Empires

Joe Pedatella is scaling one of the fastest-growing KidStrong empires in the country:* 16 locations open* 60+ in development* And a goal of 100 long termIn this episode, he breaks down how he pre-sold 700 members before opening, built a culture that scales, and turned one gym into a multi-unit machine that is only just starting to hit it’s stride. Considering buying a franchise? www.empirespod.com/buy-a-franchise For multi-unit franchisees selling their locations: www.fdcapitalgroup.com This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Area 2 Farms, a venture backed start up, is trying to bring (vertical) farms into every town across America. They've learned from past mistakes of other vertical farm startups, and have changed the model, which they are now franchising...Considering buying a franchise? https://www.empirespod.com/buy-a-franchiseSubscribe to our weekly newsletter: https://empirespod.substack.com/For multi-unit franchisees selling their locations: https://www.fdcapitalgroup.com/CHAPTERS0:00 Intro0:55 What’s Broken with Food Distribution2:43 Franchises in Disguise?4:50 Why “Progress” Crushed Food Quality7:22 The Machine of Food Distribution8:50 Starting as a Government Spy11:19 Pentagon’s Domino’s Pizza Tracker11:50 What he learned from Hacking Countries13:23 Becoming a Founder14:43 Selling His Startup to Cloudfare15:50 Starting Area 2 Farms17:35 Why other Vertical Farms Failed20:35 Why Area 2 is Different23:09 Moving the Plants, Not Air24:55 Live Look at Area 2’s Tech25:57 The 3 Key Innovations27:22 Location #128:50 The Farm Business Model31:58 Do Customers like it?32:52 Area 2 vs Grocery Stores37:47 Turning Farms into a Business39:46 Franchising the Farm43:00 Area 2 Farms’ Unit Economics46:30 The Target Franchise Owner48:49 Franchise Launch Update50:36 Is Energy Usage a Concern?52:05 The Energy Myth in Vertical Farming53:22 How the Model Evolves Over Time55:08 Avoiding “Menu Creep” & Staying Focused56:52 New Revenue Streams: Seedlings, Pumpkin Patches & More58:10 What Franchisees Actually Need to Learn1:02:31 Labor Model & Serving 400 Customers per Farm1:04:10 Systems, SOPs & Avoiding Crop Failure1:06:00 Why Farming Is the Original Franchise Model1:07:53 The Mission Behind Area 2 Farms1:09:00 Convenience vs Community1:10:53 Real Estate Strategy (Why Gas Stations Work)1:12:09 Making Each Location Feel Local1:15:22 What Success Looks Like in 10–20 Years1:18:00 Closing Thoughts This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Nothing Bundt Cakes was recently acquired for $2 billion dollars. Founded in 1997, the brand has quietly built one of the greatest franchises of all time. I explore how they did it, and what their unique X-factor is that has created such consistent success….Listen to the full conversation with Nick (coming out next week): https://www.youtube.com/@EmpiresPod Subscribe to my weekly newsletter:Considering buying a franchise? https://www.empirespod.com/buy-a-franchiseFor multi-unit franchisees selling their locations: https://www.fdcapitalgroup.com/CHAPTERS0:00 - Intro0:49 - The Founders1:27 - What’s a Bundt Cake?2:23 - Launching Nothing Bundt Cakes3:04 - Launching Franchising3:58 - Early Growth4:19 - The Craig Moore Era5:12 - Basics of the Model6:17 - Craig’s Impact7:31 - Selling the Business8:11 - The LLCP Era10:00 - Roark Capital Enters11:01 - Roark’s Insane Portfolio11:33 - Current Unit Economics12:20 - Why Do Bundt Cakes Dominate?13:15 - Reason #1: Narrow Menu X Variety15:02 - Reason #2: Simple Cost of Goods16:13 - Reason #3: Labor Model17:37 - Economic Durability18:39 - Reason #4: The X Factor20:25 - The Most Reliable “Edge”21:26 - The Magic of Bundt Cakes22:00 - Why Competitors Fail23:18 - Will KKR Ruin the Brand?NOTE:The material used in this video is meant to be used for educational purposes and fall within the guidelines of fair use. For all inquiries, questions, and complaints, please get in touch by filling out the contact form by clicking this link: https://www.empirespod.com/about#about-footer This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Brandon Hurst went from - in his own words - “a broke college student” working overnight shifts, to becoming one of the top-performing Chick-fil-A operators in the country, now running multiple locations that generate tens of millions in revenue.In this conversation, Brandon breaks down the real Chick-fil-A business model, why the $10K buy-in is misunderstood, and how profit-sharing actually works behind the scenes. He explains why Chick-fil-A operators don’t build equity like traditional franchisees, and why that tradeoff has major benefits.We also dive into what it takes to get selected (it’s harder than getting into Harvard), the reality of running a restaurant with 80+ employees, and how Brandon built systems to scale leadership across multiple locations.He shares how he turned cash flow into investments, built a real estate portfolio, and more.Plus, we go deep on:The biggest myths about Chick-fil-A franchisingHow COVID accelerated his growth (including 60%+ digital sales)Why culture, not systems, is the real moatHis “LOVE” philosophy for building teams and developing future leadersThis is a masterclass on modern franchising, leadership, and building wealth through cash flow - not just exits!Get In TouchFollow/Subscribe to BrandonGrab Your FREE Guide “The 5 Seasons of Leadership”  Follow Brandon on InstagramConnect with Brandon on LinkedInLearn More About Brandon Here Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise  Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/ Subscribe to our newsletter: https://empirespod.substack.com/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Orhan Veli’s story sounds like a movie.At age 6, he watched the Soviet Union collapse overnight: chaos, violence, and uncertainty took over.His family fled with nothing.Within months, his father built a small business…until the mafia burned it down and demanded payment.They eventually escaped to the United States with just $25,000.From there:Roofing jobs in FloridaDelivering pizzasLiving in a small apartment with no EnglishFast forward 20 years…Orhan now owns 12 restaurant locations generating over $12M in revenue.But it didn’t come easy:Borrowing money from family to buy the first storeWorking 7 days a week, open to closeFiring his entire staff two weeks into his second locationNearly going under during the 2008 financial crisisIn this episode, we break down:How he scaled from 1 to 11 locationsWhy he doubled down when others were sellingThe real economics behind fast-casual franchisesAnd the mindset required to build an empire from nothingThis is one of the craziest operator stories we’ve ever recorded.Get in TouchInterested in buying a franchise? https://www.empirespod.com/buy-a-franchise  Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/ Subscribe to our newsletter: https://empirespod.substack.com/ Follow Orhan: https://www.linkedin.com/in/orhan-veli-24116315/  ⏱️ Chapters 00:00 From the Soviet Collapse to Chaos 06:00 Building a Business in the Wild West of Capitalism 12:00 Escaping to America with $25K 18:00 Starting Over: Roofing, Pizza Delivery, and Survival 24:00 Learning to Hustle: First Jobs & College Years 30:00 Turning Down Wall Street for Entrepreneurship 36:00 Buying the First Restaurant (All-In with Family Money) 42:00 Early Struggles: Long Hours, Debt, and Doubt 48:00 Scaling to Multiple Locations + Near Collapse in 2008 54:00 The Saladworks Bet & Aggressive Expansion Strategy 60:00 Building an 11-Unit Empire + What Comes Next  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Get in TouchInterested in buying a franchise? https://www.empirespod.com/buy-a-franchise  Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/   📝 Episode Description Wingstop started as a tiny wing shop in Dallas in 1994.Today, it’s a $5+ billion global franchise empire with over 3,000 locations, and one of the most profitable unit economic models in the restaurant industry.But Wingstop’s success wasn’t driven by a massive menu or flashy innovation. Instead, it came from something much simpler.Focus.Founder Antonio Swad built the brand around a radical idea for the time: a takeout-first restaurant with a tiny footprint and a menu built almost entirely around chicken wings.That simplicity created one of the most scalable franchise models in the industry.In this episode, we break down: The unconventional origin story of Wingstop• Why Antonio Swad tested wings in his living room before launching the concept• The private equity deal that transformed the company• How the Troy Aikman partnership helped build the brand nationally• Why Wingstop’s franchise economics became legendary• The technology bet that positioned the brand perfectly for the pandemic• And how Wingstop is now chasing $3M per store in salesWingstop didn’t win by being the biggest.It won by being the most focused.  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Get in TouchInterested in buying a franchise? https://www.empirespod.com/buy-a-franchise  Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/  Get in touch with Darren: https://110-ventures.com/ https://leapbrands.io/ 📝 Episode Description Darren Spicer started as a barista at Dutch Bros.Years later, after the company shut down its franchise program, he built his own drive-thru coffee chain from scratch, scaling it to 20 locations before selling it back to Dutch Bros in a $20M deal.In this episode, Darren breaks down: How he went from employee to founder • The 80% pay cut he took to start Clutch Coffee • The real economics of drive-thru coffee • What it’s like managing 400+ hourly employees • Why site selection can make or break a chain • Growing 40% during COVID • The mistake that cost them $10K per month • And how the Dutch Bros acquisition actually came togetherThis is a full-cycle brick-and-mortar story, from barista to exit.If you’re building (or thinking about building) a physical retail or franchise business, this episode is a masterclass in culture, real estate, and scaling the right way. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Get in Touch Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise Considering selling your franchise locations? https://www.fdcapitalgroup.com/  DescriptionIn 2016, Jon left a secure family business to invest in a then-emerging boutique fitness concept: Club Pilates.Less than a decade later, he owns 48 studios across three states and recently partnered with private equity to scale toward 100 locations.In this episode, we discuss: The early unit economics of Club Pilates • How his first studio became cash-flow positive in under two months • Labor, rent, and margin targets inside a boutique fitness model • The operational realities of scaling to 24+ units • Why debt became harder to secure — and what triggered the private equity decision • How franchise consolidation works in fragmented systems • What private equity actually changes inside a growing businessThis conversation is a deep dive into franchise scaling, capital strategy, and disciplined growth in brick-and-mortar businesses. