What financial statements are included in the consolidated financial statements for Premium Service Brands, LLC, the parent company of 360 Painting?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
We have audited the accompanying consolidated financial statements of Premium Service Brands, LLC and Subsidiaries, which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in members' equity, and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Premium Service Brands, LLC and Subsidiaries as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the audited consolidated financial statements of Premium Service Brands, LLC and Subsidiaries include consolidated balance sheets, statements of operations, statements of changes in member's equity, and cash flow statements. These statements are provided for the years ended December 31, 2024, and December 31, 2023, along with related notes. An independent auditor has examined these financial statements.
For a prospective 360 Painting franchisee, this means they can review the financial health and performance of Premium Service Brands, LLC, the parent company, for the past two years. These statements offer insights into the company's assets, liabilities, equity, revenues, expenses, and cash flows. Reviewing these statements can help potential franchisees assess the financial stability of the parent company, which guarantees the obligations of 360 Painting to its franchisees.
The inclusion of notes to the financial statements is also important, as these notes provide additional details and explanations of the figures presented in the primary statements. These notes can cover various aspects of the business, such as accounting policies, debt obligations, and potential risks or contingencies. The independent auditor's report also provides an opinion on the fairness of the presentation of the financial statements, offering further assurance to potential franchisees.
It is important for prospective franchisees to carefully review these financial statements and notes, possibly with the help of a financial advisor, to fully understand the financial condition of Premium Service Brands, LLC. This due diligence can aid in making an informed decision about investing in a 360 Painting franchise.