Innovation, Tech, and Strategic Growth Redefine The Industry’s Future
Innovation: ‘Old School’ Meets ‘New School’
The 2025 Restaurant Finance and Development Conference opened with a dynamic conversation contrasting “old school” and “new school” philosophies on innovation. Craig Culver, CEO of Culver’s, grounded the discussion in real-world experience, sharing the early challenges he faced franchising the brand. He emphasized that mentorship, not marketing or rapid expansion, is what truly propelled the chain’s growth. Long-term internal development, operator alignment, and a disciplined approach to franchising continue to shape Culver’s trajectory today.
From there, innovation took a futuristic turn as Zipline discussed the evolution of its drone delivery platform. What began as a mission to deliver blood to remote hospitals in Africa has transformed into a scalable U.S. delivery solution for food, retail, pharmacies, and more. The technology showcased how far logistics and last-mile fulfillment have progressed, and how quickly the restaurant industry may adopt aerial delivery as labor pressures and guest expectations evolve.
A Shift In QSR: Smaller Footprints, Bigger Flexibility
Across multiple sessions, it became clear that Quick Service Restaurants (QSRs) are undergoing a structural shift. Slowing in-person foot traffic and increased reliance on third-party delivery are pushing operators to rethink the economics of the box. The next generation of QSR is leaning heavily into:
- Drive-Thru-Only Formats
- Modular Building Prototypes
- Self-Service Kiosks (As well as expanded digital ordering)
- Smaller Dining Rooms (Or elimination of dining rooms altogether)
Paul Carbone, CEO of Panera, reinforced this message by sharing the brand’s experimentation with new models, including the “Panera Box,” a smaller, digitally enabled prototype designed to serve high-demand trade areas more efficiently. He highlighted the Petoskey, Michigan, location operated by Manna Development Group as an early example of where Panera is heading: nimble, off-premise-optimized, and built for the next generation of guests.
Thank you to everyone who joined us for the Eve of RFDC cocktail hour, co-sponsored by GBQ, OLIO, Huntington Bank, and C Squared Advisory Group. Your presence, energy, and partnership helped set the tone for a productive and high-impact week at the 2025 Restaurant Finance and Development Conference. We were grateful for the chance to connect with so many leaders, operators, and finance professionals ahead of this year’s sessions.
Capital Is Available, But Selectivity Is Increasing
Another clear takeaway was that while capital is widely available, buyers and lenders are becoming more selective. Due diligence standards are rising, and expectations around financial clarity are tightening.
For operators considering a sale, recapitalization, or refinancing, the message was simple:
Get your house in order now.
Clean financials, accurate reporting, and well-documented operations will make the difference between a smooth transaction and a stalled one.
Deal structures are evolving as well.
Ground leases, build-to-suit models, and sale-leasebacks are becoming increasingly common tools for unlocking liquidity heading into 2026. The consensus from lenders and developers: operators open to creative lease arrangements and B-sites with strong visibility can accelerate expansion and maximize value, often faster than traditional site selection allows.
Policy Tailwinds: The One Big Beautiful Bill Act
The passage of the One Big Beautiful Bill Act added a dose of optimism to the investment landscape. In particular, the expansion of bonus depreciation has reinvigorated buyer appetite, creating additional tax advantages for capital expenditures, remodels, and new builds. This shift is expected to stimulate deal flow in 2025 and 2026 as buyers revisit projects that previously didn’t pan out.
Read Also: The One Big Beautiful Bill Act: Key Provisions Impacting The Restaurant Industry
Tech-Enabled Businesses Are Leading The Next Wave Of Valuation
Finally, technology adoption continues to shape the future of restaurant valuations. Operators are embracing:
- Automation for labor efficiency.
- Loyalty platforms to deepen guest retention.
- AI-enabled forecasting and scheduling to improve margins and consistency.
These investments are doing more than improving operations; they are accelerating sales timelines. Buyers are increasingly prioritizing businesses that are scalable, automated, and future-ready rather than simply strong in today’s unit economics.
The takeaway: Restaurants that modernize their tech stack now will be the ones driving buyer interest in the years ahead.
Looking Ahead
The 2025 Restaurant Finance and Development Conference highlighted a rapidly evolving landscape, one where innovation, transparency, flexibility, and strategic investment will shape the next chapter of growth. For GBQ and our clients, the message was clear: operators that embrace new technologies, prepare early for transactions, explore creative deal structures, and stay disciplined in development will be best positioned to succeed in 2026 and beyond. To learn more or for assistance, contact GBQ’s restaurant services team today.
By: Ryan Kilpatrick, CPA, CCIFP, Partner, Tax & Advisory
In search of additional insight? Check out these resources:
Your Restaurant’s Big Purchases: And How GAAP Says To Depreciate Them
Hidden AI Gems: Boosting Restaurant Operations With Existing Software
Winning Strategies For Restaurant Employee Incentives: Mastering Deferred Compensation Plans
