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May 2013

In this month's Monitor, John Hamburger investigates the impact of mounting competition for loans to large restaurant operators. David Farkas looks at crowdfunding. Jonathan Maze looks at Brad Blum's latest venture, and provides a roundup of our recent Franchise Finance & Development Conference. And the Answer Man just got back from a trip to the Berkshire Hathaway annual meeting.

April 2013

In this month's Monitor, Jonathan Maze looks at some of the good things private equity groups have done for the restaurant industry. Also, Jonathan examines Buffalo Wild Wings' investment in PizzaRev, and how that should be done more often. David Farkas provides advice for restaurateurs that get private equity backers. The Answer Man looks at the restaurant industry's answer to J.C. Penney. Also, we run the J.H. Chapman Restaurant M&A Census.

March 2013

In this month's Monitor, John Hamburger explains that ObamaCare may not be all that expensive than everybody originally thought. David Farkas talks about some unusual restaurant owners. Jonathan Maze explains that mid-sized franchisees can find financing. He also compares two different restaurant companies, DineEquity and BJ's Restaurants. In addition, find finance sources and other news.

February 2013

In this month's Monitor we introduce you to the proposed kiddie concept Bozo World. We also look at a dichotomy in multiples for franchisees. The Answer Man takes on Bernanke Bucks. David Farkas interviews Quinton Maynard. In addition, we have lots of finance sources and other information.

January 2013

This month's Monitor includes restaurant analysts' stock picks for 2013. We also include our annual market review. David Farkas writes about emerging concept Bruxie. The Answer Man takes another shot at casual dining. In addition, a huge number of deals highlights our finance sources pages.

December 2012   FREE Sample Issue

In this week's Monitor, we take a look at the National Restaurant Association's 2013 forecast and make a recommendation: move to North Dakota. John Hamburger takes on merchant cash advances. David Farkas provides an M&A forecast. Jonathan Maze writes about Tully's bankruptcy. Answer Man dishes his views on Sardar Biglari.

November 2012

This week's Monitor includes extensive coverage of the recently completed Restaurant Finance & Development Conference at the Bellagio in Las Vegas. Jonathan Maze looks at the fiscal cliff. David Farkas writes on health care. Guest writer Beth Ewen writes about private equity. Another guest writer, Nancy Weingartner, wrote about developing internationally and listened in on a panel with CKE CEO Andrew Puzder and Buffalo Wild Wings chief Sally Smith. Also, John Hamburger analyzes Bloomin' Brands and its long-awaited move into lunch.

October 2012

In this month's Monitor, John Hamburger looks back on DineEquity's now-completed refranchising of its Applebee's brand, and the challenges of operating two chains. Jonathan Maze looks at the complexities of the market multiple. David Farkas asks operators how they're going to deal with new health insurance requirements. Also, the Answer Man tackles IPOs, among other things, and an update on the frozen yogurt market.

September 2012

What should we make of this latest boom in the frozen yogurt market? John Hamburger provides little in the way of good news for franchisees who are fueling the sector's explosion. Jonathan Maze writes about the sluggish casual dining sector, and how it may be abandoning the franchise business model. David Farkas gets tips on running a multi-brand company. Also, finance sources, news on a cafeteria chain bankruptcy and, of course, Answer Man.

August 2012

This month's edition of The Monitor is packed. It begins with Jonathan Maze's outlook on the shift in the IPO market. We also examine the impact remodel programs are having on the restaurant industry. John Hamburger writes about Bloomin' Brands, and where it is now compared to its buyout in 2007. David Farkas looks at the health care law and its impact on the restaurant industry. In addition, guest columnists write about casual dining management and about wealth transfers. Plus, read about finance sources and The Answer Man.

July 2012

In this issue we debut our new column of restaurant tidbits called Chain Insider. John Hamburger talks about the all-encompassing search for income. Jonathan Maze examines the J. Alexander's sale. David Farkas looks at early stage investors in the restaurant business. We write about Darden's purchase of Yard House, and include our typical profiles of finance sources.

