What was the amount of members' withdrawals for Crawlspace Medic in 2022?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
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STATEMENTS OF OPERATIONS AND CHANGES IN MEMBERS' EQUITY (DEFICIT) CSM FRANCHISE GROUP, LLC
| For the Years Ended | |||||
|---|---|---|---|---|---|
| 2022 | December 31, 2021 | 2020 | |||
| Revenues | |||||
| Royalties | $ | 1,090,613 | $ | 795,900 | $ 384,476 |
| Franchise fees | 50,000 | 455,000 | 146,500 | ||
| Brand advertising fee | 185,150 | 94,219 | - | ||
| Technology and other fees | 67,260 | 45,725 | 20,650 | ||
| Management fees | 19,455 | 24,000 | 6,000 | ||
| Other income | 6,000 | 22,465 | - | ||
| Total Revenues | 1,418,478 | 1,437,309 | 557,626 | ||
| Operating Expenses | |||||
| General and administrative | 354,026 | 283,546 | 76,890 | ||
| Leased administrative | 116,490 | 146,120 | 194,930 | ||
| Legal and professional services | 105,027 | 45,050 | 24,788 | ||
| Advertising and marketing | 34,488 | 8,533 | 42,349 | ||
| Total Operating Expenses | 610,031 | 483,249 | 338,957 | ||
| INCOME FROM OPERATIONS | 808,447 | 954,060 | 218,669 | ||
| Members' equity (deficit) at beginning of year | 460,495 | 147,585 | (48,862) | ||
| Members' withdrawals |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2024 FDD)
According to Crawlspace Medic's 2024 Franchise Disclosure Document, members' withdrawals in 2022 totaled $1,052,830. The table provided in Item 21 of the FDD outlines various financial figures for the years 2020, 2021, and 2022, offering insight into the company's financial performance and cash flow activities.
Specifically, the line item 'Members' withdrawals' reflects the amount of money taken out of the company by its members during each of those years. For prospective franchisees, this figure can be important for understanding how profits are distributed and the financial stability of Crawlspace Medic. A high withdrawal amount could indicate that members are taking significant profits out of the company, which could impact its ability to reinvest in growth or support its franchisees.
In comparison, members' withdrawals were ($641,150) in 2021 and ($22,222) in 2020. Reviewing these trends over multiple years can provide a more comprehensive understanding of the financial management practices at Crawlspace Medic. It is essential for potential franchisees to consider these figures in the context of the company's overall financial health and future plans.