LET’S MAKE A DEAL!ATTEND THE RESTAURANT

DEALMAKING EVENT OF THE YEAR

• Meet with top lenders, brokers and investors in the restaurant business

• Buy and sell restaurant businesses and real estate

• Attend expert financial workshops in finance, valuation, accounting, tax and real estate development

• Receive continuing education credits • Network with peers and make

important connections who can help you grow

REGISTER TODAY!

Dr. Arthur LafferEconomist and former member of the Reagan Economic Policy Advisory Board

Rick StevesAmerican travel writer, author, activist and television personality

Ron ShaichCEO, Act III Holdings and founder & chairman of Panera Bread Company

Bo BurlinghamAuthor of Finish Big, How Great Entrepreneurs Exit Their Companies on Top

Guy AdamiTV personality, author, financial analyst and professional investor

Paul WahlbergHead chef of Wahlburgers, actor and reality TV star

C A P I TA L • CO N TAC TS • G R O W T Hw w w.res t f inance.com • 80 0 -528 -3296 • #RFDC2018

FEATURED SPEAKERS

NOVEMBER 12-14, 2018 • WYNN/ENCORE • LAS VEGAS

FEATURED SPEAKERS

About the Conference

Bring Plenty of Business CardsThe networking at the Restaurant

Finance & Development Conference is the absolute best in the restaurant business!

The Restaurant Finance Monitor’s annual Restaurant Finance & Development Conference is the restaurant industry’s premier financial conference for restaurant company owners, operators and financial executives.

Attendees have the opportunity to meet with representatives of banks, finance companies, investment banks, private equity firms, merger and acquisition specialists, private investors, real estate developers, sale-leaseback providers, consultants, business brokers and other financial intermediaries to find financing, buy or sell restaurant businesses and real estate, or locate new concepts or existing business opportunities.

Attendees will also gain key financial, economic, valuation and operating insights by attending expert educational sessions covering a wide variety of financial, economic, accounting, technology and restaurant business topics.

The Restaurant Finance & Development Conference is all about the business side of restaurants and an opportunity to get “up to speed” on what’s happening in the capital markets. The conference allows attendees to accomplish a year’s worth of travel and meetings in just three days! The financial networking is best in class, and the absolute best in the restaurant industry. Don’t miss this year’s event!

Who Should Attend?Restaurant owners, operators, and executives of multi-unit restaurant companies —franchised, non-franchised and independent restaurant groups send multiple representatives to the conference each year.

Attendees include owner operators and their partners, CFOs, controllers, senior executives in finance, operations, development, legal, real estate and franchising. Also invited are private and public equity investors, lenders, brokers, developers, accountants, attorneys, consultants, family offices, and other financial firms with investments or operations in the restaurant industry.

Anderson FinAnciAl

John K. Anderson 612-486-8888

janderson@andersonfinancial.com

RFDC Mobile AppConnect with other attendees, download presentations, find exhibitors and sponsors, set your conference schedule and much more on the RFDC conference app.

Follow the Money!No other restaurant industry event is as important to the success of your business than the Restaurant Finance & Development Conference!

Top Financial WorkshopsRestaurant finance experts provide vital business and operating intelligence that make the difference between winning and losing.

Continuing Education CreditsOur sessions are professionally presented and offer CPE accounting credits for CPAs and franchising credits for ICFE certification.

Wynn/Encore HotelRanked among the finest hotels in the world, the Wynn and Encore Hotels are an excellent venue for a professional business conference such as RFDC.

Many one-on-one financial meetings can be booked in advance. We’ll help you pre-book meetings to gain those important connections!

RFDC Dealmakers LoungeThe Restaurant Finance & Development Conference provides the best venue for one-on-one dealmaking in the industry. The conference networking lounge provides a perfect place to conduct meetings.

Monday, November 12, 2018Registration begins at 12:00 p.m.

Pre-Conference Workshops— 12:45 p.m. – 1:45 p.m.Tax-Efficient Structures After the Tax Cuts and Jobs Act of 2017Emerging Brands: Simplify Growth and Success in the New Era of Digital

Opening General Session— 2:00 p.m.A Restaurant Leader’s Perspective on Conscious Corporate FinanceRon Shaich, Chairman, Panera Bread

Wall $treet, the Economy and Restaurants With CNBC Fast Money’s Guy Adami

Finance & Development Mall and Dealmaker’s Reception4:00 p.m.–7:00 p.m. Reception begins at 5:30 p.m.Meet with exhibiting lenders, investors, brokers and other firms in the Finance & Development Mall. This is a great opportunity to secure financing, find valuable growth opportunities and locate financial and technological services for your company.

Tuesday, November 13, 2018Opening General Session and Breakfast— 7:00 a.m. – 9:30 a.m.Around the Industry in 90 Minutes: Ideas You Can Put To Use Now

Specialty Workshops—9:40 a.m. – 12:30 p.m.

