It has been widely reported that Inspire Brands, controlled by private equity firm, Roark Capital, is negotiating to buy Dunkin’ Brands (DNKN) for about $11 billion, including approximately $3 billion of debt. This amounts to about 22x EBITDA in calendar 2019, and the same multiple of consen… Read more >>Inspire Brands About to Pay Up For Dunkin Brands—Are They Out of Their Minds? Not Quite!!
With a tough operating environment for restaurants, it might not hurt to have the extra pull of a mega retailer behind you.“It’s a great brand, with built-in shopper traffic,” said Carrie Sams, CEO of Surfin’ Chicken about Walmart, the aforementioned mega retailer. “This gives us the opportu… Read more >>Walmart Refines In-Store Restaurant Strategy
When he first bought his Hardee’s restaurants, franchisee Jack Kemp of Phase Three Star, now with 80 locations, told the story of how two weeks after he closed on the acquisition of the restaurants, he got a call that their biscuit maker at their highest volume location had called in sick—an… Read more >>Crisis Management: When Covid Hit, One Restaurateur Listened and Trusted
Many factors go into a commercial bank’s decision to lend to a restaurant franchisee. The bank’s internal credit rating system must first accept credit risk in the brand, then bankers can analyze unit economics, same-store sales, debt levels and growth plans of the franchisees. Read more >>Franchise Lenders Reveal Top Tiers: Who's Getting Financed
We kick off our 2022 webinar season with a masterclass in restaurant finance. Restaurant Finance Monitor publisher John Hamburger, Bank of America’s managing director and group head of restaurant lending, Cristin O’Hara, and Bank of America/Merrill Lynch's top restaurant investment banker, R… Read more >>What's in Store for Restaurant Finance in 2022?
COVID-19 has had a transformational impact on the restaurant industry. Read more >>US Franchise Restaurant Sector Outlook: An Industry Transformed
More independent restaurant owners should consider crowdfunding to open or expand their restaurant business. What is crowdfunding all about and how does it work for restaurants? Read more >>Tips for Restaurant Crowdfunding
The tax fraud charges brought against the Trump Organization and its CFO, Allan Weisselberg, may seem to some a political vendetta waged by the New York district attorney against the former president. Donald Trump has called the indictment a “witch hunt” and his son Don Jr., said the “case i… Read more >>Trump’s Tax Problems Could Be Your Problems Too.....If You’re Not Careful
The Restaurant Finance Monitor is pleased to announce that SkyBridge Capital founder, Anthony Scaramucci, will keynote the Restaurant Finance & Development Conference in November at the Bellagio Hotel. Scaramucci, a former Goldman Sachs banker and White House Communications Director fo… Read more >>Anthony Scaramucci to Keynote Restaurant Finance & Development Conference at Bellagio
Paul Brown, CEO of Inspire Brands and G.J. Hart, CEO of Torchy’s Tacos will headline the Restaurant Finance & Development Conference, November 8-10 at the Bellagio Hotel in Las Vegas. The accomplished CEOs will provide an inside look at their leadership styles, growth strategies and oppo… Read more >>Inspire Brands CEO and Torchy’s Tacos CEO To Present at RFDC!
The Restaurant Finance Monitor is pleased to announce that Jon Taffer will keynote the opening general session of the Restaurant Finance & Development Conference, to be held November 8-10, 2021 at the Bellagio Hotel in Las Vegas. We are excited to be holding the event in person! Read more >>Jon Taffer to Keynote Restaurant Finance & Development Conference
We’re excited to announce a keynote speaker for this year’s event. Dr. Scott Gottlieb, a nationally known physician and former commissioner with the Food & Drug Administration. Dr. Gottlieb, a frequent contributor to CNBC, the Wall Street Journal and CBS’s “Face the Nation” throughout th… Read more >>Dr. Scott Gottlieb to keynote at the November Restaurant Finance & Development Conference
Chick-fil-A, Inc. reported record revenue and earnings in 2020, despite the Covid-19 pandemic. The Atlanta-based quick-serve operator, ranked by Franchise Times Magazine as the 9th largest franchise company in the United States, reported record free-standing franchised restaurant sales as it… Read more >>Chick-fil-A Reports Record Revenue and Profits in 2020 Despite Covid-19 Pandemic
I finally got around to watching “From Poor to CEO: The Incredible Journey of Herman Cain.” Released shortly after the former restaurant executive’s untimely death last July, the hour-long documentary traces Cain’s rise from working- class roots to corporate executive, presidential candidate… Read more >>‘No Excuses’: A Review of the Herman Cain Documentary
