For Fly To Fit, what is 'Net Income' equivalent to?

According to Fly To Fit's 2024 Franchise Disclosure Document, 'Net Income' is defined as Income minus Operating Expenses, essentially EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). This definition is based on the financial performance of the company-owned outlet from January 1, 2023, to December 31, 2023. The company's net income for 2023 was $118,387.75. Prospective franchisees should understand that this is a historical representation and not a projection of future performance. Individual results may vary, and there is no assurance that a franchisee will achieve the same level of sales or earnings. Fly To Fit also clarifies that written substantiation of the information contained in Item 19 will be made available to prospective franchisees upon reasonable request.

It is important to note that these figures are based on the performance of a company-owned outlet, which Fly To Fit states does not differ substantially from future franchise-owned locations. However, franchisees should still conduct their own due diligence and consider various factors that could impact their individual financial performance, such as location, market conditions, and management skills. The FDD also provides contact information for Tina Murphy and Ian Murphy at Fly To Fit, as well as the Federal Trade Commission and appropriate state regulatory agencies, should a prospective franchisee receive any financial performance information or projections not included in Item 19.

Fly To Fit emphasizes that they do not make any representations about a franchisee's future financial performance or the past financial performance of company-owned or franchised outlets, except as included in Item 19. They also do not authorize their employees or representatives to make any such representations either orally or in writing. If a prospective franchisee is purchasing an existing outlet, Fly To Fit may provide the actual records of that outlet. Franchisees should be cautious about any financial performance information received outside of these official channels and report it to the appropriate parties.