Are the Bor Restoration financial statements consolidated or individual?
Bor_Restoration Franchise · 2024 FDDAnswer from 2024 FDD Document
Page -1-
INDEPENDENT AUDITORS' REPORT
To Management and the Owner of BOR Franchising, LLC:
Opinion
We have audited the accompanying financial statements of BOR Franchising, LLC (the "Company"), which comprise the balance sheets as of December 31, 2022, 2021 and 2020, and the related statements of operations, owner's equity and cash flows for the years then ended, and the related notes to the financial statements.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of BOR Franchising, LLC as of December 31, 2022, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Source: Item 21 — Financial Statements (FDD pages 39–40)
What This Means (2024 FDD)
According to the 2024 Bor Restoration Franchise Disclosure Document, the financial statements provided are for BOR Franchising, LLC as an individual entity. The Independent Auditors' Report states that they audited the financial statements of BOR Franchising, LLC (the "Company").
This means the financial information presented reflects only the financial position, operations, and cash flows of the franchisor, Bor Restoration, and not those of any parent companies, subsidiaries, or affiliates. A prospective franchisee can review these statements to understand the franchisor's financial stability and performance as a standalone business.
It is important to note that while BOR IP, LLC is listed as an affiliate, the financial statements do not include any consolidated information about this affiliate. Therefore, when evaluating the financial health of Bor Restoration, you are seeing only the franchisor's direct financial activities.