Neil Blazin, owner and co-founder of Pittsburgh-based Driftwood Oven, is a crowdfunding veteran. In 2017 he raised more than $40,000 on Kickstarter to move his mobile pizza oven and bakery into a brick-and-mortar location, and in 2020, his regulation crowdfunding campaign on Honeycomb Credit… Read more >>Crowdfunding Portals Offer Funding Mechanism For Independent Restaurant Revival
If you believe the hype, virtual restaurants are a savior for existing restaurants struggling to turn a profit or looking to monetize excess kitchen capacity. For the countless operators now buying into virtual concepts from existing restaurant players, well-capitalized technology brands or … Read more >>The Economics of Virtual Restaurants
Brian Geraghty learned early that if you kept your head down and did your homework, it kept you out of Mom’s line of sight. “She had a rule: If you weren’t doing schoolwork or at your part-time job, she’d put you to work around the house,” he said. Read more >>The Monitor Profiles MUFG Union Bank's Brian Geraghty
The November bankruptcy filing of CBL Properties, the large mall and shopping center REIT, echoes a dreary sentiment for malls, shopping centers and retailers since Covid came on the scene in March. The burgeoning trend toward e-commerce, accelerated by the pandemic, crushed brick-and-mortar… Read more >>What Comes After the Mall Apocalypse—A Suburban Restaurant Renaissance, Of Course
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was enacted by Congress and signed into law by President Trump. $900 billion of COVID relief includes round two of the Paycheck Protection Program (PPP) loan program. $284 billion has been set aside for PPP-2, called … Read more >>PPP-2 For Restaurants: Here’s What You Need to Know
Crowdfunding has become a popular way of using the internet to raise small amounts of money for both profit and non-profit purposes. As its popularity has grown, it has become an effective way for entrepreneurs, including restaurants, to raise serious start-up capital. Read more >>Restaurant Crowdfunding: It's Time to Get Serious about Raising Money
Despite the havoc of the pandemic, restaurant dealmakers remain positive about the future. To be sure, many of 2020’s transactions — including last year’s $11.3 billion Dunkin’ Brands acquisition by Inspire Brands—were in the works ahead of the March shutdown, easing their completion. Read more >>Restaurant Dealmakers Positive About the Future
ChutneyMex made attendees hungry and captured the win, in the first competition in which teams from four leading hospitality universities worked to "Redesign the Restaurant of the Future," presented during Restaurant Finance Week November 12. Read more >>Florida International University Takes Home Restaurant of Future Contest
Franchise Times Magazine and the Restaurant Finance Monitor have announced the launch of their virtual forum, Restaurant Finance Week, to be held November 9-13, 2020. Read more >>Restaurant Finance Week Helps Multi-Unit Owners Connect
The pandemic has offered restaurants a much-needed reset button. For years progressive restaurateurs, especially those in fine dining, have been looking for a way to make the industry into a “real” profession, while also finding a way to even out the inequities in pay between the servers in … Read more >>The Tipping Point for Restaurants
President Trump’s executive order on August 8, 2020, directing the Treasury Department to allow companies to defer an employee’s payroll taxes from September through the end of the year, came with plenty of political bluster, but no real guidelines for employers. On August 29, the Treasury D… Read more >>President Trump’s Payroll Tax Deferral—Restaurant Chains Might Do Well To Ignore
Wintrust Bank CEO Ed Wehmer recalled his dad asking him in high school, “What’re you going to do for your career? Why don’t you be a CPA and then you can go around and ask any questions you want about all sorts of businesses?” Read more >>Wintrust CEO Built Bank One Location at a Time
On August 4 the names Sandy Beall, Kevin Reddy and Doug Jacob appeared in a prospectus for a blank-check company called FAST Acquisition Corp (FAC). Known formally as a Special Purpose Acquisition Company, or SPAC, FAC is among 64 other such entities filing so far this year to go public for … Read more >>Restaurant Vets Flash $200 Million SPAC War Chest
If the restaurant industry had an official sportsbook, the most popular wager would be the over-under on restaurant closures. Read more >>How Many Restaurants Will Close?
