Succession Strategies for Restaurant Owners: Safeguarding Your Legacy 

Earlier this year a successful Popeyes franchisee with nineteen units unexpectedly passed away. The operator was relatively young and had no clear line of succession. Within weeks, his corporation declared bankruptcy, leaving 500 employees wondering if they would keep a job and putting $30 million dollars of sale volume at risk for the brand. Within a matter of months, ten of the nineteen units were permanently closed. This story is a painful reminder why succession planning is critical. The loss of volume for the franchise, the forfeiture of jobs for the community, and the closed restaurant locations could have been avoided with a thoughtful succession plan. 

The Avoidance Factor Outside of the sudden and permanent loss of an owner, there are countless scenarios that could bring any business to its knees. Despite this, restaurant owners and franchise brands routinely shy away from discussions around exit strategies or succession planning. That’s a mistake since operational…