Is the financial information presented by Bor Restoration audited?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
Written substantiation of the data used in preparing these data will be made available to you upon reasonable request. The information presented above has not been audited. You should investigate the costs and expenses you will incur in operating your Franchised Business. Franchisees or former franchisees listed in this FDD at Exhibit D may be one source of this information.
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 presented has not been audited. Specifically, Item 19 states that the information provided regarding gross sales and franchisee performance is based on unaudited financial statements. This means that the figures presented have not been independently verified by a certified public accountant.
For a prospective Bor Restoration franchisee, this implies a higher degree of due diligence is necessary. While the FDD states that written substantiation of the data will be made available upon reasonable request, it is the franchisee's responsibility to carefully review and verify this information. It is important to investigate the costs and expenses associated with operating a Bor Restoration franchise, and the FDD suggests that current and former franchisees listed in Exhibit D may be a source of this information.
Typically, audited financial statements provide a higher level of assurance regarding the accuracy and reliability of the data. The absence of an audit does not necessarily mean the information is inaccurate, but it does suggest that a potential franchisee should exercise extra caution and seek professional advice when evaluating the financial performance representations made by Bor Restoration.