What were 360 Painting's total revenues in 2023?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2023 | 2022 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 722,074 | $ 900,157 |
| $ | ||
| Accounts receivable, net | 2,838,106 | 2,173,026 |
| Prepaid expenses and other current assets | 2,486,419 | 2,451,969 |
| Total current assets | 6,046,599 | 5,525,152 |
| Property and equipment, net | 728,024 | 439,883 |
| Right-of-use lease asset | 1,633,661 | 1,766,912 |
| Intangible assets, net | 12,925,497 | 9,058,889 |
| Goodwill | 7,068,689 | 5,433,689 |
| Other assets | 7,097,279 | 5,532,968 |
| Total assets | 35,499,749 | $ 27,757,493 |
| $ | ||
| Liabilities and Members' Deficit | ||
| Current liabilities | ||
| Accounts payable | 435,883 | $ 119,623 |
| $ | ||
| Accrued and other liabilities | 3,368,024 | 2,267,445 |
| Deferred revenue, current | 1,860,040 | 1,548,649 |
| Current maturities of long-term debt | 599,500 | 306,000 |
| Total current liabilities | 6,263,447 | 4,241,717 |
| Long-term debt, net | 19,918,725 | 14,519,393 |
| Lease liability | 1,693,259 | 1,796,225 |
| Deferred revenue, noncurrent | 12,809,637 | 10,901,598 |
| Total liabilities | 40,685,068 | 31,458,933 |
| Members' deficit | (5,185,319) | (3,701,440) |
| Total liabilities and members' deficit | 35,499,749 | $ 27,757,493 |
| $ |
**Premium Service Brands, LLC Consolidated Statements of Operations For the Years Ended
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, 360 Painting's total revenues for 2023 were $23,592,896. This figure is comprised of several revenue streams, including franchise service fees, franchise sales fees, and other revenues. Franchise service fees accounted for $17,385,428, franchise sales fees contributed $4,940,724, and other revenues totaled $1,266,744.
It's important to note that these revenues reflect the performance of Premium Service Brands, LLC, which is the parent company of 360 Painting. The financial statements provided are consolidated, meaning they represent the combined financial results of Premium Service Brands and its subsidiaries. A prospective franchisee should understand that the financial health of the parent company can impact the resources and support available to the 360 Painting franchise system.
For comparison, the FDD also provides revenue figures for 2022. In that year, total revenues were $21,945,060, with franchise service fees of $15,264,829, franchise sales fees of $5,651,579, and other revenues of $1,028,652. This data allows potential franchisees to assess the revenue trends of 360 Painting and its parent company over a two-year period.
While the provided financial data offers valuable insights, a prospective franchisee should conduct thorough due diligence. This includes reviewing the complete audited financial statements, consulting with financial advisors, and comparing 360 Painting's financial performance with that of other franchises in the painting and home services industry. Understanding the revenue composition and trends is crucial for making an informed investment decision.