Entrepreneur Names Leasecake Top Franchise Supplier | CUSTOMER STORIES
Cotti Foods Streamlines Real Estate Operations for Faster Growth with Leasecake
The Customer
Cotti Foods began in 1967 with the purchase of one Taco Bell restaurant in Southern California. Since then, Cotti has grown with the addition of Wendy’s in 2014 and Pieology in 2015, and today is a leading mulit-unit franchisee operating 106 Taco Bell restaurants, 122 Wendy’s restaurants and 5 Pieology restaurants across 6 states.
Units and Growing
States
Implemented Leasecake
The Challenge
With such a vast footprint, efficient real estate management is crucial for sustained growth and profitability. Several years ago, Cotti Foods found itself facing a significant challenge: the implementation of ASC 842. This accounting standard necessitated complex lease calculations, a task that CFO Scott Miller deemed burdensome and prone to error. Recognizing the need for a streamlined solution, Cotti Foods began exploring lease management systems to simplify this process and mitigate risk.
The Solution: Leasecake
After evaluating several options, Cotti Foods selected Leasecake as their lease and location management platform. The decision was driven by the system’s intuitive interface, robust features, and ability to standardize, simplify, and automate many of the back office real estate processes that were too time consuming for the team to handle manually while growing rapidly.
The Results
Since adopting Leasecake two years ago, Cotti Foods has experienced tangible benefits across its real estate management operations.
“Before Leasecake, we relied on landlords to prompt lease renewals, but now we’re proactive, controlling CPI calculations and ensuring accuracy,” said Scott Miller, CFO, Cotti Foods. “This technology has streamlined processes, giving us more control and reducing time to close leases.”
From simplifying ASC 842 compliance to empowering proactive lease negotiations, the platform has become an indispensable tool for driving efficiency, standardization, and scalability. With Leasecake, Cotti Foods is well-positioned to navigate the complexities of real estate management and continue its expansion with confidence.
“We love Leasecake because it helps to reduce risk. We don't miss lease options which can come back and bite us, because we know about them all ahead of time.”
Scott Miller
Cotti Foods, CFO
Benefits of Leasecake
- Seamless Audits: Leasecake’s platform facilitates smooth audits by providing auditors with transparent access to lease calculations and data. This transparency not only expedited the auditing process but also instilled confidence in the accuracy and reliability of financial reporting.
- Improved Efficiency: The platform’s comprehensive functionalities streamlined lease administration, enabling the team at Cotti Foods to work more efficiently and effectively.
- Risk Reduction: By centralizing lease data and automating critical tasks, Leasecake helped Cotti Foods minimize risk. The platform ensures timely notifications of lease options, preventing missed opportunities and potential liabilities.
- Proactive Lease Management: Prior to adopting Leasecake, Cotti Foods lacked a formal process for lease renewals, relying instead on landlords to initiate discussions. With Leasecake, the company adopted a proactive approach, leveraging CPI calculations and taking control of lease negotiations. This proactive stance empowers Cotti Foods to optimize lease terms and mitigate costs effectively.
- Time and Cost Savings: Utilizing Leasecake has not only reduced risk but also saved valuable time and resources for Cotti Foods. By automating calculations and standardizing processes, the company can allocate resources more efficiently and focus on strategic initiatives to drive growth.
