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