What exhibit contains JMFS and Affiliates' consolidated audited financial statements related to Jersey Mikes?
Jersey_Mikes Franchise · 2025 FDDAnswer from 2025 FDD Document
2023 and December 31, 2022. Company's fiscal year end is December 31.
Attached as Exhibit C-2 are JMFS and Affiliates' consolidated audited financial statements as of December 31, 2024, 2023 and 2022, and for the years ended December 31, 2024, December 31, 2023, and December 31, 2022, respectively. JMFS and Affiliates' consolidated audited financial statements are provided for disclosure purposes only, because JMFS will perf orm certain franchise, marketing,
development, intellectual property, technology and operational and reporting services on behalf of Company. Due to the 2019 Securitization Transaction, JMFS is not a party to any Franchise Agreement or Area Development Agreement with franchisees. Neither JMFS nor its Affiliates guarantee Company's obligation under any Franchise Agreement or Area Development Agreement.
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 76–77)
What This Means (2025 FDD)
According to Jersey Mike's 2025 Franchise Disclosure Document, the consolidated audited financial statements for JMFS and its affiliates are included as Exhibit C-2. These statements cover the financial years 2022, 2023, and 2024, providing a three-year overview of the company's financial performance. The document specifies that these consolidated financial statements are provided for disclosure purposes.
JMFS provides franchise, marketing, development, intellectual property, technology, operational, and reporting services on behalf of A SUB ABOVE, LLC (referred to as "Company" in the FDD), the actual franchisor. The FDD clarifies that JMFS is not a party to any Franchise Agreement or Area Development Agreement with franchisees due to the 2019 Securitization Transaction. Furthermore, neither JMFS nor its affiliates guarantee A SUB ABOVE, LLC's obligations under any Franchise Agreement or Area Development Agreement.
Prospective franchisees should carefully review Exhibit C-2 to understand the financial health and performance of JMFS and its affiliates, as this can indirectly impact the services and support provided to franchisees. While JMFS's financials are disclosed, it is important to remember that A SUB ABOVE, LLC is the direct franchisor, and franchisees should also consider the financial statements of A SUB ABOVE, LLC (Exhibit C-1) to gain a comprehensive understanding of the financial structure supporting the Jersey Mike's franchise system.