Luncheon & Guest Speaker—12:30 p.m. – 2:00 p.m. Rick Steves, Guidebook Author and Travel TV Host

Specialty Workshops—2:30 p.m. – 4:30 p.m.

Finance & Development Mall and Dealmakers Reception3:30 p.m.–7:00 p.m. Meet with top restaurant lenders, investors, real estate and financial service firms in the Finance & Development Mall.

Wednesday, November 14, 2018Success Breakfast—7:00 a.m. – 8:00 a.m.Special presentation: Dr. Arthur Laffer’s Economic Outlook–8:00 a.m.

Specialty Workshops—9:10 a.m. – 12:00 p.m.

Networking Luncheon—12:00 p.m. – 1:00 p.m.Attendees with late flights or those staying over are welcome to join fellow attendees, speakers and staff for a light lunch to cap off the conference.

The conference will conclude at approximately 1:00 p.m.

Restaurant Finance & Development Conference Agenda

The Finance & Development Mall

Registered attendees gain access to the

Finance & Development Mall,RFDC Dealmakers Lounge and

access to private meetings.The Finance & Development Mall is a one-of-a-kind exhibit hall that offers

you an opportunity to meet multiple financing and development sources who can help your company grow. You’ll find financing, discover new growth and

development opportunities, network with restaurant buyers and sellers looking to make deals, locate important financial services from experts who specialize in restaurants, or simply refine your business strategy or share market intelligence.

Make the Most of Your Conference TimeBook as many meetings in advance as possible. Attendees who have paid their

registration fee may access the attendee list to set up private meetings.

RFDC Mobile App: Use the conference mobile app to connect with other attendees; plan your conference schedule; learn about the sponsors

and exhibitors and download all the conference material. This service is available both prior to the conference and on site.

RFDC Connect helps attendees maximize their meeting schedule. If you’d like us to help you set up a

meeting or need introductions, simply email your request of who you’d like to meet during the conference and we will share the request with the other attendee. This service is available prior to the conference or on site.

Contact us at: RFDCconnect@restfinance.com

RFDC Dealmakers Lounge: Attendees have access to the RFDC Dealmakers lounge for meetings during conference hours.

Fresh coffee served throughout the day.

Acquisition loansBank syndicationsBuild-to-suit leasesBusinesses for sale

Buy-out fundsConstruction loansEquipment leasesEquipment loans

Franchise financing

Franchise opportunitiesHedge fund loans

Investment bankingIPOs

Leasehold loansMezzanine loans

Property developmentPrivate placements

Private equity

Real estate loansRecapitalizations

RefinancingsSale-leasebacks

SBA 7(a) and 504 loansSecuritized loans

Senior debtValuations

Venture capital

A Variety of Financing and Deal Sources Are on Hand!

— L O U N G E —

REGISTER TODAY! CALL (800) 528-3296 OR ONLINE AT WWW.RESTFINANCE.COM

FEATURED PRESENTATIONS

Rick Steves – Travel Writer, Author, Activist and Television PersonalityTuesday, November 13, 2018 • Luncheon Guest SpeakerLessons in Hospitality: A Seat at the Table with a European TravelerRick Steves writes European travel guidebooks and hosts travel shows on public television and public radio. He’s hosted hundreds of pledge drives, raising millions of dollars annually for stations across the U.S. Steves grew up in Washington state and studied at the University of Washington where he received degrees in Business Administration and European History. However, his real education came in Europe—since 1973 he’s spent 120 days a year in Europe writing and filming TV shows.

Guy Adami – CNBC Fast Money Analyst and Professional InvestorMonday, November 12, 2018

Wall $treet, the Economy and Restaurants with CNBC Fast Money’s Guy AdamiGuy Adami is a member of CNBC’s Fast Money television show and was once a former gold and commodities trader. He has held numerous key leadership roles in the financial services industry, including time spent at Goldman Sachs. Adami will provide insight on the economy and the markets. Adami will then be joined by a panel of restaurant experts to discuss the industry outlook.

Ron Shaich – Managing Director & CEO, Act III Holdings and Founder & Chairman, Panera BreadMonday, November 12, 2018A Restaurant Leader’s Perspective on Conscious Corporate FinanceRon Shaich is the managing director and CEO of Act III Holdings, a $300 million fund that will invest in public and private restaurant and consumer companies. Ron is also the founder and chairman of Panera Bread. It’s safe to say that building Panera and leading the brand until its recent sale is one of the finest success stories we’ve ever seen in the restaurant business. Come listen to Ron’s advice and hear how he built a great company without short-term, financial engineering as a mind-set.

Paul Wahlberg – Executive Chef, WahlburgersTuesday, November 13, 2018 Wahlburgers was founded by executive chef Paul Wahlberg and brothers Mark and Donnie Wahlberg. Wahlburgers, the subject of an A&E reality show, offers a fun, casual music-filled atmosphere where guests, like family, share great food, a few laughs and lots of love. Chef Paul is one of nine siblings, which include his famous brothers. While Mark and Donnie spent their childhoods daydreaming of their inevitable rise to fame as performers, Paul spent his time in the family kitchen.

