What is the definition of 'Account' in the Beef O Bradys Franchise Disclosure Document?
Beef_O_Bradys Franchise · 2025 FDDAnswer from 2025 FDD Document
| Oldsmar | Bentonville | |
|---|---|---|
| Consideration: | ||
| Cash | $ 400,000 | $ 1,400,000 |
| Estimated fair value of total consideration transferred | $ 400,000 | $ 1,400,000 |
| Estimated fair values of identifiable assts acquired: | ||
| Property and equipment | $ 245,000 | $ 430,295 |
| Inventory | 12,000 | 15,833 |
| Goodwill | 143,000 | 953,872 |
| Assets acquired | $ 400,000 | $ 1,400,000 |
Note 2. Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Summerfield Beefs, LLC; Riverview Beels, LLC; Tallahassee Beels, LLC; Beef O Brady's Bushnell, LLC; Beef O Brady's The Villages Mulberry, LLC; Beef O Brady's Apollo Beach, LLC; Beef O Brady's DeFuniak Springs, LLC; Beef O Brady's Citrus Park, LLC; Beef O Brady's Okeechobee, LLC, Fishhawk Beef O Brady's, LLC, Beef O Brady's East Ocala, LLC, Beef O Brady's West Ocala, LLC, Beef O Brady's North Dale, LLC; Beef O Brady's Sebring, LLC; Beef O Brady's Plant City, LLC; Beef O Brady's Ridge Manor, LLC; Beef O Brady's Spring Hill, LLC; Beef O Brady's Central Station, LLC; Beef O Brady's Lutz, LLC; Beef O Brady's Corydon, LLC; Beef O Brady's Floyd Knobs, LLC; Beef O Brady's Bloomingdale, LLC; Beef O Brady's New Port Richey, LLC; Beef O Brady's Jefferson, LLC; Beef O Brady's Callaway, LLC; Beef O Brady's Cantonment, LLC; Beef Power, LLC - Beef O Brady's North Port, LLC; Beef O Brady's Hudson, LLC; Carrollwood Brass Tap, LLC; Beefs Brass Tap, LLC; and Brass Tap Franchisor, LLC (owned by Beefs Brass Tap, LLC). The subsidiaries own and operate Beef 'O' Brady's stores and one Brass Tap store. Brass Tap Franchisor, LLC holds the franchise rights for Brass Tap and is wholly-owned by the Company.
All significant intercompany balances and transactions have been eliminated in consolidation.
Source: Item 23 — RECEIPTS. (FDD pages 66–330)
What This Means (2025 FDD)
I am unable to provide a definition of the term 'Account' based on the excerpts from Beef O Bradys' 2025 Franchise Disclosure Document. While the term 'accounts' is mentioned in the context of consolidated financial statements and related party transactions, a specific definition is not provided. The FDD excerpts do refer to accounting policies and financial statements, but do not include a glossary or specific definition of 'Account'.
Specifically, the excerpts discuss the inclusion of 'accounts' of the company and its subsidiaries in the consolidated financial statements. Additionally, there is mention of 'accounts receivable' and 'accounts payable' in the context of related party transactions. However, these references do not clarify the precise meaning of 'Account' as it pertains to the franchise agreement or the franchisee's operations.
A prospective Beef O Bradys franchisee should seek clarification from the franchisor regarding the definition of 'Account' and its implications for financial reporting, record-keeping, and other relevant aspects of the franchise operation. Understanding how Beef O Bradys defines and uses this term is essential for proper financial management and compliance.