Talk to any investment banker in the restaurant business these days and they'll tell you about the frequent calls they're receiving from investors looking for distressed investment opportunities. Read more >>Distressed Debt Opportunities in the Restaurant Business: A Crowded Trade
Expect the rising fear of a second wave, social distancing protocols and continuing economic panic to undermine consumer confidence at least until 2021, and likely longer. A presidential election this fall doesn't help matters. Read more >>The Swedish Model Doesn’t Help Sit-Down Restaurants
Shake Shack, Ruth's Chris and Potbelly set off a media firestorm last week when the three public restaurant companies announced they had received Paycheck Protection Loans (PPP) under the CAREs Act stimulus program for small businesses. Read more >>The SBA Has a New Shake Shack Rule
Chick-fil-A reported record sales and earnings in 2019. The Atlanta-based quick serve operator, ranked last year by Franchise Times Magazine as the 12th largest franchise company in the U.S., was poised to for another strong year in 2020. However, dining room closures and restrictions to ope… Read more >>Chick-fil-A reports record revenue in 2019, profits up 54.2%
Concerns from participating banks about the amount of interest they can charge for Payroll Protection Loans, and continued questions about eligibility and use of proceeds, forced the Small Business Administration (SBA) to issue revised loan guidelines late Thursday night. Read more >>SBA Changes Rules for Payroll Protection Loans-Raises Interest Rate to 1%, Reduces Maturity from Ten Years to Two and Requires 75% of Loan Proceeds to Cover Payroll Costs
Options for beleaguered restaurants owners are quickly mobilizing and here is what you need to know. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, recently passed by Congress and signed by President Trump on March 27, allows the Small Business Administration (SBA) to guaran… Read more >>Relief on Tap for Restaurants and Franchise Businesses
Obviously, these are tough times for the restaurant industry. It behooves restaurant owners to effectively use their advisors, particularly their accountants and your lawyers. Your goal is twofold: Communicate most effectively with all the constituencies you have to deal with and be in the b… Read more >>Covid-19 and Restaurants: How to Leverage Your Accountants and Lawyers
If you've had to close your restaurant, you will need to make plans for your inventory and your employees. If you've done that, then you are probably hunkered down at home and thinking - now what? Read more >>Answers to the Five Most Frequently Asked Questions After a Restaurant has Closed
Along with you, we are closely watching the impact COVID-19 is having on our communities and businesses. We understand the tremendous impact that the restaurant and franchise industries have on the economy. Read more >>Message to Restaurant Owners: Stay Open!
The challenges for restaurants from the Covid-19 virus are formidable. Here are some ideas to ensure the viability of your business at least until the all-clear signal is given. Read more >>The Ultimate Challenge for Restaurants: Surviving the Covid-19 Event
In an interview with the Restaurant Finance Monitor, Trinity Capital Managing Director revealed how Citizens Bank's acquisition of his firm materialized. Read more >>Burke says Citizens’ acquisition opens up breadth of services
Citizens Financial Group, Inc. announced a definitive agreement to purchase the assets of Trinity Capital. Read more >>Citizens Financial Group Expands Corporate Finance Team with Trinity Capital Acquisition
The mergers & acquisition market for restaurant franchisees and multi-unit restaurant brands has changed dramatically over the past three decades, and Brookwood Associates' Amy Forrestal has had a front row seat to that evolution. Read more >>Brookwood’s Amy Forrestal Helps Clients Navigate M&A Market
2019 might be considered an off year for public restaurant chains as only seven companies outperformed the outsized 28.9% return of the S&P 500 benchmark. However, the industry's stock market benchmark, the Restaurant Finance Monitor Stock index, weighted 70% in quick-serve restaurants a… Read more >>The Best Performing Restaurant Stocks of 2019
One of the notable career achievements for Trinity Capital founder and managing partner Kevin Burke is the role he played in helping to develop and broaden what has become a $12 billion national franchise loan securitization market on Wall Street. Read more >>Trinity Capital’s Burke Tackles Complex Financing Structures
Bank of America Merrill Lynch recently hired four executives to expand their Restaurant Group there. Read more >>Bank of America Hires Relationship Managers, Credit Positions
CoreLife Eatery, based in Binghamton, New York, is building a lifestyle brand from the inside out. CoreLife embodies an intersection between “we are what we eat” and “find what works for you.” The company further describes its objective: “Food determines how you feel, how you look, and most … Read more >>CoreLife Eatery— A Brand on the Move
There have been many articles written, sporadically timed, about the impending recession. The timing of such a projection has been challenging. During our Toroso investment committee meetings we too often discuss this risk as well as many others that can affect portfolio outcomes. Read more >>Will Your Retirement Lunch Menu Change In A Recession?
