What was the total amount of expenses for Cornwell Quality Tools in 2024?
Cornwell_Quality_Tools Franchise · 2025 FDDAnswer from 2025 FDD Document
gate, based upon the December 31, 2023, valuation from the Appraiser. The fair value as of December 31, 2024, is subject to change upon the final valuation from the Appraiser.
ESOP contribution expense was $5,000,000 in 2024 and $5,700,000 in 2023.
13. LITIGATION
The Company was the defendant in a class action lawsuit, in the state of California, related to employment labor laws. During 2023, a settlement agreement was reached, and the Company agreed to pay $5,500,000. The settlement was paid out in December 2024.
Source: Item 23 — RECEIPT (FDD pages 101–373)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, it is not possible to determine the total expenses for Cornwell Quality Tools in 2024. The provided excerpts from the FDD include information on specific expenses such as ESOP contributions, settlement payouts related to litigation, goodwill amortization, and deferred financing incentive expenses.
Specifically, the ESOP contribution expense was $5,000,000 in 2024. Additionally, a settlement payment of $5,500,000 was paid out in December 2024 related to a class action lawsuit. Goodwill amortization is expected to be $848,376 in 2024.
However, a comprehensive list of all expense items or a consolidated income statement detailing total expenses is not included in the provided excerpts. A prospective franchisee would need to review the complete financial statements within the FDD or request this information from Cornwell Quality Tools to fully understand the company's expense structure and overall profitability.