NNN Franchisee Credit Question

[Jay H.]

When evaluating the strength of a franchisee or a national QSR how much scrutiny it is placed on the franchisees financial statement more specifically the personal asset ownership?

Here's my scenario, the franchisee of a national QSR restaurant and myself are finalizing the terms of a lease for a build to suit. This particular franchise does not corporately guarantee their franchisee leases, so the strength of the lease rides on the experience and credit worthiness of the franchisee. When reviewing the financials of said franchisee how much weight is put on the actual ownership of the personal assets?Say for instance the personal financial statement reflected a net worth of 8 million dollars but when digging into the actual assets on the financial statement I find that the majority of those assets are jointly owned with spouse or layered in partnerships. 

Have any of the commercial brokers in the forum seen this scrutinized by potential NNN lease buyers?

Thanks in advance!