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Get in ContactFor multi-unit owners looking to sell their business: https://www.fdcapitalgroup.com/  Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise Description Today, Indian Americans own over 60% of hotels and motels in the United States.Most of them trace back to one region in India: Gujarat.But this didn’t happen by accident.It began in the 1930s with Kanji Desai — the “Godfather of Hospitality” - who saw that motels weren’t just a business…they were a bridge. A way for immigrants from Gujarat to arrive in America and immediately have a path to ownership.From there: A parallel “handshake loan” financing system was created• Families lived inside their motels to cut costs• Children worked front desk and housekeeping• 60%+ margins were possible through extreme efficiency• Discrimination from banks and insurers forced collective action• The AAHOA was formed to fight systemic prejudice• A Patel-founded bank (The State Bank of Texas) was created to finance hotel owners• And eventually, third-party management and franchising allowed scaling into multi-billion-dollar portfoliosThis episode walks through the full evolution:From one-off motels…To multi-unit ownership…To billion-dollar hotel platforms.WHAT YOU’LL LEARNWhy Gujarat produced so many hotel entrepreneursHow the “handshake loan” system actually workedWhy Patels lived inside their motelsHow 60% margins were possibleWhat discrimination they faced in the 1980sWhy AAHOA was createdHow a Patel-founded bank now holds $3B in assets ScriptWhy hotel franchising dominates todayWhy Marriott and Hilton keep inventing new sub-brandsHow professional management companies allow hotel portfolios to scale This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Get in Touch Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise Are you a multi-unit franchise owner considering selling your business? https://www.fdcapitalgroup.com/  Partnership Opportunitieshttps://www.empirespod.com/about#about-footer 🧠 Episode Description Frozen yogurt was written off as a dead category.Neil Hershman didn’t buy that.After leaving finance, Neil became a franchisee of 16 Handles, fixed broken operations at the store level, doubled profits, and eventually acquired the entire brand. Today, 16 Handles has ~40 locations open, dozens more in development, and multiple million-dollar frozen yogurt stores - while competitors stagnate.In this episode, we break down:Why frozen yogurt was never actually deadThe unit economics behind 20%+ marginsHow Neil turned underperforming corporate stores into cash-flowing assetsWhy owning stores as a franchisor keeps incentives alignedHow COVID created the best real-estate opportunities of his careerAnd what most franchise brands get wrong about growth, PE, and operatorsThis is a masterclass in operator-led brand revival, smart franchising, and building community-driven businesses that actually work.🔑 Key Topics / Bullets (Platform-Friendly)From finance job → franchisee → franchisorTurning legacy brands into growth machinesFrozen yogurt unit economics (rent, labor, margins)Why self-serve = automation before AIUrban vs suburban store performanceScaling without private equityMillion-dollar dessert storesBuying brands when founders are “checked out” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

In this episode, Cliff Kennedy, CEO of Frios Gourmet Pops, shares how he went from being a franchisee to acquiring the entire brand, rebuilding the company from the ground up, and transforming it into a mobile-first dessert empireInterested inWe unpack:Why Frios’ product was great, but the company was brokenHow COVID forced a shift from brick-and-mortar to mobile trucksThe economics of a mobile dessert franchise (events, wholesale, and B2B)Why Cliff walked away from a massive CPG opportunity after taking a big swingHow Frios scaled with limited capital, grit, and relentless focus on franchisee successThis is a raw, honest look at entrepreneurship: the wins, the near-misses, and the decisions that define long-term success.If you’re interested in franchising, consumer brands, or building a business around real-world experiences, this episode is for you.GET IN TOUCH:Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise Are you a multi-unit franchise owner considering selling your business? https://www.fdcapitalgroup.com/  Partnership Opportunitieshttps://www.empirespod.com/about#about-footer🧠 Key Topics / TakeawaysFranchisee → Franchisor transitionsMobile vs brick-and-mortar business modelsFranchise economics without item 19 hypeManufacturing + franchising under one roofWhy focus beats chasing every growth opportunityBuilding a business that prioritizes lifestyle + happiness This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Get in ContactFor multi-unit owners looking to sell their business: https://www.fdcapitalgroup.com/  Interested in buying a franchise? https://www.frandawgs.com/buy-a-franchise  Get in touch with the host: https://www.linkedin.com/in/patrick-buckley-%F0%9F%8C%AD-89539499/  Get in touch with Jack and Jake: https://www.linkedin.com/in/jack-foster-098030a8/  https://www.linkedin.com/in/jake-mclaughlin-8a67a4126/ DescriptionJack Foster and Jake McLaughlin left careers in investment banking and private equity to build one of the fastest-growing Meineke platforms in the country.In this episode, we break down:Why they chose Meineke and auto repair over flashier franchisesThe real unit economics and margins of a Meineke locationHow they scaled from 3 stores to 25 through small, disciplined