What was the 'leodwill' amount for Fast Fix Jewelry And Watch Repairs in 2022?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
| Goodwill, net at January 1, 2022 | $ 3,832,273 |
|---|---|
| Amortization of goodwill | (617,280) |
| Goodwill, net at December 31, 2022 | 3,214,993 |
| Amortization of goodwill | (617,280) |
| Goodwill, net at December 31, 2023 | $ 2,597,713 |
Goodwill totaled approximately $6,173,000 and accumulated amortization totaled approximately $2,958,000 and $3,575,000 at December
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 37)
What This Means (2025 FDD)
According to Fast Fix Jewelry And Watch Repairs' 2025 Franchise Disclosure Document, the goodwill totaled approximately $6,173,000, and accumulated amortization totaled approximately $3,575,000 at December 31, 2022. Goodwill represents the intangible assets acquired in a business combination, such as brand reputation and customer relationships.
For a prospective Fast Fix Jewelry And Watch Repairs franchisee, understanding goodwill and its amortization is crucial for assessing the financial health and stability of the franchisor. Amortization of goodwill is a non-cash expense that can impact the reported earnings of the company.
The FDD also states that goodwill amortization expense is estimated to be approximately $617,300 during each of the years 2024 through 2027 and $128,500 in 2028. Monitoring these figures can provide insights into how Fast Fix Jewelry And Watch Repairs manages its intangible assets and the potential impact on its financial performance.