What was the total value of 'Total Assets' reported for Lees Famous Recipe in 2024?
Lees_Famous_Recipe Franchise · 2025 FDDAnswer from 2025 FDD Document
| Note payable to financial institution, monthly payments | |||||||
|---|---|---|---|---|---|---|---|
| through November 2027 of $10,617, starting January 2023, | |||||||
| including interest at 5.3%, secured by the mortgaged property | 1,860,324 | 1 ,885,284 | |||||
| 39,310,812 | 3 1,093,940 | ||||||
| Less current maturities | 799,979 | 8 15,582 | |||||
| Notes payable, less current maturities | $ 38,510,833 | $ 3 0,278,358 | |||||
| During the years ended December 31, 2024, 2023, and 2022, the Company paid Lee’s Famous Recipe | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Advertising Cooperative, | Inc. and | LFRC OH | Adverting Cooperative, | Inc. | $828,630, | $626,167, | and |
| Note payable to Famous Recipe Group, LLC, annual | |||||||
| --- | --- | --- | |||||
| principal payments of $700,000 starting in June 2024, | |||||||
| interest at 5%, maturing June 2028, unsecured | 2,800,000 | 3 ,500,000 |
Source: Item 23 — RECEIPTS (FDD pages 70–287)
What This Means (2025 FDD)
According to Lees Famous Recipe's 2025 Franchise Disclosure Document, the total value of notes payable, less current maturities, was $38,510,833 in 2024 and $30,278,358 in 2023.
Additionally, the note payable to a financial institution, including interest at 5.3%, secured by the mortgaged property was $1,860,324 in 2024 and $1,885,284 in 2023.
Finally, the note payable to Famous Recipe Group, LLC, with annual principal payments of $700,000 starting in June 2024, interest at 5%, maturing June 2028, unsecured was $2,800,000 in 2024 and $3,500,000 in 2023. These figures reflect the financial obligations of Lees Famous Recipe, which prospective franchisees may want to consider in relation to the overall financial health and stability of the company.