JT Singh
@FranchiseMnA
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Franchise Consultant & Operator | All Things Buying, Selling, Investing & Operating Franchises | Ex: M&A Advisor, CFO and CPA | DMs Open!
Let's connect 👉🏼
Joined July 2017
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If you're interested in talking franchising, I've added an open invite 30 min Calendly on my profile
Happy to chat about:
- Available franchises in your market
- Brands you're currently exploring
- Franchising an existing business
- Selling your business
- Raising capital $$
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Wife is planning a Disney trip for the fam
Travel agent is saying its going to be over $12,000+
2 Rooms at the Polynesian plus passes, etc.
Am I being scammed or is Disney really this obnoxiously expensive?
5K
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While everyone loves talking about Crumbl...
Nothing Bundt Cakes keeps silently putting up bigger numbers than ever on a consistent basis (2023 FDD)
$350k+ EBITDA and industry leading margins 😍
No hype, no Justin Beiber/ DJ Khaled shoutouts, no crazy social media strategy,
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Sad seeing our 90’s childhood depicted in a museum 🥲
Time flies…
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The best salesman I ever encountered wore a $30k Rolex and made 6 figures off a cold email to me…
And I am the worst person to ever do cold outreach to…I HATE buying anything when I’m being “sold”
First response is always *delete*, unsubscribe/block or nicely decline
This
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Growing up my family was into gas stations, 7-11s, motels, and related businesses
People always ask why these businesses are usually operated by immigrants
The reason is because as a poor uneducated immigrant in America that is just learning the language, culture, etc, the
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Liquid Death, the canned water platform, just closed $67 million in financing that valued it at $1.4 billion
That's double its previous $700 million valuation in 2022
The other water companies can't comprehend this growth
Their competitive advantage?
Amassing 7.9 million
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What in the world is going on with the used pickup truck market?
Pickup trucks must be the new BMWs
$40k for a 10 year old pickup truck with over 100k miles on it is a "Good Deal"
Looking for some solid work trucks and mind blown at the prices 🤯
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Deal alert 🚨
Jersey Mike's in talks with Blackstone for a deal that could be worth $8 billion 👀
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@gas_biz
Caught a regular stealing after reviewing camera footage. He would buy a small pack of gum just to make it seem like he paid
Waited for him to come again. Took his credit card and told him we have video of him stealing multiple times (only saw it once) and can either charge $500
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@mcuban
If you spent your entire career developing expertise on a topic, why is debating it publicly difficult? Should be a walk in the park if you have all the facts and are confident in your beliefs. Let the public hear both sides debate in a respectful manner so we can form our own
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@NNNIncome
I’ve sold a house myself and set the highest comp in the neighborhood while avoiding paying 6% commission
Most realtors add little value beyond throwing a listing on MLS, which doesn’t justify their fee
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Excited to become one of the first franchisees of The Milkshake Factory! 🍨🥤
This is a 🔥 emerging brand well positioned for growth and I expect it to sell hundreds of locations nationwide. Below is my rationale and why I decided to invest in this franchise 👇
1) Strong unit
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@sclouthier
This is the type of feedback I was hoping for. Thank you! Need to check this out
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Either I'm an idiot, or there are a ton of people buying and continuing to add units of brick & mortar franchises that have terrible unit economics
Example: Scooters Coffee
I looked at investing in this brand for myself and dove deep into diligence, validation, etc.
Don't
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Culver’s has among the most intense vetting process I’ve seen. This explains why their AUVs are >$3,200,000 and store failure rate is nearly 0%
Discovery day is a 6 day process of working in the restaurant for 10 hour days unpaid to see if you want to move forward
16 weeks of
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@VijarKohli
I agree and have changed my mind on this. Honestly didn’t think about safety. But it’ll be a safe POS
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Lot of hate for big law careers on X
These people aren't idiots
They are incredibly smart and chasing ownership of the most profitable professional service firms on earth
Not many paths have this kind of potential so the sacrifice can be worth it to many people
FWIW my big
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"You're making 40%!? That's price gouging"
Lesson for everyone that doesn't understand how business works
If businesses are not making 35-40%+ gross profit margin, they are going to struggle to survive
They need those GROSS margins to cover fixed overhead (rent, office staff,
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Top 20 Fastest Growing Food Chains in America 2023
1. Starbucks
2. Crumbl Cookies
3. Jersey Mike’s
4. Chipotle
5. Taco Bell
6. Wingstop
7. Popeyes
8. Tropical Smoothie Cafe
9. Chick-Fil-A
10. Dutch Bros
11. Domino’s
12. Dunkin’
13. Panda Express
14. Raising Cane’s
15. Marco’s
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Getting drinks is objectively the best way for building relationships/networking
1 Dinner/drinks > 10 lunches > 20 coffees > 50 zoom calls > 100 emails
If you don’t drink, you are at a huge disadvantage
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Spoke with a low performing franchisee in a top brand today
By all expectations, he should have been crushing it
Smart guy - $300,000 career
Impressive work experience, degrees, healthy savings, and wanted to build a business for himself
The mistake he made?