June 2012

This is The Monitor's big franchisee issue. It includes the Monitor 200, our annual ranking of the nation's largest restaurant franchisees. Our analysis of the ranking also comes to some interesting conclusions. David Farkas writes about private equity's growing role in the franchisee space. Jonathan Maze talks to a couple big Burger King franchisees, and also writes about the stalled IPO market. And The Answer Man makes an appearance.

May 2012

In this month's Monitor, we write about how a new credit deal for The Briad Group demonstrates that the lending market has returned. We also write about franchising, and the best things that franchisors can do to ensure their systems' success. John Hamburger explains how refranchising hurts franchisees. David Farkas writes about the P.F. Chang's deal. And we include J.H. Chapman's annual merger and acquisition census, which shows that the franchisee acquisition market is booming.

April 2012

This month's Monitor offers a warning to prospective (and current) franchisees: beware of the right of first refusal. Jonathan Maze also pokes a stick at Bill Ackman's effort to catch McDonald's. John Hamburger analyzes sale-leaseback prices. David Farkas writes about the acquisition of Barteca Holdings. Also, read about finance sources and transaction news.

March 2012

This month's Monitor includes coverage of Franchise Times' recent Franchise Finance Conference. John Hamburger discusses the conflict between lenders' efforts to make loans, and regulators who make them more difficult. Jonathan Maze writes about franchises' financing programs. David Farkas writes about another strong year in private equity deals. In addition, read about how you can prevent internal fraud from costing your restaurant thousands of dollars.

February 2012

In this month's issue, John Hamburger and Jonathan Maze debate whether Sardar Biglari belongs on the Cracker Barrel board. Hamburger examines why buffet restaurant chains shouldn't take on so much debt. Maze looks at how leases are causing more bankruptcies, and he also writes about Buffalo Wild Wings' surprising quarter. David Farkas writes about a meatless veggie grill concept.

January 2012

This month's edition of the Monitor provides our annual analysis of companies' performance on the stock market during the past year. We also get restaurant analysts' stock picks for the coming year. Jonathan Maze finds that restaurant companies can expect more of the same in 2012. David Farkas writes about the challenges of putting together a new prototype. Also, get plenty of news on finance sources.

December 2011

In this month's edition of The Monitor, John Hamburger talks with a longtime casual dining franchisee about the returns operators get these days, and the picture the franchisee paints isn't pretty. David Farkas writes about new concepts' need for capital. Jonathan Maze questions Darden's ownership of two competing concepts, and looks at the daunting task ahead of new Cosi CEO Carin Stutz. Also, get finance sources and other information.

November 2011

This month's Restaurant Finance Monitor is full of coverage from our recent Restaurant Finance & Development Conference. John Hamburger writes about how millennials' focus on health could change restaurant menus. David Farkas writes about private equity groups' use of operating partners. We also write about restaurants' challenging market, and whether remodels help. And Jonathan Maze questions whether Sardar Biglari is a potential Cracker Barrel savior or an arrogant activist.

October 2011

In this month's issue, John Hamburger discusses the proliferation of zombie restaurants, and explains what a zombie restaurant is. David Farkas writes about what a private equity group does when its investment is doomed. Jonathan Maze writes about Brad Blum's interest in Cosi. Also, read about how franchises could face some big tax bills, and about the failure of co-branding.

September 2011

In this month's Monitor, John Hamburger writes about banking regulations and their impact on small business lending. Jonathan Maze writes about a Chicago pizza chain's long strange trip through bankruptcy, and David Farkas polls executives to find out who they'd have run their restaurant. Also, there are finance sources and other information.

August 2011

In this month's Monitor, John Hamburger talks about uncertainty and chicken farming. Jonathan Maze writes about how not to start America's Next Great Restaurant. David Farkas reports on the shift to early stage investing. We also ask whether restaurants missed their IPO window, and provide our usual finance sources and information on finance sources.

July 2011

The Answer Man makes his annual appearance in this month's Monitor, dishing on everything from Chipotle to Quiznos to KFC to Sardar Biglari. David Farkas polls restaurant executives about what it's like working for private equity groups. Yum CEO David Novak wrongly slaughters a sacred cow. Also, read about finance sources and other restaurant news.