Dr. Arthur B. Laffer – American EconomistWednesday, November 14, 2018 2019 Economic OutlookFor more than 35 years, Dr. Laffer has dedicated his distinguished career in economics to developing original works and proprietary models that analyze and forecast how economics affect the real world. A member of President Ronald Reagan’s Economic Policy Advisory Board in the 1980s, Laffer is known for the Laffer Curve, an economic concept that lower tax rates will result in greater tax revenue for governments. Don’t miss this unique breakfast presentation to hear what’s in store for the U.S. economy in 2019.

FINANCEWall $treet, The Economy and Restaurants with CNBC Fast Money’s Guy Adami Guy Adami, CNBC Financial Analyst, CNBCNicole Miller Regan, Managing Director, Piper JaffrayAlice Elliot, CEO, The Elliot GroupDavid Tarantino, Senior Research Analyst, Baird

CNBC’s Guy Adami provides insight into the U.S. economy and discusses the outlook for the markets. Adami will be joined by a panel of restaurant industry experts—to discuss the industry’s outlook for 2019.

M&A Outlook For Restaurants 2019David Farkas, Columnist, Restaurant Finance MonitorRobert Hersch, Senior Managing Director, Mastodon VenturesDavid Stiles, Managing Director, Trinity CapitalBill Pabst, Principal, The Cypress GroupJohn Clark, Managing Director, J.P. Morgan

Restaurant operators looking to buy or sell restaurants will be interested in what the deal market will look like in 2019. Will private equity and family office investors continue to drive transactions? Or, will strategic buyers add to their portfolios? Four investment bankers with their pulse on the market have the answers. If you are looking to do a transaction in 2019, you won’t want to miss this session.

Credit Summit: What the Capital Markets Are Saying About Restaurants Mary Jo Larson, VP & Publisher, Restaurant Finance MonitorNick Cole, Exec. Vice President, Wells Fargo Restaurant FinanceCristin O’Hara, Managing Dir., Bank of America Merrill LynchArmando Pedroza, Managing Director, Citizens BankRobert Daniel, Managing Director, Regions Bank

Restaurant industry banking leaders share their thoughts about the current restaurant cycle, the outlook for interest rates and what borrowers should be prepared for in 2019.

Private Capital’s Foray Into Emerging Brands: What Restaurant Operators Planning a Capital Raise Need to Know David Farkas, Columnist, Restaurant Finance MonitorAshish Seth, Director, BMO Capital MarketsSanjay Banker, Partner, TPG GrowthMark Saltzgaber, Consultant, Snooze A.M. Eatery & Jack’sChad Spaulding, Managing Director, CapitalSpring

The discussion will center on raising private equity from sponsors and family offices and what there is to know about the current market and requirements of investors.

6x What?–Equity and Debt Financing Calculations ExplainedBob Bielinski, Managing Director, AB Private Credit InvestorsJosh Benn, Managing Director, Duff & Phelps Securities

Prominent restaurant finance measurements will be discussed at this session and it should enable restaurant business owners, CFOs, treasurers and controllers to sharpen critical financial skills and prepare for the next equity or debt transaction.

CFO Perspectives on the Economics of Digital and Delivery Michael Gottlieb, Partner, Ernst & YoungBrent Ragsdale, CFO, Chick-fil-AGunther Plosch, CFO, The Wendy’s CompanyDavid Worroll, CFO, SubwayMichael Dixon, CFO, Focus Brands

This panel of experienced CFOs take on the digital disruption taking place in restaurants today, and explores the challenges restaurant CFOs face in the current fast-paced and changing restaurant environment.

The Pros and Cons of Outsourcing Finance and Accounting Processes in a Restaurant OperationDana Zukofsky, Director, BDO USARobert Cornog Jr., CFO/Principal, Punch Bowl SocialLina O’Connor, CFO, Tender GreensGiovanna Koning, CFO, Falcon Holdings

Top CFOs delve into potential opportunities for outsourcing accounting, IT and other financial services.

PRESENTATIONS

Nicole Miller Regan

AliceElliot

DavidTarantino

NickCole

CristinO’Hara

Armando Pedroza

RobertDaniel

GuntherPlosch

DavidWorroll

MichaelDixon

BrentRagsdale

Financing Strategies from 1–10 Units–Matching the Capital to Your Growth Plan Ron Feldman Chief Dev. Officer, ApplePie CapitalCharles Yorke, President, Paragon Small Business CapitalCharles Watson, Chief Dev. Officer, Tropical Smoothie CafeMitch Cohen, Franchisee, Jersey Mike’s SubsRobin Kirksey, Franchisee, Wingstop

What are the financing options available to franchised restaurant owners with less than 10 units? What are the long-term ramifications of selecting a particular financing source? How do you finance the first few stores in your fledgling empire so you don’t jeopardize future growth? With friends and family, credit cards, retirement funds, private lenders or SBA Guaranteed Bank Loans all on the table, this panel of franchise development and finance experts will discuss matching the right capital with your growth plan.

