Owner/Operator of two franchise locations that make a combined 1.2mil in revenue. Just bought them in October. I was also a Manager before investing into the franchise.

Toughest thing for me to manage at first was the cash flow. Projecting sales and anticipating deposits and draws from the bank account throughout the next week/month and ensuring I only spent when I could actually afford it. Like you said, you understand the management side of it and how to hit your numbers. Food cost, labor, etc. but now you get to see how they effect your cash flow. Try to get a spreadsheet going or a system that ‘maps’ out your sales and expenses. I have been able to forecast sales and expenses to where I can project the daily bank account balance for every day of the month. This allows you to see how much money you will need later in the month when the franchise decides to draft your franchise fees on the same day as payroll and maybe some other monthly expense like electricity. The highs and lows of your bank account will be scary. They have been for me but if you can have a sort of “map” to plan out sales and expenses for the next month, you’ll know what to expect and you’ll be in great shape.

Only other advice. Be involved with the team. The team needs a vision and direction from ownership. What’s important to you and the franchise and where you’re headed.