What if your product was guaranteed to fail eventually, and every failure created another sale? That’s the strange beauty of the tyre business. But if replacement demand is built in, why aren’t tyre shops money machines?

Michelin began with two French brothers, André and Édouard, and a frustrating bicycle puncture in the late 1800s. Their breakthrough was the detachable tyre. But their bigger business lesson came later: don’t just sell the product, create more reasons for customers to use it.

That thinking helped produce the Michelin Guide. Maps, hotels, petrol stations and restaurants encouraged people to travel further. More driving meant more worn tyres.

Fast-forward to Australia, where the opportunity looks compelling. Millions of tyres are consumed each year, replacement is unavoidable, and a single customer can spend well over $1,000 replacing four premium tyres.

But revenue isn't profit.

Peter and Rod unpack the economics of the local tyre shop: labour, inventory, equipment, utilisation, wheel alignments, mechanical services and the importance of customer trust.

They also tackle a crucial distinction: Michelin may have an extraordinary global moat, but the local business selling Michelin tyres doesn't automatically inherit it.

Then the tyre industry faces the Good Bad Business MOAT test: Margin, Operation, Advantage and TAM.

Three takeaways:

• Michelin's restaurant guide began as a remarkably clever way to stimulate demand for tyres.
• A million-dollar tyre shop can still produce disappointing profits if labour, utilisation and overheads aren't controlled.
• The strongest local moat may not be the tyre brand at all, it's trust, reputation and repeat customers.

🎧 Subscribe to Good Bad Business for weekly investigations into the businesses and industries we see every day, but rarely stop to question.

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Ever driven past a Red Rooster and wondered how it stays open? The dining room looks empty, yet some stores reportedly generate more than $2 million a year. So what’s really going on behind that famous red sign?

Born in Western Australia in 1972, Red Rooster has survived more than five decades of changing tastes, fierce competition and the rise of delivery apps to build a network of more than 360 restaurants.

Peter and Rod dig into the economics behind the chicken: million-dollar store revenues, labour costs, franchise fees, thin margins and the surprising difference between a great Red Rooster and a potential money pit.

They also unpack wildly different customer reviews, the power of drive-through and delivery, and why a busy restaurant can generate millions in sales without necessarily producing an attractive return for its owner.

Then Red Rooster faces the Good Bad Business MOAT test: Margin, Operation, Advantage and TAM.

Three takeaways:

•  Millions in revenue doesn't guarantee great profit. 
•  In hospitality, a few percentage points can make or break the investment. 
•  A national brand gets customers through the door; local execution determines whether the owner makes money. 

Subscribe to Good Bad Business for weekly breakdowns of the businesses, franchises and industries we see every day, but rarely stop to question.

If you’re thinking about buying a business,
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Eagle Boys once had hundreds of stores and was taking the fight directly to Domino’s. Then one of Australia’s most recognisable pizza brands disappeared.

 So how do you lose a pizza war when you’re already one of the biggest players on the battlefield?

We unpack the rise and fall of Eagle Boys, from its beginnings in regional Australia and ambitious franchise expansion to the strategic decisions that ultimately left the business exposed.

Behind the familiar pink branding was a fascinating business story: aggressive growth, hundreds of franchise locations, changing consumer expectations and an increasingly sophisticated competitor in Domino’s.

But the real story isn’t simply that Domino’s got bigger.

It’s what Domino’s understood about technology, convenience, customer behaviour and scale, and how quickly competitive advantage can disappear when an industry changes around you.

Using our M.O.A.T. Strategy Margin, Operations, Advantage and TAM  we examine where Eagle Boys remained strong, where the cracks appeared, and the decisions business owners can learn from today.

Along the way, we explore the founders and people behind the businesses, the numbers behind the pizza war, the mistakes that compounded over time, and one critical question:

Did Domino’s beat Eagle Boys or did Eagle Boys ultimately beat itself?

Three takeaways:

•  Why having hundreds of locations doesn't necessarily mean you have a defensible business.
•  How Domino’s turned technology and convenience into competitive weapons.
•  Why every business needs a M.O.A.T.  and what happens when that moat starts disappearing.

If you enjoy the business stories behind the brands we all know, follow and subscribe to the podcast so you don't miss the next business we put under the microscope.

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There’s more than one way to make a million dollars. The real question is: which path gives you the best chance of actually getting there?

