The Restaurant Boiler Room

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The Restaurant Boiler Room is a one-stop-shop for multi-million dollar merger and acquisition activity and financial complexities pressuring the franchise restaurant industry. We talk money, deals, valuations and risk – delivered to the front door of fran

Rick Ormsby


    • Jun 25, 2025 LATEST EPISODE
    • monthly NEW EPISODES
    • 48m AVG DURATION
    • 87 EPISODES


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    Latest episodes from The Restaurant Boiler Room

    Fran Faith: Rick on His Faith & Working in the Franchise Banking Business

    Play Episode Listen Later Jun 25, 2025


    In this episode of The Restaurant Boiler Room, Rick will share a recent interview about his professional journey through entrepreneurship and franchise banking, as well as the impact of his faith along the way. Todd Recknagel is the moderator, one of the largest franchisees in our country, and operator of several brands, including Massage Envy, Office Pride, and Sola Salon, among others. He is starting a new organization entitled Fran Faith, whose objective is to bring together business leaders in the franchise space who share faith values. I don't share my story very often, so I hope you enjoy!

    Survey Results: Buyers and What They Are Buying Now

    Play Episode Listen Later Jun 5, 2025


    Join Rick Ormsby with Derek Ball, Peter Fisher, and Raymond Buehner from the Unbridled Capital team as they discuss the following topics: What is the current profile of buyers for franchise assets for sale? What brands, geographies, sizes, and types of deals are most sought after? What prices are buyers most likely to pay (multiple of EBITDA)? What risks are keeping buyers on the sidelines? Are buyers expanding beyond franchise restaurants into other categories?

    2025 MUFC Recap

    Play Episode Listen Later Apr 11, 2025 29:45


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby will be talking about some thoughts from the recent Multi Unit Franchising Conference in Las Vegas and a quick chat about market conditions right now. He also talks about sale-leaseback financing in today's environment.

    2025 State of Franchise M&A

    Play Episode Listen Later Feb 4, 2025 57:45


    In this episode of The Restaurant Boiler Room, Managing Director of Unbridled Capital Rick Ormsby is joined by Senior VP Derek Ball, Senior Manager Peter Fisher, and Associate Raymond Buehner to discuss the state of franchise M&A in 2025. Topics of discussion will include: 1. Considerations when doing a deal in 2025 2. Commentary on current supply and demand for buying and selling 3. Lending, Cap Rates, EBITDA multiples 4. Thoughts on inflation, sales forecasting, and timing a sale 5. Examples of real-time issues affecting M&A transactions

    2024 RFDC Reflections & Panel Recap

    Play Episode Listen Later Nov 26, 2024 44:02


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby shares his thoughts as a panelist at the Restaurant Finance and Development Conference (RFDC) in a panel entitled Accelerating Growth: Strategies for Franchisee Acquisitions. He also shares some general perspectives from the conference.

    2024 Franchise Real Estate Update

    Play Episode Listen Later Oct 1, 2024 54:40


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby is joined by Chris Lomuto from Northmarq to discuss the 2024 real estate market for M&A franchise sales. Topics of discussion will include: 1. Supply and demand of franchise real estate now 2. Cap rate trends, pricing, days on market 3. 1031 market vs REIT buyers 4. How is financing getting done? 5. Macroeconomic real estate perspectives 6. Sector and geographical pricing analysis

    Rick Discusses Life Experiences with College Students

    Play Episode Listen Later Sep 10, 2024 54:20


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby shares some perspectives on his career and profession from a speaking engagement with a group of incoming college freshmen in California. He talks about his upbringing and career path while giving them life lessons that have been valuable to him. This would be a great episode for a young person eager to get exposed to mentoring and guidance while charting their professional future.

    2024 Mid-Year M&A Review

    Play Episode Listen Later Aug 6, 2024 56:12


    In this episode of The Restaurant Boiler Room, Managing Director of Unbridled Capital, Rick Ormsby is joined by Senior VP Derek Ball & Senior Manager Peter Fisher to discuss the state of franchise M&A in 2024. Topics of discussion will include: 1. Considerations when doing a deal in 2024 2. Commentary on current supply and demand for buying and selling 3. Lending, Cap Rates, EBITDA multiples 4. Thoughts on inflation, sales forecasting, and timing a sale 5. Examples of real-time issues affecting M&A transactions

    Comments on Current Restaurant News, M&A Deal Flow & Recent Transactions, and Sluggish Consumer Spending

    Play Episode Listen Later Jun 15, 2024 37:01


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby gives insight into current restaurant news, including M&A deal flow, several high-flying brands, commentary on sluggish consumer spending, and recent transactions.

