Empires

Patrick Buckley
  • 5.0 (11)
  • ENTREPRENEURSHIP

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. Every month, the host, Patrick Buckley, narrates the story of specific brands and how that business became an empire.

  1. FEB 27

    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.

    1h 20m

  2. FEB 19

    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.

    1 hr

  3. FEB 12

    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

    32 min

  4. JAN 30

    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”

    1 hr

  5. JAN 23

    He's Building a Dessert Truck Empire (70+ territories)

    In this episode, Cliff Kennedy, CEO of Frios Gourmet Pops, shares how he went from being a franchisee to acquiring the entire brand, rebuilding the company from the ground up, and transforming it into a mobile-first dessert empire Interested in We unpack: Why Frios’ product was great, but the company was broken How COVID forced a shift from brick-and-mortar to mobile trucks The economics of a mobile dessert franchise (events, wholesale, and B2B) Why Cliff walked away from a massive CPG opportunity after taking a big swing How Frios scaled with limited capital, grit, and relentless focus on franchisee success This is a raw, honest look at entrepreneurship: the wins, the near-misses, and the decisions that define long-term success. If you’re interested in franchising, consumer brands, or building a business around real-world experiences, this episode is for you. 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 🧠 Key Topics / Takeaways Franchisee → Franchisor transitions Mobile vs brick-and-mortar business models Franchise economics without item 19 hype Manufacturing + franchising under one roof Why focus beats chasing every growth opportunity Building a business that prioritizes lifestyle + happiness

    1h 5m

  6. JAN 6

    The Ex-Private Equity Analysts Building a Meineke Empire (25+ locations)

    Get in Contact For multi-unit owners looking to sell their business: https://www.fdcapitalgroup.com/    Interested in buying a franchise? https://www.frandawgs.com/buy-a-franchise    Get in touch with the host: https://www.linkedin.com/in/patrick-buckley-%F0%9F%8C%AD-89539499/    Get in touch with Jack and Jake:   https://www.linkedin.com/in/jack-foster-098030a8/    https://www.linkedin.com/in/jake-mclaughlin-8a67a4126/  Description Jack Foster and Jake McLaughlin left careers in investment banking and private equity to build one of the fastest-growing Meineke platforms in the country. In this episode, we break down: Why they chose Meineke and auto repair over flashier franchises The real unit economics and margins of a Meineke location How they scaled from 3 stores to 25 through small, disciplined acquisitions Why people, culture, and operator excellence mattered more than financial engineering What they’re building next beyond Meineke This is a rare, transparent look at what it actually takes to scale a blue-collar, brick-and-mortar business.   Timestamps 00:00 – Leaving investment banking & private equity for entrepreneurship 02:40 – How prepared were they really to own franchise locations 05:00 – Why they chose partnership instead of going solo 08:10 – Why franchising (and why auto services specifically) 10:20 – Why Meineke stood out vs other auto concepts 11:05 – Meineke unit economics & margins breakdown 13:45 – Why these margins surprised most people 15:00 – How they sourced their very first Meineke acquisition 17:40 – Paying cash vs SBA financing for early deals 18:55 – What makes a Meineke location a “deal killer” 21:00 – The importance of car count & rent discipline 23:10 – Hiring a COO who changed everything 26:00 – Why they moved into their markets after acquisitions 29:30 – Scaling from 5 to 25 locations without breaking operations 32:00 – Buying single stores vs large portfolios 35:10 – How relationships drive their acquisition pipeline 37:30 – What Jack & Jake actually work on day-to-day 40:00 – Are they enjoying the journey? (honest answer) 42:30 – Exit strategy and long-term vision 44:00 – What’s next beyond Meineke

    48 min

  7. 12/21/2025

    He Built a Dunkin' Empire (100+ locations)

    Raj Patel is one of the most prolific franchise operators in the country. His family started with one Dunkin’ in the late 1980s — today, Raj oversees a 100+ unit portfolio across Dunkin’, Dave’s Hot Chicken, and several other brands. In this episode, we go deep into: How Raj decides which brands to bet on Why leadership matters more than food What it’s really like to scale from 1 store to 100+ How he evaluates new builds vs acquisitions Why Dave’s Hot Chicken felt like a “lottery ticket” — and actually paid off This is a rare look into how elite multi-unit operators think about growth, risk, and long-term portfolio strategy. If you’re serious about franchising, scaling restaurants, or building a durable operating business — this episode is for you. ⏱️ KEY TOPICS / CHAPTER THEMES (for platforms that surface these) Growing from 1 Dunkin to 100+ stores How Raj evaluates franchise brands Dunkin as a portfolio “engine” Betting early on Dave’s Hot Chicken Why leadership beats product Development vs acquisition strategy Real estate, construction costs, and ROI The future of QSR and drive-thru brands

    43 min

  8. 11/25/2025

    How Private Equity Thinks About Franchising — With Wonder’s Adam Lewin

    Most people think private equity “kills” franchise brands. But in this episode, Adam Lewin — CEO of Wonder, a holding company for franchisors and multi-site operators — explains why the truth is far more nuanced. Adam breaks down: How Wonder evaluates franchise acquisitions Why they refuse the typical “platform” roll-up model What emerging franchisors get wrong Why franchise hype cycles (Dave’s Hot Chicken, Seven Brew) are dangerous How wonder decides when to build corporate stores vs. franchise Why franchise failures are often due to founder psychology, not the model How PE actually models deals, prices risk, and thinks about growth The real reason Rourke can pay outrageous multiples Why the public misunderstands how PE influences the brands it buys If you care about franchising, small business, or private equity — this is a masterclass. 00:00 — What Wonder Actually Is 01:00 — Why Wonder Rejects the “Platform Play” 03:00 — How They Decide Which Brands to Buy 05:00 — Why Scaling Is Harder Than Founders Think 07:00 — The Hidden Challenges of Franchising 09:00 — The Founder Problem: Why Many Stagnate 11:00 — What “Differentiation” Actually Means in SMB 13:00 — Are Multi-Unit Franchisees a Risk? 15:00 — Wonder’s Long-Term Horizon (5–10 Year Holds) 17:00 — Are Hype Brands Like Dave’s/Seven Brew Overvalued? 20:00 — Why Unit Economics Matter More Than Hype 21:00 — Mistakes Every Emerging Franchisor Makes 23:00 — Why Hiring Franchisees Is Like Hiring Employees 25:00 — The Biggest Problem: Bad Early Franchisees 26:00 — Deep Dive: Why Wonder Bought Soccer Five 29:00 — How Soccer Five Actually Works 31:00 — Why Wonder Will Build Corporate Units for S5 33:00 — Why Franchising Is Attractive to PE 36:00 — What PE Gets Wrong About Franchising 39:00 — Growth at All Costs = System Failure 41:00 — How Rourke Pays Insane Multiples 43:00 — Why Rourke Can Hold Brands for 20+ Years 46:00 — Does Private Equity Ruin Franchises? 49:00 — Wonder vs. Traditional PE 51:00 — Where to Follow Wonder & Tucker’s Farm

    53 min
See All (23)

Ratings & Reviews

5
out of 5
11 Ratings

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. Every month, the host, Patrick Buckley, narrates the story of specific brands and how that business became an empire.

Information

  • Creator
    Patrick Buckley
  • Years Active
    2025 - 2026
  • Episodes
    23
  • Rating
    Clean
  • Copyright
    © Copyright 2025 All rights reserved.
  • Show Website
    Empires

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