What was the total value of My Salon Suite's total assets as of December 31, 2023?
My_Salon_Suite Franchise · 2025 FDDAnswer from 2025 FDD Document
nue as a going concern for a reasonable period of time.
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April 28, 2025
Consolidated Balance Sheets
| As of December 31, | 2024 | 2023 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $ 3,381,206 | $ 8,047,052 |
| Accounts receivable - net | 5,930,192 | 5,374,191 |
| Current portion of notes receivable - net | 74,080 | 66,427 |
| Amounts due from affiliates | 632,545 | 486,028 |
| Prepaid expenses | 3,809,171 | 1,956,054 |
| Other current assets | 663,352 | 736,544 |
| Total current assets | 14,490,546 | 16,666,296 |
| Fixed assets |
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 assets as of December 31, 2023, amounted to $475,872,065. This figure represents the sum of all the company's possessions and claims, including cash, accounts receivable, fixed assets, intangible assets, and goodwill.
For a prospective franchisee, this number provides a snapshot of the overall financial scale and health of My Salon Suite. A substantial asset base can indicate financial stability and the capacity to support franchisees. It is important to note that this is a consolidated figure, reflecting the assets of the entire My Salon Suite organization, not just the franchising entity.
It is also useful to compare this asset value to previous years to identify trends. The FDD shows the total assets as of December 31, 2024 were $564,392,813. The increase in total assets from 2023 to 2024 could be due to various factors, such as increased profitability, new investments, or acquisitions. Reviewing the liabilities section of the balance sheet in the FDD would give a more complete picture of the company's financial position.
While a high asset value can be reassuring, prospective franchisees should also consider other financial metrics, such as revenue, expenses, and debt, to gain a comprehensive understanding of My Salon Suite's financial performance and stability. Consulting with a financial advisor is recommended to properly assess the financial implications of investing in a My Salon Suite franchise.