What was the total value of City Wide's computer software in 2023?
City_Wide Franchise · 2025 FDDAnswer from 2025 FDD Document
| Property and equipment consists of the following at December 31, 2024, 2023, and 2022: | ||||
|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||
| Leasehold improvements | $ 1,253,640 | $ 1,253,640 | $ 1,253,640 | |
| Automobiles | 43,294 | 43,294 | 43,294 | |
| Office furniture and equipment | 346,966 | 336,949 | 336,949 | |
| Computer equipment | 148,679 | 148,679 | 148,679 | |
| Computer software | 5,526,191 | 5,163,959 | 5,163,959 | |
| Telephone equipment | 6,976 | 6,976 | 6,976 | |
| 7,325,746 | 6,953,497 | 6,953,497 | ||
| Less: accumulated depreciation | (5,934,893) | (4,934,981) | (3,871,913) | |
| Property and equipment, net | $ 1,390,853 | $ 2,018,516 | $ 3,081,584 |
Source: Item 23 — RECEIPT (FDD pages 65–271)
What This Means (2025 FDD)
According to City Wide's 2025 Franchise Disclosure Document, the total value of their computer software in 2023 was $5,163,959. This figure represents the company's investment in software assets at a specific point in time. It is important to note that this value is subject to change due to factors such as depreciation, amortization, and new software acquisitions.
For a prospective franchisee, understanding the franchisor's investment in technology can be crucial. It indicates the level of commitment City Wide has to providing its franchisees with up-to-date tools and resources. Computer software is often integral to business operations, including customer relationship management, accounting, and marketing. A significant investment in this area suggests that City Wide is focused on efficiency and innovation.
However, franchisees should also consider the ongoing costs associated with using this software. These costs may include subscription fees, maintenance expenses, and training costs. It is important to inquire about these expenses to fully understand the financial implications of using City Wide's technology. Additionally, franchisees should assess whether the software is user-friendly and meets their specific business needs.
Overall, the value of City Wide's computer software reflects its commitment to technology. Prospective franchisees should carefully evaluate the software's capabilities, associated costs, and potential benefits to make an informed decision about joining the franchise system.