    2024 Dealmakers Week: Do's and Don'ts for Franchisees Accepting a Private Equity Investment

    Play Episode Listen Later May 1, 2024 49:32


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby participates in a panel discussion hosted by Franchise Times. Whether to allow private equity at the franchisee level is a key inflection point in many franchise systems, and franchisors and franchisees alike must consider the impact and influence these firms will have on their business. Learn from those who've executed these deals as they discuss long-term benefits and consequences. Moderator: Emilee Wentland, Managing Editor, Franchise Times Panelists: Kevin Burke, Partner, Franchise Equity Partners; Scott Romanoff, Co-Managing Partner, Franchise Equity Partners; Rick Ormsby, Managing Director, Unbridled Capital *shared with permission from Franchise Times

    2024 Franchise M&A Questions

    Play Episode Listen Later Mar 18, 2024 43:36


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby will answer franchise-related questions about M&A market conditions, cap rates, lending markets, and factors influencing a turnaround. It'll be a good way to get some quick real-time insights.

    The 2024 State of Franchise M&A

    Play Episode Listen Later Feb 1, 2024 51:21


    Managing Director of Unbridled Capital Rick Ormsby is joined by Senior VP Derek Ball & Senior Manager Peter Fisher to discuss the state of franchise M&A in 2024. Topics of discussion will include: 1. Considerations when doing a deal in 2024 2. Commentary on current supply and demand for buying and selling 3. Lending, Cap Rates, EBITDA multiples 4. Thoughts on inflation, sales forecasting, and timing a sale 5. Examples of real-time issues affecting M&A transactions

    RFDC 2023 Replay: Navigating an Acquisitions Path for Growth in 2024

    Play Episode Listen Later Dec 4, 2023 45:18


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby is a panelist, along with Clay Harmon at Roark Capital Group and Barry Dubin at KBP Brands. The panel was moderated by Nick Cole at MUFG Bank, and it was entitled "Navigating an Acquisitions Path for Growth in 2024" at the 2023 Restaurant Finance & Development Conference held in Las Vegas. *shared with permission from Franchise Times.

    Navigating the Current M&A Landscape in Franchising: Opportunities and Challenges

    Play Episode Listen Later Nov 13, 2023 33:53


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby discusses questions on the state of the M&A market for franchising at this moment, the difficulty of new unit development in this market, a quick discussion on when to invest in a franchise brand, and sharing some optimistic news about new franchises that are quietly making a big splash.

    Comments on the Fast Act, Zombie PE Funds, & Franchise M&A Deal Flow

    Play Episode Listen Later Oct 19, 2023 36:10


    In this episode of The Restaurant Boiler Room, Managing Director Rick Ormsby talks about Fast Act legislation, Zombie PE funds, selling to an operator vs. a PE fund, recent deal closings, and a comment on upcoming franchise M&A deal flow.

    Your M&A Questions Answered

    Play Episode Listen Later Sep 14, 2023 39:44


    In this episode of The Restaurant Boiler Room, Managing Director Rick Orsmby answers questions from listeners. Some questions include the answers to: 1. What makes a good franchise? How do I evaluate a brand? 2. How is the timeline changing for closing an M&A transaction? Is it more difficult and longer now? 3. Give me a quick update on the franchise real estate market

    The 2023 State of Lending for Franchise Businesses

    Play Episode Listen Later Aug 3, 2023 56:20


    Join Managing Director Rick Ormsby with special guests Mike Eagen and Nick Cole as they discuss the following topics: - Macroeconomic outlook for franchise loans right now? - How have terms changed? - How are credit/risk-making decisions right now? - Which brands are performing well? - Second-half outlook for rates, leverage, and loan volume

    2023 Lender Survey M&A Results

    Play Episode Listen Later Jul 11, 2023 46:35


    Join Managing Director Rick Ormsby of Unbridled Capital as he discusses the recent survey results from 39 lender responses regarding the state of the union on the current environment for franchise M&A lending as of July 2023.