June 2011

In this month's Monitor, John Hamburger looks at the next big trend in the restaurant industry, consolidation. We also offer our views on the pending deal to sell Arby's to Roark Capital Group. David Farkas asks whether executive employment contracts change when a private equity group buys a chain. Jonathan Maze looks at daily deal sites, and whether restaurants should use them. And Benihana faces more litigation.

May 2011

This month's Restaurant Finance Monitor features the Monitor 200, our annual ranking of the largest restaurant franchisees in the country. In addition, read John Hamburger's lament that he will never attend a "mortgage burning party" for a restaurant that paid off its loan. David Farkas writes about private equity's interest in franchisees. Jonathan Maze writes about McCormick & Schmick's. Plus, read finance sources and other news.

April 2011

In this month's Monitor, John Hamburger provides 15 reasons why he's bearish on the casual dining sector. He also provides his reports from Canada, and from the Small Business Lending Summit in Washington, D.C. David Farkas writes about Salsarita's, a small chain that has attracted some big names as potential buyers. Jonathan Maze writes about the struggles at KFC and Arby's, two brands at a crossroads. In addition, read about the flourishing M&A market, as well as our regular finance sources.

March 2011

The March Monitor is packed with our coverage of the 2011 Franchise Times Franchise Finance Conference, where speakers urged franchisors to do more to ensure the health of their systems and help their operators get financing. John Hamburger examines what owners of smaller multi-unit systems can do to get capital in the wake of an unfriendly public equity market. David Farkas interviews an restaurant entrepreneur who sold his startup restaurant to a private equity firm. In other news, there are indications that this will be a good year for restaurant developers. Also, get your regular deals and finance sources.

February 2011

In this month's Monitor, John Hamburger looks at food price inflation and the traps restaurants should avoid when dealing with it. We also examine an effort to resurrect a restaurant chain that was near-death, David Dobbin's purchase of controlling interest in Good Times Restaurants, and whether a small cupcake chain is worth a big multiple. In addition, read about finance sources, analyst reports and other goings-on in the restaurant market.

January 2011

In this month's Monitor we look ahead to 2011. Restaurant stocks had a great 2010, and the biggest question now is whether the industry will be able to meet investors' sky-high expectations. It might not. We also ask analysts for their stock picks, and reporter David Farkas takes the temperature of the private equity markets. In addition, read about finance sources, our take on the Cowen & Company Consumer Conference, and a lesson on valuations from Robert Hunziker.

December 2010

Sardar Biglari, CEO Of Biglari Holdings (Steak N Shake and Western Sizzlin), is a Warren Buffett fan. So much so, that Biglari peppered his latest annual shareholder letter with a multitude of "Buffett-isms" without any reference or credit to the Oracle of Omaha. The Monitor takes a close look at Biglari and Buffett and suggests investing differences between the two. In addition, the Monitor's Jonathan Maze analyzes private equity's appetite for multi-unit franchisees. Maze also chronicles various cost cutting suggestions provided by restaurant CFOs at this year's Restaurant Finance & Development Conference. This is a must read for for any restaurant operators still interested in reducing operating costs. Feature articles this month include a detailed look at Boloco, an up & coming burrito chain that recently raised $5.5 million to support growth. And, Olga's Kitchen's, a 26-unit restaurant chain with plans for growth, is out looking for capital. Finally, the Monitor contains its usual treasure trove of financial bits and pieces, including five pages of restaurant lending and finance sources.

November 2010

An improving financing and deal climate for restaurants? That's what finance experts and restaurant operators were saying at this year's Restaurant Finance & Development Conference. Deal multiples were up and lenders said they were "back in the game," although many restaurant borrowers expressed skepticism. In this issue, we give financing updates from the conference, including an inside look at Bravo Brio's recent IPO (initial public offering) and an in-depth discussion with David Pittway, Castle Harlan's Senior Managing Director, and one of Bravo Brio's largest private equity owners.

October 2010

The October Monitor includes another Outlook discussing the just-completed buyout of Burger King and how its high purchase price could ultimately cause problems for the system. David Farkas uses a pair of case studies to determine whether companies should bring in a private equity partner. Jonathan Maze analyzes years of numbers from the Franchise Times Top 200 and shows that IHOP and Subway had really good decades. The issue also has loads of finance sources and more information on the upcoming Restaurant Finance & Development Conference.