What Is Your Company Worth? Three Keys to Franchise Restaurant Valuation Scott Roehr, Principal, Restaurant.Biz Valuation & Forensics

This presentation will give restaurant operators a practical framework for the development of credible business enterprise valuations of their franchise restaurant units.

Restaurant Depreciation Post Tax Reform Chris Oliva, Managing Director, Crowe LLPEd Meyette, Partner, Crowe LLP

The Trump Tax Cuts and Jobs Act significantly changed the way restaurants can depreciate property for income tax purposes, in both intended and unintended ways. This session will explore depreciation write-offs in greater detail and hopefully provide assistance to companies looking to maximize their deductions before they file 2018 tax returns.

Going Public Utilizing a Reg A+ OfferingDon Duffy, President, ICRAndrew Wiederhorn, CEO, FAT BrandsCindy McLoughlin, Partner-Hospitality Industry, CohnReznick

The 2015 JOBS Act was implemented by Congress to help smaller companies gain access to capital. An opportunity now exists for smaller restaurant companies to go public using a set of securities exemptions, which have been dubbed “Reg. A+.” ICR president Don Duffy interviews FAT Brands CEO Andrew Weiderhorn, who completed such an offering last year, about the pros and cons of going public utilizing a RegA+ offering.

BUSINESS STRATEGY & OPERATIONS Revenue Generation Beyond the Four Walls Lou Katz, Shareholder, Ruberto, Israel & WeinerRussell Stein, Shareholder, Ruberto, Israel & WeinerJack Huang, CEO, DouzoSteve DiFillippo, CEO, Davio’s RestaurantsPaul Wahlberg, Executive Chef, Wahlburgers

This session will explore revenue enhancements that savvy independent restaurants use to enhance their bottom lines beyond the initial market area for the restaurant group. Business opportunities to be discussed include joint ventures into supermarkets, expansion into airports, military bases, colleges and other high-profile locations, co-marketing with other businesses such as health food and dieting program providers, adding separate catering function divisions, franchising and the development of “express” units to grow a particular branded restaurant.

Follow the Money: Inside the Craft Beer Revolution Nick Upton, Restaurants Editor, Restaurant Finance MonitorVann Russell, Managing Partner, Arlington Capital AdvisorsChris Cramer, CEO, Karl Strauss Brewing CompanyRandy DeWitt, CEO, Front Burner Restaurants

Breweries are opening taprooms and brew pubs. More and more restaurants offer craft beer and/or craft spirits and consumers are becoming more savvy and interested in them, and new restaurant concepts are being developed around alcoholic beverages. During this session, a panel of craft beer experts will tell you where these intersecting industries are heading.

PRESENTATIONS

JackHuang

Steve DiFillippo

PaulWahlberg

Tuesday, November 13, 2018Finish Big–How Great Entrepreneurs Exit Their Companies on Top Bo Burlingham, Editor-at-large, Inc. Magazine and Author of Finish Big: How Great Entrepreneurs Exit Their Companies on Top

Bo Burlingham is a contributor for Forbes, where he writes about entrepreneurship. In his book, Finish Big, Burlingham interviewed dozens of entrepreneurs and identified eight key factors that separate owners who are happy after selling their companies from those who are miserable. He’ll talk about the insights, exit plans, emotions and cautionary tales he learned from business owners that all must eventually face.

Fine Dining to Fast Casual: How to Build a Concept That’s a Scalable Brand Jeff Kolton, Partner, Bird Dog Capital GroupJoe Remsa, CEO, This is It! BBQ & SeafoodJake LaJoie, Partner, Bird Dog Capital GroupIvan Orkin, CEO/Founder, Ivan Ramen

Food and labor are too high to make money in fine dining urban markets. There is a trend among top chefs looking to create secondary scalable brands. It’s actually VERY difficult to do, for reasons most people don’t even understand. This panel, who have recently gone through the process of developing the fast casual “spin off” will address the real difficulties and how to avoid problems.

Inside the Barteca Growth Story Andy Pforzheimer, CEO, Barcelona Restaurant GroupGary Levy, Partner, CohnReznick

Chef, restaurateur, founder and CEO of Barcelona Restaurants and Bartaco, and chairman of its parent company, Barteca, Andy Pforzheimer describes the journey from a single restaurant opened in South Norwalk, CT 20 years ago to an award-winning, multi-concept restaurant company sold recently to Del Frisco’s Restaurant Group for $325 million.

When IT Reports to the CFO: What CFOs Need to Know About Current Tech Trends Rob Grimes, CEO, International Food and Beverage Technology Association (IFBTA)Ron DiNella, CFO, Doc B’s Fresh KitchenJeff Owens, CFO, Clyde’s Restaurant Group

Restaurant companies often utilize the office of the CFO and finance department to oversee IT departments. In this session, business owners and financial officers will learn how decisions and prioritization are made in IT purchasing and initiatives—marrying the finance side of the brain with innovation, operations and consumer-changing demands that are driven by tech.

