What was the amount of advances for the Exit franchise territory in Illinois as of December 31, 2022?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
| December 31, 2022 | ||||
|---|---|---|---|---|
| Available-for-sale | ||||
| Thrivent | $ 60,913 | $ 102 | $ (9,341) | $ 51,674 |
| Balance before | Debt | Balance after | ||
| Restructure | Advances | Reduction | Restructure | |
| Franchise territory – IL | $ 702,045 | $ 277,019 | $ (606,327) | $ 372,737 |
| Franchise territory – MN | 60,106 | 127,745 | (17,430) | 170,421 |
| Franchise territory – WI | 467,232 | 70,518 | (192,906) | 344,844 |
| Franchise territory – MI | 1,088,526 | 46,973 | (458,523) | 676,976 |
| Total | $ 2,317,909 | $ 522,255 December 31 | $ (1,275,185) | $ 1,564,978 |
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, as of December 31, 2022, the advances for the Exit franchise territory in Illinois were $277,019. This figure is part of a larger table that outlines the balance before restructure, advances, debt reduction, and balance after restructure for various franchise territories.
Specifically, for the Illinois territory, the balance before restructure was $702,045. After advances of $277,019 and a debt reduction of $606,327, the balance after restructure was $372,737. This indicates the financial transactions and adjustments made to the Illinois franchise territory's account during that period.
For a prospective Exit franchisee, understanding these figures is crucial as it provides insight into the financial management and restructuring activities within the franchise system. It's important to note that these advances and debt reductions can significantly impact the overall financial health and stability of a franchise territory. Therefore, potential franchisees should carefully review these financial statements and seek clarification on any adjustments or restructuring activities that may affect their investment.