September 2010

In this issue, John Hamburger picks apart 3G Capital's $24-a-share purchase price for the Burger King chain. We also ask some restaurant experts what they would do with the king if they were the new owners. The issue profiles a trio of students who are starting up a fast-casual sushi concept. Writer David Farkas takes another look at the private equity market. This issue is also loaded with finance sources and news about financial deals.

August 2010

Looking for ways to navigate the recession? This month's Monitor provides John Hamburger's list of strategies restaurants can use now, and his view on each one. Meanwhile, the Benihana chain is for sale. Read about the knives flying behind the scenes at the 40-year-old restaurant company, and why it's up for sale now. Meanwhile, writer David Farkas writes about how private equity groups are becoming more venture oriented. The Monitor also looks at the sale-leaseback market, "say on pay," plus more finance sources.

July 2010

The July edition of the Monitor includes an examination of Burger King's recent get-tough policy with its franchisees, and the impact that policy is having on already-strained relations between the two. In addition, read about the 2005 deal for Claim Jumper, now called a colossal disaster by industry observers. The issue also includes information about a deal for 32 Taco Bells, Denny's travel center conversion plan, funding for Yum! Brands and Jack in the Box franchisees, and more.

June 2010

In the June Monitor, John Hamburger discusses how restaurant operators can make decisions when they're receiving such differing reports on the economic outlook. The edition also examines activist investor Sardar Biglari and the early comparisons to Warren Buffett. In addition, read about financial transactions, our coverage of the Piper Jaffray Consumer Conference and how franchisees are flocking to Firehouse Subs.

May 2010

This is the Monitor 200 issue where we rank the top 200 franchisees in the U.S. based on 2009 revenues. In addition, we feature multiple financing sources including GE Capital, Wells Fargo, Auspex Capital, Franchise Capital Advisors, BIP Opportunities Fund and others. The Monitor is the place to find restaurant financing sources.

April 2010

Those of you eager for more national lenders in the franchise space can find good news in this issue of Monitor, which features a new partnership between the newly created Franchise America Finance and Bankcorp Bank. The Finance source section also features deals by GE Capital, Wells Fargo and Bank of America. Auspex Capital advised on the B of A deal. For those companies interested in selling real estate, we take a look at EXP Realty, a company that has a database of investors, many of which are looking at triple net lease single tenant properties. We also look at Javalin Solutions, Cornerstone Legal Services, a new Papa John financing program, a Duke & King deal and a name change at Krass Monroe. The executive director of the National Retail Tenants Association offers tips on reducing occupancy costs. In addition, we publish a report on the 2009 M&A market. We ask whether publicly traded restaurants are overvalued. And last, but not least, the Answer Man provides his unique insights on the restaurant industry.

March 2010

Abe Alizadeh was a 70-unit Jack in the Box franchisee and owned 3 million square feet of office and retail properties. That was enough money to live happily ever after, or so it would seem. But now, Alizadeh is no longer in control of his restaurants or his massive real estate holdings after court-appointed trustees replaced him following his bankruptcy filings. Last month, 66 of his Jack in the Box restaurants were put on the auction block in Sacramento and sold by a trustee for $39 million. Read the story about Alizadeh, his on and off-again relationship with Jack in the Box and get an inside look at the auction process for the restaurants. The Finance source section of the Monitor focuses on recent financing deals completed by Wells Fargo, Regions Bank, Bank of America and GE Capital Franchise Finance.. We also take a closer look at Direct Capital, Eagle National Bank and Mercantile Capital Corporation, all experienced lenders to franchise systems. Finally, we discuss the latest financing trends in the restaurant business and what we learned at our recent Franchise Finance & Development Conference and the recent Bank of America/Merrill Lynch Consumer Conference.

