As the United States emerges from the pandemic, there is good reason to have optimism especially for the sit-down restaurants. The survivors in the restaurant business which includes most franchise restaurants, will benefit from less competition in the early stages, before optimistic entrepreneurs come back in and fill part of that gap. This will also be combined with pent up demand and available cash for returning customers to get out of their cars and homes to share a meal with family and friends again. Additionally, the QSR's will look forward to maintaining and building upon the regular customers that have become accustomed to their offerings.
For the companies, locations or entities that have suffered and have a hole to dig out of, it is a good time to seek the advice of professional intermediaries and other professionals, to avoid store closures or costly bankruptcy scenarios. In a recent Franchise Times Webinar, Alan Gallup and Michael Ingram were panelists along with several bankruptcy attorneys and other professionals sharing the basics of bankruptcy. The bankruptcy process is costly but can also yield very successful results when planned out properly.