The measures to stop the spread of COVID-19 have created swift change to our business environment. Some business’ have had to close while some are scrambling to implement new strategies to deliver products/services to generate revenue. It may feel like you have been dealt a pile of lemons, however; their are ways to make lemonade.
We are living with many unknowns, as you now listen to our panel of experts discuss , you will learn strategies to successfully ride the wave of uncertainty and will come out better for it on the other side.
Questions Received By Attendees and Answered By Our Experts
- How do you protect business continuity if I as the owner/operator gets the virus and/or one or more of my key people?
- What kinds of things should franchisees do right now operationally to protect their business?
- What were one or 2 of the tax changes as a result of the CARES Act that benefit multi-unit franchisees?
- How can franchisees retain or increase their sales to at least over their costs – ideas on how create more points of revenue as a franchisee
- What are some items to consider during the recovery state? How do franchisees make the decision to close (even if temporarily) versus remaining open, if they can?
- What are some long-term cash flow strategies to consider for re-opening?
- Given that most business values are going to decrease as a result of the virus, is this a good time to consider gifting stock to the next generation?
- I understand that NOL (net operating loss) from previous years can be restated to the business’s advantage. Is that correct and , if so, is it worth the effort?
- What will become new norm for franchise food industry? Less customers will be walking in to the restaurant. Also many people have lost their jobs & not all of them will have job back once “Pause” is lifted. How that will impact retail businesses?
- Are unpaid lease payments considered deferred and need to be repaid?
- If not repaid, will the landlord send the lessee a 1099 in order to deduct the loss of income?
- How are retail based franchisees handling lease obligations?
- What financial assistance should they expect (or ask for) from the Franchisers
- How should multi unit Franchisees address upcoming development obligations
- Is now the time to renegotiate franchise agreements
- Are there any additional strategies to reduce rent and royalty without any money coming out of my pocket.
- Are there any PitFalls to PPP
- Navigating the PPP loan forgiveness part, as it appears at present time, we will not have the same number of employees as before.
- Insight into how to spend PPP money in the smartest way.
- What is best message an owner/operator should be sending to the organization?
- How long the economy will take to recover.
- What things should franchisees be thinking about today in order to prepare for a new normal?
Thank You to the Expert Panelist:
- Jeff Bannon, Partner, The Rawls Group – firstname.lastname@example.org
- Michael Einbinder, Partner, Einbinder and Dunn – email@example.com
- Michael Iannuzzi, Partner, Citrin Cooperman – firstname.lastname@example.org
- Aicha Bascaro, Founder, CEO, American Franchise Academy – email@example.com