Does Focus Cfo provide financial statements for 2023?
Focus_Cfo Franchise · 2025 FDDAnswer from 2025 FDD Document
of Changes in Members' Equity | 7 | | Consolidated Statements of Cash Flows | | | Notes to Consolidated Financial Statements | |
INDEPENDENT AUDITOR'S REPORT
To the Members Focus CFO Group, LLC Columbus, Ohio
Opinion
We have audited the accompanying consolidated balance sheets of Focus CFO Group, LLC and Subsidiary (the Company) (a Limited Liability Company) as of December 31, 2024 and 2023, and the related consolidated statements of income, members' equity, and cash flows for the three years ended December 31, 2024, 2023, and 2022, and the related notes to the consolidated financial statements. In our opinion the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Focus CFO Group, LLC and Subsidiary as of December 31, 2024, 2023, and 2022, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of Focus CFO Group, LLC and Subsidiary and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Source: Item 21 — Financial Statements (FDD page 37)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the company includes audited consolidated financial statements as of and for the years ended December 31, 2024, 2023, and 2022. These statements include the consolidated balance sheets as of December 31, 2024 and 2023, along with the related consolidated statements of income, members' equity, and cash flows for the three years ending December 31, 2024, 2023, and 2022.
The inclusion of these financial statements is a standard practice in franchising, allowing potential franchisees to review the financial health and performance of Focus Cfo over the past three years. This information helps franchisees assess the company's financial stability and historical performance trends.
It's important to note that the financial statements for 2023 have been restated due to the discovery of certain errors. These errors led to an understatement of other current liabilities and other long-term liabilities, as well as an overstatement of franchise and license fees and net income. While the independent auditor's report acknowledges these corrections and states that their opinion is not modified, prospective franchisees should carefully review the restated financials and understand the nature and impact of these corrections.