What were the total technology and other fees collected by Crawlspace Medic in 2023?
Crawlspace_Medic Franchise · 2024 FDDAnswer from 2024 FDD Document
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STATEMENTS OF OPERATIONS AND CHANGES IN MEMBER'S EQUITY CSM FRANCHISE GROUP, LLC
| For the Years Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 2022 | 2021 | |||||
| Revenues | ||||||
| Royalties | $ | 1,572,312 | $ | 1,090,613 | $ | 795,900 |
| Franchise fees | 53,100 | 50,000 | 455,000 | |||
| Brand advertising fee | 221,786 | 185,150 | 94,219 | |||
| Technology and other fees | 206,644 | 67,260 | 45,725 | |||
| Management fees | - | 19,455 | 24,000 | |||
| Other income | 13,050 | 6,000 | 22,465 | |||
| Total Revenues | 2,066,892 | 1,418,478 | 1,437,309 | |||
| Operating Expenses | ||||||
| General and administrative | 574,795 | 354,026 | 283,546 | |||
| Advertising and marketing | 217,401 | 34,488 | 8,533 | |||
| Leased administrative | 35,549 | 116,490 | 146,120 | |||
| Legal and professional services | 89,364 | 105,027 | 45,050 | |||
| Total Operating Expenses | 917,109 | 610,031 | 483,249 | |||
| INCOME FROM OPERATIONS | 1,149,783 | 808,447 | 954,060 | |||
| Member's equity at beginning of year | 216,112 | 460,495 | 147,585 | |||
| Member's withdrawals | (1 |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 42)
What This Means (2024 FDD)
According to Crawlspace Medic's 2024 Franchise Disclosure Document, the total technology and other fees collected by the company in 2023 amounted to $206,644. This figure reflects the aggregate of all technology-related fees and other miscellaneous fees that Crawlspace Medic collected from its franchisees during that year.
For a prospective franchisee, this indicates the scale of technology and other fee obligations across the Crawlspace Medic franchise system. It is important to note that this is a system-wide total, not what an individual franchisee would pay. Franchisees should refer to other sections of the FDD to understand how these fees are calculated and what their individual obligations would be.
Understanding the composition and purpose of these fees is crucial. Prospective franchisees should inquire about what specific technologies and services these fees cover, how the fees are used, and whether they are subject to change. This due diligence will help franchisees budget accurately and assess the value they receive in return for these fees.