Buying a $200m Franchisor (Not Units, the Whole System) | Tyler & Zach Gordon Interview

When today's guests set out to buy a business, they first systematically developed a thesis. Both with private equity backgrounds, brothers Tyler and Zach Gordon combed through lists of industries, looking for ones with great fundamentals but not yet on Private Equity's radar. The process led them to a franchise system of thrift stores. But the subject of today's interview is how our heroes ended up buying not units in the system, but the system itself. So this is a story, our first, of buying a franchisor, a system with about 200 thrift stores that collectively generated about $200m in sales when Tyler and Zach bought it. And here they are, Tyler Gordon and Zach Gordon, co-CEOs of BaseCamp Franchising.

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Chapters:
00:00 Tyler and Zach's backgrounds
15:46 Their search process and development of investment thesis
30:26 Journey from potential franchisees to franchisor owners
47:12 Deep dive into the thrift store business model
01:02:24 Discussion of unit economics and operational complexity
01:13:48 Overview of thrift industry and market opportunity
01:22:16 Understanding vendor and customer dynamics
01:30:48 Analysis of re-sale market and competition
01:39:57 Goals and vision for the future

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ABOUT Acquiring Minds
Acquiring Minds is a podcast about buying businesses. Acquiring an existing business is an awesome opportunity for many entrepreneurs, and host Will Smith talks to the people who do it. New episodes 2x per week.

Credits:
Edited by Anton Rohozov
Produced by Pam Cameron

#business #acquisitions #buyingbusiness

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