Multi-Unit QSR Franchise Resale Acquisition & SBA Underwriting Financial Model (Excel + Google Sheets)

Description
Buy a multi-unit QSR franchise and underwrite it the way an SBA lender actually will - not the way the broker's store-level sheet wants. A lender-ready acquisition model for a resale of several franchised quick-service restaurants, built around the fees the franchisor skims and the costs a broker leaves out.

The royalty stack is the signature. The model builds system sales from units x AUV, then skims the royalty, ad-fund and tech fees off the top (FDD Item 19), runs a store P&L to Store-level EBITDA, and shows the franchisor's take - about 66% of store EBITDA on the base case. That is the number no operating template shows.
Two add-backs the broker skips. An above-store district manager the seller supervises for free, and a contractual remodel/reimage reserve the franchise agreement forces every 7-10 years. The model deducts BOTH to reach Adjusted EBITDA, and prices the deal on AdjEBITDA - not the inflated store-level number - so it avoids overpaying (about 712k on the base case).

Then the honest headline: the TRUE DSCR (1.33x) next to the broker-style NAIVE DSCR (2.16x), and a same-store-sales down-case that drops coverage to 0.85x - negative operating leverage, because royalties are charged on the gross while occupancy and management are fixed. Includes a 3-part SBA 7(a) capital stack, a DSCR gate, coverage-ex-remodel, a 3-way brand profile toggle, a 23-page PDF guide and a sourced benchmarks tab. 10 sheets, machine-verified across 3 engines, Excel + Google Sheets, no macros. Educational planning tool, not financial advice.