Retail, Restaurant, & Franchise Lending
[Elective] Explore the nuances and differences of lending to a retail, restaurant, or franchise business.
Introduction
Learning Objectives
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Retail Trade background
Supply Chain
Interactive Exercise 1
Key Differences Across the Supply Chain
The Nature of Sales
The Balance Sheet
Property, Plant, and Equipment
The Nature of Credit
Cash Conversion Cycle
Proximity to End Users
Business Model Summary
Interactive Exercise 2
Scorecard
E-Commerce
Omni Channel Retailing
Consumer Discretionary vs. Consumer Staple
Interactive Exercise 3
Diversification of Product and Service Offerings
Loyalty and Reward Programs
Franchise vs. Independent
Geographic Diversification and Brand Recognition
Sales per Square Foot
Interactive Exercise 4
Food Service Business - Context
Capacity Constraints
Smoothing Demand
Interactive Exercise 5
Mid-way Check-in
Key Credit Metrics
Capitalization of Off-Balance Sheet Obligations
Net Present Value
Adjusting the Balance Sheet
Interactive Exercise 6
Adjusted Leverage
Adjusted Debt Service Coverage (DSC)
Adjusted vs. Unadjusted
Comparable Store Sales Growth
Comps Growth Example - Unadjusted Growth
Comps Growth Example - Adjusted Growth
Comps Growth Example - Revenue-Weighted Growth
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Case Study - Domino's Pizza
Physical Sites and Delivery
Digital Leadership
Geographic Strategies
Domino's Tying It All Together
Case Study - Client Background
Case Study - Credit Metrics
Case Study - Combined Analysis
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Conclusion
Qualified Assessment
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Course Completion