Mitsubishi UFJ Financial Group (MUFG) announced it is expanding its Food & Beverage practice by hiring three corporate bankers with extensive experience in the restaurant finance sector. Read more >>MUFG Expands Food & Beverage Practice, Hiring Three Senior Restaurant Finance Bankers
Fat Brands, Inc. (FAT-NASDAQ CM), the restaurant franchisor of Fatburger, Buffalo's Cafe, Buffalo's Express, Hurricane Grill & Wings, Yalla Mediterranean, the Ponderosa and Bonanza Steakhouses, and the recently acquired Elevation Burger, has registered a “best efforts” offering of up to … Read more >>Fat Brands, Inc. Registers $30 million Preferred to Pay Off Sardar Biglari
Kura Sushi USA, a wholly-owned subsidiary of Osaka-based Kura Sushi Japan, filed an S-1 with the Securities and Exchange Commission last week and intends to raise approximately $58 million in an initial public offering. BMO Capital Markets and Stephens Inc. are underwriting the offering. Read more >>Inside Kura Sushi’s IPO Filing
MOD Pizza, based in Bellevue, Washington was founded in 2008 by Scott and Ally Svenson,. The Svensons had built two successful food service companies while living in England.Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>MOD Pizza—A Dynamic Up & Comer
Sizzler USA is undergoing a significant management shift. CEO Kerry Kramp is among five executives who exited the iconic West Coast brand early last week. It's unclear whether they quit or were forced out. Read more >>Executive Team Out at Sizzler USA
The highlight of Noble Roman's first quarter report was the first franchised Noble Roman's Pizza & Pub in Lafayette, Indiana, that opened on May 2. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Concept Spotlight: Noble Roman, Inc. (NROM)
When he was a kid, he wanted to grow up and be a pilot or a race car driver. “Something with speed,” said Daniel Nunes with a laugh. “I liked risk.” Read more >>Nunes: A Career in Calculating Risk
“We were looking for an entrepreneurial bank,” said Mike Rozman, CEO and co-founder of online lending platform, BoeFly. Read more >>ConnectOne Bancorp to Acquire BoeFly
Well regarded pure franchising Restaurant Brands Int'l (QSR), best of breed company operator, Texas Roadhouse (TXRH), and the mature, professionally managed, multi-chain operator and franchisor, Brinker International, (EAT) all reported their March quarter within the last 36 hours. Visit www… Read more >>Restaurant Brands International - All three stocks are down—What’s going on?
Today, every number from the POS system goes straight to a database, every bottle of liquor is counted, and counted again, and every cent of revenue is vital to the bottom line. Read more >>New Approaches to Restaurant Accounting
Chick-fil-A, Inc. filed its Franchise Disclosure Document (FDD) on March 31, 2018 and within that disclosure released its audited financial statements for the year ended December 31, 2018. Read more >>Chick-fil-a reports record revenue, profits up 5.7% in 2018
By late 2024, the $15 minimum wage will be fait accompli in major metropolitan areas in the United States, with CPI inflators expanding wage increases into the future. Read more >>The Restaurant Industry: Consequences of a $15 Minimum Wage
Restaurant Finance Monitor founder John Hamburger talks about the evolution of restaurants with Tyler Carlson on SiteZeus's Tech & Mortar podcast. John also provides a macro look at the restaurant industry and gives advice to growing companies on how to survive a down cycle. Read more >>Restaurant Finance Monitor founder talks on the Tech and Mortar Podcast
Karen J. Hutton admits that she hates to lose. “I'm very competitive. I want Hutton to be the best, and I want the client to see me as offering as much or better service than anyone else. That's my drive every day,” Read more >>Karen Hutton: Developer Puts Tenacity to Work for Her Clients
Restaurant lender Tom Hung has joined First Tennessee Franchise Finance as Managing Director, Group Head of Franchise Finance. Read more >>Hung to Lead First Tennessee’s Franchise Group
Chicken Salad Chick, based in Auburn, Alabama, was formed in 2008, by Stacy Brown. Stacy was a stay-at-home mom and self-proclaimed connoisseur of chicken salad who began the business by selling chicken salad made from her home kitchen. Visit www.rogerlipton.com to view free restaurant compa… Read more >>Chicken Salad Chick—Comfort Food And A Great Corporate Culture
Yesterday, Shake Shack reported their fourth quarter and 2018 results. It was very much as management had predicted, reflecting modest same store sales gains, cost pressures at the store level as well as continued high administrative expenses to support very rapid expansion. Visit www.rogerl… Read more >>Shake Shack (SHAK) Reports Mixed Bag, Concept Matures, As Management Predicted
It is not a coincidence that Restaurant Brand International's stock was uncharacteristically weak, in a strong market, last Friday, as Kraft Heinz (KHC) was “taken out and shot,” down 25% on the day. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Restaurant Brands International (QSR) Weakens After Kraft Heinz (KHC) Disappoints—Why?
