Why Alignment Outperforms Valuation: Patrick Galeher’s Franchise M&A Philosophy

What separates a successful franchise exit from a costly one?In this week’s episode of Franchise Today, Stan Friedman sits down with Patrick Galeher, Founder, CEO and Managing Partner of Boxwood Partners, one of the leading M&A advisory firms focused on franchising and multi-unit brands.Patrick has lived every side of the franchise world — franchisor, franchisee and supplier — giving him a 360-degree perspective few deal-makers ever have. Before founding Boxwood, he scaled Sweet Frog from 15 to 350 locations before selling to MTY Kahala in 2018. Since then, Boxwood has guided powerhouse brands such as Stretch Zone, AdvantaClean and The Lash Lounge through successful liquidity events.Patrick reveals how alignment, not just valuation multiples, creates lasting value — and why the best M&A advisors start by deeply understanding their clients before ever calling a buyer. He explains how franchise M&A differs from typical middle-market deals, what investors really look for, and how founders can prepare years in advance for a strong exit.Whether you’re a franchisor, franchisee or private-equity partner, this conversation delivers a masterclass in how to build, buy and sell brands the right way.