acquisitionsWhy people, culture, and operator excellence mattered more than financial engineeringWhat they’re building next beyond MeinekeThis is a rare, transparent look at what it actually takes to scale a blue-collar, brick-and-mortar business. Timestamps00:00 – Leaving investment banking & private equity for entrepreneurship 02:40 – How prepared were they really to own franchise locations 05:00 – Why they chose partnership instead of going solo 08:10 – Why franchising (and why auto services specifically) 10:20 – Why Meineke stood out vs other auto concepts 11:05 – Meineke unit economics & margins breakdown 13:45 – Why these margins surprised most people 15:00 – How they sourced their very first Meineke acquisition 17:40 – Paying cash vs SBA financing for early deals 18:55 – What makes a Meineke location a “deal killer” 21:00 – The importance of car count & rent discipline 23:10 – Hiring a COO who changed everything 26:00 – Why they moved into their markets after acquisitions 29:30 – Scaling from 5 to 25 locations without breaking operations 32:00 – Buying single stores vs large portfolios 35:10 – How relationships drive their acquisition pipeline 37:30 – What Jack & Jake actually work on day-to-day 40:00 – Are they enjoying the journey? (honest answer) 42:30 – Exit strategy and long-term vision 44:00 – What’s next beyond Meineke This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Raj Patel is one of the most prolific franchise operators in the country.His family started with one Dunkin’ in the late 1980s — today, Raj oversees a 100+ unit portfolio across Dunkin’, Dave’s Hot Chicken, and several other brands.In this episode, we go deep into:How Raj decides which brands to bet onWhy leadership matters more than foodWhat it’s really like to scale from 1 store to 100+How he evaluates new builds vs acquisitionsWhy Dave’s Hot Chicken felt like a “lottery ticket” — and actually paid offThis is a rare look into how elite multi-unit operators think about growth, risk, and long-term portfolio strategy.If you’re serious about franchising, scaling restaurants, or building a durable operating business — this episode is for you.⏱️ KEY TOPICS / CHAPTER THEMES (for platforms that surface these)Growing from 1 Dunkin to 100+ storesHow Raj evaluates franchise brandsDunkin as a portfolio “engine”Betting early on Dave’s Hot ChickenWhy leadership beats productDevelopment vs acquisition strategyReal estate, construction costs, and ROIThe future of QSR and drive-thru brands This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Most people think private equity “kills” franchise brands. But in this episode, Adam Lewin — CEO of Wonder, a holding company for franchisors and multi-site operators — explains why the truth is far more nuanced.Adam breaks down:How Wonder evaluates franchise acquisitionsWhy they refuse the typical “platform” roll-up modelWhat emerging franchisors get wrongWhy franchise hype cycles (Dave’s Hot Chicken, Seven Brew) are dangerousHow wonder decides when to build corporate stores vs. franchiseWhy franchise failures are often due to founder psychology, not the modelHow PE actually models deals, prices risk, and thinks about growthThe real reason Rourke can pay outrageous multiplesWhy the public misunderstands how PE influences the brands it buysIf you care about franchising, small business, or private equity — this is a masterclass.00:00 — What Wonder Actually Is01:00 — Why Wonder Rejects the “Platform Play”03:00 — How They Decide Which Brands to Buy05:00 — Why Scaling Is Harder Than Founders Think07:00 — The Hidden Challenges of Franchising09:00 — The Founder Problem: Why Many Stagnate11:00 — What “Differentiation” Actually Means in SMB13:00 — Are Multi-Unit Franchisees a Risk?15:00 — Wonder’s Long-Term Horizon (5–10 Year Holds)17:00 — Are Hype Brands Like Dave’s/Seven Brew Overvalued?20:00 — Why Unit Economics Matter More Than Hype21:00 — Mistakes Every Emerging Franchisor Makes23:00 — Why Hiring Franchisees Is Like Hiring Employees25:00 — The Biggest Problem: Bad Early Franchisees26:00 — Deep Dive: Why Wonder Bought Soccer Five29:00 — How Soccer Five Actually Works31:00 — Why Wonder Will Build Corporate Units for S533:00 — Why Franchising Is Attractive to PE36:00 — What PE Gets Wrong About Franchising39:00 — Growth at All Costs = System Failure41:00 — How Rourke Pays Insane Multiples43:00 — Why Rourke Can Hold Brands for 20+ Years46:00 — Does Private Equity Ruin Franchises?49:00 — Wonder vs. Traditional PE51:00 — Where to Follow Wonder & Tucker’s Farm This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Are you a multi-unit franchisee looking to sell your locations? https://www.fdcapitalgroup.com/  Are you interested in buying a top new restaurant franchise? https://eatagape.com/franchise/ Keni’s story begins in 1982, when his family immigrated to the U.S. with nothing but visas and a network of distant relatives. Like many Patels from Gujarat, his family moved directly into a relative’s motel—18 people living on-site while working every role from housekeeping to front desk to maintenance.Over time, Keni watched his parents acquire and expand their own motel using a mix of friends-and-family financing, 12% interest bank loans, and extreme frugality. That model—a family living in the back unit, doing every job, and saving every dollar—became the backbone of how Patels came to own 40% of hotels in the U.S. and 80–90% of motels.Today, Keni owns hotels himself and works as a data scientist at Driftwood Capital, a $5B hospitality investment firm that develops and operates Hilton and