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Note 12 - Subsequent Events
9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 12 - Subsequent Events

 

On  October 23, 2023, subsequent to the date of these financial statements, we entered into an agreement to acquire certain assets of TEC Staffing Services, Inc. ("TEC") for approximately $9.8 million.  TEC has 10 locations across Arkansas that provide light industrial, clerical, technical, and professional staffing services.  TEC generated over $34 million in total revenue for the trailing 12-month period ended September 30, 2023. We intend to convert the offices to the Snelling franchise model and offer to prospective buyers as franchises. We intend to finance this acquisition with our Senior Credit Facility, and recover the proceeds through the subsequent franchising of operations and royalties from future operations.