What were the total current assets for My Salon Suite as of December 31, 2024?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
nue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
April 28, 2025
Consolidated Balance Sheets
| As of December 31, | 2024 | 2023 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and |
Source: Item 17 — (r) of the FDD and Section 13 of the Franchise Agreement disclose the existence of certain covenants restricting competition to which Franchisee must agree. The Commissioner has held that covenants restricting competition contrary to Section 9-08-06 of the North Dakota Century Code, without further disclosing that such covenants may be subject to this statue, are unfair, unjust, or inequitable within the intent of Section 51-19-09 of the North Dakota Franchise Investment Law. The FDD and the Franchise Agreement are amended accordingly to the extent required by law. (FDD pages 230–274)
What This Means (2025 FDD)
According to My Salon Suite's 2025 Franchise Disclosure Document, the company's total current assets as of December 31, 2024, were $14,490,546. This figure represents the sum of several sub-categories of assets that are expected to be converted into cash or used up within one year. These sub-categories include cash and cash equivalents, accounts receivable (net of allowances for doubtful accounts), the current portion of notes receivable (net), amounts due from affiliates, prepaid expenses, and other current assets.
For a prospective My Salon Suite franchisee, understanding the composition and value of these current assets can provide insights into the company's short-term financial health and liquidity. A higher value of current assets relative to current liabilities generally indicates a stronger ability to meet short-term obligations. Reviewing these figures over time, as the FDD provides data for both 2024 and 2023, can also reveal trends in the company's financial management and working capital efficiency.
It's important to note that while the FDD provides this snapshot of My Salon Suite's financial position, it does not offer a guarantee of future performance. Franchisees should conduct their own due diligence, including consulting with financial advisors, to assess the risks and opportunities associated with investing in a My Salon Suite franchise. Comparing these figures to industry benchmarks and the financial performance of other franchise systems can also provide a more comprehensive understanding of My Salon Suite's financial standing.