Empires

Patrick Buckley
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The stories behind the best brick & mortar businesses, and operators: Empires is a show that interviews founders, operators, and investors in the top brick & mortar businesses, many of which are franchises. Mostly interviews, but occasional narrative episodes will be published! empirespod.substack.com

  1. The Booming Business of Bundt Cakes

    8 HR AGO

    The Booming Business of Bundt Cakes

    Nothing Bundt Cakes was recently acquired for $2 billion dollars. Founded in 1997, the brand has quietly built one of the greatest franchises of all time. I explore how they did it, and what their unique X-factor is that has created such consistent success…. Listen to the full conversation with Nick (coming out next week): https://www.youtube.com/@EmpiresPod Subscribe to my weekly newsletter: Considering buying a franchise? https://www.empirespod.com/buy-a-franchise For multi-unit franchisees selling their locations: https://www.fdcapitalgroup.com/ CHAPTERS 0:00 - Intro0:49 - The Founders1:27 - What’s a Bundt Cake?2:23 - Launching Nothing Bundt Cakes3:04 - Launching Franchising3:58 - Early Growth4:19 - The Craig Moore Era5:12 - Basics of the Model6:17 - Craig’s Impact7:31 - Selling the Business8:11 - The LLCP Era10:00 - Roark Capital Enters11:01 - Roark’s Insane Portfolio11:33 - Current Unit Economics12:20 - Why Do Bundt Cakes Dominate?13:15 - Reason #1: Narrow Menu X Variety15:02 - Reason #2: Simple Cost of Goods16:13 - Reason #3: Labor Model17:37 - Economic Durability18:39 - Reason #4: The X Factor20:25 - The Most Reliable “Edge”21:26 - The Magic of Bundt Cakes22:00 - Why Competitors Fail23:18 - Will KKR Ruin the Brand? NOTE:The material used in this video is meant to be used for educational purposes and fall within the guidelines of fair use. For all inquiries, questions, and complaints, please get in touch by filling out the contact form by clicking this link: https://www.empirespod.com/about#about-footer 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

    26 min

  2. 31 MAR

    What It’s Really Like To Operate Chick-Fil-A (2-Unit Owner)

    Brandon Hurst went from - in his own words - “a broke college student” working overnight shifts, to becoming one of the top-performing Chick-fil-A operators in the country, now running multiple locations that generate tens of millions in revenue. In this conversation, Brandon breaks down the real Chick-fil-A business model, why the $10K buy-in is misunderstood, and how profit-sharing actually works behind the scenes. He explains why Chick-fil-A operators don’t build equity like traditional franchisees, and why that tradeoff has major benefits. We also dive into what it takes to get selected (it’s harder than getting into Harvard), the reality of running a restaurant with 80+ employees, and how Brandon built systems to scale leadership across multiple locations. He shares how he turned cash flow into investments, built a real estate portfolio, and more. Plus, we go deep on: The biggest myths about Chick-fil-A franchising How COVID accelerated his growth (including 60%+ digital sales) Why culture, not systems, is the real moat His “LOVE” philosophy for building teams and developing future leaders This is a masterclass on modern franchising, leadership, and building wealth through cash flow - not just exits! Get In Touch Follow/Subscribe to Brandon Grab Your FREE Guide “The 5 Seasons of Leadership”   Follow Brandon on Instagram Connect with Brandon on LinkedIn Learn More About Brandon Here   Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise    Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/ Subscribe to our newsletter: https://empirespod.substack.com/ 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

