For restaurant and retail chains juggling leased locations, the specter of ASC-842 looms large. This complex accounting standard, demanding comprehensive lease recordkeeping, often triggers groans and late-night spreadsheet sprints. But what if the real culprit behind your ASC-842 woes isn't the standard itself, but the disconnect between your lease administration and accounting departments?
IN THE WORKS
After the deal is done and the acquisition team hands off a newly acquired portfolio of leases to the operations team, there can be confusion over what happens next. If your operations team is already working at capacity on the day-to-day tasks of running the business, finding time for someone to comb through each lease to set reminders for important dates, make notes of unusual terms, and reach out to every landlord can feel impossible. For many business owners, it's unclear who on their team these tasks should even fall to. This lack of clarity leads to a catch-up situation of just trying to not let too many items drop. Sound stressful? That's why Property Works has developed a proven Acquisitions to Operations Transition Process Support service to help you start strong.
Savvy business owners are increasingly relying on lease administration software to help keep track of their properties. But in the sea of real estate–management platforms, how does a business operator know which is the right fit?
The ICSC Law Conference's panel, "Accelerating Technology in Lease Reviews: Demystifying the Miraculous," delivered valuable insights, highlighting four pivotal takeaways with concrete examples:
A look ahead to This Year’s Restaurant Finance and Development Conference: Introducing Property Works' New Transaction Support Services
A look ahead to This Year’s Restaurant Finance and Development Conference: Introducing Property Works' New Transaction Support Services As you gear up for the Restaurant Finance & Development Conference, there's something special cooking at Property Works. We're thrilled to introduce our brand-new Transaction Support Service, tailored for operators acquiring new locations and private equity groups acquiring new portfolios. This innovative service is designed to streamline post-closing integration, making the process smoother and more efficient than ever before.
8 Essential Lease Components to Uncover Before Acquisitions When it comes to real estate acquisitions, the adage "knowledge is power" couldn't be truer. The success of an acquisition hinges on a comprehensive understanding of the existing leases. Imagine closing on a new property only to discover that a crucial lease expires just one year after the closing date—with no available renewal options. The ramifications of not uncovering these lease intricacies before closing can be substantial, ranging from missed negotiation opportunities to unforeseen financial burdens. In this blog, we'll explore why uncovering eight essential lease components before closing on an acquisition is paramount to ensuring a well-informed, strategic approach to property management.
5 Best Practices to Build a Real Estate-Driven Multi-Unit Company In the landscape of multi-unit businesses, real estate should be more than just a supporting player – it should be woven into the very fabric of your organization's decision-making process. Real estate acts as the vital thread connecting all activities beneath the real estate umbrella to your management's overarching goals. In essence, it becomes the primary tool for achieving your company's mission.
A Look Ahead to NRTA's Next Expanding Knowledge National Conference 2023: Empowering Lease Management Professionals
Renewing business licenses and permits can be a complex and time-consuming process for any business owner. With multiple jurisdictions and varying renewal requirements, it's crucial to have a well-organized and efficient process in place. These 7 steps will provide you with essential information and practical steps on how to create a seamless process for renewing business licenses and permits.