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How a 73 Unit Operator Grew 92% With a One-Stop, Time-Saving Real Estate Optimization Platform

Challenge

Before Leasecake, Core Development & Management, an independent Planet Fitness franchisee, faced significant challenges in navigating the acquisition process. As they strategically utilized mergers and acquisitions (M&A) for growth, the absence of an organized system for data and lease details became a major pain point. This was particularly evident when reviewing crucial information from smaller franchisees.

The lack of a centralized information system not only hindered efficiency but also resulted in extensive time and resource investments during due diligence. Core Development & Management found themselves grappling with messy leases during acquisitions, leading to challenges such as aligning Real Estate, Legal, and Accounting teams together without a unified data repository. This lack of coordination further exacerbated the difficulties in conducting proper due diligence.

One of the most notable consequences was the incurring of high legal costs during M&A transactions. Without a streamlined process and organized information, the franchisee had to employ lawyers for lease abstraction and negotiations, leading to substantial financial implications. Recognizing the need for a solution to these challenges, Core Development & Management sought a platform like Leasecake to address the complexities of acquiring and managing leases efficiently.

Core Development & Management (CDM) is a private equity held Planet Fitness franchisee headquartered in Foxborough, MA.

CDM currently owns and operates 73 Planet Fitness locations in Massachusetts, Rhode Island, New Hampshire, Vermont, and Washington with exclusive rights to develop several new locations within New England.

73

Units and Growing

92

Unit Growth in 3 Years

20

Time Savings

1

Fitness Brand, Top 500 Fastest Growing Franchisors

Solution

CDM’s remarkable growth from 38 to 73 clubs in three years, driven by franchise acquisitions, has been seamlessly supported by Leasecake. The platform provides CDM with instant access to crucial information about every lease and location, streamlining operations for their lean team. Leasecake’s effectiveness not only saves time but also enhances lease renewals and overall real estate planning, positioning it as a vital one-stop solution for the team’s diverse needs.

"Leasecake is our one-stop shop from abstracts to accounting to maintenance –– we always have what we need & are ready to go."

Steve Venezia

EVP of Development & In-House Counsel

Results

Leasecake revolutionizes the lease management process by offering fast and painless lease abstraction, ensuring a clear breakdown of tenant versus landlord responsibilities through transparent lease language, all within one affordable system accessible to the entire team.

In the realm of lease abstraction, Leasecake stands out as more than just another technology system; it establishes a genuine partnership that enhances business operations. The software’s efficiency is particularly notable as Leasecake’s team swiftly abstracts and uploads lease data, providing the team with a streamlined start to their leasing activities.

One of Leasecake’s key features is its ability to eliminate the mystery surrounding responsibilities for facility maintenance. Through clear lease language, the software breaks down and delineates the respective duties of tenants and landlords, offering transparency that simplifies the decision-making process.

“Leasecake is our go-to for clarifying responsibilities, particularly in facilities. It enables our team to swiftly pinpoint details like who’s responsible for HVAC or exterior windows, offering an immediate solution. For instance, identifying a leak as not our responsibility, we can promptly contact the landlord armed with the necessary information. The centralized repository in Leasecake, including contacts and key details, has been a time-saver.In our journey of growth through franchise acquisitions, every piece of crucial information became readily available with Leasecake.”

Additionally, Leasecake serves as a comprehensive CRM (Customer Relationship Management) tool, facilitating communication from property managers to landlords and making it easier than ever to engage with all responsible parties. In essence, Leasecake is more than a software solution; it is a strategic partnership that contributes to the overall improvement of business processes and communication within the real estate management landscape.

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