of your future income, you should report it to the franchisor's management by contacting Jill Klein, General Counsel, 2121 Vista Parkway, West Palm Beach, FL 33411, 561-640-5570, the Federal Trade Commission and the appropriate state agencies.
The Future of Workspace
Venture X opened its first location in 2012 in Naples, Florida. Since then, we’ve expanded into a worldwide brand with 100 locations sold around the world, with dozens more on the way! Subscribe to see for yourself why Venture X is taking the coworking office franchise industry by storm.