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After Complex Deal, Carrols Pair Focus on Boosting Sales


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After 41 years at Carrols Restaurant Group, CEO Dan Accordino figured he had a choice last year. “Either I’d collect Social Security or I’d buy 278 restaurants,” he says with a laugh.

He chose the latter, as many in restaurant franchising know, executing with his CFO Paul Flanders a complex deal that included spinning off Fiesta Group as a separate publicly held company, agreeing to purchase 278 corporate-owned restaurants from Burger King, and selling $150 million in bonds to pay for it all.

The bold deal earned the pair an award in the new Franchise Times Dealmakers project, and this blogger visited their Syracuse, New York, headquarters on Monday to learn how they pulled it off.

Now, Carrols has to make the newly acquired stores perform. “The first thing is to generate more cash out of these stores,” Flanders says, and Accordino agrees: “The only thing I’m disappointed in is the lack of sales response,” even though they’ve made quick operational improvements.

Watch for their full story in the April issue, along with 10 other Dealmakers of the Year.

 

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The latest news, opinions and commentary on what's happening in the franchise arena that could affect your business.

Tom KaiserTom Kaiser is associate editor of Franchise Times. He can be reached at 612.767.3209, or send story ideas to tkaiser@franchisetimes.com.
 
Beth EwenBeth Ewen is editor-in-chief of Franchise Times. She can be reached at 612.767.3212, or send story ideas to bewen@franchisetimes.com.
 
Nicholas UptonNicholas Upton is staff writer at Franchise Times. He can be reached at 612.767.3226, or send story ideas to nupton@franchisetimes.com.
 
Mary Jo LarsonLaura Michaels is managing editor of Franchise Times. She can be reached at 612.767.3210, or send story ideas to lmichaels@franchisetimes.com.
 
Mary Jo LarsonMary Jo Larson is the publisher of Franchise Times Magazine and the Restaurant Finance Monitor.  You can find her on Twitter at
 twitter.com/mlarson1011.
 
Nancy WeingartnerNancy Weingartner is editor-at-large of Franchise Times magazine and the editor of the Food On Demand media project. You can reach her at 612-767-3200 or at nancyw@franchisetimes.com.
Follow her on Twitter at http://twitter.com/nanweingartner.
 

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