White Papers

Turning Clients into Longtime Friends: March Madness
I am a basketball fan, youth coach and entrepreneur building the Unbridled Capital brand.

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Changing M&A Trends in the Restaurant Industry
Here are two (of many) changing valuation trends in the restaurant M&A industry as seen repeatedly in several deals in which I'm engaged:

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Restaurant Industry Commentary-2017
After several months of restaurant conferences, here is my spin on important restaurant industry perspectives and how they affect franchisees in 2017 from a financial, lending and M&A perspective:

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Asset Obligations and Capital Strategy
Every franchisee has to deal with the eventuality of updating their assets. It is an essential part of running a successful business,

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Cap Rates on Real Estate
A Cap rate is also known as a capitalization rate and is the rate of return on a real estate investment property based on the income the property is expected to generate.

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Impact of Refranchising
When I first started working in the franchise industry at Yum Brands, most franchisors of legacy concepts owned 15-20% of their total locations. This was actually a reduction from the 90’s,

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Investing in Franchises – Session One
I talk with franchise investors all the time. Most of them are private equity companies looking to invest in restaurants or career-changing executives who want to start their own company.

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Investing in Franchises – Session Two
Session Two is a much deeper dive into the particulars of franchising. Below is a quick snapshot of some considerations that helps to lead a prospective investor or operator to a brand that might best fit their future:

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Lenders and Franchise Brands
Financing or refinancing a franchise loan is a very important and time-consuming process. By my last count, I have connections with almost 150 franchise lenders of various kinds. There are so many options!

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Non-Restaurant Franchising
I have been a restaurant franchise guy for over 15 years. And until recently for me, it has been restaurant franchising and everything else as a distant second.

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Overview of QSR, Fast Casual and Casual Dining
Franchise businesses, in general, have been growing over the past few years as the market is still not ready for a burrito to be ordered on-line and shipped to your home.

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Private Equity in the Franchise Business
In a low interest rate environment, where the riskless premium has essentially been zero for several years, investment funds have been increasingly shifting

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Selling a Company Today Requires a Well-Defined Process
In the not too distant past, selling a restaurant company was often accomplished by one franchisee sitting down with a neighboring one, coming to terms on a napkin and taking over in a few weeks.

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What to Consider in a Refinance
Getting a loan is more complicated than it used to be and not just on the front-end.

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How to Value a Franchised Restaurant Company
Recently a young analyst approached me surprised at the perceived simplicity of valuing franchise restaurants. This inspired me to share a general overview of how to think about restaurant valuations.

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