I once worked at a small business, single-location franchisee of a niche brand. I got a pretty good look at our balance sheet a few times and damn it sure looke

I once worked at a small business, single-location franchisee of a niche brand. I got a pretty good look at our balance sheet a few times and damn it sure looked like giftcard holders owned us. I think that line item was like 70% of our liabilities. equity was tiny. We also sorta ran like shit, which makes sense when you consider those incentives.