The Labor Market Continues to Percolate–How Labor Issues Are Impacting Your Restaurant Operations John Nicolopoulos, Restaurant Sector Leader, RSM USChris Fuqua, CEO, b.GoodBruce Dean, CEO, Black Bear DinerLouie Psallidas, CEO, UNO Pizzeria & Grill

With unemployment at historic lows and wages continuing to rise, restaurant operators are searching for solutions to solve today’s labor issues. This session will examine the problems and provide best practices and multiple solutions to address it.

Delivery 2.0–The Next WaveTom Kaiser, Associate Editor, Franchise TimesChris Monk, CEO, Your FareBen Cattoor, CEO, FoodsbyJim Rand, Catering Practice Leader, ezCaterAnjarae Washington, Caviar for Teams Lead, Caviar/Square

This panel will help restaurant operators understand their potential for boosting revenue with delivery. It will include a deep dive into managing multiple delivery providers, incorporating marketplaces into existing store operations and projections from industry experts on how big this trend will get and how restaurant brands can drive sustainable growth through these new channels.

Inside Delivery Economics: How Do Operators Make Money? Neil Culbertson, President, Growth PartnersGuy Constant, CFO, Red RobinBrandy Blackwell, Director of Off Premise, McAlister’s DeliJayson Tipp, CEO, Pincho FactoryScott Davis, President, CoreLife Eatery

The rush is on to implement self and third-party delivery, but how economic is it for restaurant operators? The panel will take a walk through the P&L covering incremental sales, gross profit, labor expense and third-party negotiating.

Cost Reduction Now: Don’t Throw the Baby Out With the Bathwater Larry Reinstein, President, LJR Hospitality VenturesDan Schneider, CEO, SIB Fixed Cost ReductionDan Robinson, President, Creative Purchasing SolutionsGeorge Hiller, CEO, Hiller & Associates

In this session, the panel will explore major opportunities in the P&L to make positive changes, including creative food and supplies purchasing and negotiating tips for beverage and service contracts.

Tax-Efficient Structures After the Tax Cuts and Jobs Act of 2017 Dennis Monroe, Chair, Monroe Moxness BergJohn Berg, Shareholder, Monroe Moxness BergJeff Eischeid, Managing Partner, Bennett ThrasherThe workshop will consider best approaches to tax-efficient structures for acquisitions after the Tax Cuts and Jobs Act of 2017. The presenters discuss how the act has altered the landscape for acquisitions and how to take advantage of tax opportunities under the new law both for new acquisitions and existing operations.

PRESENTATIONS

REGISTER TODAY! CALL (800) 528-3296 OR ONLINE AT WWW.RESTFINANCE.COM

BUSINESS STRATEGY & OPERATIONS

Scott Davis

GuyConstant

BrandyBlackwell

JaysonTipp

Expansion to and from the US and Canada—Exploiting the Opportunities, While Appreciating the Differences Larry Weinberg, Partner, Cassels Brock & BlackwellLewis Gelmon, President, Johnny Rockets CanadaJeff Young, CDO, Monarch & Misfits (Sweet Jesus)Greg Delks, VP of Global Dev., Firehouse SubsMark Shoniker, VP North America Industry Sector, BMO Financial Group

In this session, you’ll hear from the executives of leading restaurant brands that have successfully expanded from the US to Canada, and vice versa. You’ll learn what they’ve experienced in cross border rules, regulations and culture so that you can properly exploit the expansion opportunities for your brand.

Key Brokers Offer Market Updates and Opportunities in Their Local MarketsModerator: Clark Knippers, Founder & CEO, Foremark

Restaurant Real Estate Brokers From Around The USA to be Announced

A meet and greet with restaurant real estate specialists from around the country as they discuss the competitiveness of their primary geographic market and the mini-trends they see such as restaurant closures, expanding sub-markets, rising or falling rents or new regulations impacting restaurant development.

Restaurant Development 2.0—Building Discipline in Real Estate Development and ConstructionTim Hughes, President, Falcon Realty AdvisorsAndrew Moger, President & CEO, BCDKen Gold, CEO, Skilken|Gold Real Estate DevelopmentKeenan Baldwin, Co-CEO, SiteZeus

Overcoming store development challenges is doable provided you have the right strategy and team. In this workshop session, a group of experienced restaurant real estate experts will dig into the key components of successful real estate development. Topics include company development strategies, site selection methods, internal team responsibilities, identifying and selecting an outside development partner and hiring a competent contractor. If your goal is to jump start development, you won’t want to miss this session.

Three Lease Provisions Most Restaurant Businesses Get Wrong and Later Regret SigningStephen Cohen, Attorney, Stephen Cohen, Esq.

Restaurant operators enter into real estate lease agreements with the best of intentions, however sometimes circumstances change and sales aren’t what they were cracked up to be. This session will explore certain lease provisions that often get restaurant owners in trouble and what the operators can do about it.

