MULTIPLE REVENUE OPPORTUNITIES THROUGH MEMBERSHIPS, EVENTS AND SERVICES
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.
COWORKING 3.0The disclosures in the below table contains historical information related to peak occupancy rates for our Venture X locations in operation during calendar year 2019. There were 19 Venture X locations in operation during 2019.
PEAK OCCUPANCY PERCENTAGE FOR ALL OPEN VENTURE X LOCATIONS
|LENGTH OF TIME SINCE GRAND OPENING||NUMBER OF LOCATIONS||AVERAGE PEAK OCCUPANCY||MEDIAN PEAK OCCUPANCY||MET OR EXCEEDED AVG PEAK OCCUPANCY|
|Over 1 Year||11||72%||66%||55%|
|Over 6 Months*||17||64%||64%||53%|
|Less Than 6 Months||2||32%||32%||50%|
SIZE AND CAPACITY OF VENTURE X LOCATIONSThe disclosures in the tables contain information related to the square footage and number of available seats for the 19 Venture X locations, that were actively open in 2019.
|AVAILABLE SEATS FOR VENTURE X LOCATIONS||SEATS|
|Total Number of Available Seats||3,706|
|Average Number of Available Seats||195|
|Median Number of Available Seats||164|
|SQUARE FOOTAGE FOR VENTURE X LOCATIONS||SQ FT|
|Total Usable Square Footage||332,000|
|Average Usable Square Footage||17,474|
|Median Square Footage||14,500|
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. This data is for all Venture X locations which are leased properties and includes 14 of the 19 open locations in the United States as of December 31, 2019.
|TENANT IMPROVEMENT ALLOWANCE (OR LANDLORD CONTRIBUTION AMOUNT) TO LEASED VENTURE X LOCATIONS||AMOUNT|
|Average Tenant Improvement Allowance||$969,400.10|
|Median Tenant Improvement Allowance||$782,000.00|
|NUMBER OF MONTHS FREE RENT FOR LEASED VENTURE X LOCATIONS||MONTHS|
|Average Number of Months of Free Rent||6.73|
|Median Number of Months of Free Rent||6|
On average, these leased Venture X locations received 6.73 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.