Peter and Rod break down 15 different paths to $1 million, from building and buying businesses to property, investing, technology and opportunities most people overlook.

But this isn't about overnight success.

They unpack the numbers behind the opportunity, the founder stories that reveal how wealth is really created, and the mistakes that can turn a promising opportunity into an expensive lesson.

Some paths require capital. Others require time. Some depend on taking enormous risks, while others can be built steadily over years.

Most importantly, they ask a practical question about every opportunity:

If you were starting today, would you actually put your own money behind it?

Three things you'll take away:

• 15 different strategies for creating $1 million in value, income or wealth.
• The numbers, risks and mistakes that can determine whether each strategy succeeds or fails.
• Peter and Rod's verdict on which paths they'd personally back, and which they'd avoid.

Which path would you choose?

Subscribe and follow the podcast for more conversations about business, money, opportunity and the decisions behind building real wealth.

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Why Groupon Lost… and Luxury Escapes Won

What if the biggest mistake in business isn't charging too much but charging too little?

Groupon changed the way the world discovered deals, turning a simple two-for-one pizza promotion into a company once valued highly enough to attract a reported US$6 billion takeover offer from Google. But while Groupon built a global discount empire, a new generation of businesses quietly built something far more valuable: trust, experiences and ecosystems.

Peter and Kiran unpack how Groupon transformed consumer behaviour, why thousands of merchants discovered that more customers didn't always mean more profit, and how businesses like Luxury Escapes, RedBalloon and Big Red Group evolved beyond coupons to create stronger, more profitable business models.

Along the way, they reveal the hidden economics behind a $100 sale that leaves a merchant with around $41, why discounting can become one of the fastest ways to destroy margins, and the critical difference between businesses that compete on price and those that compete on value.

If you've ever discounted to win customers, wondered whether marketplaces are still a smart business, or wanted to understand why some business models compound while others stall, this episode will change the way you think about growth.

Key Takeaways

• Discounts attract customers, but ecosystems create lasting businesses.
• Revenue growth means very little if your margins disappear.
• The strongest businesses compete on trust, not price.

Follow Good Bad Business for weekly breakdowns of Australia's most interesting industries, business models and investment opportunities and discover what separates a great business from one that could leave you in a pickle.

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The $4 Million Business That Makes Almost Nothing on Fuel

Most people think petrol stations make their money from petrol.

They don't.

Fuel gets you onto the forecourt. The real profits come from coffee, convenience, food, car washes and the everyday purchases you barely think about. It's one of Australia's biggest retail industries, and one of its most misunderstood.

Peter and Rod unpack the business behind the bowser, revealing why a service station generating more than $4 million in annual revenue can still struggle to produce meaningful profit. They explore how the industry evolved from small suburban servos into convenience retail powerhouses, why location is a bigger competitive advantage than fuel prices, and how operators are preparing for a future shaped by electric vehicles, changing consumer habits and razor-thin margins.

You'll also discover why underground fuel tanks can become million-dollar liabilities, why the best operators obsess over coffee instead of petrol, and how the numbers stack up if you're thinking about buying a service station.

Key Takeaways

• Fuel brings customers in, convenience retail generates the profit.
• A high-revenue business isn't always a high-profit business.
• The biggest risks are often hidden underground, not on the forecourt.

If you enjoy Good Bad Business, follow the show, leave a review, and share this episode with someone who loves business. It helps more people avoid getting into a pickle.

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The Tool Company That Built a Billion-Dollar Finance Business

Most people think Snap-on sells tools.

They're wrong.

Snap-on built one of the world's most successful businesses by selling something far more valuable:

Relationships. Trust. And finance.

For more than 100 years, the iconic white tool truck has been driving into workshops across the world, bringing premium tools directly to mechanics and allowing them to buy now and pay over time.

It's a business model that's generated billions.

But could it work for you?

In this episode of Good Bad Business, Peter and Rod break down the Snap-on business using the MOAT framework:

Margin. Operation. Advantage. TAM.

We uncover:

•  How Snap-on turned a tool company into a finance powerhouse 
•  Why the famous tool truck is one of the smartest distribution models ever created 
•  The hidden economics behind route-based selling 
•  Whether a Snap-on franchise can realistically generate $1 million in first-year revenue
•  The biggest risks facing operators, from customer finance to territory management 
•  And why this business is built on relationships, not wrenches 

If you think Snap-on's greatest asset is its tools...

