What was the total amount of Exit notes receivable in 2022?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Total notes receivable | $ 9,011,701 | $ 9,761,196 | $ 13,194,836 |
| Less: current portion | 1,409,859 | 1,056,201 | 1,355,483 |
| Long-term | $ 7,601,842 | $ 8,704,995 | $ 11,839,353 |
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, the total notes receivable in 2022 was $13,194,836. Of this amount, $1,355,483 was the current portion, and $11,839,353 was long-term.
Notes receivable represent balances due to Exit on the sale of Canadian and U.S. regions from sub-franchisors. These notes bear interest between 3.00% and 10.00%, mature between 2024 and 2033, and are secured by performance contracts in the franchisor agreements.
For a prospective franchisee, this indicates the scale of Exit's financing activities with its sub-franchisors. The notes are secured by performance contracts, suggesting that Exit has some recourse if sub-franchisors fail to meet their obligations. The interest rates and maturity dates provide insight into the terms Exit offers to its sub-franchisees.