Presentations

REGISTER TODAY! CALL (800) 528-3296 OR ONLINE AT WWW.RESTFINANCE.COM

PRESENTATIONS

SPECIAL GENERAL SESSION: AROUND THE INDUSTRY IN 90 MINUTES: IDEAS YOU CAN PUT TO USE NOW!America’s Bi-Modal Market: Boomers and Millennials...More Alike Than You Think Bill McClave, Managing Partner, Birchwood Resultants

Robotics—Coming to a Food Operation Near You Fred LeFranc, CEO, Results thru Strategy

It’s Time to Rethink the Advisory Board Gary Shamis, CEO, Winding River Consulting

Cannabis and Restaurants: How Legal Weed Will Impact Your Operation Michael Halen, Consumer Analyst, Bloomberg Intelligence

Winning the War for Talent Means Winning the War for Women Marie Perry, CFO, Jamba Juice and Chairman, Women’s Foodservice Forum

Oh Canada: Three Reasons Why You Should Consider Expanding Northward Mark Shoniker, VP, North American Industry Sectors, BMO Financial Group

A Lender’s Insight: Why Financial Ratios Still MatterTodd Jones, Managing Director, First Tennessee Franchise Finance

How Consumer Attitudes and Behaviors Have Evolved Since the RecessionJon Jameson, Founding Partner, Bellwether Food Group

The Evolving Soft Drink Category: What You Need to Know To Keep Producing ProfitsGeorge Hiller, Founding Partner, Hiller & Associates

Tokenizing Restaurant Units on the Blockchain–The Future of Digital Deal MakingRoger Cohen, Managing Director, Strategic Legal Advisory

What Could JAB or Roark Capital Buy Next? Mark Kalinowski, President, Kalinowski Equity Research

REAL ESTATE

Premier Sponsors

Gold Sponsors

Finance and Real Estate Event And Co-Sponsors

Finance & Development Mall Exhibitors

• Advanced Restaurant Sales• Armstrong Development Properties• Ascentium Capital• BoeFly• Boston’s Pizza Restaurant & Sports Bar• Broadstone Real Estate• Broken Yolk Cafe• Buttry & Brown Development• CKE Restaurants• Crescent Franchise Solutions• Cushman & Wakefield• The Cypress Group• Dairy Queen• DCV Franchise Group• Deltondo Advisory Group• Denny’s• Diversified Royalty Corp.• Dorsey QSR• Duff & Phelps Real Estate Advisory• Excess Space Retail Services

• Falcon Realty Advisors• Fazoli’s Restaurants• First Bank SBA• First Franchise Capital• FranBizNetwork• Guggenheim Retail RE Partners• Harbert Realty Services• Harbour Capital• Huddle House• Issenberg Britti Group• Johnny’s Italian Steakhouse• Joyal Capital Management• Leaf Commercial Capital• Live Oak Bank• MarshallMorgan• Medefind Retail• Mr Brews Taphouse• National Restaurant Brokers• Newk’s Eatery• NewQuest Crosswell

• NNN Retail Investment Group• Orion Real Estate Group• People’s United Bank• Quatrro FPO Solutions• ReadyCap Lending• Realty Income Corporation• Retail Brokers Network• Salsarita’s Fresh Mexican Grill• Sands Investment Group• Signature Bank• Skilken|Gold Real Estate Dev.• Slim Chickens• Smoothie King• STNL Advisors• This Is It Franchising• Tony Roma’s• Twin Peaks• Unbridled Capital • Valbridge Property Advisors• Wingstop

MULTI-UNIT CONCEPT SPONSORS

FINANCE & REAL ESTATE & MULTI-UNIT EXHIBITORS

RESTAURANT INDUSTRY SPONSORS

®

®

®

®

MAXIMIZE YOUR EXPERIENCE CPE CREDIT AVAILABLE

ACCOUNTING: The conference producer is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417. Web site: www.nasba.org.

Earn Up to 14 CPE Credits

Program Level: Basic

Delivery Method: Group-Live

Prerequisites: None Learning Objectives:

• Discover the types of lending programs available

• Find accurate financial, economic and operating information

• Network with lenders and dealmakers

• Hear from national restaurant industry speakers

• Recognize the economic forecast

FRANCHISING: The conference is approved by the Institute of Certified Franchise Executives (ICFE) for 300 credits towards the Certified Franchise Executive (CFE) Program.

REAL ESTATE AND LEGAL: CPE credit may be available for real estate and legal licensees. Each attendee is responsible for submitting conference materials to their respective states to obtain credit. Some states require prior-approval.

APPLYING FOR CPE CREDITS:Attendees will receive credit for each session they attend. Conference staff will provide the workshop code for each session at the conclusion of the presentation. Simply complete the CPE request form in the attendee manual and turn in at the on-site conference registration desk.

Conference Notes

Pre-Book Your Meetings:We advise you to book as many meetings in advance as possible. Attendees who have paid their registration fee may access the attendee list to set up meetings prior to the conference.