Got sold by a
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@mhp_guy
I like showing up to expensive new developments and talking to the workers directly
Have sourced all my contractors doing this and it works great
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7 Brew just announced a growth equity investment from Blackstone!
7 Brew is the fastest growing franchise coffee chain with over 2,000 locations under development agreements and 160+ open today!
$2.4 million AUVs, 16% margins, and a 500 square feet buildout...
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As expected, Crumbl net profit TANKED to $122,955 (-59%)
Respect to them for still disclosing in the FDD. Would've expected them to stop being transparent
RIP to the glory days of being a Crumbl franchisee
Have heard from very credible sources (multiple independent multi-unit franchisees) that Crumbl sales are dropping hard this year
30-50% decrease YoY and a lot of frustrated franchisees in the system
I think
@FranchiseBob
called this...
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@sweatystartup
Community college helps kids figure life out for 80% cheaper. Underrated path
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One of the biggest realizations white collar professionals have jumping into franchising or SMB entrepreneurship is the caliber of employees you deal with on a daily basis
You go from working with educated professionals that understand having responsibilities… to regularly
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JT's🔥 List of Top Emerging Franchise Brands to Watch 📈
Criteria: Great numbers, strong sales/development pipeline, A+ leadership team, and great 💰potential. Financial disclosures required! Not in order
These brands operate in industries that have favorable headwinds behind
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I have a friend that would regularly show me his business was making ~$100k/ month
I saw screenshots of KPI charts and texts about how pumped he was to be so successful breaking records
7 figures in the bank and got himself a new house and dream car
Never had a reason to
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The two accounts going after
@sweatystartup
@moseskagan
@fortworthchris
and others are 100% Jake and deserve to be muted/blocked
Surprised no one is calling it out yet
His writing style, hate for RE influencers etc all make it very obvious
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If anyone wants a ~$100k-150k sales job and is in Michigan (or willing to relocate), please shoot me a DM
100% warm leads and zero hard selling
Show up on time, look professional, give estimates, follow up, repeat (A+ customer service)
This is a dream job for the right person
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If you’re buying a biz & want another set of eyes to do a quick review, please DM me. I’m no expert but I have been doing this awhile & involved in hundreds of deals across industries
Hate seeing inexperienced folks doing bad deals in the SMB space
Cost is a 🍺 if we ever meet
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My best investment to date has been in the senior care industry
If you're a prospective franchisee that wants a business model with great $$ unit economics, while making a real difference in peoples lives, this is the best industry to be in
Why?
1. The demand is real - Baby
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The franchising 🐐 Greg Flynn and the Flynn Restaurant Group just completed their first non-restaurant acquisition with closing of 37 Planet Fitness locations!
Flynn Restaurant Group is also dropping the "restaurant" in their name and rebranding to Flynn Group as it enters their
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SMB Twitter - "Tom acquired a $2.5m EBITDA business with only $149 down and still owns 80% of the equity!!"
Reality - "Tom has debt up to his eyeballs with a PG and the 20% equity has a pref & governance rights that make Tom basically an employee whose 80% equity is worthless
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Yes, single unit franchise operators are usually "buying themselves a job"
But... owning a single unit franchise that makes $100k-$250k+ blows away most W2 jobs
The flexibility, upside, growth potential, and control make it one of the best "jobs" you can get
Multi-unit
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The Income Ladder
$50k income = Surviving but not much more
$100k income = More comfortable but realizing “6 figures” isn’t what you thought it was
$250k income = The new $100k. Live, eat and sleep good. Many settle here with good balance
$500k income = Working class rich,
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Is the Planet Fitness model finally being threatened?
Planet Fitness has 2,000+ locations open and the US market is largely saturated (many say overdeveloped!)