February 2010

Financing and deal activity in the restaurant business is picking up once again as the economy shows improvement. This month we track real estate financing activity by National Retail Properties, InSite Real Estate, Verdad Real Estate and the Nisbet Group. Other lenders featured in this month's Monitor are Falcon Leasing and Benetrends. Investment banker Adam Birnbaum takes a closer look at the restaurant IPO market and describes the problems with that type of financing in the future. Jonathan Maze provides an update on franchisor sponsored financing programs and highlights some possible SBA changes. January was a big month for restaurant bankruptcies as we summarize Chapter 11 filings by Taco Del Mar, Daphne's Greek Cafe, Uno Chicago Grill and McGrath's Fish House. Despite problems with some chains, financing and deal activity is definitely heating up in the restaurant business!

January 2010

The Monitor explores the decline in public equity financing for restaurant companies over the past decade. It is just restaurant chains that have been impacted, or is it part of a broader trend in public financing that impacts all small businesses? We'll answer that question in this issue. In our finance source section, we look into First Franchise Capital's new name and their expansive plans for franchise financing in 2010. Also in this the inaugural issue for 2010, we also take a look at the financial outlook for the restaurant business and write about Wall Street's predictions for the industry. And finally, our issue contains the latest deals and market transactions in the industry. The Monitor is packed full of restaurant financing tips and analysis of completed transactions.

December 2009

Despite the slump in the restaurant business, there are signs that restaurant lending is picking up for 2010. This month, the Monitor features two new restaurant lenders that have announced aggressive loan goals for the upcoming year. Jonathan Maze provides an in-depth analysis of the 2008 buyout and subsequent bankruptcy of Max & Erma's, a casual dining chain that has fallen on hard times. Also in this issue, we present an interesting analysis about restaurant investing and certain fallacies that are commonly assumed in acquisitions. The article was written by Jordan Krolick, a former mergers and acquisitions executive at both Arby's and McDonald's. In our regular restaurant analysis feature, Wall Street analysts render their opinions on Burger King, Chipotle, YUM, Red Robin, Peet's Coffee & Tea and Sonic. And finally, we introduce eight new business and real estate opportunities that you might be interested in looking at. They are included on our Business Opportunities deal page.

November 2009

This month's Restaurant Finance & Development Conference held in Las Vegas revealed a good news, bad news situation: The good news is that lenders are still interested in making loans to restaurant companies. Many of the long-time lenders such as GE, Wells Fargo, Bank of America and Irwin are still active in the space. The bad news is that the credit criteria of the lenders has tightened substantially. This month's Monitor explores some of the changes in the restaurant-lending environment over the past two years. In addition, we report on seller financing and the private and public equity markets. We also look at the results of an in-depth survey of restaurant operators that we completed with SS & G, a regional accounting firm, which reveals the stress that many are under in this tough economic climate.

October 2009

There are signs that the restaurant deal market is coming back to life and we explore what it takes to get a deal done in this economic climate. Restaurant lenders, although cautious, are looking at providing financing once again. That's a positive sign. More equity is required, though, and in some cases will require 30 to 40% equity. That is keeping some buyers, especially the private equity firms, who were so active a few years ago, on the sidelines. In this issue, we also provide readers with information on new financing sources and we give an update on the SBA programs.

September 2009

The Great Recession has changed the franchise sales game. Franchise sales have stalled for many restaurant concepts, and the quantity of "leads" has been significantly reduced. This issue of the Monitor focuses on franchise sales and what is happening with Internet leads given the problems in the financing markets. We make some bold predictions about the future of franchise sales. Reporter Jonathan Maze also looks at the optimal franchise/company store mix and updates readers on various SBA financing changes that will impact franchisees. Jonathan also talks with Wall Street about likely restaurant IPO candidates and the outlook for equity. In this issue, we provide four pages of finance sources and look at what analysts are saying about Burger King, Sonic and Cracker Barrel.

August 2009

The restaurant financing markets are starting to thaw out from the deep financing freeze which began in 2007. This month's Monitor features a number of recently completed financing deals including GE Capital's $12 million loan to Tribox, LLC for the purchase of 14 Jack in the Box restaurants in the Dallas area. In addition, the Monitor features Praesidian Capital's investment of $11 million in Lucky Strike Entertainment, an operator of upscale bowling lounges in the United States and Canada. The deal was initiated by FocalPoint Securities and Rod Guinn, an industry veteran. In addition, we also write about the biggest deal of the month: the purchase of Church's Fried Chicken by the private equity firm, Friedman Fleischer & Lowe. This month we've also introduced a new feature in the Monitor whereby we summarize some of the top restaurant acquisition opportunities being offered by national restaurant brokers. Deals are starting to flow again in the restaurant business and the Monitor is the place to find them.

