What was the net carrying amount of goodwill for Benjamin Franklin Plumbing at the end of 2024?
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 net carrying amount of goodwill at the end of 2024 was $240,023. The FDD also provides figures for 2023, showing a net carrying amount of goodwill at the end of that year of $270,017.
Goodwill, in accounting terms, represents the intangible assets acquired in a business combination, such as brand reputation or customer relationships. Benjamin Franklin Plumbing 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 table in the FDD details the changes in goodwill from the beginning to the end of each year. For 2024, the goodwill decreased due to amortization. Understanding goodwill and its accounting treatment can be important for franchisees as it reflects the value the company places on its brand and acquired assets.