She looked toward the elevator doors.
"And that's why we need a plan that doesn't depend on one landlord behaving generously."
The next meeting was with the company's finance team.
The chairwoman asked for a detailed review of cash reserves, debt obligations, and operating commitments.
The absence of the chief financial officer created additional work.
An independent interim finance professional had been appointed to oversee essential functions.
She was an experienced Black American executive in her late forties who had managed hospitality restructurings and complex audits.
She spoke carefully.
The business was not failing.
Revenue remained strong at the flagship locations.
Several newer restaurants were performing well.
But expansion costs had strained cash reserves.
Construction delays at two properties had increased spending.
Higher ingredient prices reduced margins.
And an upcoming loan review required careful reporting.
The hotel partnership would have provided substantial capital.
Without it, some expansion plans needed to be delayed.
The chairwoman studied the numbers.
"How much operating flexibility do we have?"
The interim finance executive explained the available cash, revolving credit facilities, and realistic alternatives.
The chairwoman listened.
Then asked a question that surprised several people.
"How long can we operate without opening another restaurant?"
The finance executive paused.
"Indefinitely, if we maintain profitability and manage our existing obligations."
The chairwoman nodded.
"Then why are we behaving as though expansion is a survival requirement?"
No one answered immediately.
Finally the commercial director spoke.
"Because investors expect growth."
She looked toward him.
"Profitable growth?"
"Of course."
"Then let's separate what investors genuinely require from what management has promised them."
The room became quiet.
She continued.
"We are not going to enter an unsafe agreement simply because an expansion forecast looks attractive."
The interim finance executive nodded.
The commercial director looked uncomfortable.
He had spent months advocating for the hotel partnership.
Now the chairwoman was questioning the assumptions beneath it.
But she didn't accuse him of wrongdoing.
She asked him to prepare alternative financial scenarios.
Slower expansion.
Selective partnerships.
Licensing without equity conversion.
And a temporary pause on new development while the investigation continued.
He reluctantly agreed.
After the meeting, the interim finance executive remained behind.
She waited until the others left.
Then placed another document on the table.
"There's something you should see."
The chairwoman looked up.
"What?"
"A payment schedule."
The executive opened the file.
Several consulting payments appeared.
They had been approved over the previous six months.
Each was labeled as preliminary international expansion advisory work.
The payees were small corporate entities.
The amounts varied.
None was individually large enough to attract immediate attention in a company with substantial annual revenue.
Together, however, they represented a meaningful expense.
The chairwoman looked toward the approval column.
The chief financial officer's office had authorized several.