What period do the financial statements cover for Bft?
Bft Franchise · 2025 FDDAnswer from 2025 FDD Document
Attached to this Disclosure Document as Exhibit C are Assetco's audited financial statements which comprise the balance sheets as of December 31, 2024 and 2023, and related statements of operations, changes in member's equity, and cash flows and the related notes to the financial statements for the year ended December 31, 2024 and for the period from March 6, 2023 to December 31, 2023. Assetco was formed in March 2023, and therefore, is unable to provide three years of financial statements. We are a wholly-owned subsidiary of Assetco, and Assetco absolutely and unconditionally guarantees to assume our duties and obligations under the Franchise Agreements and Multi-Unit Agreements entered into while we are the wholly owned subsidiary of Assetco. A copy of the Assetco guarantee is attached as Exhibit D. Our and Assetco's fiscal year ends on December 31 of each year.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 79)
What This Means (2025 FDD)
According to Bft's 2025 Franchise Disclosure Document, the audited financial statements included as Exhibit C comprise balance sheets as of December 31, 2024, and December 31, 2023. The statements of operations, changes in member's equity, and cash flows are for the year ended December 31, 2024, and for the period from March 6, 2023, to December 31, 2023.
Because Assetco was formed in March 2023, Bft is unable to provide three years of financial statements. Bft is a wholly-owned subsidiary of Assetco, and Assetco guarantees Bft's obligations under the Franchise Agreements and Multi-Unit Agreements. A copy of the Assetco guarantee is attached as Exhibit D.
Both Bft's and Assetco's fiscal year ends on December 31. Prospective franchisees should carefully review these financial statements and the accompanying notes to understand Bft's financial performance and stability. It is typical for franchisors to include several years of financial statements to provide a comprehensive view of their financial health, but in this case, the company was recently formed.