Networking Opportunities:RFDC Mobile App:

Use the RFDC mobile app to connect with other attendees; plan your conference schedule; learn about the sponsors and exhibitors; download all conference materials; and stay up-to-date on conference details.

RFDC Connect is our service to help attendees maximize their meetings. If you’d like us to help you arrange a meeting contact us at: RFDCconnect@restfinance.com

Each Attendee Receives A Detailed Conference Manual: Every attendee is provided a valuable conference manual complete with copies of all presentation materials, a finance section with complete information on the exhibiting and sponsoring finance companies, a sponsor section and speakers bios. Plus, we include an attendee list with contact information. You have your choice to receive the attendee manual via hard copy, jump-drive or online only.

REGISTER TODAY! CALL (800) 528-3296 OR ONLINE AT WWW.RESTFINANCE.COM

• Admittance to all conference sessions and workshops.

• Admittance to the Finance & Development Mall.

• Access to the Dealmakers Lounge and Private Meeting area.

• All conference-related meals—breakfasts, lunch, breaks and receptions.

• Advance registration list online so you can book meetings with other attendees and preserve valuable time at the conference.

• Valuable conference manual containing detailed speaker and lender profiles and workshop outlines in your choice of a hard copy, jump-drive format, mobile app or online.

• Complete attendee list for follow-up networking.

• Networking Luncheon on Tuesday, November 13th

• Closing Luncheon on Wednesday, November 14th

• Two receptions in the Finance & Development Mall Monday, November 12th and Tuesday, November 13th.

• Download the RFDC app and start networking before the conference!

• Continuing education credit available in Accounting (CPE), Real Estate and Franchising (ICFE Credits).

• A one-year paid subscription to the Res tau rant Finance Monitor. This complimentary subscription represents a $395 value!

Wynn/Encore HotelsThe conference will be held at the Wynn and Encore Hotels - 3131 S Las Vegas Blvd, Las Vegas NV 89109. Wynn Resorts holds more Forbes Travel Guide Five-Star Awards than any other independent hotel company in the world.

The conference rate is $219 (before the October 18, 2018 cut-off date).

To reserve a room at the hotel you need to be register for the Restaurant Finance & Development Conference. Paid registrants will be given a conference code to make online hotel reservations.

About the MonitorFor more than 28 years, the conference host, Restaurant Finance Monitor, has been the restaurant industry’s trusted source for fi nance and deal information. Attendees receive a complimentary one-year paid subscription to the Monitor.

Restaurant Operators: $795. Restaurant operators who register 2 or more attendees at the same time, from the same restaurant company before the cut-off date, the price per attendee is only $695 each.

All Others: The conference registration fee for all other attendees is $1,195 per person before the cutoff date. Check to see if your company is sponsoring or exhibiting to receive a discounted rate.

NOTE: All registrations are subject to approval.

The Registration Fee Includes All of the Following:

With written cancellation notice received by October 30, 2018 you will receive a refund (credit card payments will be subject to a $50 administrative charge on cancellations). Cancellations after October 30, 2018 are non-refundable. Notices of cancel-lation must be faxed to the Restaurant Finance Monitor office at (612) 767-3230 and received by the October 30, 2018 dead-line.

Substitution of enrolled attendees is permitted. No shows will not receive refunds.

For more information regarding administrative policies such as complaint and refund, please contact our offices at (800) 528-3296.

CONFERENCE ATTIRE:The Restaurant Finance & Development Conference is business attire.

Conference Polices:

Registration Information:1-800-528-3296 • www.restfinance.com

Page 1

Volume 29, Number 5 • Restaurant Finance Monitor, 2808 Anthony Lane South, Minneapolis, MN 55418 • ISSN #1061-382X

May 18, 2018

OUTLOOK

© 2018 Restaurant Finance Monitor

RESTAURANTFINANCE MONITORR

Panera Chairman Ron Shaich to Keynote

Restaurant Finance & Development Conference

November 12-14, 2018 • Wynn/Encore, Las Vegas

The economy is buzzing and the U.S. is at full

employment. That would ordinarily mean everything

is hunky dory in the restaurant biz. Except that a

number of brands are facing sales challenges, higher

labor costs and now rising interest rates. It’s time to

hunker down—or is it? Staying on top of the game

requires you to be open to new ideas and networking

with other operators. You can do all of that and more

at the November Restaurant Finance & Development

Conference.

Last month we announced our keynote speakers

including author and travel TV host Rick Steves, and

back for a fourth time at the conference, the respected

economist Dr. Arthur Laffer. This month, I’m excited

to announce Panera founder and chairman Ron Shaich

will be our opening day keynote speaker.

Ron spent almost half his life as the CEO of a publicly

traded company. However, his roots are humble,

beginning as the general manager of a 400-square-foot

cookie store in Boston. It’s safe to say that building

Panera and leading the brand until its recent sale is

one of the finest success stories we’ve ever seen in the

restaurant business. Over a 20-year period, Panera

shareholders averaged a 26% annual return. Come

listen to Ron’s advice and hear how he built a company

without short-term, financial engineering as a mind-set.

