What was the total amount of management fees for Fitstop in November 2022?
Fitstop Franchise · 2024 FDDAnswer from 2024 FDD Document
subsequent events that would have required further adjustment or disclosure in the financial statements. Subsequent events have been evaluated through. May 23, 2024, which is the date the financial statements were available to be issued.
| PROFIT & LOSS | Nov 2022 | 2022/2023 (YTD) |
|---|---|---|
| Cost of Sales | ||
| Purchase of Apparel/Accessories/Supps | $0 | $326 |
| Gross Profit | $0 | ($326) |
| Expenses | ||
| Flights and Accommodation | $6,872 | $33,292 |
| Travel Expenses | $6,348 | $15,556 |
| Advertising | $0 | $750 |
| Bank Fees & Charges | $91 | $110 |
| Automobile Expense | $2,000 | $2,000 |
| Employee - Salaries and Wage | $16,667 | $38,718 |
| Management Fees | $35,328 | $184,245 |
| Legal Expenses | $0 | $10,000 |
| Consulting Fees | $22,120 | $118,930 |
| IT Software and expenses | $363 | $749 |
| Office Expenses | $1,397 | $2,18 |
Source: Item 23 — RECEIPTS (FDD pages 50–135)
What This Means (2024 FDD)
According to Fitstop's 2024 Franchise Disclosure Document, the management fees for November 2022 were $35,328. This figure is part of the profit and loss statement for that month. It is important to note that this is a single month's expense and may not be representative of other months or future performance.
Management fees are a common expense for businesses, covering the costs associated with overseeing and directing operations. For a Fitstop franchisee, understanding these fees is crucial for budgeting and financial planning. The FDD also provides year-to-date figures, allowing prospective franchisees to see how these expenses accumulate over a longer period.
Reviewing the profit and loss statement carefully can help potential franchisees assess the financial health of Fitstop and understand the various expenses involved in running the business. While this document provides a snapshot in time, it's essential to consider other factors and consult with financial advisors to make informed decisions about investing in a franchise.