IN THE WORKS

Acquiring a portfolio of leased locations—whether it’s a restaurant chain, convenience stores, or another multi-unit business—comes with an overwhelming list of post-closing tasks. But one critical piece of the integration puzzle often slips through the cracks: transferring business licenses, permits, and utility accounts.

Congratulations on acquiring new franchise locations! While the excitement is high, a smooth integration can be the difference between a quick start and a frustrating slowdown. To avoid post-closing headaches, here's a checklist of 3 crucial items you need from the seller to ensure a speedy integration for your operations team:

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.

Adopting an ASC-842 lease accounting solution is a critical step for any organization managing leases. The standard requires precise calculations, detailed reporting, and thorough compliance efforts—but not all systems are built to meet these needs. If your current solution isn’t up to par, it could be causing more harm than good.

The first few years of ASC 842 compliance have served as a valuable learning experience for organizations of all sizes. This period of adaptation has provided the opportunity to identify areas for improvement and refine existing strategies. Whether you're a seasoned public company or a private company embarking on future years, a proactive approach is essential to optimize your lease management strategy and ensure long-term compliance.

By Gwen Kelly, Partner at Property Works Gwen has been auditing occupancy costs for over 25 years.

For restaurant and retail chains juggling leased locations, the specter of ASC-842 looms large even as we enter into 2025. 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?

As we step into 2025, multi-unit operators in the retail and restaurant industries find themselves at a critical juncture. Shifting consumer behaviors, rapid technological advancements, and evolving lease dynamics are redefining the landscape. To stay competitive, operators and property managers must anticipate these changes and adjust their strategies accordingly.

Operating a multi-unit business involves a complex array of licenses and permits. This guide serves as your strategic advisor, helping you navigate the regulatory landscape to ensure your operations are compliant and efficient across all your locations.

For operators of multi-unit businesses, managing licenses and permits can be a daunting task. The complexity of this process stems from various factors that can hinder operational efficiency and legal compliance. Here, we explore the key challenges that multi-unit operators face in this critical area of business management.