9-Step Checklist: How to Build Your Financial Plan While Running a Restaurant

At a glance

• The main takeaway: This 9-step checklist can help restaurant and franchise owners prioritize financial tasks and ensure a secure retirement.
• Impact on you: Remember that failing to plan proactively for life after your business can put you at a disadvantage and even put your loved ones at risk in the event of an unforeseen emergency.
• Next steps: Contact Aprio’s Restaurant, Franchise, and Hospitality team for help with navigating this checklist and creating a plan that aligns with your goals and needs.

The restaurant and franchise sector can be hectic, and it probably feels like you’re constantly planning for the growth of your business — whether it’s expanding locations, finding ways to improve margins, or navigating day-to-day operations.

To help take one less stress off your plate and put your personal financial worries at bay, Aprio’s Restaurant, Franchise, and Hospitality team has developed a 9-step checklist that you can gradually cross off over the course of 2025. Let’s dive in:

✓ Assemble your professional team

You don’t have to build your personal financial plan alone; just like your business, your financial future depends on the strength of the team you hire to help manage your affairs. Consider working with a CPA, financial advisor, estate planner, and insurance professional who understand the unique needs of business owners in the restaurant and franchise world.

✓ Separate your business and personal finances

Many business owners (restaurant and franchise owners included) make the common misstep of commingling their business and personal finances. However, commingled accounts can make accounting and tax preparation exceedingly complex. Open separate bank accounts, use distinct credit lines, and establish clear boundaries between your business expenses and personal withdrawals to provide a clearer picture of your financial situation.

✓ Set personal financial goals outside of your business

Just like you set revenue targets for your restaurant or franchise, you need to establish goals for your personal financial life to plan appropriately and ensure income security. Whether your goal is to buy a vacation home, send your kids to college, or retire at age 55, defined goals help shape your short- and long-term financial strategy and keep you motivated.

✓ Build a personal emergency fund

Unforeseen expenses come up all the time in your business, from equipment breaks to sales dips. If you haven’t already, you will experience curveball-events in your personal life as well. By establishing a solid emergency fund with 3–6 months’ worth of personal expenses, you can create a financial “buffer” that protects both your personal lifestyle and your business.

✓ Create a year-round tax strategy

Personal tax planning isn’t just a year-end activity. As you get closer to retirement, it will become more important for you to deploy advanced tax strategies that allow you to reap savings on a continual, progressive basis. Work with a CPA or tax advisor who understands the restaurant industry and can help you make strategic tax decisions throughout the year — from leveraging depreciation schedules to managing cash flow and deductions.

✓ Protect your legacy with insurance

Your personal insurance coverage should reflect your current needs — including life insurance, disability insurance, and key person insurance to enable business continuity planning. Proactive insurance coverage helps you manage “what ifs” and allows you to protect your family and employees if you are unable to work or decide to exit your business prematurely.

✓ Set up a retirement plan

Many restaurant and franchise owners reinvest their income and earnings back into their business, instead of setting aside savings for retirement. It is important not to solely prioritize short-term cash and liquidity needs over your personal financial health. Take time to explore tax-advantaged retirement savings options like the SEP IRA, solo 401(k) plan, or SIMPLE IRA. These plans are common among business owners because they offer flexibility and higher contribution limits, which is ideal if you are looking to catch up or get ahead on your retirement nest egg.

✓ Make investments outside of your business

When your business is thriving and firing on all cylinders, it’s easy to put all your eggs in one basket. But what happens if business slows? Work with an experienced, credentialed financial advisor to set up a diversified investment portfolio and appropriate asset allocation that helps you protect and grow your personal wealth, no matter what happens in your business.

✓ Establish an estate plan

If you haven’t already, spend time creating and solidifying your most important estate planning documents, including a will, power of attorney, healthcare directives, and a trust if needed. Even the most basic estate plan will help ensure your assets are protected and your wishes are honored in the case of your death or incapacity; it can also simplify future transitions for your family members or business partners.

Checked off the list? Take the next step

You’ve worked hard to build your restaurant or franchise business — and now it’s time to devote the same level of care and attention to your personal financial health. Whether you’re just starting out in your business or thinking about retirement, Aprio’s Restaurant, Franchise, and Hospitality team can help you build a comprehensive financial plan that empowers you to create secure future for yourself and your loved ones.

Related Resources

• An Outsourced Accounting Partner Serves Up Success for Multi-Unit Restaurant and Franchise Operators 
• 6 Key Restaurant Industry Insights and What They Mean for Your Business