July 2009

The Monitor interviews the Answer Man, a restaurant know-it-all, who talks about the current recession and its long-term impact on casual and fine dining. The Finance Sources this month include updates on GE Capital Franchise Finance, CIT and Mercantile Capital Corporation. Reporter Jonathan Maze provides the latest SBA Funding details and talks development with senior restaurant and franchise executives. Restaurant analyst reports include stock recommendations on Famous Daves, BJ's Restaurants, Yum! Brands, Ruby Tuesday, Wendy's/Arby's Group and the Cheesecake Factory. The Monitor also provides analysis on three restaurant bankruptcies that took place during the past month. If you want to be in on the latest in restaurant financing, you need to subscribe to the Restaurant Finance Monitor.

June 2009

Restaurant experts are convinced that the current recession will be harder on independent restaurant operators than chain restaurants. In this month's issue we note that the long-term trend is still favorable to chain restaurants. However, the recession isn't significantly reducing the number of independent locations, but instead is speeding the move of diners from full-service eateries to limited service restaurants. In other articles this month, we note that the financing markets are slowly warming up to restaurants once again. In addition, we provide a summary of GE Franchise Finance's 2009 Chain Restaurant Industry Review.

May 2009

The Monitor's annual Top 200 issue ranks the top multi-unit franchisees in the restaurant business compares their performance over the past ten years. In addition, this issue provides up-to-date financing information including happenings with SBA loans.

April 2009

The Monitor provides important information about the SBA enhancements that President Obama has initiated that should help small business lending. The issue also provides operators with a number of new restaurant financing leads and updates its readers with current financing trends. We also introduce four guest articles this month. The first is an analysis of the credit picture for franchise loans, written by Phil Mangieri of Restaurant Research. The second article explores the important tactics operators should follow in the first 90 days of a financial restructuring. It is written by Cyrus Commissariat of Accumyn Consulting. The third article, written by attorney Mark Kaufman, provides important advice to franchisors contemplating an acquisition of a troubled franchisee. The fourth article is an examination of casual dining by Allan Hickok, a former restaurant analyst and investment banker.

March 2009

The Monitor explores the real estate development climate and takes the pulse of some of the nation's leading real estate brokers and developers. In addition, the Monitor provides some of the top cost-cutting ideas that restaurant operators have submitted. As usual, we provide restaurant financing sources and feature some recent transactions.

February 2009

Financing is still getting done in the restaurant business, despite the credit crunch. We are happy to begin posting once again some successful restaurant finance transactions. This month's issue also explores the SBA funding dilemma in more detail. A special report highlights Wall Street's top restaurant stock picks for 2009. And finally, we delve back into history to see how Ray Kroc of McDonald's faced a recession head on.

January 2009

The twentieth anniversary of the Monitor looks back at the days of the 1989-1992 recession when restaurant financing was very difficult to procure. Sound familiar. We look at the differences between this recession and the last big recession and offer tips to operators as to how to survive.

December 2008

The Monitor recaps the wild year in restaurant finance and makes predictions about the 2009 financing markets. Also included in this issue is an in-depth look at what franchise companies are doing about their franchise development agreements that are in default. As always, the Monitor provides valuable financing sources and tips you can use.

November 2008

In addition to four pages of restaurant finance sources, this issue takes a close look at casual dining and the prospects for raising capital in the future. We also take a look at commodities. The fact that commodity prices are easing should provide some margin benefit to restaurant chains in the coming year. In this issue we also provide a memorial to our long-time cartoonist, Andy Nelson, who passed away in October. We highlight some of Andy's funniest cartoons throughout the past years.

October 2008

The credit crisis and how it will affect the restaurant industry is the major topic in this month's issue. Also in this issue is a practical guide to increasing productivity and reducing costs to help restaurant companies survive this downturn.