    Legal Considerations when Acquiring a Restaurant Business

    Play Episode Listen Later Jun 1, 2023 58:14


    Join Managing Director Rick Ormsby of Unbridled Capital with VP Derek Ball and Tom Ice of Gray Ice Higdon Attorneys at Law as they discuss some legal considerations to make when you plan on acquiring a restaurant business. Some topics of discussion will include: 1. Negotiating a Letter of Intent 2. Key elements of a Purchase Agreement 3. Franchisor transfer approval legal considerations 4. Due diligence, leases, employees, and closing 5. Other: stock vs. asset sale, indemnifications, escrows, lease consents

    Franchise Times Dealmakers Week 2023 with Rick Ormsby as Guest Speaker

    Play Episode Listen Later May 9, 2023 83:32


    With permission from Franchise Times, we will be playing a recent webinar with myself and others, moderated by the good folks at Franchise Times and the Restaurant Monitor. The webinar's title is: Franchisees Attracting New Investors and How You Can Join the Club. This was a webinar for Dealmaker's Week, and Unbridled won a Dealmaker of the Year award for 2023. I hope you enjoy it!

    From Real Estate Investor to a Prominent Taco Bell Franchisee

    Play Episode Listen Later Apr 6, 2023 58:32


    Managing Director of Unbridled Capital Rick Ormsby is joined by SG Ellison to discuss his rise from being a real estate investor to owning 300+ Taco Bell franchises. Some topics of discussion will include: 1. How SG got into the industry 2. How his team built out a 200+ unit platform on Taco Bell and Arby's restaurants 3. Thoughts on the current operating environment 4. M&A and growth plans for the future of our industry

    Q1 M&A, AKFCF Highlights, & Dealmaker Award Nod

    Play Episode Listen Later Mar 14, 2023 31:34


    Managing Director of Unbridled Capital Rick Ormsby discusses the following topics in this episode of The Restaurant Boiler Room: 1. Unbridled wins a dealmaker of the year award 2. New trends of franchisors preferring midsize operators to large PE funds 3. Thoughts from the recent KFC Convention 4. Supply and demand of restaurant M&A deals currently 5. Musings on the pizza business 6. Lenders eager for deal flow 7. Hiring a generalist vs a specialist investment banker

    The 2023 State of Franchise M&A

    Play Episode Listen Later Feb 1, 2023 55:58


    Managing Director of Unbridled Capital Rick Ormsby is joined by VP Derek Ball & Senior Manager Peter Fisher to discuss the state of franchise M&A in 2023. Some topics of discussion will include: 1. Considerations when doing a deal in 2023 2. Commentary on current supply and demand for buying and selling 3. Lending, Cap Rates, EBITDA multiples 4. Thoughts on inflation, sales forecasting, and timing a sale 5. Examples of real-time issues affecting M&A transactions

    2022 M&A Wrap-Up

    Play Episode Listen Later Dec 22, 2022 34:32


    Managing Director Rick Ormsby ends the year with an M&A wrap-up for 2022. He also gives some talking points for over the holidays when friends or family make the comment that they might want to own a franchise. The Restaurant Boiler Room will be back for season 5 in January! We thank you all for your continued support!

    M&A Highlights from the Restaurant Finance and Development Conference

    Play Episode Listen Later Nov 28, 2022 44:34


    Managing Director Rick Ormsby gives an update on the Restaurant Finance and Development Conference he recently returned from in Las Vegas. While at RFDC, Rick was a panelist and discussed the inflationary environment and its impact on valuations. In this episode, he also discusses some of his responses from the panel.

    Building and Operating a 200+ Unit Franchise Business

    Play Episode Listen Later Oct 28, 2022 57:19


    Rick Ormsby is joined by Adam Diamond & Tom Scott to discuss: -How did Tom and Adam decide on franchise ownership? -What brands do they operate and why? -How do they capitalize their businesses? -What are their growth plans? -What are their views on the future, giving the concerns on inflation and recession?

    M&A and Convention Reflections, Plus The Impact of the FAST Act

    Play Episode Listen Later Sep 28, 2022 46:25


    I will be doing a walk down memory lane with M&A patterns from the past 20 years as well as give some reactions from discussions with franchisees at several recent restaurant conventions, I'll talk about recent M&A transactions completed, and I'll discuss the impact of the new FAST Act legislation in California.

    Q3 2022 Franchise Real Estate Update

    Play Episode Listen Later Aug 25, 2022 59:54


    In this episode of The Restaurant Boiler Room, Rick Ormsby is joined by Josh Lewis and Chelsea Mandel to discuss franchise real estate updates for 2022. Some topics of discussion will include: - macroeconomic picture: how has the real estate market for buyers & sellers changed this year? - how are terms changing during due diligence? - what is the impact of rising interest rates on real estate valuations? - what are current terms for single unit SLB financing and multi-unit SLB financing?

    M&A Perspectives for Q3 2022

    Play Episode Listen Later Jul 25, 2022 36:40


    In this episode of The Restaurant Boiler Room, Rick Ormsby discusses some M&A perspectives in the franchise lending environment, as well discussing deal cyclicality in a calendar year and addresses some real estate valuation considerations in a slowing deal market.

