Financial planning for restaurant owners

You’ve heard before that 80-90% of restaurants fail within the first year. That’s simply not true. In fact, according to research by Philip Stark at UC Berkeley the number is really 17% in the first year. This goes to show that the average restaurateur really knows their stuff. A lot of planning goes into starting …

Keep Reading

Franchisor accounting for advertising funds

In addition to royalties, most franchisors will collect amounts from franchisees for brand marketing and advertising. Typically, these are set as a percentage of sales for each franchisee. The franchisor has control over the collection and the spending of the advertising funds, which should be used for the overall promotion of the restaurant brand that …

Keep Reading

The importance of solid accounting in a COVID-19 environment

I think we can all agree that 2020 has been a doozy so far, and it’s only August! You’ve no doubt been impacted by the COVID-19 situation, and you’ve probably made many changes in your restaurant operations on very short notice. Maybe you had to lay off staff for periods of time or work with …

Keep Reading

So you’re thinking of filing for bankruptcy? Five tips from a corporate attorney to consider before filing.

Guest Blogger Jeremy R. Jarrett is an associate lawyer with Jennings Strouss & Salmon, P.L.C. He assists a wide range of clients with mergers and acquisitions, capital raises, corporate governance, commercial contracts, reorganizations, and restructurings. Currently, the United States is in the midst of an unexpected pandemic that is wreaking havoc on all businesses, especially …

Keep Reading

Cost segregation benefits for restaurant owners

During these uncertain times, you most likely are searching for ways to keep your restaurant operating and sustaining cash flow. Relief may have come from the Paycheck Protection Program and you may have focused on delivery and pick-up options to mitigate the recent health mandates. There is hope that sooner than later your restaurant can …

Keep Reading

CARES Act and qualified improvement property

As most of you know, the CARES Act has been all over the news for the past couple of months, primarily as it relates to government stimulus checks and of course the Paycheck Protection Program, the intricacies of which are still being navigated by borrowers and their tax advisors. One of the more important and …

Keep Reading

Top 10 tax planning tips for 2020

A new decade is well underway, and below are ten top tax tips (say that five times fast) to make sure this year is your most tax-savvy to date! Don’t miss: Resources for restaurants during COVID-19 crisis Review your compensation – if your restaurant is owned in an S Corporation, you may want to review …

Keep Reading

Deterring restaurant turnover

Employers incur costs to recruit, hire and train new employees. Typically, these turnover costs in the restaurant industry can range anywhere from $3,000-5,000 or more, depending on the level of employee. So high turnover can be detrimental to any restaurant and business. There are some things that can be done that might help reduce turnover. …

Keep Reading

Handling reviews

Written reviews on restaurants are everywhere now. Not only do people hear good & bad experiences just through word of mouth, but looking up reviews is just a click away thanks to companies like Yelp and Google. Unfortunately, that means people can write a scathing review and the whole world can see. It happens to …

Keep Reading