What was the goodwill amount for Fast Fix Jewelry And Watch Repairs in 2023?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
ess than the carrying value, then impairment is deemed to have occurred. Management recorded no impairment to goodwill during the years ended December 31, 2023 and December 31, 2022.
| Goodwill, net at January 1, 2022 | $ 3,832,273 |
|---|---|
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs's 2025 Franchise Disclosure Document, the goodwill, net amount at December 31, 2023, was $2,597,713. This figure reflects the value of intangible assets acquired through business acquisitions, less any accumulated amortization. Goodwill represents the premium paid for an acquisition above the fair market value of the tangible assets.
Goodwill is an important asset on Fast Fix Jewelry And Watch Repairs's balance sheet, and its value can fluctuate based on various factors, including the performance of acquired businesses and changes in accounting standards. The company amortizes goodwill over time, reducing its value on the balance sheet and impacting net income. The FDD notes that amortization of goodwill for 2023 was ($617,280).
For a prospective franchisee, understanding goodwill and its amortization is crucial for assessing the financial health and stability of Fast Fix Jewelry And Watch Repairs. While goodwill itself doesn't directly generate cash flow, it reflects the value of the brand and its acquisitions, which can indirectly impact a franchisee's success. Monitoring changes in goodwill and amortization expenses can provide insights into the company's growth strategy and financial management practices.