    2h 9m

  3. 20 MAR

    How a Soviet Refugee Built a $12M Restaurant Empire

    Orhan Veli’s story sounds like a movie. At age 6, he watched the Soviet Union collapse overnight: chaos, violence, and uncertainty took over. His family fled with nothing. Within months, his father built a small business…until the mafia burned it down and demanded payment. They eventually escaped to the United States with just $25,000. From there: Roofing jobs in Florida Delivering pizzas Living in a small apartment with no English Fast forward 20 years… Orhan now owns 12 restaurant locations generating over $12M in revenue. But it didn’t come easy: Borrowing money from family to buy the first store Working 7 days a week, open to close Firing his entire staff two weeks into his second location Nearly going under during the 2008 financial crisis In this episode, we break down: How he scaled from 1 to 11 locations Why he doubled down when others were selling The real economics behind fast-casual franchises And the mindset required to build an empire from nothing This is one of the craziest operator stories we’ve ever recorded. Get in Touch Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise    Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/ Subscribe to our newsletter: https://empirespod.substack.com/ Follow Orhan: https://www.linkedin.com/in/orhan-veli-24116315/    ⏱️ Chapters  00:00 From the Soviet Collapse to Chaos 06:00 Building a Business in the Wild West of Capitalism 12:00 Escaping to America with $25K 18:00 Starting Over: Roofing, Pizza Delivery, and Survival 24:00 Learning to Hustle: First Jobs & College Years 30:00 Turning Down Wall Street for Entrepreneurship 36:00 Buying the First Restaurant (All-In with Family Money) 42:00 Early Struggles: Long Hours, Debt, and Doubt 48:00 Scaling to Multiple Locations + Near Collapse in 2008 54:00 The Saladworks Bet & Aggressive Expansion Strategy 60:00 Building an 11-Unit Empire + What Comes Next   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

    1hr 4min

  4. 14 MAR

    How Wingstop Became an Empire

    Get in Touch Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise    Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/     📝 Episode Description  Wingstop started as a tiny wing shop in Dallas in 1994. Today, it’s a $5+ billion global franchise empire with over 3,000 locations, and one of the most profitable unit economic models in the restaurant industry. But Wingstop’s success wasn’t driven by a massive menu or flashy innovation. Instead, it came from something much simpler. Focus. Founder Antonio Swad built the brand around a radical idea for the time: a takeout-first restaurant with a tiny footprint and a menu built almost entirely around chicken wings. That simplicity created one of the most scalable franchise models in the industry. In this episode, we break down: The unconventional origin story of Wingstop • Why Antonio Swad tested wings in his living room before launching the concept • The private equity deal that transformed the company • How the Troy Aikman partnership helped build the brand nationally • Why Wingstop’s franchise economics became legendary • The technology bet that positioned the brand perfectly for the pandemic • And how Wingstop is now chasing $3M per store in sales Wingstop didn’t win by being the biggest. It won by being the most focused.   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

    40 min

  5. 27 FEB

    From Dutch Bros Barista to $20M Exit | Darren Spicer (Clutch Coffee Founder)

    Get in Touch Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise    Are you a multi-unit owner considering selling your business? https://www.fdcapitalgroup.com/    Get in touch with Darren: https://110-ventures.com/  https://leapbrands.io/   📝 Episode Description  Darren Spicer started as a barista at Dutch Bros. Years later, after the company shut down its franchise program, he built his own drive-thru coffee chain from scratch, scaling it to 20 locations before selling it back to Dutch Bros in a $20M deal. In this episode, Darren breaks down: How he went from employee to founder • The 80% pay cut he took to start Clutch Coffee • The real economics of drive-thru coffee • What it’s like managing 400+ hourly employees • Why site selection can make or break a chain • Growing 40% during COVID • The mistake that cost them $10K per month • And how the Dutch Bros acquisition actually came together This is a full-cycle brick-and-mortar story, from barista to exit. If you’re building (or thinking about building) a physical retail or franchise business, this episode is a masterclass in culture, real estate, and scaling the right way. 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

