Landlord Review of Troubled Property
- Harris was hired by the landlord and financial partner of a relatively new restaurant that had not been performing to expectations. Harris reviewed all aspects of the business from the then current operating pro forma with the initial expectations and pro formas.
- His forensic analysis of the sales and costs and management provided the understanding as to why the business was losing significant money and not able to pay the rent
- In his review, Harris presented a variety of strategies for the current operations to turn around operations and sales or the alternatives of ending the business relationship with the management partner. Presenting what the values would be for the financial partner/landlord in each of the ways to move forward.
The property owner decided to end its business relationship and for Harris to assist with finding a new tenant that would bring vitality and life to the building and the surrounding neighborhood as well as a successful operation.
After a search of numerous independents that were presented to the building owners including “tastings” and research on the tenant, the now multi-unit Han Dynasty was selected.