    Q2 Lender Outlook for Franchise Businesses

    Play Episode Listen Later Jun 25, 2022 57:53


    Join Rick Ormsby with special guests Michael Eagen and John Dysart as they discuss the following topics about the lending atmosphere for Q2 of 2022: - Macroeconomic outlook for franchise loans right now? - How have terms changed? - How is credit/risk making decisions right now? - Which brands are performing well? - Second half outlook for rates, leverage, and loan volume

    Q2 2022 M&A Updates

    Play Episode Listen Later May 10, 2022 57:07


    In this episode of The Restaurant Boiler Room, Rick Ormsby is joined by Derek Ball & Tony Petrunin to discuss Q2 M&A with a 15 question countdown.

    Lifecycle of a Brand's Turnaround Efforts

    Play Episode Listen Later Apr 10, 2022 42:12


    In this episode of The Restaurant Boiler Room, Managing Director of Unbridled Capital Rick Ormsby discusses the lifecycle of a brand's turnaround efforts - from distressed, to wildly successful, and back to distressed. He also gives an update on valuations as the unpredictable year progresses. Finally, he talks factors that could be leading us to a recession but might create a favorable supply/demand scenario for sellers who keep producing strong EBITDA while M&A supply lessens.

    2021 M&A Deal Reflections and Looking Into 2022

    Play Episode Listen Later Mar 10, 2022 36:46


    In season 4 episode 3 of The Restaurant Boiler Room, we unveil the details and negotiations from 2 of Unbridled's landmark deals closed in 2021. Rick also talks about deal challenges we are seeing in the M&A market in 2022. And we will tackle the question – "What to do if your buyer wants to walk away or re-trade your deal?"

    Rick's Interview on Franchise I-Banking at Kennesaw State University

    Play Episode Listen Later Feb 10, 2022 66:01


    In this episode of The Restaurant Boiler Room, join Managing Director Rick Ormsby as he participates in the Franchise Management Guest Speaker Series at Kennesaw State University in Georgia. Rick is joined by Jordan Krolick, professor of MGMT 4124. Listen as he answers questions about his background, personal and professional story, and as he explains how Unbridled Capital operates within the franchise M&A industry.

    2022 Franchise M&A Trends

    Play Episode Listen Later Jan 10, 2022 36:08


    In the first episode of season 4 of The Restaurant Boiler Room, Rick Ormsby, Managing Director of Unbridled Capital discusses his thoughts on franchise M&A trends for 2022. What does he see changing this year? What does he see staying the same? Find out as we delve into our first episode of 2022!

    2021 Franchise M&A Top 10 Questions Countdown

    Play Episode Listen Later Dec 10, 2021 54:32


    In this episode, Managing Director of Unbridled Capital, Rick Ormsby, will be answering 10 of the most commonly-asked questions from sellers, buyers, and investors who are fueling the surge in M&A activity in the franchise sector. These questions are wide in scope, so they should provide valuable insights for almost any listener.

    Q4 M&A Update and Recent Convention Highlights

    Play Episode Listen Later Nov 23, 2021 53:40


    Join Managing Director Rick Ormsby, along with Derek Ball and Tony Petrunin from Unbridled Capital, as they discuss: We answer a series of questions aimed at laying out our 4th Quarter views on the franchise M&A market, due diligence and timing pressures as we approach year end, the lending market on franchise deals right now, an outlook for franchise M&A in 2022, and commentary on brands, segments, and non-restaurant franchising from recent conventions.

    Taxes, Franchisors, and Diligence

    Play Episode Listen Later Oct 10, 2021 39:14


    In season 3 episode 10 of The Restaurant Boiler Room, Rick Ormsby discusses this month's view of the M&A landscape, how franchisees are thinking about tax legislation, observations from recent franchise conventions, tough operating conditions right now in the franchise industry, franchisors becoming more involved and aggressive, and what happens when a business starts to underperform during due diligence.

    How to Buy International Franchises

    Play Episode Listen Later Sep 10, 2021 37:56


    In this episode of The Restaurant Boiler Room, Rick Ormsby discusses the steps to take to purchase a franchise business internationally.

    The Re-Emergence of Casual Dining, a conversation with Apple-Metro CEO Zane Tankel

    Play Episode Listen Later Aug 20, 2021 61:21


    Rick Ormsby of Unbridled Capital is joined by Apple-Metro CEO Zane Tankel. Tankel talks with Ormsby about the re-emergence of casual dining after the pandemic. Tankel's story is one of perseverance, resilience, and dedication to his company, his staff, and himself.

