What was the net goodwill for Fast Fix Jewelry And Watch Repairs as of January 1, 2023?
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
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 January 1, 2023, was $3,214,993. Goodwill represents the intangible assets acquired in a business combination, such as brand reputation and customer relationships, less any amortization.
Goodwill is an important asset on the balance sheet, but it is subject to amortization, which is the process of gradually writing off its value over time. For Fast Fix Jewelry And Watch Repairs, the amortization of goodwill was ($617,280). This amortization reduced the net goodwill to $2,597,713 by December 31, 2023.
Prospective franchisees should understand how goodwill is accounted for, as it can affect the company's financial performance and valuation. Monitoring the changes in goodwill and its amortization can provide insights into the financial management and stability of Fast Fix Jewelry And Watch Repairs.