Are the Baya Bar financial statements presented for multiple years?
Baya_Bar Franchise · 2024 FDDAnswer from 2024 FDD Document
To the Members Baya Bar Franchise System, LLC Staten Island, New York
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying balance sheets of Baya Bar Franchise System, LLC as of December 31, 2023, and 2022 and the related statements of operations, members' equity and cash flows for the years ended December 31, 2023, 2022, and 2021, 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 Baya Bar Franchise System, LLC as of December 31, 2023, and 2022, and the results of their operations and their cash flows for the years ended December 31, 2023, 2022, and 2021, in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 55–56)
What This Means (2024 FDD)
According to Baya Bar's 2024 Franchise Disclosure Document, the financial statements include multiple years. The Independent Auditor's Report indicates that the balance sheets were audited as of December 31, 2023, and 2022. The statements of operations, members' equity, and cash flows were audited for the years ended December 31, 2023, 2022, and 2021.
Having three years of financial statements provides a more comprehensive view of Baya Bar's financial performance and stability. This allows potential franchisees to analyze trends and assess the company's growth and profitability over time. Reviewing these statements can help in understanding how the company has performed in the recent past and identify any potential financial risks or opportunities.
Prospective franchisees should carefully examine these financial statements and related notes, possibly with the assistance of a financial advisor, to gain a clear understanding of Baya Bar's financial health. This includes analyzing revenues, expenses, assets, liabilities, and cash flows over the three-year period. Understanding the franchisor's financial position is a critical part of the due diligence process before investing in a franchise.