What was the amount of goodwill amortization for Benjamin Franklin Plumbing in 2023?
Benjamin_Franklin_Plumbing Franchise · 2025 FDDAnswer from 2025 FDD Document
d for the years ended December 31, 2023 and 2022.
Estimated amortization expense for the subsequent five years and thereafter is as follows:
| 2025 | $ 31,115 |
|---|---|
| 2026 | 31,041 |
| 2027 | 31,038 |
| 2028 | 30,981 |
| 2029 | 30,680 |
| Thereafter | 207,665 $ 362,520 |
Source: Item 22 — CONTRACTS (FDD pages 87–88)
What This Means (2025 FDD)
According to Benjamin Franklin Plumbing's 2025 Franchise Disclosure Document, the company adopted a private company alternative accounting approach for goodwill starting January 1, 2023, and amortizes it on a straight-line basis over ten years.
The changes in the net carrying amount of goodwill for Benjamin Franklin Plumbing for the year ending December 31, 2023, is detailed in a table. The amortization for goodwill in 2023 was $29,924. The goodwill at the beginning of the year was $291,784, with contributions of assets and liabilities amounting to $8,157.
At the end of 2023, the net goodwill was $270,017. This information is useful for prospective franchisees to understand how Benjamin Franklin Plumbing accounts for goodwill and its impact on the company's financial statements.