Fat Brands (FAT-NASDAQCM), the franchisor that owns Fatburger, Hurricane Grill and Wings, Buffalo's Café and Buffalo's Express, Ponderosa and Bonanza Steakhouses, and Yalla Mediterranean, has received a $20 million loan from Sardar Biglari's managed investment fund, The Lion Fund, L.P. and T… Read more >>Biglari Sells 402,427 Shares of Cracker Barrel; Loans Fat Brands $20 million
Rick Thompson has a long track record in the franchise finance sector that has included playing a key role in building franchise finance platforms for major lenders. Read more >>Thompson: 30 Years in Franchise Finance
Each generational group has different wants and needs that influence their restaurant purchase behavior. Accordingly, foodservice marketers need to understand how to gain the attention of these consumers to drive traffic. Read more >>Satisfying The Restaurant Needs Of Generation Groups
Texas Roadhouse is one of the premier restaurant operators. Management is outstanding, their long-term record is superb, and we don't doubt that they will continue to be very profitable. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Texas Roadhouse: There Could Be a Better Buying Opportunity
Armando Pedroza clearly remembers the first restaurant loan he ever made. It was Dec. 20, 1995. Read more >>Armando Pedroza: Lenders Are Lining Up for Restaurants
Restaurants in major markets across the country are struggling to adjust to labor shortages, pay increased health care costs, absorb rising food costs and steep rents, and deal with the expectations of today's consumers. Some are downsizing, and Others are turning to delivery apps to grow re… Read more >>Still Too Many Restaurants
In today's competitive restaurant world, a restaurant organization's entire approach to customer needs must take into account many factors. Often, when restaurant owners are faced with closing a business, the story they tell is about their inability to resolve competitive issues and create a… Read more >>Keeping Your Restaurant and Organization Relevant
I just returned from the Restaurant Finance & Development Conference, the must attend conference for restaurant industry professionals. The conference attendees spent three days networking, listening to panels focused on critical industry developments and getting macro-economic updates f… Read more >>Report from the "Must Attend" Restaurant Finance & Development Conference
I wrote an article on my blog (www.rogerlipton.com) on October 11, discussing the three major restaurant positions in Bill Ackman's Pershing Square Capital portfolio that comprise a massive 41% of his $8.3 billion fund. The companies include Restaurant Brands (QSR), Chipotle (CMG) and Starbu… Read more >>Bill Ackman—41% of Assets in QSR, CMG & SBUX Combined….And Still Not Well-Positioned
Ab Igram already had a solid resume in business consulting by the time he caught the “bug” for franchise financing. Igram currently serves as managing director of Sponsor and Specialty Finance and Head of Restaurant and Franchise at Webster Bank. Read more >>Ab Igram: Grad School Fueled Passion for Franchise Finance
Robert Daniel followed a fairly typical path into finance with a business degree and a first job at NationsBank (now Bank of America) 25 years ago. But it was his desire to have knowledge that was more than “a mile wide and an inch deep” that set him on a course to specialize in restaurant finance. Read more >>Robert Daniel: Conservative Strategies Can Help Weather Challenges
Inspire Brands, affiliated with private equity firm Roark Capital, announced the intended purchase of Sonic Corp. (SONC), at a premium of about 18% to the market price prior to the offer. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Thoughts on Who’s Next
The Restaurant Finance Monitor Stock INDXX continues to outperform the broader stock market indices. Through September 28, 2018 the index was up 20.6% year-to-date and 25.5% over the past 12 months. For comparison, the S&P 500 index was up approximately 8.9% and 15.6%, respectively. Read more >>The Restaurant Finance Monitor Stock INDXX Outperforms in Third Quarter
The National Restaurant Association will no longer manage or own its annual convention, commonly called the Restaurant Show. Read more >>Control of the NRA Show Shifts to Winsight
A main point of contention in the bankruptcy case of RMH Franchise Holdings is whether their franchise agreements were terminated prior to a bankruptcy filing. A court says, "No." Read more >>Court Shoots Down Dine Global in Applebee’s Franchise Termination Case
Darden Restaurants (DRI) has just proved to be the exception to the recent rule among restaurant operators. They reported an excellent quarter, with blended same store sales up 3.3%, and traffic up a bit, which hardly anybody else is accomplishing. Visit www.rogerlipton.com to view free rest… Read more >>Darden (DRI) Has Excellent Quarter In Still Tough Environment, What’s Cooking?
Piper Jaffray analysts Nicole Miller Regan and Josh Long's recent conference call on foodservice distribution isn't good news for restaurant chains looking for falling food commodity costs to offset rising labor expense. Read more >>Restaurants To Bear the Brunt of Rising Distribution Costs
If anybody thinks it is getting any easier out there, Cracker Barrel's report yesterday should provide a dose of reality. Comp sales declined 0.4% in the fourth quarter ending July 31, but the average check increased by 3.5% (menu price increase was 2.7%), so traffic was down about 3.5%. Vis… Read more >>Cracker Barrel's Fourth Quarter—A Metaphor For The Industry?
Dave & Buster's Entertainment reported their second quarter results last Thursday and the stock responded positively, up 7-8% on the slight sales "beat," the more material EPS beat, and positive company commentary regarding results of the new Virtual Reality platform. Visit www.rogerlipt… Read more >>Dave & Buster's (Play) Reports Q2—Stock Up 7%—How Is Big Bet (Virtual Reality) Doing?
In this second quarter ending June 30, 2018, the value of the Restaurant Finance Monitor Stock Index increased 14.63%, which brings the YTD performance to 14.84%, including dividends. That easily beat the S&P 500 Index which gained 2.9% during the quarter. Read more >>The Restaurant Finance Stock Market Index Outperforms in Second Quarter 2018
There are some big changes coming to the accounting department, and many companies have been slow to react. Read more >>Time Running Out for CFOs to Adopt New FASB Standard
I don't normally disclose our “bottom line” in terms of our position (long or short) in companies that I write about. However, Papa John's is sufficiently liquid in terms of trading volume and adequately controversial in terms of the investment community's dialogue. Visit www.rogerlipton.com… Read more >>Papa John's (Pzza)—Should You Be Long Or Short This One?
