What years are covered by the balance sheets in Assetco's financial statements for the Bft franchise?
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, Assetco's audited financial statements include balance sheets as of December 31, 2024, and December 31, 2023. The financial statements also include related statements of operations, changes in member's equity, and cash flows, along with related notes, 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, as a result, cannot provide three years of financial statements. Assetco guarantees Bft's obligations as franchisor. This guarantee is attached as an exhibit in the FDD. Both Bft and Assetco operate on a fiscal year ending on December 31.
Prospective franchisees should carefully review these financial statements and notes to understand Assetco's financial condition, as Assetco is guaranteeing Bft's obligations under the franchise agreement. Understanding the guarantor's financial health is crucial in assessing the stability and long-term viability of the Bft franchise system.