Hospitality and Franchises
We work closely with franchisees and independent restaurant owners. In addition to accounting and tax services we provide specialized business consulting services to the owners as they face the challenges of their industry and the economy. We understand that managing labor issues, as well as volatile costs, including food, rent and insurance are daily challenges for the restaurant owner.
We bring our industry knowledge and expertise to our clients to assist them in facing the challenges of growing their business and improving profitability. We have worked with franchisees to assist them in evaluating opportunities for growth through expansion and acquisition as well as succession planning for family-owned businesses.
Some of the current trends, opportunities and challenges we are noticing in hospitality and franchises are:
- Constant turnover of labor and compliance with related labor issues
- Pressure from franchisors to build more stores, add new menu items and increase marketing dollars
- Increased costs of commodities such as sugar, coffee, dairy and beef
- Compliance with various state and local tax issues such as sales tax and litter tax
- Environmental challenges related to recycling efforts
- Rising insurance costs
- Cash flow management is a challenge, as sales can be seasonal in nature
- Obtaining financing from lenders who understand the food industry
- Opportunities for real estate for sale and for lease exist in the current economic market