Regarding the sale of Successware, what were the approximate transaction-related expenses incurred by Benjamin Franklin Plumbing?
Benjamin_Franklin_Plumbing Franchise · 2025 FDDAnswer from 2025 FDD Document
atters will not have a material effect on the Company's consolidated financial statements.
20. Employee Benefit Plans
The Company sponsors a 401 (k) plan covering the majority of its employees meeting certain eligibility requirements. During the years ended December 31, 2024, 2023 and 2022, the Plan provides for matching contributions of 50% of employee contributions, up to 10% of the participating employee's
Source: Item 22 — CONTRACTS (FDD pages 87–88)
What This Means (2025 FDD)
According to the 2025 FDD, Benjamin Franklin Plumbing sold Successware to Explorer Software International, Inc. on March 21, 2025. The company received $10,700 in proceeds from the sale. In connection with this transaction, Benjamin Franklin Plumbing incurred expenses.
The FDD states that the approximate transaction-related expenses totaled $3,600. This figure is important for prospective franchisees to note as it provides insight into the costs associated with such transactions.
Additionally, the document mentions that $6,502 of principal was paid down on the company's Class A-2 Notes following the transaction, as required under the company's securitization agreement. This detail provides further context regarding the financial implications of the Successware sale for Benjamin Franklin Plumbing.