A growing number of franchisees are selling
Long standing CEO recently pushed out
And the first competitor to really
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MAJOR franchise news🚨
The Flynn Group is exploring a majority sale that values the franchise empire at $5 billion+ dollars
Flynn Group is the world’s largest franchisee operator with EBITDA of over $450 million and 2,600 franchise locations
Brands in portfolio include
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@WeddingVenueGuy
Maybe this is the answer to fix housing prices 😂 seller expectations will drop when they see everyone's comments
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One of the biggest realizations white collar professionals have jumping into franchising or SMB entrepreneurship is the caliber of employees you deal with on a daily basis
You go from working with educated professionals that understand having responsibilities… to regularly
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The franchising industry is the Wild West
Franchise brands making misleading claims to sell units 🚩
Brokers chasing commissions with zero regard for their clients 🚩
And franchise buyers that don’t know any better getting hustled 🚩
Starting today, if you’re serious
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@girlziplocked
If you haven't been able to better your own life in 16 years, you are the problem. Not politics
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The 10 Biz Buying (SMB) commandments:
1. Pay market earnings multiple or below
2. Never trust the sellers broker
3. Hire a lawyer (asset sale>stock sale)
4. Verify financials (tax returns, bank statements, and/or royalty reports). QofE optional
5. No customer concentration >
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Every realtor/mortgage broker in the country right now:
“Don’t worry rates are going to drop in a couple years and you can refinance back down..
Homes prices will skyrocket even more when rates drop. Now is the time to buy”
What % chance is there this is actually how it
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Are "Dirty Sodas" a viable business model?
The pioneer of dirty sodas, Swig, seems to think so
One of the fastest-growing beverage brands in the country with over 500 franchise units in development nationally🤯
$1 million+ AUVs with 18%+ profit margins across 45 locations
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Every single person exploring a franchise/small business for the first time should start by “buying a job”
Don’t listen to the big timers who hate on this approach
The failures (closures, transfers, low performers) you see in financial disclosures heavily come from the
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Have heard from very credible sources (multiple independent multi-unit franchisees) that Crumbl sales are dropping hard this year
30-50% decrease YoY and a lot of frustrated franchisees in the system
I think
@FranchiseBob
called this...
A package of 3 Crumbl Cookies went up for sale in the Burbs of Chicago
All started recently, which is a good strategy to make money. Start the franchise, ramp up the sales (it's easy for the first year), then sell at a peak price
It's interesting that the focus of the ad
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Was talking to a top-MBA franchise candidate yesterday searching for a business in the home service industry
He repeatedly asked “what is their moat?”
Don’t buy a home services franchise if your investment criteria requires a moat
Are you going to win by having the absolute
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I had my first 💰 💰💰 liquidity event by buying a large, long-standing home healthcare franchise using a SBA loan, operating semi-passively (side hustle), growing rev >30%, 📈margins, and netting nearly 5x my initial investment on the sale.
How did I do this? 🧵
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The business landscape is in desperate need of operators
Investors are plentiful and cash reserves are high
Everyone wants to put to put their cash to work in profitable businesses but lack the operators to execute
If you are an operator lacking cash, you could not be in a
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@sweatystartup
Getting clients is the easy part in home services
Figuring out the labor part is really what drives results!
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When I was an investment banker, I spoke to Ivy League finance bros everyday about m&a deals
Now I speak to Ivy League finance bros everyday because they want to leave their fancy jobs to own & operate franchises
There is a real shift happening!
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Jersey Mike's continues to be the most dominant franchise sub shop and just signed its first international development deal with 300 units opening in Canada!
This franchise will go down as one of the most successful brands of all time:
- Adding 1,000+ locations the last five
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75%+ of franchise buyers want “semi-absentee” business models
When new franchises launch, the sales “experts” guide them to position the business this way to sell units (regardless if it’s true)
I spoke with the owners of a 200+ unit chain this week that are experiencing the
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OG Entrepreneurs:
- Personally guaranteed loans
- Work 70 hours a week for years
- Not afraid to get handy dirty
- Live off peanuts to reinvest
- Willing to sleep at work
- Family involved
- Build empires
2024 Entrepreneurs:
- Afraid of Personal Guaranteed loans
- Want
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If you want to GET rich in franchising, buy a high-quality, high-potential emerging brand
If you already ARE rich, stick with mature legacy brands
Taco Bell franchisees are not getting rich, they are staying rich
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One of the hottest new franchise brands to launch this year in the home services space🚨
MosquitoNix
✓ Low investment: $121k-$156k
✓ 20+ years operating in multiple markets
✓ $1.3m average sales and $443k EBITDA
✓ Annual recurring revenue business model
✓ 3 in 1 service
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My franchising hot takes of the week:
1. If you bought a new franchise and thought it was a “manage the manager model” and you can be minimally involved, you were sold by a broker/franchisor and are likely going to fail (or need to be much more involved)
2. You are never going
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When you own a single unit of a franchise, the valuation is rarely going to be anything meaningful when you sell
Most deals transact in the 2.0-3.5x range
As you grow and reach multiple locations, 7 figure earnings, have management team, etc...the multiples go up drastically
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No matter how much success you are experiencing in life, always be humble
It can all be taken from you in a moments notice
Health issues, nasty lawsuit, negative publicity, etc.