Cristin O'Hara appreciates a good story. The fact that restaurant operators often have an interesting story to tell is one of the reasons that drew her into restaurant finance in the first place. O'Hara currently serves as the managing director and head of the Restaurant Group at Bank of Ame… Read more >>Cristin O’Hara: Long-term Strategy Is Recipe for Financing Success
Papa John Schnatter's loose lips now put him in the same camp as former race luminaries Jimmy The Greek and Donald Sterling. The only thing I'll say here about Schnatter's faux pas: It's not good for selling pizzas. Read more >>The Mess at Papa John’s
The recent press release by Restaurant Brands International (NYSE-QSR) relating to initiatives at Tim Hortons, its now admitted troubled subsidiary that contributes about half of its corporate EBITDA, tells us a lot about the prospects for the company over the next few years. Visit www.roge… Read more >>Restaurant Brands International (NYSE-QSR)—A Single-Digit Grower for the Foreseeable Future
Dine Brands Global, previously known as DineEquity, operator and franchisor (franchisor mostly) of the IHOP and Applebee's brands, has had its share of challenges in recent years. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Dine Brands Global—IHOP and Applebee’s Initiatives Galore. Is There a Chance of Success?
As senior vice president of acquisitions at National Retail Properties (NNN-NYSE), Josh Lewis is helping the net lease REIT acquire on average between $650 million and $850 million in restaurant and retail properties each year. But it was not long ago Lewis was sitting on the other side of t… Read more >>Josh Lewis: Real Estate Experience on Both Sides of the Table
Starbucks (SBUX), the house that Schultz built, is a success story that has inspired many. It is also a Top 10 holding in the Restaurant Finance Monitor and deserves comment. Starbucks has led both technologically and culturally through its 175,000 “green aprons.” However, on June 26, its fo… Read more >>Howard Schultz: 'Business Leaders Cannot Be Bystanders'
Bill Lenehan is CEO of that new REIT entity—Four Corners Property Trust (NYSE-FCPT) – and he is helping other restaurant chains and individual franchise operators by acquiring their properties and then leasing them back via long-term net leases. Read more >>Four Corner’s Bill Lenehan: An Appetite to Acquire Restaurants
36% of the stock float was sold short, so the numbers came through “adequately”, and the stock didn't go down, so the short-term traders panicked, covered their positions and drove the stock higher. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Shake Shack (SHAK) Reports First Quarter 2018—Stock up 25%—What’s Going On?
QSR reported their first quarter results on April 25th, including eagerly awaited commentary regarding the important relationship with their Tim Horton franchisees. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Roger Lipton: Restaurant Brands International (QSR) – A Great Number of Moving Parts, Financial, Legal, Operationally in the First Quarter
Sandra McCraren will be the first to admit that when she started her career in restaurant financing nearly 30 years ago, she definitely had luck on her side. She went to work for a bank that was in the very early stages of helping form what is now the national lending program for McDonald's … Read more >>Sandra McCraren: Celebrating 30+ Years in Finance
In the latest Restaurant Finance Monitor INDXX rebalancing, which took place on March 31 the index underwent a number of significant changes. Read more >>Restaurant Finance Monitor Stock Index Rebalance Tells a Mixed Story
Up until ten years ago, almost all the chief financial officers in the restaurant industry were male. At the recent Restaurant Finance & Development Conference, 36 of the 243 CFOs attending, or 15%, were female. One of them, Lina O'Connor, CFO of Tender Greens, in Culver City, Calif., re… Read more >>More Women in Restaurant CFO Positions
A strong bench, deep pockets and a strong culture have 302-unit MOD ready to keep growing. Visit www.rogerlipton.com to view FREE restaurant company descriptions and other articles. Read more >>Roger Lipton: 'Admirable' MOD Poised to Stay Strong
Glen Kunofsky is a veteran of the sale-leaseback industry and one of the pioneers who helped establish a bigger buyer pool for net-leased restaurant properties among private investors nearly two decades ago. Read more >>Glen Kunofsky: Blazing a Trail for Sale-Leasebacks
The inaugural Food On Demand Conference just wrapped up in Dallas, take a look at some of the key points coming out of the food-delivery industry. Read more >>Quick Hits From The Food On Demand Conference
To his credit, Gary Chou has earned an impressive list of academic and professional achievements. But the path he followed to become a top commercial real estate broker is far from typical. Read more >>Meet Restaurant Real Estate Expert Gary Chou
The fast-casual segment appears to be evolving, causing private equity investors to pursue brands featuring menus ahead of their time. Case in point: Modern Market. Founders of the 30-unit chain sold controlling interest in late February to Butterfly Equity, a Los Angeles private equity firm… Read more >>Butterfly Buys a Brand Ahead of Its Time
