What was the reported expense for professional fees for Closet Storage Concepts?
Closet_Storage_Concepts Franchise · 2025 FDDAnswer from 2025 FDD Document
Selling and administrative expenses consist of compensations for all employees, advertising, insurance, rents, professional fees, technology service and supplies, travel and entertainment, and other administrative costs.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 59)
What This Means (2025 FDD)
According to Closet Storage Concepts' 2025 Franchise Disclosure Document, professional fees are included within selling and administrative expenses. Selling and administrative expenses for Closet Storage Concepts consist of compensation for all employees, advertising, insurance, rents, professional fees, technology service and supplies, travel and entertainment, and other administrative costs.
As the FDD excerpt specifies that professional fees are a component of the overall selling and administrative expenses, the exact amount spent on professional fees alone is not explicitly broken out. A prospective franchisee would need to review the complete financial statements within the FDD to see if a more detailed breakdown is provided.
To gain a clearer understanding of these costs, a potential Closet Storage Concepts franchisee should ask the franchisor for a detailed breakdown of the selling and administrative expenses, specifically the amount spent on professional fees. This will help in assessing the potential ongoing costs of running the franchise.