For 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/ 

Jack 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:

This is a rare, transparent look at what it actually takes to scale a blue-collar, brick-and-mortar business.

00:00 – Leaving investment banking & private equity for entrepreneurship

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:

This 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.

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:

If you care about franchising, small business, or private equity — this is a masterclass.

00:00 — What Wonder Actually Is

01:00 — Why Wonder Rejects the “Platform Play”

03:00 — How They Decide Which Brands to Buy

05:00 — Why Scaling Is Harder Than Founders Think

07:00 — The Hidden Challenges of Franchising

09:00 — The Founder Problem: Why Many Stagnate

11:00 — What “Differentiation” Actually Means in SMB

13:00 — 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 Hype

21:00 — Mistakes Every Emerging Franchisor Makes

23:00 — Why Hiring Franchisees Is Like Hiring Employees

25:00 — The Biggest Problem: Bad Early Franchisees

26:00 — Deep Dive: Why Wonder Bought Soccer Five

29:00 — How Soccer Five Actually Works

31:00 — Why Wonder Will Build Corporate Units for S5

33:00 — Why Franchising Is Attractive to PE

36:00 — What PE Gets Wrong About Franchising

39:00 — Growth at All Costs = System Failure

41:00 — How Rourke Pays Insane Multiples

43:00 — Why Rourke Can Hold Brands for 20+ Years

46:00 — Does Private Equity Ruin Franchises?

49:00 — Wonder vs. Traditional PE

51:00 — Where to Follow Wonder & Tucker’s Farm

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.

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:

This is one of the clearest, most detailed walkthroughs of the actual business of hotels you’ll ever hear.

0:00 – Growing up in a motel with 18 family members

Matt started as a Subway employee at 13 — and by his twenties, he owned 12 locations.

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.

“Subway taught me it’s a penny-profit business — you’ve got to scrape to make it.”

Franchising, Restaurants, Small Business, Fast Casual, Wingstop, Subway, Cinnabon, Dunkin’, CAVA, Entrepreneurship, Multi-Unit Operators, Emerging Brands

At 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.

“In order to be successful, you gotta lay it down to pick it up.” — Nico’s father

0:00 — The SweatHouz origin story

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-franchise

Follow 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/chriswhatch

LinkedIn: https://www.linkedin.com/in/chris-hatch-5b100711/ 

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:

Whether 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:

Links:

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

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:

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.