Are the financial statements for Beef O Bradys audited?
Beef_O_Bradys Franchise · 2025 FDDAnswer from 2025 FDD Document
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.
Basis of Presentation
These consolidated statements are presented on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States (GAAP).
Source: Item 21 — FINANCIAL STATEMENTS. (FDD pages 65–66)
What This Means (2025 FDD)
According to the 2025 FDD, the consolidated financial statements include the accounts of FSC Franchise Holdings, LLC and its wholly-owned subsidiaries. These statements are prepared following accounting principles generally accepted in the United States (GAAP). The FDD includes consolidated financial statements and notes for the years ending December 31, 2023, and 2022.
While the FDD references consolidated financial statements and notes, it does not explicitly state whether these statements have been audited by an independent accounting firm. The presence of an audit would typically lend more credibility to the financial information presented, as an independent firm would have reviewed the financials and provided an opinion on their accuracy and fairness.
A prospective Beef O Bradys franchisee should confirm with Beef O Bradys whether the financial statements included in the FDD have been audited. If they have been audited, the franchisee should request a copy of the audit report and carefully review the auditor's opinion and any accompanying notes. This will help the franchisee assess the financial health and stability of Beef O Bradys before making a decision to invest in a franchise.