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Ep.185: Alex (@aebridgeman) is joined by Michael Horowitz (@mahorowitz).\n\nMy guest today is Michael Horowitz who recently sold a roll-up of 20 Wingstop franchise locations (15 acquired, 7 built, 1 closed) and co-authored a paper with A.J. Wasserstein about the franchise path for entrepreneurs. In this conversation, we discuss his strategy and components of an effective franchise roll-up. We touch on the pros/cons of the franchise path, the role of debt, choosing a brand, challenges, and opportunities with multiple locations, and much more. If you\u2019re considering franchises, this episode can serve as a great primer and base of knowledge for exploring the model. Please enjoy this episode with Michael Horowitz.\n\nListen weekly and follow the show on Apple Podcasts, Spotify, Google Podcasts, Stitcher, Breaker, and TuneIn.\xa0\nLearn more about Alex and Think Like an Owner at https://tlaopodcast.com/\n\nLinks:\nMichael on Twitter\nTen Essential Questions to Consider When Selecting a Franchise Brand for a Search Fund Journey\nTimecodes:\n(00:00:00) Intro\n(00:03:18) Michael\u2019s franchising career\n(00:10:00) Choosing a smaller brand like Wingstop\n(00:14:14) Transferring rights between franchisors\n(00:15:27) Michael\u2019s growth trajectory\n(00:16:58) How restaurant groups continue to scale\n(00:19:12) Michael\u2019s decision to sell\n(00:22:26) Choosing food franchises over other opportunities\n(00:26:14) How franchises can uniquely use debt\n(00:31:12) The culture shock of moving from finance to managing fast-food employees\n(00:35:34) Learnings from the restaurant industry\n(00:37:35) Career paths within franchising\n(00:39:47) Hiring and recruiting challenges\n(00:47:28) Multi-franchise investor strategy\n(00:52:10) Advice for folks considering franchising\n(00:54:16) What strongly held belief have you changed your mind on?\n(00:56:07) What\u2019s the best business you\u2019ve ever seen?