What were the total Crawlspace Medic management fees for the year ended December 31, 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, the company had management fees totaling $19,455 for the year ended December 31, 2022. This figure reflects the fees Crawlspace Medic paid for management services during that fiscal year. These fees are part of the company's revenues, as detailed in the financial statements.
Management fees represent payments made to external entities or related parties for overseeing and administering the business operations of Crawlspace Medic. These fees can cover a range of services, including strategic planning, financial management, and general business oversight. The amount of management fees can fluctuate from year to year based on the specific services required and the terms of the agreements in place.
Prospective franchisees should consider management fees as part of their overall assessment of Crawlspace Medic's financial health and stability. Understanding the nature and extent of these fees can provide insights into how the company manages its resources and allocates funds for essential business functions. It's also important to compare these fees with industry benchmarks to determine whether they are reasonable and competitive.