Does Dryer Vent Squad have three years of audited financial statements?
Dryer_Vent_Squad Franchise · 2024 FDDAnswer from 2024 FDD Document
The Brand Development Fund will be required to maintain unaudited financial records detailing its expenditures and will make available to you (no more frequently than one time in any 12-month period) an unaudited accounting of how the monies contributed to the Brand Development Fund were spent each year.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 50–51)
What This Means (2024 FDD)
Based on the 2024 Dryer Vent Squad Franchise Disclosure Document, there is no mention of the franchisor providing three years of audited financial statements. Item 11 discusses the Brand Development Fund and states that the fund will maintain unaudited financial records, which will be available to franchisees no more than once in any 12-month period. This accounting will detail how the monies contributed to the Brand Development Fund were spent each year.
Item 19 includes financial performance representations based on data collected from franchisees in 2023. However, this is not equivalent to audited financial statements for the franchisor itself.
Prospective franchisees should ask Dryer Vent Squad directly about the availability of audited financial statements for the past three years to gain a clearer understanding of the company's financial health and stability. This information is crucial for making an informed investment decision.