The Buyer
Cotti Meals started in 1967 with the acquisition of 1 Taco Bell restaurant in Southern California. Since then, Cotti has grown with the addition of Wendy’s in 2014 and Pieology in 2015, and as we speak is a number one mulit-unit franchisee working 106 Taco Bell eating places, 122 Wendy’s eating places and 5 Pieology eating places throughout 6 states.
The Problem
With such an enormous footprint, environment friendly actual property administration is essential for sustained progress and profitability. A number of years in the past, Cotti Meals discovered itself going through a big problem: the implementation of ASC 842. This accounting normal necessitated advanced lease calculations, a process that CFO Scott Miller deemed burdensome and vulnerable to error. Recognizing the necessity for a streamlined answer, Cotti Meals started exploring lease administration methods to simplify this course of and mitigate danger.
The Resolution: Leasecake
After evaluating a number of choices, Cotti Meals chosen Leasecake as their lease and placement administration platform. The choice was pushed by the system’s intuitive interface, strong options, and skill to standardize, simplify, and automate lots of the again workplace actual property processes that had been too time consuming for the group to deal with manually whereas rising quickly.
The Outcomes
Since adopting Leasecake two years in the past, Cotti Meals has skilled tangible advantages throughout its actual property administration operations.
“Earlier than Leasecake, we relied on landlords to immediate lease renewals, however now we’re proactive, controlling CPI calculations and guaranteeing accuracy,” mentioned Scott Miller, CFO, Cotti Meals. “This know-how has streamlined processes, giving us extra management and decreasing time to shut leases.”
From simplifying ASC 842 compliance to empowering proactive lease negotiations, the platform has turn out to be an indispensable software for driving effectivity, standardization, and scalability. With Leasecake, Cotti Meals is well-positioned to navigate the complexities of actual property administration and proceed its enlargement with confidence.
“We love Leasecake as a result of it helps to scale back danger. We do not miss lease choices which can come again and chew us, as a result of we know about them all forward of time.”
Scott Miller, CFO, Cotti Meals
Advantages of Leasecake
- Seamless Audits: Leasecake’s platform facilitates clean audits by offering auditors with clear entry to lease calculations and knowledge. This transparency not solely expedited the auditing course of but in addition instilled confidence within the accuracy and reliability of economic reporting.
- Improved Effectivity: The platform’s complete functionalities streamlined lease administration, enabling the group at Cotti Meals to work extra effectively and successfully.
- Danger Discount: By centralizing lease knowledge and automating essential duties, Leasecake helped Cotti Meals reduce danger. The platform ensures well timed notifications of lease choices, stopping missed alternatives and potential liabilities.
- Proactive Lease Administration: Previous to adopting Leasecake, Cotti Meals lacked a proper course of for lease renewals, relying as an alternative on landlords to provoke discussions. With Leasecake, the corporate adopted a proactive method, leveraging CPI calculations and taking management of lease negotiations. This proactive stance empowers Cotti Meals to optimize lease phrases and mitigate prices successfully.
- Time and Value Financial savings: Using Leasecake has not solely decreased danger but in addition saved helpful time and assets for Cotti Meals. By automating calculations and standardizing processes, the corporate can allocate assets extra effectively and concentrate on strategic initiatives to drive progress.
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