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4-Wall Contribution vs 4-Wall EBITDA: When to Use Each
4-Wall Contribution stops at variable costs. 4-Wall EBITDA continues through fixed store costs. When to use each in a restaurant P&L. Read more
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How to Value a Restaurant to Sell in 2026: The Operator’s Guide
What restaurants actually sell for in 2026. EBITDA multiples by concept, add-backs buyers scrutinize, and an operator diligence checklist. Read more
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Jersey Mike’s Priced at $23, Closed at $21.63: What the Discount Tells Restaurant Operators
Jersey Mike’s priced at $23 and closed the first trading day at $21.63, giving JMKE a $6.7B market cap. That is roughly $5B below the rumored $12B valuation. Here is what the discount tells multi-unit restaurant operators planning an exit. Read more
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The 2026 State of Restaurant Finance: What Actually Works Now
Q2 2026 restaurant industry benchmarks: sales trends, prime cost, labor, delivery, capital access, Chapter 11 patterns, and five operator playbooks that work now. Read more
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State of Restaurant M&A Q2 2026
Q2 2026 restaurant M&A: the Pizza Hut carve-out, multiple compression in casual dining, coffee holding, and what PE firms are actually buying. Read more
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Restaurant Working Capital: The Cash Cycle Trap That Kills Busy Concepts
Fast-growing restaurants often run out of cash. The working capital math, cash conversion cycle by concept, and how to release trapped cash before it kills the business. Read more
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How Multi-Unit Restaurant Operators Should Read Consolidated P&Ls
Consolidated P&Ls hide as much as they reveal. Read them in three passes and know which unit is subsidizing which before it costs you the portfolio. Read more
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Restaurant Franchisee vs Franchisor: The P&L Trade-Offs
Franchisee vs franchisor P&L math. Royalty structures, unit economics, cash-on-cash returns, and how the two sides split the value. Read more
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When to Refinance Restaurant Debt: The Ratios That Actually Matter
Refinance restaurant debt when DSCR drops below 1.3x or rates move 100 bps. The four ratios lenders watch, three refi scenarios worth acting on, and what to bring. Read more
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QSR vs Fast Casual vs Full Service: The Real P&L Differences
Concept-by-concept P&L benchmarks for QSR, fast casual, and full service. Prime cost, labor structure, working capital, and where each breaks. Read more