What was the balance after restructure for the Exit franchise territory in Illinois as of December 31, 2022?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
cost, fair value, and the corresponding gross unrealized holding gains and losses recognized in accumulated other comprehensive income (loss) on available-for-sale securities as of December 31, 2024, 2023, and 2022 are as follows:
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Gross Fair Value | |
|---|---|---|---|---|
| December 31, 2024 | $ 62,813 | $ 6,065 | $ (2,294) | $ 66,584 |
| Available-for-sale |
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the balance after restructure for the Illinois franchise territory as of December 31, 2022, was $372,737. This figure reflects the financial status of the territory after accounting for advances and debt reduction. The balance before the restructure was $702,045, with advances of $277,019 and a debt reduction of $606,327 contributing to the final balance.
For a prospective Exit franchisee, understanding these figures is crucial as it provides insight into the financial restructuring activities within specific territories. The Illinois territory's restructure involved significant debt reduction, which could indicate previous financial challenges or strategic financial management decisions. Knowing the details behind these figures can help a potential franchisee assess the financial health and stability of the territory they are considering.
It's important to note that these figures are specific to the Illinois franchise territory and may not be representative of other territories. The financial performance and restructuring needs can vary significantly from one territory to another, as seen with the different figures for Minnesota, Wisconsin, and Michigan. Therefore, a prospective franchisee should carefully review the financial details of the specific territory they are interested in and seek clarification from Exit regarding the reasons behind any restructuring activities.
Furthermore, the FDD includes additional notes and disclosures that provide context to these financial statements. For instance, Note 3 discusses notes payable, while Note 6 covers contract balances. Reviewing these notes can offer a more comprehensive understanding of Exit's financial practices and the factors influencing the financial status of its franchise territories.