Why were 28 Bor Restoration franchise agreements not included in the 2023 data?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
The 2023 data below represent 16 of our total of 50 franchised Businesses as of December 31, 2023. These 16 reporting Businesses were open for at least 12 months as of December 31, 2023. Eight of the 16 offices are located in our home state of Colorado, and the balance are located around the country. Of the 34 Businesses not included in the below data, 28 franchise agreements were signed in 2023 and have not been operating for one year, two were transferred and did not have sales for the full 12 months. In addition, two were closed and two did not provide reports for all 12 months of 2023.
Source: Item 19 — Financial Performance Representations (FDD pages 35–36)
What This Means (2024 FDD)
According to Bor Restoration's 2024 Franchise Disclosure Document, the financial performance data for 2023 includes only 16 of the 50 franchised businesses that were open as of December 31, 2023. These 16 businesses had been operating for at least 12 months. The remaining 34 businesses were excluded for several reasons.
The primary reason for excluding 28 of the Bor Restoration franchise agreements is that they were signed in 2023 and had not been operating for a full year as of December 31, 2023. Additionally, two franchises were transferred and did not have sales for the entire 12-month period. Two more were closed during the year, and the final two did not provide sales reports for all 12 months of 2023.
This information is important for prospective franchisees because it clarifies that the financial performance data presented is based on a subset of franchises that have been operating for at least a year. It also highlights potential reasons why a franchise might not be included in such data, such as recent openings, transfers, closures, or incomplete reporting. Therefore, the provided financial data may not be representative of all Bor Restoration franchises.