What was the total value of 360 Painting's goodwill in 2024?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.
Charlottesville, Virginia
April 22, 2025
| 2024 | 2023 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 943,020 $ | 722,074 |
| Accounts receivable, net | 3,218,426 | 2,838,106 |
| Prepaid expenses and other current assets | 3,666,212 | 2,486,419 |
| Total current assets | 7,827,658 | 6,046,599 |
| Property and equipment, net |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to 360 Painting's 2025 Franchise Disclosure Document, the total value of goodwill reported on the balance sheet as of December 31, 2024, was $7,068,689. Goodwill represents the intangible asset arising from the acquisition of another business; it is the excess of the purchase price over the fair market value of identifiable net assets acquired.
For a prospective 360 Painting franchisee, understanding the goodwill value can provide insight into the financial stability and acquisition history of the parent company, Premium Service Brands, LLC. A stable goodwill value, as seen with the consistent value between 2023 and 2024, might indicate a consistent valuation of previous acquisitions.
However, it's important to note that goodwill is subject to impairment testing, and a significant impairment could negatively impact the company's reported earnings and net worth. While the goodwill value remained the same from 2023 to 2024, potential franchisees should monitor future financial statements for any changes that could signal financial challenges.