🍔 Multi-unit QSRs often show high sales—but not all cash flow is created equal.

Top valuation traps:

• Franchise royalties + ad fund fees eat margins
• Corporate pricing and POS limits flexibility
• Owner may be the only salaried manager across 3+ units
• Lease terms vary wildly across locations

📌 Rule of thumb: A $1M shop with no manager and tight margins may be worth less than a $700K unit with staff and systems.

✅ Normalize for labor, CapEx, and franchisor limits—location by location.