What were the personnel-related costs for Corcoran in 2023?
Corcoran Franchise · 2025 FDDAnswer from 2025 FDD Document
| were as follows: | ||||
|---|---|---|---|---|
| 2024 | 2023 | 2022 | ||
| Personnel-related costs (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $15 $ | 21 $ | 16 | |
| Facility-related costs (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15 | 28 | 16 | |
| Other (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 2 | — | — | |
| Total restructuring charges (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $32 $ | 49 $ | 32 |
Source: Item 23 — RECEIPTS (FDD pages 75–276)
What This Means (2025 FDD)
According to Corcoran's 2025 Franchise Disclosure Document, personnel-related costs in 2023 were $21 million. These costs are part of the company's restructuring charges. Personnel-related costs consist of severance costs provided to employees who have been terminated.
These costs are part of Corcoran's overall restructuring charges, which totaled $49 million in 2023. The restructuring was related to the Operational Efficiencies Plan and prior restructuring plans. Specifically, $43 million was related to the Operational Efficiencies Plan, and $6 million was related to prior restructuring plans.
For a prospective franchisee, it is important to understand the context of these costs. Restructuring activities can impact the stability and direction of the company, and it is essential to evaluate how these changes might affect the franchise system. While these costs do not directly impact franchisees, they reflect the overall financial decisions of Corcoran.