Episode 606: From Franchisee to CPA: Nick Patel’s Restaurant Accounting Journey

In this episode of Restaurant Owners Uncorked, Wil sits down with Nick Patel, a CPA who left corporate accounting to become a multi-unit franchise restaurant owner before pivoting back into accounting, this time with a focus on helping restaurant operators. Patel shares his personal journey from owning restaurants in Florida, the challenges of partnering with family, and the lessons learned from expanding too quickly. Today, he runs a thriving accounting and advisory practice that specializes in restaurants, helping owners navigate razor-thin margins, complex tax credits, and strategic planning.

The conversation spans everything from partnership structures and breakeven analysis, to practical tools like Margin Edge and bill.com, to how strong customer service and “high touch” relationships are becoming rare advantages in business. Both Wil and Nick emphasize the importance of focus, humility, and planning as the foundation for restaurant success.

8–10 Key Takeaways

1. Focus Before Scaling – Patel’s experience taught him to master one location before attempting rapid multi-unit growth. Confidence without experience can lead to mistakes.
   
   
2. Partnerships Require Operating Agreements – Family or friends in business together must clearly define roles and responsibilities upfront to avoid conflict and confusion.
   
   
3. Cash Flow Is King – Restaurants should aim for at least six months of fixed costs in reserves when opening to weather delays, early inefficiencies, and training costs.
   
   
4. Market Research Matters – Demographics, traffic counts, and competitor sales tracking (even via receipt numbers) are critical before selecting a location.
   
   
5. Leverage Tax Credits – Tools like the FICA tip credit and Work Opportunity Tax Credit (WOTC) can save restaurants tens of thousands of dollars annually, yet many accountants overlook them.
   
   
6. The Value of Niche Expertise – An accountant who has actually owned and run restaurants brings empathy and practical insights that generalist CPAs may lack.
   
   
7. Technology Should Enhance, Not Replace Relationships – Tools like Margin Edge, Ramp, and bill.com help manage costs, but true value comes from maintaining high-touch service and communication.
   
   
8. Service Excellence Is a Competitive Edge – With customer service expectations so low across industries, simply answering calls and emails promptly can set a business apart.
   
   
9. First Jobs in Restaurants Build Lifelong Skills – Both Wil and Nick argue that everyone should work in a restaurant at least once to learn resilience, multitasking, and people skills.
   
   
10. Relationships Create Opportunity – Patel turned an “unsuccessful” restaurant experience into a successful CPA firm by maintaining strong relationships and becoming a preferred vendor.