What was the reported goodwill 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 at December 31, 2023, was reported as approximately $2,597,713. This figure represents the remaining goodwill after accounting for amortization. The initial goodwill at January 1, 2022, was $3,832,273, which decreased to $3,214,993 by December 31, 2022, after an amortization of $617,280.
The goodwill decreased again in 2023 due to further amortization. The goodwill at the beginning of 2023 was $3,214,993, and after an amortization expense of $617,280, the net goodwill at the end of 2023 was $2,597,713. This indicates that Fast Fix Jewelry And Watch Repairs has been amortizing its goodwill at a consistent rate of $617,280 per year.
For a prospective franchisee, understanding goodwill and its amortization is crucial because it reflects the intangible assets acquired in the business acquisition. The consistent amortization expense impacts the company's net income and should be considered when evaluating the financial performance of Fast Fix Jewelry And Watch Repairs. Reviewing these figures over several years can provide insights into the stability and management of the company's assets.