Marriott properties.We break down:What you’ll learnWhy Patels dominate the motel industryHow friends-and-family lending works in Gujarati communitiesWhat margins look like for economy vs luxury hotelsWhy a single family can run a 17-room motel with 60% marginsWhen owner-operator models stop workingThe full economics behind ADR, RevPAR, NOI, and cap ratesWhy Hilton, Marriott & others keep inventing new sub-brandsHow COVID impacted economy hotels vs upscale hotelsWhy management companies exist (and why they don’t buy hotels themselves)This is one of the clearest, most detailed walkthroughs of the actual business of hotels you’ll ever hear.CHAPTERS / TIMESTAMPS0:00 – Growing up in a motel with 18 family members 3:15 – How Patels finance their first properties 7:00 – The origins of the Patel motel network 10:20 – The “friends & family” lending system explained 12:45 – Life living in a 17-room motel 15:50 – Zero days off & never sleeping through the night 18:40 – Why the first motel is the hardest 20:30 – The true margins of economy hotels 23:00 – Converting to a Days Inn and what changes 25:30 – Keni’s portfolio today + Driftwood Capital 27:00 – How hotels actually evaluate performance (ADR, RevPAR) 31:50 – Why hotel data is so rich compared to other industries 33:40 – Revenue per key & top-line benchmarks 36:15 – Cap rates and valuation differences by hotel class 38:20 – Why owner-operator models break above ~60 rooms 40:00 – Corporate contracts & sales in economy hotels 41:15 – When you need professional hotel management 44:00 – Why hotel restaurants rarely make money 47:00 – The cap rate arbitrage in economy hotels 51:30 – Why hotel brands have 35+ sub-brands 55:00 – Keni’s long-term plans 56:00 – Where to follow Keni This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Agapé Restaurants: eatagape.comFranchise Info: eatagape.com/franchiseMatt started as a Subway employee at 13 — and by his twenties, he owned 12 locations. From there, he expanded into Cinnabon, Dunkin’, and Wingstop, learning hard lessons about unit economics, scaling challenges, and why some brands hit ceilings while others explode.Today, Matt is the co-founder of Agapé, a fast-casual Mediterranean concept born in Columbus that’s now franchising nationwide. We unpack how his decades as a multi-brand operator shaped his playbook, why he only wants experienced restaurant operators as franchisees, and how Agapé plans to ride the same wave CAVA created — but with stronger economics.If you’re an operator or investor eyeing the next breakout restaurant brand, this one’s for you.⏱️ Key Topics[00:00] Getting his start at Subway at 13[05:00] Buying his first store and scaling to 12 locations[10:00] Surviving the chaos of the $5 footlong era[15:00] Lessons from Cinnabon, Dunkin’, and Wingstop[25:00] Site selection secrets and real estate strategy[35:00] Selling Wingstop — and why he says he exited too early[40:00] Founding Agapé during COVID[45:00] Competing in the Mediterranean bowl category[50:00] The future of Agapé and its franchise strategy🔑 Notable Quotes“Subway taught me it’s a penny-profit business — you’ve got to scrape to make it.” “If you can do three times your build-out cost in sales, you’re in a good spot.” “We’re not trying to sell units. We’re trying to work with good people and build a kick-ass brand together.”🧠 Episode TagsFranchising, Restaurants, Small Business, Fast Casual, Wingstop, Subway, Cinnabon, Dunkin’, CAVA, Entrepreneurship, Multi-Unit Operators, Emerging Brands This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Connect with FranDawgsAgape franchise opportunity: https://eatagape.com/franchise/ Buy a franchise: https://www.frandawgs.com/buy-a-franchise Sell your franchise: https://www.fdcapitalgroup.com/ YouTube: FranDawgs PodcastLinkedIn: Patrick Buckley Episode SummaryAt just 28, Nico Verano walked out of a private equity job and into the heat—literally. After hearing SweatHouz founder Jamie Weeks pitch the sauna-and-cold-plunge concept, Nico became the first franchisee and built five booming locations across Boston. In this episode, he shares how his father’s legendary Italian restaurant launch (featuring The Sopranos cast) shaped his risk-taking mindset, why he built three studios at once, and how old-school hospitality still wins in modern wellness.We also dive into his new restaurant, My Mother’s Cutlets, and how teaming up with Boston influencer Kevin Cooney through their new venture, Twin Oaks, is redefining what franchise partnerships can look like.Key TopicsLeaving a stable private-equity career to franchise SweatHouzLessons from his father’s restaurant success (and The Sopranos cameo)The evolution from SweatHouz V1 → V2: turning wellness into luxuryBuilding three studios simultaneously — and staying profitable month oneGuerrilla marketing through mobile cold plunges and community fitness collabsHow hospitality and human connection drive retention in a digital worldFinancial breakdown: margins, payback period, and unit-level performanceThe origin of My Mother’s Cutlets — “the Italian Chipotle” of BostonPartnering with Kevin Cooney to launch Twin Oaks VenturesBringing SweatHouz to New York City and what’s next for Nico’s empireNotable Quotes“In order to be successful, you gotta lay it down to pick it up.” — Nico’s father “If you can’t find eight to nine people per hour in New York City, you’ve got a big problem.” — Nico Verano “All people want to feel is special. Whether you’re selling meatballs or saunas—it’s the same thing.” — Nico VeranoTimestamps0:00 — The SweatHouz origin story 4:00 — The Sopranos and the restaurant that started it all 8:00 — Lessons from taking the ultimate entrepreneurial swing 10:00 — From first franchisee to multi-unit owner 14:00 — What contrast therapy really does for the body and mind 17:00 — Guerrilla marketing and how SweatHouz built hype offline 21:00 — Building community through hospitality 26:00 — Scaling fast: building three locations at once 33:00 — Real numbers: margins, revenue, and payback 41:00 — Why hospitality beats AI 43:00 — Partnering with Kevin Cooney and launching Twin Oaks Ventures 47:00 — The story behind My Mother’s Cutlets 50:00 — Running multiple ventures without burning outConnect with NicoInstagram: @nicovaranojr, @mymotherscutlets SweatHouz Boston: sweathouz.comTwin Oaks Ventures: Coming soon This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Chris Hatch, founder of Dirt Dogs and Forza Commercial, breaks down the business of owning the land beneath America’s top franchises. From Dutch Bros and Raising Cane’s to the dirty soda craze, Chris explains how site selection, drive-thru culture, and brand “soul” shape billion-dollar outcomes. A masterclass on franchising, real estate, and what makes a location truly win. Interested in Agape? https://eatagape.com/franchise/  Sell your franchise: https://www.fdcapitalgroup.com/  Buy a franchise: https://www.frandawgs.com/buy-a-franchiseFollow and/or get in touch with Chris:  Listen to his podcast: https://tr.ee/OYH_2bV-Ar Work with his company: https://www.forzacommercial.com/ X: https://x.com/chriswhatchLinkedIn: https://www.linkedin.com/in/chris-hatch-5b100711/   This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Austin Smith started his career helping build Savory Fund into a powerhouse that scaled concepts like Swig, Mo’Bettahs, and R&R Barbecue. After years of investing in food & beverage, he made the leap from investor to operator — taking a massive bet on Big Blue Swim School.Considering buying a franchise? Reach out: https://www.frandawgs.com/ If you’re a multi-unit owner considering selling your locations, get in touch: https://www.fdcapitalgroup.com/ In this episode, we dive into:How Savory Fund spotted Swig and scaled dirty soda into a national brandLessons learned from franchising hits and misses (like passing on Crumbl)Why Austin shifted from private equity to owning 21 Big Blue Swim School territoriesThe economics of swim schools, territory buildout costs, and why drowning prevention drives demandHis growth strategy to build $7–10M EBITDA and decide whether to flip or hold long-termWhether you’re an operator, investor, or aspiring franchisee, Austin’s story offers a playbook on evaluating emerging brands and scaling brick-and-mortar businesses. Chapters: 00:00 – Intro 01:10 – Getting started with Savory Fund and early food & beverage bets 05:00 – How Savory Fund discovered Swig and why dirty soda works 12:00 – Lessons from Crumbl and when to franchise vs. corporate-own 18:00 – Drive-through culture and why convenience brands win 26:00 – Austin’s move from investor to operator 32:00 – Discovering Big Blue Swim School 35:00 – Why swim schools are insulated from tech disruption 37:00 – Buying 21 territories across Utah, Arizona, Nevada, Colorado, and Idaho 49:00 – The cost of Big Blue buildouts and lessons on efficiency 53:00 – Psychology of space: why a “busy” feel matters 61:00 – Growth strategy: scaling to $7–10M EBITDA 64:00 – Long-term vision: flip or hold Big Blue Swim School 1:05:00 – Closing thoughts & where to follow AustinLinks: 👉 Connect with Austin Smith on LinkedIn: https://www.linkedin.com/in/austin-c-smith-a1755548/ This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Interested in buying a franchise? https://www.frandawgs.com/buy-a-franchise For multi-unit franchisees looking to sell their locations: https://www.fdcapitalgroup.com/ Kal walked away from a Wall Street career to chase his dream of entrepreneurship — and went 5-for-5 picking winning brands. From butcher shops and pizzerias to Orangetheory, European Wax Center, Marco’s Pizza, Dave’s Hot Chicken, and Popup Bagels, he’s scaled to over 100 locations with a private-equity style approach. We dig into how he evaluates franchise opportunities, why diversification matters, how he handles scale and capital raises, and what it really takes to build brands that print cash.If you want to learn how the best operators think about brand selection, growth, and exits — this is the playbook.Follow Kal: Personal LinkedIn: https://www.linkedin.com/in/kal-gullapalli-91a7525/ MPZ Holdings: https://www.linkedin.com/company/mpzholdings/posts/?feedView=all Timestamps (YouTube/Spotify Chapters): 0:00 – From Wall Street to entrepreneurship 3:00 – Buying butcher shops & early lessons 7:30 – The bet on Orangetheory 13:00 – Scaling European Wax Center to 50+ locations 19:00 – Surviving COVID & raising capital 24:00 – Why Marco’s Pizza became the anchor brand 31:00 – Entering Dave’s Hot Chicken at the perfect time 38:00 – Site selection, unit economics & the secret to growth 44:00 – The rise of Popup Bagels and reinventing a category 50:00 – Diversification vs. going deep in one brand 52:00 – Kal’s daily routine & what’s next This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

