For what fiscal years are Fitstop's audited financial statements provided?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
Our audited financial statements for our fiscal year ending December 31, 2023 and December 31, 2022, as well as our opening day balance sheet as of November 2022, are attached to this Disclosure Document as Exhibit C. We have not yet been franchising for three (3) fiscal years and, as such, we are not in position to disclose any additional financial statements typically required in this Item.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 49)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the audited financial statements included cover the fiscal years ending December 31, 2023, and December 31, 2022. Additionally, the FDD includes an opening day balance sheet as of November 2022.
Since Fitstop has not been franchising for three fiscal years, the FDD does not include any additional financial statements typically required. This is a common situation for newer franchises, as they have a limited operating history to disclose.
Prospective franchisees should consider this limited financial history when evaluating the opportunity. While audited statements for two years provide some insight, a longer track record would offer a more comprehensive view of Fitstop's financial performance. It would be prudent to ask Fitstop for more details on their financial performance and key metrics beyond the provided statements to gain a better understanding of their business model and sustainability.