What years are covered by the combined financial statements 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.
EXHIBIT C
FINANCIAL STATEMENTS
Combined Financial Statements As of December 31, 2024 and 2023 and for the years ended December 31, 2024 and 2023
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
According to the 2025 FDD, the combined financial statements for Precision Door Service's direct parent, Neighborly Assetco LLC, include audited statements as of and for the years ended December 31, 2022, December 31, 2023, and December 31, 2024. These statements are included as Exhibit C to the FDD.
In addition to Neighborly Assetco LLC's financial statements, the FDD also includes audited consolidated financial statements for Neighborly Company (referred to as "Manager" in the document) as of and for the years ended December 31, 2022, December 31, 2023, and December 31, 2024. These financial statements are also attached as Exhibit C and are provided for disclosure purposes because the Manager provides support and services to Precision Door Service franchisees under a management agreement.
Furthermore, the FDD includes combined financial statements as of December 31, 2024 and 2023, and for the years ended December 31, 2024 and 2023. This indicates that the financial information presented covers a two-year period for certain combined statements.