A wise restaurant industry mentor once gave some very sage advice: “Always, and I mean always, have an exit strategy before getting into any venture.” He suggested that this exit strategy could take one of many forms, and we are going to take a look at each of them in this article.

Do you have an exit strategy for your restaurant or franchise business?

As in nearly any business, managing revenue and expenses is a constant balancing act. And for restaurant owners that balance can be fraught with uncertainty as costs of goods fluctuate. A key metric for restaurants to monitor is “Prime Cost.” Prime Cost represents the two biggest expenses you have – cost of goods sold (COGS) and labor cost – calculated as a percentage of your total sales. Managing these two categories of expenses is one of the most important tasks you, as a manager or owner, will undertake.

Not hitting your Prime Cost targets? Tips on ways to reach them!

For successful restauranteurs, the desire to grow is usually strong at some point. Growth brings opportunities and potential financial gains, but also challenges. In order to minimize risk and maximize the rewards associated with growing the number of restaurants one has, they must first determine how best to achieve that growth.

It isn’t surprising that most restauranteurs want to eventually expand beyond their original location. But what are the most important things to consider if you are going to open a second restaurant? Are you ready to expand? While you may have the desire to open a second location, you must ensure that you are actually ready. But what does being ready consist of? Let’s delve into this and help you prioritize the critical things you need to consider to open a new location.

Opening a new location? Here are five things to consider

For most restaurant owners, the urge to grow comes along at some point. The pursuit of growth can bring great rewards, but usually comes with great challenges as well. What are those key challenges and how do you overcome them? Well, the answers to that depend upon where your starting point is as you contemplate growing your restaurant business.

For most restaurant owners, the urge to grow comes along at some point. the pursuit of growth can bring great rewards, but usually comes with great challenges as well. What are those key challenges and how do you overcome them? Well, the answers to that depend upon where your starting point is as you contemplate growing your restaurant business.

Overcome key challenges to grow your restaurant business

The pandemic brought with it a myriad of challenges to the restaurant industry. Extended restaurant closures were one of the most significant. And the fallout from those closures still impacts the industry today. 

How labor shortages are affecting your restaurant’s profits

Managing restaurant finances for third party deliveries may be complicated, but it's essential. Before restaurants commit to working with third-party delivery apps, consider these challenges.

Third-party delivery accounting for restaurants

In restaurant accounting, certain transactions can result in deferred revenue instead of regular revenue. Explore the concept of deferred revenue in restaurants and how it impacts accounting practices.

Restaurant owners often find themselves wondering what their CPA needs for tax season. Find out how Baker Tilly can help make restaurant industry accounting and bookkeeping accurate and manageable.

Essential documents restaurants need to prepare for tax season

Brian Campbell is an audit principal with Baker Tilly. Brian creates valuable working relationships, provides exceptional client service and has a knack for solving complex financial puzzles. He focuses on restaurant and franchise industry groups; his key practice areas include compiling, reviewing and auditing financial statements; accounting services; and consultation services on interpreting financial statements, assistance with financing transactions, internal control matters and business acquisitions.

Brian Campbell is an audit principal with Baker Tilly.

Bachelor of Business Administration in accounting
University of Iowa

American Institute of Certified Public Accountants (AICPA)

Arizona Society of Certified Public Accountants

Children’s Museum of Phoenix, past chairman of the board of directors

Fresh Start Women’s Foundation, past chairman of the men’s board

Hospitality and Restaurant School at Northern Arizona University, board member

Brian Campbell

Location

Tempe, AZ

Education

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