Franchise refreshes

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by a searcher from University of California, Los Angeles - UCLA Anderson School of Management
in Santa Monica, CA, USA

1mo ago

Franchise refreshes

If you are doing a franchise deal how do you deal with the possibility of regresh spend in the near future?

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reply by a searcher 1w ago
from University of California, Berkeley in San Francisco, CA, USA

Bake required capex into your purchase price. I'd say if needed within 3 years, take down purchase price dollar for dollar. Definitely recommend developing a relationship with the franchisor and understand where they stand on many topics but specifically capex (growth and refresh) on the new owner.

reply by a searcher 1w ago
from Carnegie Mellon University in Phoenix, AZ, USA

For this conversation, it's pretty much like any other expense. I'm assuming your looking at cash flow, so factor it into your 5 year cash flow model - after all, that is more-or-less how you are probably judging the business, how much cash you take home. But in this case I'd probably look at it on a monthly basis (at least for the first 2 or 3 years) as best I could just so I understood the potential impact and if creates any problems for me.