No one is invincible and we are all human
Work hard, be kind and remain humble
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I’m all about entrepreneurship but pretending a w2 isn’t “safe” either is ridiculous
W2 have zero skin in the game and the potential for losses is 0%
“Losing your job” isn’t even remotely close to failing as an entrepreneur
Get fired? You miss a few paychecks and get another
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The new trend in franchising is if any emerging brand shows potential of being a winner, it sells out most the country before early franchisees even validate
Everyone wants the next "unicorn brand" and brands leverage this positioning to their advantage
Opening franchise
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"We put our franchisees success first" - Every franchisor in history
This is what backing that up actually looks like:
No royalties for the first 6 months after opening
The earliest stages requires big upfront investment and months of negative cashflow...
Cut the franchisees
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Everyone keeps asking “how many units is enough of a proof of concept for an emerging franchise”?
It’s a loaded question with no concrete answer
My high level answer is 5-10 units minimum but it varies based on the following questions I like to ask:
1. Where are all of the
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Buying a franchise that has <3-4 year payback with leverage is how you generate outsize returns and build wealth
Example (simplified):
$150k profit and costs $600k (4x)
Finance with $120k down (20%)
Debt service is $80k
After debt cash flow is $70k
$70k cash flow on a
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Sneak preview of a new franchise brand launching soon in the health & wellness space 👀
🔥 numbers across multiple locations $$
Putting up big numbers as a result of their membership model and pre-opening playbook for quick ramp!
Details coming soon...
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FIRST Milkshake Factory franchisee just opened in Pleasant Grove, Utah
New stores starting to open now nationally 👀
Ann Arbor, MI opening next month as well
@DanReese21
Big things coming!
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Nearly every extremely successful multi-unit franchisee I know started as an operator first
They followed this playbook for their initial success:
1. “Buy yourself a job” for first deal
2. Grow your “job” into making good $
3. Hire someone to replace you
4. Repeat until you
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@bdukes32
I have friends who go yearly and never thought twice about it til now. No chance we're spending $15k on a yearly Disney trip
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@Camp4
Income for long tenured big 4 partners is very high. Easy to accumulate a high net worth doing that for decades
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Should you quit your high paying job to buy/start a business/franchise?
The first thing everyone thinks about when making this decision is whether they can replace their w2 income
Walking away from a $150-200k job and want to return to that lifestyle ASAP (+ work on your own
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Subway went for sale on the open market early this year with price expectations exceeding $10 billion
The rumored bidders included Bain Capital, Goldman Sachs and TPG PE but we are now almost in July without any deal big announcement
My prediction is IF this deal gets done...
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Domino's Pizza is another great example of how having a very difficult/selective vetting process for franchisees is the winning strategy (similar to Chick-Fil-A and Culver's)
More than 95% of Domino’s franchisees in the U.S. started off as part-time pizza makers or delivery
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Back in the Spring
@DanReese21
and I decided we needed to bring a Milkshake Factory to Ann Arbor, MI
Took awhile finding a spot but today we finally executed the lease!
Targeted opening Spring 2024 in A+ location with great co-tenants
(Check out the AUVs of our neighbor Tous
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@JoeCassandra
Interesting perspective. Going from a 3% to 8% rate is a massive jump so I think most people will probably deal with the property tax hike. In my area, 50% hike in prop taxes is still cheaper than tripling the interest rate
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"Can you build a franchise empire and exit to private equity in a territory based business? "
Here is a🔥example of an 8-figure $ franchise deal that recently went down in the home services space
Multi-unit Precision Garage Door Service franchisee, Kevin Spratt, sold a majority
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7 Brew Coffee updated numbers
Ended 2023 with 161 units (+137)
+244 new openings in 2024P
$2.25m AUVs at 18% EBITDA (from $2.38m at 16% PY)
Highest store doing $4.1m and lowest doing $1.0m
Great numbers for a $1-1.5m investment!
*Numbers based on 38 store that were open
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Entrepreneur Magazine came out with their list of top 150 New & Emerging Franchise Brands
1. Mighty Dog Roofing
2. Jeremiah's Italian Ice
3. 1st Class Real Estate
4. Koala Insulation
5. Corcoran
6. Sign Gypsies
7. Hommati
8. Your CBD Store
9. HTeaO
10. P3 Cost Analysts
If
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@franchisewolf
I was literally just reading the FDD. This is a HUGE decline and consistent with what we've been saying
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When you are evaluating franchises and building your budget
Always assume zero cash flow for the first 6-12 months
The industry standard 3 months in FDD should be disregarded entirely
It can take 3 months for your phone to ring or customers to really start walking in the door
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Ever see those sleepy businesses down industrial parkways and wonder how well they do?
Here is a sleepy B2B franchise brand that's crushing it and flying under the radar🔥
Metal Supermarkets
The world's largest supplier of small quantity metals.
✔️Investment: $310,500 –
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