Purchasing QSR Franchises

So, looking to get out of the banking world and am in preliminary diligence on purchasing a few QSR restaurant franchises.  Stores are all existing stores, underperforming due to passive management and general lack of give a fuck from ownership (restaurants I'm interested in are a minor part of this guy's portfolio and he clearly doesn't want to put in the effort to turn things around).  So I can get these well below replacement cost. 


However, the only experience I have w/ QSR is advising 1L lenders in an exchange, so the diligence process was completely different than an acquisition of a handful of stores would be. 


Aside from the obvious diligence items (financials, employee roster/turnover, regulatory/liqour licenses, lease agreement, franchise agreement, existing debt docs, vendor list & AP/aging, critical vendors, break down of by product margins by menu item mix btwn delivery, dine-in, & curbside (with 3rd party delivery terms & figures broken out separately), what else should I be asking for?  


PMs are open if anyone has experience in restaurant acquisitions and appreciate any advice on anything I'm missing in preliminary diligence list. 

 

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