Does the Bojangles FDD include an example of a Profit & Loss statement?
Bojangles Franchise · 2025 FDDAnswer from 2025 FDD Document
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New Restaurant Opening Guide – ([SDQVLRQ
Table of Contents
Ordering Guides NRO Office Supplies Order ........................................................................................................... 106
Marketing
New Area Marketing Plan ............................................................................................................. 114
Hours of Operation Signs and Door Decals .................................................................................. 115
5 Day Training Guide
| NRO Support Team 119 | |
|---|---|
| Before 10 Day Training Starts 120 | |
| 10 Day Training Guide 121 |
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EXHIBIT N FINANCIAL STATEMENTS
Bojangles Opco, LLC
Financial Statements As of December 29, 2024 and December 31, 2023 and for the Three Years Ended December 29, 2024
Bojangles Opco, LLC Index
| Page(s) | |
|---|---|
| Report of Independent Auditors 1–2 | |
| Financial Statements | |
| Balance Sheets | |
| 3 | |
| Statements of Income | |
| 4 | |
| Statements of Member's Equity | |
| 5 | |
| Statements of Cash Flows | |
| 6 | |
| Notes to Financial Statements | |
| 7–26 |
Report of Independent Auditors
To the Management and Board of Directors of Bojangles Opco, LLC
Opinion
We have audited the accompanying financial statements of Bojangles Opco, LLC (the "Company"), which comprise the balance sheets as of December 29, 2024 and December 31, 2023, and the related statements of income, of member's equity and of cash flows for each of the three years in the period ended December 29, 2024, including the related notes (collectively referred to as the "financial statements").
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 29, 2024 and December 31, 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 29, 2024 in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 22 — CONTRACTS (FDD page 82)
What This Means (2025 FDD)
Based on the 2025 Bojangles Franchise Disclosure Document excerpts, there is no explicit inclusion of a sample Profit & Loss (P&L) statement. However, the FDD does mention several financial statements of Bojangles Opco, LLC, including statements of income. These statements of income, along with balance sheets and statements of cash flow, are audited by an independent auditor, indicating a detailed level of financial reporting within the document. The independent auditor's report confirms that these financial statements present fairly the financial position, results of operations, and cash flows of Bojangles Opco, LLC.
Furthermore, the FDD emphasizes the importance of financial transparency and accuracy from franchisees. It states that a franchisee's chief financial officer must attest to the fairness of their financial statements, covering their financial position and operational results. Bojangles retains the right to request audited statements from franchisees and to have their independent accountant consult with Bojangles regarding these statements. This highlights Bojangles's commitment to monitoring the financial health of its franchise locations.
While a sample P&L statement isn't provided, the FDD grants Bojangles the authority to examine and audit franchisees' financial records, including the right to conduct independent audits. If these audits reveal any underreporting of payments, the franchisee is liable for the understated amount, plus interest. Significant understatements (5% or more) also require the franchisee to cover the costs associated with the inspection, including accounting and legal fees. Therefore, while the FDD doesn't offer a pro forma P&L, it outlines stringent requirements for franchisees to maintain accurate and transparent financial reporting, subject to review and audit by Bojangles.
Prospective franchisees should inquire directly with Bojangles about the availability of a sample or pro forma Profit & Loss statement. Understanding the typical financial performance metrics and reporting expectations is crucial for assessing the potential profitability and operational requirements of a Bojangles franchise. Additionally, franchisees should seek clarity on the specific financial reporting formats and standards expected by Bojangles to ensure compliance and avoid potential penalties related to underreporting or inaccuracies.