You're missing the real business.

Because the truck is the shop.

The relationship is the moat.

And the finance book keeps the wheels turning.

Listen now to discover why one of the world's best-known tool brands may actually be one of the smartest business models ever built.

If you’re thinking about buying a business,
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If there’s a business you want us to break down,
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And if you got value from this, share it with someone before they sign something they shouldn’t.

Because we don’t want you to get into a pickle.

At first glance, a dry cleaner looks like one of the simplest businesses in Australia.

Clean clothes.
Press shirts.
Collect payment.

But underneath the front counter lies a very different business.

A business built on trust.

Because customers don't hand over old clothes.

They hand over wedding dresses.

Designer suits.

Luxury garments.

And irreplaceable memories.

In this episode of Good Bad Business, Peter and Rod break down the Australian dry-cleaning industry using the MOAT framework:

Margin. Operation. Advantage. TAM.

We uncover:

• Why some dry cleaners generate surprisingly strong profits
• How pickup and delivery is changing the industry
• The hidden risks of damaged garments, customer claims, and reputation loss
• Why this is really a logistics and trust business, not a cleaning business
• The impact of remote work on long-term demand
• And whether a dry cleaner can realistically generate $1 million in revenue

You'll also hear why one ruined wedding dress can destroy years of goodwill, why convenience is becoming the industry's biggest moat, and why passive ownership is often a dangerous assumption.

Because in this business, the machine isn't the moat.

Trust is.

The question is:

Are dry cleaners one of Australia's most overlooked small businesses... or are they just one mistake away from disaster?

Listen now and find out.

Because we don't want you to get into a pickle. 🥒🎙️

If you’re thinking about buying a business,
 listen first.

If there’s a business you want us to break down,
 send it in.

And if you got value from this, share it with someone before they sign something they shouldn’t.

Because we don’t want you to get into a pickle.

One of America's fastest-growing coffee chains removed the word "Coffee" from its name after matcha became too popular to ignore.

Something big is happening.

In this episode of Good Bad Business, Peter and Rod break down the explosive rise of matcha using the MOAT framework:

Margin. Operation. Advantage. TAM.

We uncover:

• Why matcha is becoming the fastest-growing drink category in hospitality
• The surprising US business that rebranded around matcha demand
• Why consumers are swapping coffee for a new kind of caffeine ritual
• The hidden economics behind a $9 green latte
• Whether a matcha business can realistically generate $1 million in revenue
• And why most operators will completely miss where the real moat is

This isn't an episode about tea.

It's an episode about consumer behaviour.

Because when people change habits...

Entire industries change with them.

The question is:

Is matcha the next coffee... or is this just another green bubble waiting to burst?

Listen now before everyone else catches on.

Because by the time McDonald's launches a trend...

The smart money is already looking at what comes next. 🥒🎙️

If you’re thinking about buying a business,
 listen first.

If there’s a business you want us to break down,
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And if you got value from this, share it with someone before they sign something they shouldn’t.

Because we don’t want you to get into a pickle.

The Government Just Created Australia’s Next Tax Advantage

For decades, Australian investors followed the same playbook:

Buy property.
Negative gear it.
Wait.

But as tax benefits for established investment properties are wound back, a new opportunity is emerging, and most people haven't noticed it yet.

In this episode of Good Bad Business, Peter, Rod and Stephen unpack why high-income Australians may begin shifting from leveraged property into leveraged shares, ETFs, debt recycling strategies, and investment lending structures.

We explore:

• Why the biggest tax deduction in Australia may be changing direction
• How debt recycling is becoming a mainstream wealth strategy
• Why leveraged shares could become the new negative gearing
• The opportunities and dangers of borrowing to invest
• And who stands to win as billions of investment dollars search for a new home

This isn't a property episode.

It's an episode about incentives.

Because when governments change the rules...

Money moves.

The question is whether investors will find the next opportunity, or simply create a new pickle.

Listen now and discover why Australia's next wealth-building trend may already be underway. 🥒🎙️

If you’re thinking about buying a business,
 listen first.

If there’s a business you want us to break down,
 send it in.

And if you got value from this, share it with someone before they sign something they shouldn’t.

Because we don’t want you to get into a pickle.