The Restaurant Finance Monitor Stock Index (RSM) has returned 2.14% as of March 14, 2018, behind the S&P 500, which is up 3.16%. Read more >>What the Monitor Stock Index Is Telling Us
The labor situation is difficult, and restaurateurs looking to get into the delivery game themselves have an especially difficult task. Read more >>Delivering Yourself? Good Luck Finding Drivers
Cooper's Hawk has grown to 30 high-volume locations by tapping into the experiential and lifestyle trends that keep casual diners coming back. Visit www.rogerlipton.com to view free restaurant company descriptions and other articles. Read more >>Roger Lipton: Cooper's Hawk Checks 'Experiential' and 'Lifestyle' Boxes
With tax reform legislation now law, it's important than restaurant accounting, finance and tax professionals understand the important changes brought about by this legislation in order to take full advantage of the changes. We covered this topic in a webinar which you can now watch here. Read more >>2018 Tax Reform Webinar
The last two weeks have been especially volatile in the capital markets. Visit www.liptonfinancialservices.com to view more stories from Roger and company descriptions. Read more >>Roger Lipton: Market Volatility in Three Charts
Casual dining has more and more dine-in competition, now coming from the sleek new QSR restaurants. Read more >>Where are the Sit-Down Diners Going? QSR
Valentine's Day is one of the busiest days for almost every restaurant, but there are some major standouts when it comes to romance-related sales spikes. Read more >>Valentine’s Data: Romance, Traffic and Menu Mix
Brian Niccol is moving from Taco Bell to Chipotle (CMG) and takes over as CEO on March 5. Will Niccol be the right person to reverse Chipotle's abysmal stock performance over the past two years? Read more >>Restaurant Finance Monitor Stock Index Update
By now, the industry knows Taco Bell CEO Brian Niccol will become Chipotle Mexican Grill CEO on March 5. It's hardly surprising. Niccol's name appeared in a December Restaurant Finance Monitor story I wrote about ideal candidates for CMG chief executive. Read more >>We Called It: Taco Bell’s Brian Niccol Leaves for Chipotle
The traditional role of the CFO was to make sure the accounting was proper and the bills were paid. A CFO's responsibilities now stretch from pricing and labor retention to customer behavior, cultural alignment and even storytelling. Read more >>The Changing Role of the Restaurant CFO
The true health of the restaurant industry is a constant debate. Read more >>Introducing the Restaurant Finance Monitor Index
The deal with Buffalo Wild Wings is done, and now Paul Brown has begun his balancing act at the helm at Inspire Brands. Read more >>Paul Brown’s Balancing Act at Inspire Brands
When David Pesso and his brother were thinking about branching out in the restaurant world, they wanted something new and creative. But it was the family recipe book that served as the seed of The Hummus & Pita Co. Read more >>Hummus & Pita Co.: Brooklyn Soul and Kitchen Fund Cash
Don't Fight the Fed” has proven to be one of the simplest, but most durable, tools in capital management. Visit www.liptonfinancialservices.com to view more stories from Roger and company descriptions. Read more >>Roger Lipton: Here Comes the Fed's Next Test
iPic Entertainment Inc. is now public as NASDAQ: IPIC. Read more >>iPic Goes Public with $40 Million IPO
Starbucks is getting a whole lot of goodwill for its announcement that it will raise wages and give sick time and other benefits to employees, as it should. But the skeptic in me can't help but see this as a desperate employee-marketing program in a period of intense labor pains. Read more >>A Skeptical Look at Starbucks’ Wage and Benefit Spending
Research from location-analytics firm Sense360 shows that if a company is spending big on a major sporting event, it's has an outsized impact on the team's local market. Read more >>Advertising at the Big Game? May Your Best Market Win
Only a handful of restaurant brands have been around for 50 years. But Roy Rogers has been slinging burgers and fried chicken since 1968. Read more >>At 50, Roy Rogers Updating to ‘Version 3.0’
Some of the largest public restaurant brands had a lot to say on the second day of the ICR Conference. Read more >>Delivery, Capital Allocation Big Themes From ICR Day Two
New CEO Ray Blanchette has a big task ahead of him as he looks to put Ruby Tuesday on a new course toward growth. Read more >>Fresh Ruby Tuesday CEO Searching for Brand's ‘New Voice’
Much of the public restaurant industry gathered in Orlando for the 2018 ICR Conference to catch up in the New Year. Read more >>Three Themes from ICR Day One
Even with ZOES down more than 65% from its historical high, investors still have an unusually long wait before the fundamentals catch up with the current stock price. Visit www.liptonfinancialservices.com to view more stories from Roger and company descriptions. Read more >>Roger Lipton: Zoe's 'Admirable' but Stock Is Overpriced