September 2008

In this issue, the Monitor analyzes 81 franchise restaurant companies and how they fared over the past five years. We rank the fastest growing companies in terms of sales and new unit development and talk about the impact, if any, from refranchising programs. Also in this issue, we provide five pages of restaurant financing sources to our readers. Credit crunch? Not in the Restaurant Finance Monitor!

August 2008

The Answer Man deciphers the credit crunch and provides needed answers to restaurant operators who want to grow.

July 2008

This issue contains an important article about three financial factors necessary for preserving capital in a restaurant business. These factors include owning real estate, keeping leverage at a modest level and maintaining a sales-to-investment ratio greater that one-to-one. The issue also introduces readers to experienced brokers who will work with restaurant companies to locate financing during this credit crunch.

June 2008

This issue compares the 2007 IHOP/Applebee's merger with a highly-leveraged merger that took place in the early 1990s when Popeyes Fried Chicken, owned by the flamboyant Al Copeland, purchased a much larger Church's Fried Chicken, and ran into financial problems with a too heavy a debt load. In addition, the issue provides an SBA financing update and a deal checklist for companies looking to acquire other restaurant chains.

May 2008

This issue contains an analysis of the Arby's buyout of Wendy's. In addition, it contains the Monitor's annual rankings of the Top 200 restaurant franchisees in the U.S. based on annual revenues.

April 2008

Features include "Tips for Surviving (and Profiting) From the Recession and Credit Crunch" and "Chain Restaurant Indsutry Merger & Acquisition Census".

March 2008

Features include "Keep Calm and Carry On", "Lease Language Lessons From Lease Disputes", and "Five Steps to Increase Growth Capital in the Current Market".

February 2008

Features include "Dig In Time", "Rough Waters Ahead for Restaurant Credit Markets", and "Are All The Good Corners Taken?"

January 2008

Features include "A Dog's Tale" and "2007 Year in Review".

December 2007

Features include "A Year of Writing Dangerously", "Borrowing Against Future Sales", and "What Does It Take to be a Successful Restaurant Company?".

November 2007

Features include "Calling All Operators!", "Turkey of the Year", and "To Hunker or Not To Hunker, Tis The Question?".

October 2007

Features include "An Essay on Restaurants, Equity and Mortgage Burning Ceremonies", "Keys to Successful Refranchising", and "What Goes Up May Not Come Down".

September 2007

Features include "Restaurants on the Margin, Part 2", "Skin in the Game", and "To Build or Not to Build?".

August 2007

Features include "Restaurants on the Margin" and "There Goes the Neighborhood".

July 2007

Features include "Soft Sales Syndrome" and "Who Are the Private Equity Dealmakers?".

June 2007

Features include "The Beauty of Franchising" and "The Monitor 200 Turns 15".

May 2007

Features include "Answer Man Becomes an Activist", "GE Chain Restaurant Review", and "Sale-Leaseback Transactions - Issues to Consider".

April 2007

Features include "Ten Times To Nowhere", "Rick Federico’s Advice Is Worth Taking", and "Chain Restaurant Industry Merger & Acquisition Census".

March 2007

Features include "As the Sales-to-Investment Ratio Turns" and "Restaurant Investment Musings".

February 2007

Features include "Sub Nation" and "Unrealistic Expectations?".

January 2007

Features include "The Farmer's Almanac: Taking Credit When Credit's Not Due", "The Year of the Restaurant Investor", and "2006: Liberate Cash or Die!".

November -0001

In this issue of the Monitor, we provide our annual ranking of the 200 largest franchisees in the U.S. based on 2009 revenue. A complete listing of the top 200 franchisees is included for your review plus analysis. We also preview a number of restaurant finance sources this month including GE Capital Franchise Finance, Wells Fargo Restaurant Finance, Auspex Capital, Key Bank, BIP Opportunities Fund, Sun Capital, FranFund, American Business Lending, Franchise Capital Advisors, Baum Realty and AmeriMerchant. If you are looking to finance or refinance your business, the Monitor is the place to track who is providing the capital to the restaurant business.