Empires

Get in Touch

 

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

 

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

 

Description

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:

• 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 business

This 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 Contact

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 

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 portfolios

This episode walks through the full evolution:

From one-off motels…
To multi-unit ownership…
To billion-dollar hotel platforms.

WHAT YOU’LL LEARN

• Why Gujarat produced so many hotel entrepreneurs


• How the “handshake loan” system actually worked


• Why Patels lived inside their motels


• How 60% margins were possible


• What discrimination they faced in the 1980s


• Why AAHOA was created


• How a Patel-founded bank now holds $3B in assets
  Script


• Why hotel franchising dominates today


• Why Marriott and Hilton keep inventing new sub-brands


• How 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 Opportunities

https://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 dead
  
  


• The unit economics behind 20%+ margins
  
  


• How Neil turned underperforming corporate stores into cash-flowing assets
  
  


• Why owning stores as a franchisor keeps incentives aligned
  
  


• How COVID created the best real-estate opportunities of his career
  
  


• And what most franchise brands get wrong about growth, PE, and operators
  
  

This 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 → franchisor
  
  


• Turning legacy brands into growth machines
  
  


• Frozen yogurt unit economics (rent, labor, margins)
  
  


• Why self-serve = automation before AI
  
  


• Urban vs suburban store performance
  
  


• Scaling without private equity
  
  


• Million-dollar dessert stores
  
  


• Buying 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 empire

Interested in

We unpack:

• Why Frios’ product was great, but the company was broken
  
  


• How COVID forced a shift from brick-and-mortar to mobile trucks
  
  


• The economics of a mobile dessert franchise (events, wholesale, and B2B)
  
  


• Why Cliff walked away from a massive CPG opportunity after taking a big swing
  
  


• How Frios scaled with limited capital, grit, and relentless focus on franchisee success
  
  

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?
https://www.empirespod.com/buy-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

🧠 Key Topics / Takeaways

• Franchisee → Franchisor transitions
  
  


• Mobile vs brick-and-mortar business models
  
  


• Franchise economics without item 19 hype
  
  


• Manufacturing + franchising under one roof
  
  


• Why focus beats chasing every growth opportunity
  
  

Building 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 Contact

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/ 

Description

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:

• Why they chose Meineke and auto repair over flashier franchises
  
  


• The real unit economics and margins of a Meineke location
  
  


• How they scaled from 3 stores to 25 through small, disciplined acquisitions
  
  


• Why people, culture, and operator excellence mattered more than financial engineering
  
  


• What they’re building next beyond Meineke
  
  

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

 

Timestamps

00:00 – 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 on
  
  


• Why leadership matters more than food
  
  


• What it’s really like to scale from 1 store to 100+
  
  


• How he evaluates new builds vs acquisitions
  
  


• Why Dave’s Hot Chicken felt like a “lottery ticket” — and actually paid off
  
  

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.

⏱️ KEY TOPICS / CHAPTER THEMES (for platforms that surface these)

• Growing from 1 Dunkin to 100+ stores
  
  


• How Raj evaluates franchise brands
  
  


• Dunkin as a portfolio “engine”
  
  


• Betting early on Dave’s Hot Chicken
  
  


• Why leadership beats product
  
  


• Development vs acquisition strategy
  
  


• Real estate, construction costs, and ROI
  
  


• The 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 acquisitions
  
  


• Why they refuse the typical “platform” roll-up model
  
  


• What emerging franchisors get wrong
  
  


• Why franchise hype cycles (Dave’s Hot Chicken, Seven Brew) are dangerous
  
  


• How wonder decides when to build corporate stores vs. franchise
  
  


• Why franchise failures are often due to founder psychology, not the model
  
  


• How PE actually models deals, prices risk, and thinks about growth
  
  


• The real reason Rourke can pay outrageous multiples
  
  


• Why the public misunderstands how PE influences the brands it buys

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

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 learn

• Why Patels dominate the motel industry
  
  


• How friends-and-family lending works in Gujarati communities
  
  


• What margins look like for economy vs luxury hotels
  
  


• Why a single family can run a 17-room motel with 60% margins
  
  


• When owner-operator models stop working
  
  


• The full economics behind ADR, RevPAR, NOI, and cap rates
  
  


• Why Hilton, Marriott & others keep inventing new sub-brands
  
  


• How COVID impacted economy hotels vs upscale hotels
  
  


• Why 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 / TIMESTAMPS

0:00 – 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.com
  
  


• Franchise Info: eatagape.com/franchise

Matt 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 Tags

Franchising, 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 FranDawgs

• Agape 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 Podcast
  
  


• LinkedIn: Patrick Buckley

 

Episode Summary

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.

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 Topics

• Leaving a stable private-equity career to franchise SweatHouz
  
  


• Lessons from his father’s restaurant success (and The Sopranos cameo)
  
  


• The evolution from SweatHouz V1 → V2: turning wellness into luxury
  
  


• Building three studios simultaneously — and staying profitable month one
  
  


• Guerrilla marketing through mobile cold plunges and community fitness collabs
  
  


• How hospitality and human connection drive retention in a digital world
  
  


• Financial breakdown: margins, payback period, and unit-level performance
  
  


• The origin of My Mother’s Cutlets — “the Italian Chipotle” of Boston
  
  


• Partnering with Kevin Cooney to launch Twin Oaks Ventures
  
  


• Bringing SweatHouz to New York City and what’s next for Nico’s empire
  
  

Notable 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 Verano

Timestamps

0:00 — 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 out

Connect with Nico

• Instagram: @nicovaranojr, @mymotherscutlets
  
  


• SweatHouz Boston: sweathouz.com
  
  


• Twin 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