What was the net goodwill for Fast Fix Jewelry And Watch Repairs in 2024?
Fast_Fix_Jewelry_And_Watch_Repairs Franchise · 2025 FDDAnswer from 2025 FDD Document
excess (but not to exceed the Company's carrying amount of goodwill). Management determined there was no goodwill impairment during the years ended December 31, 2024 and 2023.
| Goodwill, net at January 1, 2023 | $ 3,214,993 |
|---|---|
| Amorti |
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 net goodwill as of December 31, 2024, was $1,980,433. Goodwill represents the intangible assets acquired in a business combination, such as brand reputation and customer relationships, less any amortization.
Amortization of goodwill reflects the systematic reduction of the goodwill asset's value over its useful life. For Fast Fix Jewelry And Watch Repairs, the goodwill is being amortized, as indicated by the amortization expenses listed in the table. The company estimates that the goodwill amortization expense will be approximately $617,300 during each of the years 2025 through 2027, and $128,500 in 2028.
Prospective franchisees should understand how goodwill is accounted for, as it can affect the company's financial statements and, potentially, its valuation. Monitoring the changes in goodwill and accumulated amortization can provide insights into the financial management and stability of Fast Fix Jewelry And Watch Repairs.