What was the total value of Chesters' total assets as of December 31, 2023?
Chesters Franchise · 2025 FDDAnswer from 2025 FDD Document
| ASSETS | ||
|---|---|---|
| 2023 | 2022 | |
| CURRENT ASSETS | ||
| Cash | $ 2,515,674 | $ 2,392,340 |
| Accounts receivable, net of allowance for | ||
| doubtful accounts | 5,299,346 | 3,735,366 |
| Due from related parties | 1,117,539 | 684,044 |
| Inventories, net | 1,247,308 | 1,130,712 |
| Prepaid expenses | 49,815 | 101,200 |
| Total current assets | 10,229,682 | 8,043,662 |
| PROPERTY AND EQUIPMENT, NET | 878,650 | 148,788 |
| OPERATING LEASE RIGHT-OF-USE ASSETS, NET | 1,820,812 | 1,304,672 |
| GOODWILL, NET | 1,613,657 | 1,936,388 |
| INTANGIBLE ASSETS, NET | 30,523 | 52,666 |
| TOTAL ASSETS | $ 14,573,324 | $ 11,486,176 |
| LIABILITIES AND MEMBERS' EQUITY | ||
| CURRENT LIABILITIES | ||
| Current maturities of long-term debt | $ 1,628,607 | $ 1,809,133 |
| Accounts payable | 2,904,502 | 719,790 |
| Accrued liabilities | 1,285,555 | 1,365,243 |
| Customer deposits | 609,822 | 533,879 |
| Current portion of operating lease liability | 181,240 | 398,805 |
| Unearned franchise fees | 136,500 | 224,900 |
| Total current liabilities | 6,746,226 | 5,051,750 |
| LONG-TERM LIABILITIES | ||
| Operating lease liabilities, less current portion | 1,842,053 | 905,867 |
| Long-term debt | 1,123,700 | 1,429,725 |
| Total long-term liabilities | 2,965,753 | 2,335,592 |
| TOTAL LIABILITIES | 9,711,979 | 7,387,342 |
| MEMBERS' EQUITY |
Source: Item 21 — **FINANCIAL STATEMENTS (FDD page 48)
What This Means (2025 FDD)
According to Chesters's 2025 Franchise Disclosure Document, the company's total liabilities and members' equity as of December 31, 2023, was $11,486,176. In accounting terms, total assets are always equal to the sum of total liabilities and equity. Therefore, Chesters' total assets as of December 31, 2023, also amounted to $11,486,176.
This figure provides a snapshot of Chesters' financial position at the end of 2023. It reflects the resources the company owned (assets) and the claims against those resources by creditors (liabilities) and owners (equity). For a prospective franchisee, this number offers insight into the scale and financial stability of Chesters.
It's important to note that this figure represents the consolidated financial position of Chesters as a whole. It does not reflect the financial performance or position of individual franchise locations. A potential franchisee should also review the accompanying notes to the financial statements for a more detailed understanding of the company's assets, liabilities, and equity.
While the FDD provides this figure, it is historical data. The current financial condition of Chesters may have changed since December 31, 2023. Therefore, a prospective franchisee should consider this information in conjunction with more current financial data and other relevant factors when evaluating the franchise opportunity.