Does Focus Cfo provide financial statements for 2024?
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.
Source: Item 21 — Financial Statements (FDD page 37)
What This Means (2025 FDD)
According to Focus Cfo's 2025 Franchise Disclosure Document, the document includes audited consolidated financial statements as of December 31, 2024, 2023, and 2022. These statements include consolidated balance sheets 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. The auditor's report indicates that the financial statements present fairly the financial position of Focus CFO Group, LLC and Subsidiary as of December 31, 2024, 2023, and 2022.
Specifically, the inclusion of financial statements for 2024 means that prospective franchisees can review Focus Cfo's recent financial performance. This allows them to assess the company's financial health and stability. The FDD also notes that certain errors resulting in understatement of amounts previously reported for other current liabilities and other long term liabilities, and overstatement of franchise and license fees and net income as of December 31, 2023, and the year then ended, were discovered by management of the Company during the year. Accordingly, amounts reported for other current liabilities, other long term liabilities, franchise and license fees and net income have been restated in the 2023 financial statements now presented and an adjustment has been made to members' equity as of December 31, 2023, to correct the error.
The financial statements have been audited by BHM CPA Group, Inc., with the report issued on April 10, 2025. This audit provides an independent opinion on the fairness of the presentation of Focus Cfo's financial statements. The auditor's report also details the responsibilities of both the management and the auditor in relation to the financial statements, including the auditor's responsibility to exercise professional judgment, assess risks of material misstatement, and evaluate the appropriateness of accounting policies.
Overall, the inclusion of audited financial statements for 2024, 2023, and 2022 in Focus Cfo's 2025 FDD is a standard practice in franchising. It provides potential franchisees with important information for evaluating the financial viability of the franchise opportunity. The statements include balance sheets, income statements, statements of member equity, and cash flow statements, offering a comprehensive view of Focus Cfo's financial performance over the past three years.