For which years are the consolidated financial statements provided for Precision Door Service?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
Included as Exhibit C are the following audited combined financial statements of Neighborly Assetco LLC, our direct parent: (a) audited combined financial statements as of and for the year ended December 31, 2022,(b) audited combined financial statements as of and for the year ended December 31, 2023, and (c) audited combined financial statements as of and for the year ended December 31, 2024.
Neighborly Assetco LLC guarantees our performance under the Franchise Agreement. A copy of the Parent guaranty is included in Exhibit D.
As reflected in Item 1, Manager (i.e., Neighborly Company) will be providing required support and services to franchisees under a management agreement with us. Attached in Exhibit C are the audited consolidated financial statements of Manager (a) as of and for the year ended December 31, 2024, (b) as of and for the year ended December 31, 2023, and (c) as of and for the year ended December 31, 2022. These financial statements are being provided for disclosure purposes only. Manager is not a party to the Franchise Agreement we sign with franchisees nor does it guarantee our obligations under the Franchise Agreement we sign with franchisees.
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
According to the 2025 FDD, the audited combined financial statements for Neighborly Assetco LLC, the direct parent of Precision Door Service, are included for the years ended December 31, 2022, December 31, 2023, and December 31, 2024. These statements are part of Exhibit C. Neighborly Assetco LLC guarantees Precision Door Service's performance under the Franchise Agreement.
Additionally, the audited consolidated financial statements of Manager (Neighborly Company) are attached in Exhibit C for the years ended December 31, 2022, December 31, 2023, and December 31, 2024. These financial statements are provided for disclosure purposes only, as the Manager is not a party to the Franchise Agreement and does not guarantee Precision Door Service's obligations under the Franchise Agreement.
Prospective franchisees should review these financial statements carefully to assess the financial health and stability of both the parent company and the manager, as they provide insights into the overall support system and guarantees backing the Precision Door Service franchise.