Daniel Schwartz
speaker
501 appearances
1 recordings
1 series
first heard Feb 2026
last heard 10 Feb
Daniel Schwartz’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And they were basically spending overhead exceeded EBITDA and CapEx was about half the EBITDA despite the fact that it was 90% franchised at the time.
And so-
We felt like we would be able to run the business more efficiently, fix some of these problems, and we could create a lot of value.
And look, in hindsight, yes, it was a great deal and mentioned like 25 times return.
But at the time, these were real issues.
And I think we had an early appreciation for the strength of the franchise business model that the broader market subsequently more greatly appreciated in the years to come.
But look at the time, no one else showed up.
And there was a go shop, window shop, whatever they call it, and no other private equity firm showed up.
And I'd say the consensus at the time was that we overpaid.
As the newspaper headlines.
Yeah.
Communicate.
We bought it from extremely savvy investors who had made a great return on their investment too.
I think they made five plus times their money on the acquisition of Burger King that they did a decade prior.
It's a highly free cash flow generative royalty-based model centered around these iconic brands that we get to own.
140 countries that are great operators who are going to grow the brand and they will earn their profits and they'll grow the size of the brand for us as the brand owners.
I think it's just worth talking about our model though.
So as Alex mentioned, we bought the business and some countries had company stores, some countries had multi-franchise stores, some countries had master franchise partnerships.
And we developed this master franchise joint venture model where we said, look, the best way for us to run the best restaurants, manage the brand,
in a way that's gonna be great for the guests and grow the brand the fastest would be to have well-capitalized local entrepreneurs as our partners.
Showing 321–340 of 501 · page 17 of 26
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