What were the total expenses for Healthsource Chiropractic in 2024?
Healthsource_Chiropractic Franchise · 2025 FDDAnswer from 2025 FDD Document
9 per month. Technology fund fees are payable monthly.
NOTE N - FRANCHISE COMMITMENTS AND OBLIGATIONS:
Under the terms of the Company's standard chiropractic franchise agreement, HealthSource Chiropractic, LLC. offers a potential franchisee a specific territory and then provides training, operating manuals, software, and marketing materials.
NOTE O - RELATED PARTY LEASES:
The Company had a lease with SCZ Enterprises, Ltd. (a related party) for a vehicle. The company is responsible for all costs of operation. The lease was entered into in February 2021 and called for monthly payments of $700 and expired May 2023. This lease was renewed and expires December 31, 2025. Lease payments totaled $8,400 for 2024, $8,400 for 2023 and $8,400 for 2022.
The Company conducted its operations in an office facility, owned by a related party (SCZ Enterprises, Ltd.), and located in Avon, Ohio. SCZ Enterprises LTD is beneficially owned by the majority member of HealthSource Chiropractic, LLC.
The Company has a lease agreement with SCZ Enterprises, Ltd. (the related party) for office space. In January 2018, an amendment to the office lease increased the monthly rent to $8,300. In December 2021, an addendum to the lease was signed renewing for an additional two year term with monthly payments of $8,300 through December 31st, 2023.
Source: Item 23 — Receipts (FDD pages 77–282)
What This Means (2025 FDD)
Based on the 2025 Franchise Disclosure Document, Healthsource Chiropractic's total expenses for 2024 are not explicitly stated. However, the document does provide some insight into specific expenses, particularly those related to related-party transactions and leases.
Specifically, Healthsource Chiropractic had a lease agreement with SCZ Enterprises, Ltd., a related party, for office space. In 2024, rent payments for this office lease totaled $85,000. Additionally, the company leased a vehicle from the same related party, with lease payments amounting to $8,400 for the year. These figures offer a glimpse into the company's expenses related to property and vehicle leases.
To gain a comprehensive understanding of Healthsource Chiropractic's total expenses for 2024, a prospective franchisee should request the complete audited financial statements, including the income statement, from the franchisor. This will provide a detailed breakdown of all expense categories and the overall financial performance of the company.