For help evaluating franchises, reach out: https://www.frandawgs.com/buy-a-franchise  For multi-unit owners considering selling their locations: https://www.fdcapitalgroup.com/  Jon Benson’s journey into franchising wasn’t traditional. After scaling a Utah startup from $20M to $450M in sales, and later launching a COVID testing lab that served thousands of people a day, Jon stumbled across GameDay Men’s Health on LinkedIn. Within weeks, he went from curious prospect to signing a five-territory deal in one of the fastest-growing franchises of all time.In this episode, Jon shares:How his early startup and healthcare experiences prepared him for the complex operations of a medical franchise.Why GameDay’s simplified “one-hour testosterone optimization” model is a breakthrough compared to traditional healthcare.The financing and deal structure he used to secure five territories — and why he approached it like a venture deal.What it really takes to open and operate a GameDay clinic: site selection, buildout, staffing, and customer acquisition.The emotional stories of patients whose lives were transformed — including one man who told Jon, “You saved my life”.His exit strategy, what makes franchising attractive to him, and whether he’ll expand into other brands in the future.This is a deep dive into how a first-time franchisee can leverage entrepreneurial experience to thrive in one of the fastest-selling franchises in history. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

If you’re a multi-unit franchisee considering selling your locations, get in touch https://www.fdcapitalgroup.com/ Interested in buying a franchise? Reach out here: https://www.frandawgs.com/buy-a-franchise Episode Summary:In this episode of FranDawgs, Patrick sits down with Margarette and her husband Richard - franchise operators who turned their passion for resale into a thriving multi-unit Uptown Cheapskate business. They share how they went from running large independent thrift shops to building one of the top-performing portfolios in the system, with four Uptown Cheapskate stores across Oklahoma.We dive into:The economics of resale vs. thrift shops (staffing, inventory sourcing, square footage).Why Plato’s Closet rejected them—and how that led to Uptown Cheapskate.How they fill 10,000 sq. ft. stores without ever running out of clothes.The proprietary pricing software that keeps them on-trend and profitable.Hiring and retaining fashion-forward staff compared to high-turnover fast food.Scaling from one store to four, funding growth with SBA loans and profits.Why Uptown Cheapskate (and sister brand Kid to Kid) are outperforming most franchise concepts today.This is a masterclass in how to scale in the booming resale market—while also building a team and culture that lasts.Guest(s):Margarette & Richard  (multi-unit Uptown Cheapskate franchisees, Oklahoma)Host: Patrick Buckley, founder of FranDawgs This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

🎙️ Guest: Jacob Horton, Multi-Unit Franchisee at Scenthound and Co-Founder of SBA Source📍 Location: Birmingham, AL & Nashville, TNIf you’re a multi-unit franchisee considering selling your locations, get in touch https://www.fdcapitalgroup.com/  Interested in buying a franchise? Reach out here: https://www.frandawgs.com/buy-a-franchise 🔥 Episode Summary:Jacob Horton went from PowerPoint presentations to puppy baths, and built the #1 Scenthound location in the country.In this episode, we unpack:Why Jacob left nuclear engineering and consulting to dive into franchisingThe turning point that made him abandon a traditional acquisition search in favor of building a pet grooming empireHow he evaluated over a dozen franchises before choosing ScenthoundThe systems he built to drive over 1,000+ active members at a single locationWhat he’s learned from scaling to 6 stores (on the way to 20)How a homegrown call center and sales CRM became his unfair advantageHis new startup: SBA Source, the software platform simplifying SBA loans for franchiseesJacob’s business is proof that boring, recurring revenue models—paired with operational excellence—can create serious compounding growth.📌 Key Stats:Opened 6 Scenthound locations in 3 yearsAveraging $185K in four-wall EBITDA per locationBuilt a 5-person in-house sales team + call centerGenerated 1,000+ members at his top locationRecently launched SBA Source to fix the broken SBA loan process🔗 Links:SBA SourceJacob's LinkedIn: https://www.linkedin.com/in/jacob-lee-9803a480/ 🧠 Topics Covered:[00:00] Jacob’s journey from nuclear engineering to franchising[06:00] Why he abandoned the ETA path[09:00] The business case for pet grooming (vs. daycare)[13:30] Building trust and loyalty through health-focused grooming[15:00] Opening a Scenthound: real estate, pre-sale, and staffing strategy[19:00] How many members to break even (and to thrive)[20:00] The secret weapon: a custom-built call center + CRM[27:00] Evolution of store ops: from 2 units to 6 and beyond[33:00] His labor strategy—and how he built the best grooming team in town[39:00] The playbook for local marketing + Facebook lead gen[44:00] Why he started SBA Source and how it works[54:00] His long-term goal: 20 stores + building a legacy  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

In this episode, Patrick sits down with Michael Horowitz to unpack his journey from venture capital and real estate to owning and operating 20 Wingstop franchises in Ohio. Michael shares the full story of how he sourced his initial 7-unit acquisition, competed for the deal, and navigated the franchise transfer process without prior restaurant experience.They dive deep into the realities of QSR ownership: the challenges of managing frontline labor, the difficulty of being the sole operator, and how rapid same-store sales growth at Wingstop created a flywheel that fueled expansion. Michael also breaks down his deal structuring, debt strategy, and decision to eventually sell the business to sizzling platter — one of the largest multi-brand operators in the country.They close with a frank discussion about the ETA boom, franchising as an asset class, and whether Michael would ever get back in the trenches of low-wage labor again. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

