Management Update

I wanted to give you an update on the oversight team.

The top performing franchisee we had met with and had agreed to have come on board back in Dec - Darcy, did not work out because her compensation request was extremely high. We had negotiated with her for some time trying to see if she would take a smaller position but she ultimately turned us down. Since then we have been looking for a new salon management company or adviser. We interviewed a management company that did not specialize in salons but were successful with all different types of businesses. We worked with them for several months during Feb and Mar to come to terms. They requested we give them full control over the project. Our legal team advised us that this would not benefit the visa process so we have not moved forward with them. We have to see if we can come to terms with them and still respect the visa process.

We found a salon management company recently with 30 salons currently in active management and they support hundreds more around the country. We have a meeting next week with them. They specialize in turning around salons. Hopefully we can work out an arrangement with them where they can come in and help turn the salons around.


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