    How to Compress a Deal Timeline to Meet a Year-End Closing

    Play Episode Listen Later Jul 28, 2021 48:27


    In this episode of The Restaurant Boiler Room, Rick Ormsby discusses the steps needed to compress a deal timeline to meet a year-end closing. With quarter four approaching quickly, learn what steps are needed to close with ease.

    Bonus Episode: YTD Perspective on Restaurant M&A

    Play Episode Listen Later Jun 20, 2021 62:29


    Rick shares his YTD perspectives on sales, profits, valuations, real estate, financing, and M&A in the restaurant industry.

    Q2 2021 M&A Market Trends

    Play Episode Listen Later May 28, 2021 54:33


    What has changed in franchise M&A in the past few months? How is deal flow right now? What is happening to valuations? Are lenders eager or stingy? Join Rick Ormsby, Derek Ball, and Tony Petrunin, as they discuss these questions among the following topics: 1. Q2 M&A market conditions 2. QSR sales and profit outlook 3. Restaurant valuation update 4. Results from a recent lender survey 5. Real Estate financing update

    Franchise Times Dealmaker of the Year Awards, Q1 Reflections, Q2 Projections, and the Current Franchise M&A Market

    Play Episode Listen Later Apr 26, 2021 42:29


    Join Rick as he talks through: Franchise Times Dealmakers of the Year Award, Q1 reflections and Q2 projections, the current franchise M&A market.

    An interview with Kevin Hochman, president of KFC and Pizza Hut

    Play Episode Listen Later Apr 5, 2021 56:57


    Join Rick and Kevin Hochman, president of KFC U.S. and interim president of Pizza Hut U.S., as they talk brands, trends, and what books are currently on his nightstand.

    KBP Foods & Grandmere Capital – Franchisee Interview

    Play Episode Listen Later Feb 22, 2021 57:50


    Barry Dubin of KBP Foods and Mike Cherney of Grand Mere Capital join Rick and discuss the following: 1. General outlook for their brands, QSR, and restaurants for 2021. Best case/worst case? 2. Comments on the impact of political changes on revenues, M&A, and operations. 3. Opinions on franchise M&A activity in 2021. Slowdown or consolidation? 4. How they are approaching acquisitions for 2021. 5. How they come up with a price given big EBITDA lifts. 6. What segments/brands do you like? 7. Post-COVID, what are longer-term trends/changes that might emerge. Collectively, these two companies own about 1,000 franchise restaurants in the KFC, Pizza Hut, and Taco Bell systems. They are among the largest franchisees in the US.

    Bonus Episode: Franchise M&A and 2021

    Play Episode Listen Later Feb 3, 2021 41:42


    Post-Election Thoughts on franchise M&A, and our thoughts moving forward into 2021.

    Bonus Episode: 2020, The Franchise Industry, and a Hopeful Outlook

    Play Episode Listen Later Jan 5, 2021 43:55


    2020 has certainly been an interesting year, hasn't it? Join Rick Ormsby as he discusses both his reflections on the year in the franchise industry and his hopeful outlook moving forward.

    Tax and Legislative Changes Affecting Franchise Valuations

    Play Episode Listen Later Dec 16, 2020 57:03


    How might looming tax changes affect the valuation and timeline of selling your business? Rick Ormsby discusses the following topics and more alongside two tax experts: 1. Changes in Your ‘Sale Horizon' 2. Shifting Political Landscape 3. Looming Tax Changes 4. PPP Loan Forgiveness and Taxation

    M&A Market Trends

    Play Episode Listen Later Oct 27, 2020 59:01


    We've all seen the articles regarding how 2020 has affected the restaurant industry, but where does that leave the M&A market? Rick Join Rick Ormsby as he talks with Derek Ball and Tony Petrunin from our team about all they've learned (hint: it's a lot!) from negotiating deals through this unprecedented season.

    Managing Lender Relationships

    Play Episode Listen Later Oct 13, 2020 56:08


    Your relationship with your lender doesn't stop when you sign on the dotted line. For many reasons, having an understanding of the lender's process and learning how to continue the dialogue could be grossly undervalued in the industry. Join Rick as he discusses the following topics and more with Michael Eagen, a Managing Director in the Franchise Finance Group of BMO Harris Bank: 1. A Lender's Internal Process of Issuing a Loan 2. Acquiring More Stores 3. Syndicated Deals - What is That? 4. Covenants and Compliance 5. Dangers of Overleverage 6. Life-cycle of a Banking Relationship

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