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About

Thrive is a rapidly growing pet healthcare company that is evolving veterinary standards to benefit both pets and their human families. They have recently expanded their company since partnering with Petco and currently have about 450 locations across the United States.

Challenges

Thrive struggled to manage their lease administration in excel as they lacked a software system to abstract and store their leases. Additionally, they were not compliant with the new FASB Accounting Standards.

 

Lastly they were not paying landlords monthly rent in a timely manner.  These factors paired with their rapid growth made it difficult to continue their financial upkeep alone.

Process

Mohr partners implemented a timely and straightforward system for Thrive’s lease information to be stored and managed successfully.

Mohr created a monthly process timeline, obtained W9s and vendor banking information, and managed real estate expenses.

Mohr abstracted 450+ leases into the database system for Thrive in a 3 month time period.

Results

To help Thrive maintain their growth, Mohr Partners lease administrators meet with Thrive to continue developing processes and ongoing services.

Currently, Mohr pays Thrive’s rent expenses of an estimated $75 million dollars and manages all vendors’ W9 and ACH information.

By reshaping information into a simple system, Mohr was able to improve Thrive’s lease administration processes, procedures, and standards.