Executive Q&A: Mike Greenblatt, SVP of Strategic Business Development at BeanSquad

In a recent episode of “Meet the Supplier,” host Nick Powills sits down with Mike Greenblatt, senior vice president of strategic business development at BeanSquad, to discuss how his company provides tailored financial solutions to franchisors and franchisees. With a focus on bridging gaps in franchise-specific bookkeeping and accounting, Greenblatt offers insights into the complexities of franchise finances and how BeanSquad supports the growth of franchise systems at every level.

Greenblatt explains that BeanSquad specializes in what he calls “franchise concept-based bookkeeping,” a niche service addressing the unique financial needs of franchises. This includes helping both franchisors and franchisees navigate corporate compliance, optimize financial operations and uncover opportunities to improve profitability. Through a blend of tactical bookkeeping and strategic advisory, BeanSquad has become an essential partner for many emerging and established franchise brands.

As Powills and Greenblatt discuss, financial management is one of the foundational aspects of a franchise system but it’s often misunderstood or overlooked. For anyone in franchising — whether you’re an emerging franchisor or a multi-unit franchisee — this conversation is a valuable look at how professional bookkeeping and financial management can drive profitability and system-wide success.

A transcript of Powills’ interview with Greenblatt has been provided below. It has been edited for brevity, clarity and style.

Nick Powills: There’s never been a moment where a supplier could feel more pumped up than after that intro. Mike, thanks for joining us.

Mike Greenblatt: Thank you for having me.

Powills: Let’s start with the basics. Tell us, what is BeanSquad? So our audience knows exactly what your business does. Then we’ll dive into your story.

Greenblatt: Sure. BeanSquad specializes in what I like to call franchise or concept-based bookkeeping, accounting, and financial services.

Now, I know bookkeeping isn’t the most glamorous or exciting topic, but it’s often one of the most vital parts of running a business. A few years ago, we realized that franchise accounting is very different from general accounting. It requires a specialized approach, from customized charts of accounts to understanding how each franchise concept operates.

We’ve built our business around supporting the unique needs of every concept we work with — whether it’s big legacy brands like The UPS Store or newer, emerging concepts like Hammer & Nails or Scent Hound. We dig deep to understand how they operate and provide high-quality support to both franchisors and franchisees.

Powills: That’s really interesting. You’re essentially working for both the franchisor and franchisee in most cases, which can get tricky. How do you balance that? And what are some of the things you uncover, even in something as seemingly simple as looking at a P&L?

Greenblatt: At the end of the day, both the franchisor and franchisee want the same thing: growth.

For the franchisor, their goal is to ensure the franchisee grows because that allows them to sell more units — tens, hundreds, hopefully even thousands of franchises. From the franchisee’s perspective, they’re focused on maximizing profitability. How do they take that 7%, 8% or 10% royalty they pay off the top and still generate a strong bottom line? Whether that’s 5%, 10%, 15% or more, it’s all about optimizing their business.

We help franchisees look at their P&L properly to understand the difference between running a 10% bottom-line business and a 15% bottom-line business. We show them how to focus on the big picture — how to increase profits, reduce leakage and grow their business — rather than getting bogged down by smaller expenses like office supplies.

Powills: So, in that role, do you act more as an advisor, or are you handling more tactical, day-to-day bookkeeping?

Greenblatt: It’s a mix of both. Most accountants and bookkeepers will tell you that as you work closely with clients you almost become their therapist. You learn a lot about their business and their challenges.

While we’re not physically in their stores or businesses, we talk to them regularly — asking how they’re doing, what’s working and what’s keeping them up at night. My partners and I often take a high-level, strategic approach, helping clients understand key margins or why, for example, their gross margin is 50% when it should be 58%.

At the same time, our staff handles the more tactical aspects — day-to-day questions like, “How should I book this transaction?” or “What’s the best way to handle this for tax purposes?” We’re there to provide both the big-picture strategy and the practical, hands-on support.

Powills: Breaking into a relationship like that seems challenging. What typically triggers a franchisor or franchisee to say, “It’s time to work with BeanSquad”?

Greenblatt: Great question. There are thousands of bookkeepers and CPAs out there, and many franchisees rely on their cousin’s friend who “does accounting” or something similar. But general bookkeepers don’t understand the specific needs of franchises.

We focus on things like verified charts of accounts, corporate compliance and making sure everything aligns with franchisors’ systems — whether it’s uploading data to ProfitKeeper or other required platforms. General bookkeepers often don’t know how to handle these requirements.

From our bare-bones approach, we ensure 100% compliance for every concept we work with. That means franchisors get consistency across their system and franchisees know their books are accurate and aligned with corporate requirements. No one’s getting calls about audits because the P&L doesn’t match the POS system or the bottom line doesn’t make sense for royalty calculations.

Powills: Do franchisors typically reach out to you more, or is it the franchisees? And for those who aren’t sure whether they need to reach out, what’s the key thing they should know?

Greenblatt: We get a lot of inquiries from both franchisors and franchisees. For us, it’s always about starting a conversation.

We don’t want to be some faceless, corporate service where you sign up online, pick a package and then two weeks later think, “What did I just sign up for?” Whether you’re a franchisor or franchisee, we come in with knowledge of your concept and industry. Whether you’re in quick-service restaurants, full-service dining, subscription-based models or service businesses, we’ve seen it and worked with it before.

For franchisors, we often help create charts of accounts, quick-reference guides or even high-level KPI dashboards that combine operational, financial and labor data. We make it easier for both franchisors and franchisees to make smart decisions, even if they’re not financial experts.

Powills: Let’s close with this. If someone is watching and they’re considering reaching out, what’s the bold statement you’d like them to remember about BeanSquad?

Greenblatt: We’re here to provide cost-effective solutions with real people who genuinely care about your business.

We combine sophisticated financial systems with personalized support, so whether you’re a single-unit franchisee looking to expand or a franchisor aiming to grow your entire system, we’re the partner who can help you achieve your goals.

Powills: Thanks for sharing, Mike. For “Meet the Supplier,” I’m Nick Powills. Thanks for joining us.

You can watch and listen to the entire episode of Meet the Supplier on YouTube.