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/ 

Get in touch with Darren:

https://110-ventures.com/ 

https://leapbrands.io/

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:

This 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.

Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise

Considering selling your franchise locations? https://www.fdcapitalgroup.com/ 

In 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:

This conversation is a deep dive into franchise scaling, capital strategy, and disciplined growth in brick-and-mortar businesses.

For multi-unit owners looking to sell their business: https://www.fdcapitalgroup.com/ 

Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise 

 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:

This episode walks through the full evolution:

From one-off motels…

Interested in buying a franchise?

Are you a multi-unit franchise owner considering selling your business? https://www.fdcapitalgroup.com/ 

Partnership Opportunities

https://www.empirespod.com/about#about-footer

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:

This is a masterclass in operator-led brand revival, smart franchising, and building community-driven businesses that actually work.

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 empire

Interested in

We unpack:

This 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?

Are you a multi-unit franchise owner considering selling your business? https://www.fdcapitalgroup.com/ 

Partnership Opportunities

https://www.empirespod.com/about#about-footer

Building a business that prioritizes lifestyle + happiness

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