What documents are included in the 'Financial Statements' for a Southern Steer franchise?

According to the 2025 Southern Steer Franchise Disclosure Document, the Financial Statements include a balance sheet, profit and loss statement, statement of cash flows, and explanatory footnotes. These documents must be prepared following generally accepted accounting principles applied consistently.

Southern Steer requires franchisees to maintain and preserve complete and accurate financial books, records, and accounts for at least five years. These records must adhere to generally accepted accounting principles and be in the format prescribed by Southern Steer. Franchisees must also provide Southern Steer with annual income and expense statements within 60 days of their fiscal year-end.

In addition to annual statements, franchisees must submit weekly summary reports each Wednesday, monthly profit and loss statements by the fifteenth of the following month, and any other financial reports or information reasonably requested by Southern Steer. This includes copies of balance sheets and sales tax returns. However, franchisees are not required to disclose confidential tax returns if doing so would violate state law. Southern Steer has the right to access and use the information in the franchisee's books and records for any purpose it deems appropriate, including sharing it with creditors and potential franchisees, except for sensitive personal information like social security numbers, birth dates, or home addresses without consent, unless required by law.