What was the net income for Focus Cfo in 2023?
Focus_Cfo Franchise · 2025 FDDAnswer from 2025 FDD Document
ITY | 723,721 | 324,472 | | TOTAL LIABILITIES AND MEMBERS' EQUITY | $ 2,595,673 | $ 1,768,094 |
The accompanying notes are an integral part of these financial statements.
CONSOLIDATED STATEMENTS OF INCOME
Years Ending December 31, 2024, 2023 and 2022
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| REVENUE | |||
| CFO services | $ 25,903,981 | $ 20,061,315 | $ 16,192,779 |
| Franchise and License fees | 611,345 | 416,000 | 308,000 |
| TOTAL REVENUE | 26,515,326 | 20,477,315 | 16,500,779 |
| COMMISSION EXPENSE | 21,147,246 | 16,047,125 | 12,769,451 |
| GROSS PROFIT | 5,368,080 | 4,430,190 | 3,731,328 |
| OPERATING EXPENSES | |||
| Regional administration | 70,804 | 40,386 | 21,707 |
| Marketing | 232,110 | 168,377 | 133,904 |
| Recruiting | 533,684 | 528,916 | 353,297 |
| Office expenses | 54,593 | 55,110 | 48,009 |
| Salaries and wages | 2,071,747 | 1,897,966 | 1,492,794 |
| Insurance and taxes | 115,263 | 126,131 | 105,385 |
| Outside services | 424,360 | 264,903 | 176,937 |
| Training | 509,785 | 385,752 | 289,218 |
| Other | 150,805 | 14 |
Source: Item 23 — Receipts (FDD pages 37–126)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the company's net income for 2023 was $837,180. This figure represents the profit Focus Cfo retained after deducting all expenses from its total revenue for that year. Net income is a key indicator of a company's profitability and financial health.
Focus Cfo's 2023 total revenue was $20,477,315, which was derived from CFO services ($20,061,315) and franchise and license fees ($416,000). After deducting commission expenses of $16,047,125, the gross profit was $4,430,190. Operating expenses totaled $3,615,403, resulting in an income from operations of $814,787. Other income, net of expenses, added $22,393 to bring the final net income to $837,180.
Prospective franchisees should consider Focus Cfo's net income trend over the three years presented (2022-2024) to understand the company's financial performance. Note that the Independent Auditor's Report mentions a correction of errors that resulted in the overstatement of net income for 2023, which has been restated in the provided financial statements. Reviewing these restatements and understanding the reasons behind them is crucial for assessing the reliability of the financial data.