University of Michigan-Flint economics professor Mark Perry explains the impact of the minimum wage increases (18 of them) that took place on January 1 in one simple lesson on the American Enterprise Institute's Carpe Diem blog. Read more >>The Blessing of the Minimum Wage Fallacy
Just about every owner large and small has seen business insurance premiums grow dramatically in recent years. But for the right companies, those premiums can turn into a revenue stream. Read more >>For Safe Cultures, Insurance Can Become a Revenue Stream
Papa John's is trying to put the focus back on pizza. Founder John Schnatter is stepping aside, and President Steve Ritchie will take over as CEO on January 1. Read more >>Papa Johns Founder Out After Mixing Politics, Pizza
There are a handful of restaurants companies that still haven't reached their projected tax-reform prices. Read more >>Analysts See Many Winners Under Tax Plan
The franchisor-franchisee relationship can be a contentious one, that's not news to anyone, but the Subway system is particularly prickly right now. Read more >>Subway Defends $4.99 Footlong as ‘Best Short-Term Option’
It's tough to celebrate negative numbers, but third quarter and early fourth quarter trends may hold a sliver of optimism that at least the ugly trends are slowing down. Read more >>Comp and Traffic Trends Bring Cautious Optimism
LOCO is in a position to bring in the diner dollars if it makes the right changes, and if customers notice. Read more >>Roger Lipton: El Pollo Loco is Low Risk, Possibly Rewarding
The employee-rights movement continues to gain momentum, most recently in New York City. Read more >>Worker Rights Movement on the Move in NYC
It would be great if prosperity easy to create, but unintended consequences of tax reform are still to come. Visit www.liptonfinancialservices.com to view more stories from Roger and company descriptions. Read more >>Roger Lipton: Can the Economy Overcome the Post-Tax Debt Load?
The Financial Accounting Standards Board, which sets GAAP standards, has clarified some language around new revenue-recognition guidelines. Read more >>FASB Clarifies Unnerving Revenue Recognition Language
JACK reported yearend results last evening after the close, disappointing by most measures, especially the results at Qdoba, which has been reported to be for sale. Visit www.liptonfinancialservices.com to view more stories from Roger and company descriptions. Read more >>Roger Lipton: Jack In The Box 'Disappointing by Most Measures'
Chipotle announced that Steve Ells would be exiting his role as chairman and CEO, becoming executive chairman when the company can find a replacement for the man who founded the brand back in 1993. Read more >>Steve Ells Stepping Down, Chipotle Hunts for New CEO
Chicagoans have been buying Rome's most innovative pizza by the pound since February, courtesy of Rick Tasman and chef Gabrielle Bonci. Read more >>Pizza by the Pound, Cut with Scissors
After Eatsa, the highly automated bowl concept, shut three locations to retrench, it looked like the modern-day automat was on the ropes. But as San Francisco startups do, the company has pivoted and has a new role as automation partner. Read more >>Wow Bao to Open First Eatsa-Empowered Restaurant in Chicago
Danny Meyer, founder of Shake Shack, is no longer actively involved in management of this leader within the “fine” casual dining industry. His cultural influence is no doubt being maintained as one of the restaurant industry's most progressive voices. Read more >>Roger Lipton: Shake Shack Kiosks May Have Unintended Consequences
Tax reform is grinding along in D.C., and some key tax credits are at risk in a new plan. Read more >>Key Restaurant Credits at Risk in Tax Plan
The third quarter results have thus far been more of the same, but there are still plenty of restaurant stocks that have the analysts excited. Read more >>Several Standouts Still ‘Buys’ in Shaky Third Quarter
Restaurant turnover has just dipped from historic highs in the summer, and they aren't getting much better. Read more >>HotSchedules All-In on Manager Retention
The cost of data breaches is going up and they're becoming more frequent, especially in the U.S. Read more >>Hackers Targeting U.S. Companies More and More
Union Square Hospitality Group has a new fund with a little twist for portfolio companies: being plugged into the Danny Meyer empire. Read more >>Union Square Fund Enables Operational ‘Cross Pollination’
How often do you make a donut burger at home, or perhaps craft a mac and cheese donut? Read more >>Restaurants Still Drive Culinary Excitement, Experimentation
A pair of developments mean there will soon be even more existential competition for the restaurant industry. Read more >>7-Eleven, Albertsons Add to the List of Existential Threats
There's a lot of talk about turnarounds these days. Some say casual dining is just dead while others think they've cracked the code one quarter only to find a new scapegoat the next. But Denny's made it work. Read more >>How Did Denny’s Do It?
Even before Harvey slammed Texas, August continued an ugly trend for the restaurant industry. Read more >>August Continues Ugly Restaurant Trends
