How the Restaurant Industry Can Begin Planning for the Future | Modern Restaurant Management | The Business of Eating & Restaurant Management News

COVID-19 has had a devasting effect on the restaurant industry. Even before COVID-19, owning a restaurant was a challenging proposition, with long hours, low margins, staffing woes and seemingly endless dealings with the health department and landlords, to name a few issues.

For restaurateurs, this is the time to plan your future

In March, social distancing due to the COVID-19 pandemic came into effect and restaurants en masse were forced to close in order to stop the spread of the virus. Lacking cash reserves and the resources to access money (traditional bank loans), most restaurants were forced to lay off their employees. Professionals advised restaurant clients not to seek traditional bank loans to cover wages and to save their money instead for the reopening of their businesses.

Today, some relief is in sight, as the CARES Act has passed, and now professionals are working with clients to plan for the future. What resources are available to restaurants now? How will restaurants…

Kurt S. Kiess, CPA

Kurt S. Kiess, CPA, is a Partner at Marks Paneth LLP. He has a broad background in the audit and tax aspects of his profession. Mr. Kiess concentrates on serving clients in the real estate, retail, insurance and manufacturing industries.

With a public accounting background spanning more than 30 years, Mr. Kiess was a Partner at Marks Shron & Company when it combined with Paneth, Haber and Zimmerman LLP to form today's firm. He has developed a specialty in mergers and acquisitions and works with his clients to identify the critical issues that will result in a successful transaction. He is a member of the Executive Committee of Marks Paneth, which sets policy and strategy for the firm.

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Kurt S. Kiess, CPA