In addition to an all-new program, the conference

is an excellent place to meet up with lenders and

investors, all in three days and all under one roof. It is

the most efficient conference in the restaurant business

for dealmaking.

More details about the conference program will appear

in next month’s Monitor. Nevertheless, our advice is

to register early. We’ve reached capacity the past few

events and we expect another strong turnout this year.

Conference registration is now available online at

www.restfinance.com.

It will come as no surprise to Monitor readers that an

Applebee’s franchisee filed bankruptcy last week, and in the

process, gave the middle finger to their franchisor.

Applebee’s second largest franchise owner, RMH Franchise

Holdings, blamed its bankruptcy on the “specific managerial

decisions” of the franchisor. Most likely that jab was directed

at Julia Stewart, the former Dine Equity CEO and on again,

off again Applebee’s brand president.

That Stewart would face a public indictment for the

diminution of the Applebee’s franchise community was

inevitable. That the 159-unit mega franchisee RMH,

burdened by acquisitions, expensive sale-leasebacks, excessive

debt and miserly funding from a $5 billion private equity

fund (ACON Investment), would point the finger at Stewart

for their bankruptcy, is grossly unfair.

RMH and ACON have no one to blame but themselves.

The empire they assembled was done on a fast track, with

too much leverage and leasing—the same built-to-fail tactics

that have snagged restaurant businesses for decades.

RMH’s first acquisition of Applebee’s stores took place

in late 2012. The deal was for 45 restaurants owned by a

long-tenured franchisee and was funded with a $79 million

sale-leaseback. In 2013, RMH was the winning bidder in

bankruptcy court for 15 more stores.

In 2015, RMH went all in on Applebee’s. It bought 78

stores from a long-time franchisee, Mike Scanlan. It then

bought 33 more Applebee’s stores, financing the later deal

with a $30 million, short-term unsecured loan from a lender

ACON brought to the table.

During a three-year period, RMH grew from zero to 163

stores. They consolidated their Lincoln, Neb., office and

Thomas & King’s Lexington, Ky., office into a brand new one

in Atlanta. Procedures and processes had to be integrated,

employees moved and new employees trained.

Other Applebee’s franchisees also had their challenges during

this period. Same-store sales in the system declined in 2015

and 2016 and plummeted in 2017. Stewart’s wood-fired

grill and hand-cut steak program, designed to win over

millennials, confused the guests. It was a bust.

Continued on the back page

Built To Fail

Hotel InformationRegistration Information

Restaurant Finance Monitor2808 Anthony Lane SouthMinneapolis, MN 55418Phone: (612) 767-3200 Fax: (612) 767-3230 E-mail: info@restfinance.com

Name

Title Company

Address

City State Zip

Phone Cell Number

*E-mail:

*(Required for pre-conference updates and to receive preliminary agenda.)

q Check here if you are a restaurant operator. q Franchisor q Franchisee q Non-Franchised Restaurant(s) Concept(s) _____________________________________________________

q Check here if you are a lender, financial consultant, advisor, lawyer, accountant, M&A, real estate, private equity, etc. Please list what type (i.e. debt financing, attorney, etc.):

q I would like to receive conference materials: (choose one) q Manual q Flash Drive q Online Only q Mobile App Only

q Please do not share my e-mail

q Special Dietary needs: ____________________________________________________________________________________

REGISTRATION FEES:

q RESTAURANT OPERATORS: $795. Restaurant operators (franchisor, franchisee or non-franchised restaurant) who register 2 or more attendees at the same time, from the same restaurant company before the cut-off date below, the price per attendee is only $695 each. (Note that for paid registrations received after October 30, 2018, the fee is $995 per person.)

q ALL OTHERS: $1,195 per person (after October 30, 2018, the fee is $1,395 per person)

• If you are not a restaurant operator, and you are attending with a sponsor or exhibiting company, please call your corporate office to register at the contract rate.

• Restaurant Finance Monitor reserves the right to approve all registrations.

q Charge my American Express/MasterCard/VISA/Discover q Please register me and send an invoice.

Number Exp

Name of cardholder (if different from above)

Signature of cardholder

Card billing address (if different from above) 3 or 4-digit security code

Only registered attendees will be admitted to the conference sessions, private meeting rooms, meal functions and the Finance & Development Mall. No one will be admitted to any conference session without proper registration credentials.

V3

Registration Form

2018 Registration Information:1-800-528-3296 • www.restfinance.com

Register today!Call (800) 528-3296 or online at www.restfinance.com

Restaurant Finance Monitor 2808 Anthony Lane South Minneapolis, MN 55418

Attend the Restaurant Dealmaker’s Event!

November 12-14, 2018 Wynn/Encore • Las Vegas

Change Service Requested

Growth • Capital • Contacts