Disclosing is the process of delivering an up-to-date, validly registered, and unexpired Franchise Disclosure Document (FDD) in the state of residence or the state in which the franchisee will own and operate their franchise. Once the receipt is signed by all principals, a 14-day waiting period begins, which is the time that the candidate should seek legal counsel review if desired and then the Franchise Agreement can be signed as early as the 15th day.