The best time to invest in a restaurant chain may be when the industry is struggling.

This week’s episode of the Restaurant Business podcast A Deeper Dive features Andrew Smith, the cofounder of the private-equity firm Savory Fund. 

We have long wanted Smith on the podcast, largely because of Savory’s unique history. Smith has a restaurant operations background as a franchisee of brands like Little Caesars. 

These days, Savory invests in emerging chains. The ifirm has invested in brands like Swig, Mo’ Bettahs, Houston TX Hot Chicken, Pincho, Via 313 and others.

Smith discussed his firm’s investment strategies, what they look for and how to tell whether a brand will be a winner or not. He also discussed the right time to exit an investment and why it’s not about time. He also notes that tough times for the restaurant business can be good times to make an investment and explains why that is on the podcast.

Check it out.