In this episode, I sit down with Ryan Feghali, also known on X as the famous QSRguy, a powerhouse multi-unit franchisee who:Owns 33 Little Caesars across California, Oregon, and ArizonaOperates a Jersey Mike’sFounded his own viral cookie-and-coffee concept, Coco Playa, which did $1.3M+ in its first yearWe cover:🍕 Ryan’s roots folding boxes in his dad’s Little Caesars and why he initially swore off franchising🚀 How he went from buying two underperforming stores to scaling a 33-unit pizza empire📈 The systems, tech, and hospitality strategy that help his stores outperform the average AUV💰 What he looks for in acquisition deals—and why he’d rather overpay for a great location🥤 How his new concept Coco Playa exploded with Gen Z fans and dirty soda diehards🤝 Why franchising too early is a trap—and what he’s doing differently as a founder📚 Plus, a teaser on the book he’s working onIf you're into QSRs, franchising, or just love a good operator story, this one’s packed.Links: Buy or sell your franchise: https://www.frandawgs.com/ Ryan on X: https://x.com/QSRguyRyan on LinkedIn: https://www.linkedin.com/in/rfeghali/ Check out Ryan’s coffee/cookie brand, Coco Playa:https://trycocoplaya.com/https://www.instagram.com/trycocoplaya  This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Jacob Jaber helped turn his dad’s corner store in San Francisco into one of the most beloved coffee brands in the country. In this episode, we break down how Philz became a Silicon Valley icon — without ever serving espresso.We cover:How Jacob scaled from 1 store to 80+The real reason they refused to add espresso machinesWhy hospitality was always the product (not coffee)Their $100M raise — and the Naval Ravikant story behind itWhat Jacob looks for now as an investor in brick-and-mortar startupsThis isn’t just a story about coffee. It’s about obsession, word-of-mouth, and building a brand so good, people tell their friends. If you’re building anything consumer-facing, this one’s a must-listen.Links: Buy or sell your franchise: https://www.frandawgs.com/ Jacob’s investment firm: https://www.humblelion.co/ Follow Jacob! https://x.com/JacobJaber   This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Bret Borock co-owned 5 Orangetheory studios—including one of the top 10 locations in the country. At the peak, they were printing cash. But when COVID hit, he nearly lost it all.The deal fell through. And Bret had to wait until 2024 to finally exit.So what did he do next? He went from boutique fitness… to garbage. He bought into Smash My Trash—and then doubled down with a Heavyweight Waste franchise.In this episode of FranDawgs Uncut, Bret unpacks: – How he scaled top-performing Orangetheory studios – What it’s like trying to sell a business during a crisis – Why he bet on the unsexy world of commercial waste – The surprising playbook that works across both fitness and trashEnjoy! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

Taylor Byington owns 12 Crumbl Cookies franchises doing over $13 million a year in revenue — but it didn’t start that way.In this episode, Taylor shares the insane story of how he and his partner signed a franchise agreement with no capital, got ripped off by a contractor for $400,000, and still clawed their way into becoming top operators across four states.You’ll learn:Why they chose Crumbl over other cookie brandsWhat makes Crumbl’s systems and tech so powerfulHow they financed their first three locations with zero moneyWhat they look for when buying new franchisesThe biggest mistake franchisees make after signing the FDDPlus, Taylor reveals how their software startup, CoverPanda, is helping other franchise owners avoid the painful lessons they learned the hard way.Links: https://www.linkedin.com/in/taylorbyington/https://coverpanda.co/   This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com

In 2009, James Temple had just lost his father to a heart attack.He was 30 years old, getting his MBA at UVA, and facing a choice: take a stable consulting job… or buy a $40K franchise that barely made money.He chose the latter.James partnered with his mother—a retired teacher—and bought a struggling Mathnasium tutoring center in Richmond, VA. It had done just $70K in revenue the previous year.They each put in $10K. His mom lent the business another $20K. The seller carried the rest through financing.And then they went to work.James worked Monday through Thursday at the center, commuting an hour each way. Friday through Sunday, he pulled 14-hour shifts at another job just to pay his bills.In year one, he opened a second location. By year five, he was still making less than his MBA peers—and asking himself if he’d made a huge mistake.But he kept going.Instead of relying on SBA loans, James reinvested profits. He didn’t take on real debt until location #7.Today, that tiny $40K investment has grown into a 24-unit, $10M education empire across 5 states—earning 15–20% EBITDA margins.And that original store?It went from $70K in revenue to over $1 million… and was once the top-performing Mathnasium in the country.A bet on brand, discipline, and a little bit of family grit. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit empirespod.substack.com