Earnings Claims of Top Franchises Revealed

Earnings Claims of Top Franchises Revealed

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FDD Talk 2014: Our Latest Views on Best in Class Education Center’s Average Gross Revenues

by Franchise Chatter on September 5, 2014

in Child-Related Franchises, Education Franchise, Franchise Earnings



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Best in Class Education Center

Highlights of Best in Class Education Center’s Item 19 Financial Performance Representations (2014 FDD)

  • The following presents certain financial performance information for the 2013 calendar year for each Best in Class Education Center that met certain qualifying criteria (referred to as a “Qualifying Center”). In order to be a Qualifying Center, the Best in Class Education Center must:
  • (i) have been in operation for a period of at least 1 year as of January 1, 2013;
  • (ii) have operated for the entire 2013 calendar year; and
  • (iii) not be a “satellite location.”
  • Best in Class does not provide information about any “satellite locations” because there are material differences between satellite locations and traditional Best in Class Education Centers. For example, satellite locations are rented on an hourly basis (including from community centers, Boys and Girls Clubs, and in one instance, a Swerve Driving School) and do not have signage, furniture, or equipment utilized at a traditional Best in Class Education Center.
  • Qualifying Centers include Best in Class Education Centers operated by Hao Lam, the company’s Manager and Chairman, as well as Best in Class Education Centers operated by third party franchisees.
  • On January 1, 2013, there were:
  • (i) 11 Best in Class Education Centers operated by third party franchisees, and 8 of these centers are Qualifying Centers; and
  • (ii) 9 Best in Class Education Centers operated by Hao Lam, and 7 of these centers are Qualifying Centers.
  • The financial performance representations below include data from all Qualifying Centers. In making the financial performance representation below, Best in Class has relied upon:
  • (i) internally prepared financial statements for centers owned by Hao Lam; and
  • (ii) periodic reports of Gross Revenues prepared and submitted to Best in Class by its franchisees.
  • Neither Best in Class nor any independent certified public accountant has independently audited or verified the information. This information may not be representative of the revenue information of these Best in Class Education Centers in any other years or time periods.
  • For purposes of the information below, the term “Gross Revenues” has the same meaning given to that term in the Franchise Agreement.
  • The financial performance representation does not include any expense information.
  • The revenue figures are based on the historical results from the 15 Best in Class Education Centers described below (7 owned by Hao Lam and 8 owned by third party franchisees). They should not be considered as the actual or potential sales that other Best in Class Education Centers may achieve.
  • Some Best in Class Education Centers have earned this amount. Your individual results may differ. There is no assurance that you will earn as much.

Table 1 – Qualifying Centers Operated by Hao Lam (2013 Calendar Year)



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