    1hr 20min

  6. 19 FEB

    He Quit His Job to go all in on Club Pilates

    Get in Touch   Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise   Considering selling your franchise locations? https://www.fdcapitalgroup.com/    Description In 2016, Jon left a secure family business to invest in a then-emerging boutique fitness concept: Club Pilates. Less than a decade later, he owns 48 studios across three states and recently partnered with private equity to scale toward 100 locations. In this episode, we discuss: The early unit economics of Club Pilates • How his first studio became cash-flow positive in under two months • Labor, rent, and margin targets inside a boutique fitness model • The operational realities of scaling to 24+ units • Why debt became harder to secure — and what triggered the private equity decision • How franchise consolidation works in fragmented systems • What private equity actually changes inside a growing business This conversation is a deep dive into franchise scaling, capital strategy, and disciplined growth in brick-and-mortar businesses. 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

    1hr 1min

  7. 12 FEB

    From One Motel to Billions: The Patel Hotel Empire

    Get in Contact For multi-unit owners looking to sell their business: https://www.fdcapitalgroup.com/    Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise  Description  Today, Indian Americans own over 60% of hotels and motels in the United States. Most of them trace back to one region in India: Gujarat. But this didn’t happen by accident. It began in the 1930s with Kanji Desai — the “Godfather of Hospitality” - who saw that motels weren’t just a business…they were a bridge. A way for immigrants from Gujarat to arrive in America and immediately have a path to ownership. From there: A parallel “handshake loan” financing system was created • Families lived inside their motels to cut costs • Children worked front desk and housekeeping • 60%+ margins were possible through extreme efficiency • Discrimination from banks and insurers forced collective action • The AAHOA was formed to fight systemic prejudice • A Patel-founded bank (The State Bank of Texas) was created to finance hotel owners • And eventually, third-party management and franchising allowed scaling into multi-billion-dollar portfolios This episode walks through the full evolution: From one-off motels… To multi-unit ownership… To billion-dollar hotel platforms. WHAT YOU’LL LEARN Why Gujarat produced so many hotel entrepreneurs How the “handshake loan” system actually worked Why Patels lived inside their motels How 60% margins were possible What discrimination they faced in the 1980s Why AAHOA was created How a Patel-founded bank now holds $3B in assets Script Why hotel franchising dominates today Why Marriott and Hilton keep inventing new sub-brands How professional management companies allow hotel portfolios to scale 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

    32 min

  8. 30 JAN

    The Man Trying to Save Frozen Yogurt Franchising

    Get in Touch   Interested in buying a franchise? https://www.empirespod.com/buy-a-franchise   Are you a multi-unit franchise owner considering selling your business? https://www.fdcapitalgroup.com/    Partnership Opportunities https://www.empirespod.com/about#about-footer   🧠 Episode Description  Frozen yogurt was written off as a dead category. Neil Hershman didn’t buy that. After leaving finance, Neil became a franchisee of 16 Handles, fixed broken operations at the store level, doubled profits, and eventually acquired the entire brand. Today, 16 Handles has ~40 locations open, dozens more in development, and multiple million-dollar frozen yogurt stores - while competitors stagnate. In this episode, we break down: Why frozen yogurt was never actually dead The unit economics behind 20%+ margins How Neil turned underperforming corporate stores into cash-flowing assets Why owning stores as a franchisor keeps incentives aligned How COVID created the best real-estate opportunities of his career And what most franchise brands get wrong about growth, PE, and operators This is a masterclass in operator-led brand revival, smart franchising, and building community-driven businesses that actually work. 🔑 Key Topics / Bullets (Platform-Friendly) From finance job → franchisee → franchisor Turning legacy brands into growth machines Frozen yogurt unit economics (rent, labor, margins) Why self-serve = automation before AI Urban vs suburban store performance Scaling without private equity Million-dollar dessert stores Buying brands when founders are “checked out” 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

    1 hr
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About

The stories behind the best brick & mortar businesses, and operators: Empires is a show that interviews founders, operators, and investors in the top brick & mortar businesses, many of which are franchises. Mostly interviews, but occasional narrative episodes will be published! empirespod.substack.com

Information

  • Creator
    Patrick Buckley
  • Years Active
    2025 - 2026
  • Episodes
    27
  • Rating
    Clean
  • Copyright
    © Patrick Buckley
  • Show Website
    Empires

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