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Keith welcomes back Todd Drowlette, star of A&E's The Real Estate Commission, to help demystify commercial real estate for residential investors.  They explore which sectors are most resilient to disruption from AI, automation, and Amazon, why certain office and warehouse assets still work, and how service-based retail like nail salons and quick-service restaurants can offer durable returns.  Todd breaks down the basics and advantages of triple net (NNN) leases, key considerations in office-to-residential conversions, and how rising interest rates are reshaping commercial deals.  He also shares negotiation tactics from large commercial transactions that investors can immediately apply to their next rental property purchase. Episode Page: GetRichEducation.com/616 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Unlock truly passive real estate income—visit flockhomes.com/GRE today to see if your properties qualify for a 721 exchange with Flock Homes. To get in the best physical, mental, and professional shape of your life, go to DanielThomasHind.com and apply for Daniel's intensive 1-on-1 coaching for burnt-out entrepreneurs and executives. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:01   Welcome to GRE. I'm your host Keith Weinhold. We're talking with the star of the A&E show, the Real Estate Commission today. What real estate sectors are safe from AI, robots, and Amazon disruption? How many deals on the commercial side are still going to implode due to mortgage rates resetting higher? And some of the best negotiation techniques from $100 million deals that you can use in your own deals, and more today on Get Rich Education. You know, Mid South Homebuyers, that top Memphis turnkey provider. I learned that a secret weapon behind their explosive growth is more than just you buying their properties. It's an executive coach. For nine years now, their CEO Terry Kerr and his COO Pat Nix have worked privately with a coach who I've now learned from too, and he doesn't market himself online anywhere. After 12 years behind the scenes, that coach is now making himself available exclusively for GRE listeners, his name is Daniel Thomas Hind. If you're a hard-charging business owner or investor who wants to get in the best shape of your life, physically, mentally, and professionally, you can fill out an application for a free consult. This is private one-on-one coaching for those willing to go to uncommon lengths to achieve uncommon results. Thanks to Daniel, we've all become better leaders, better operators, and better men. It started by showing up for ourselves. Now it's your turn. Go to DanielThomashHind.com. H-I-N-D. That's DanielThomashHind.com and sign up before spots fill. What if you got your mortgage loans the same place I get mine? You sure can at Ridge Lending Group NMLS 42056 They provided GRE listeners with more loans than anyone because Ridge specializes in investment property. They'll help you build a long-term plan for growing your real estate empire with leverage. Start your prequal and even chat directly with President Caeli Ridge. While it's on your mind, start at ridgelendinggroup.com. That's ridgelendinggroup.com.   Speaker 1  2:19   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  2:35   Welcome to GRE from Peoria, Illinois to Peoria, Arizona, and across 188 world nations. I'm Keith Weinhold, and you're listening to Get Rich Education. Though we're a show centered on how to build wealth through residential real estate investing, today we're talking mostly about the commercial side with a guest that's more comfortable investing in commercial real estate than he is residential. We'll learn why. He is the star of the new real estate show called the Real Estate Commission that airs on A&E Network. Todd Drowlette, because he was here with us last year shortly before the show debuted, and he had so many interesting things to tell us then. That's why he's back. Now we know that residential real estate is positioned well at surviving the boom in artificial intelligence's influence because everybody still needs a place to live. You can't download a kitchen or living room, and a chatbot can't replace a roof. But some types of commercial real estate are vulnerable to AI. I'm going to ask Todd which types and businesses are the most resilient to survive AI, robots, and Amazon, because there surely are some. He does a good job of making commercial real estate approachable to those that have never invested in it before.   Keith Weinhold  3:59   Contrary to the narrative, he also likes to talk about why office real estate is not dead. Occupying both worlds, I will ask him about office to residential conversions and also get his take on what is happening with commercial loans because apartment investors have been feeling the pain ever since mortgage rates doubled and nearly tripled in 2022. I'll ask about commercial loans blowing up and just how much more of that is expected to happen because the pain is certainly not over there. Let's meet this week's guest. A series on A and E Television and streaming launched last year called The Real Estate Commission, and it's going well enough that it's gearing up for season two. The star of that show is with us today. He was with us last year just before the show debuted, and that's when he shared all kinds of interesting insights with us, like why. A gas station is on a certain side of the road. He's perhaps the most prolific commercial real estate broker in the nation. He's managing director at Titan Commercial Realty Group in New York, closing deals totaling over $2 billion all across commercial real estate sectors. He's represented everyone from local startups to national reits. Hey, welcome back to Get Rich Education, Todd Drowlette.   Todd Drowlette  5:26   Thank you so much for having me back. I appreciate it. It's always great to talk to you.   Keith Weinhold  5:30   Yeah, same. It was so interesting when you were here last year, and I do want to ask you about how it's going with the A and E show later. Most of our listeners own single family rentals or small multifamily, and I think the commercial side, Todd. Frankly, it it intimidates some people. I know I've thought of it that way before. What are some of the misconceptions that the residential side seems to have about the commercial side?   Todd Drowlette  5:56   So a big misconception is that you have to be smart to do it. You certainly do not. A lot of people also think you have to already be a multimillionaire to do it, right? So the same way with residential, there's levels to it. There's levels to commercial real estate. So I say there's pros and cons, right? So in commercial real estate, if you have an office building or a shopping center or a ground lease, you rent to a McDonald's, whatever. You don't get phone calls at two in the morning saying my hot water tank just exploded, my furnace isn't working. So you still get property management calls, but they're typically from you know Monday through Friday, nine to five type of thing, and you don't need millions of dollars. People think you do. It's like you can buy a small two or three tenant office building or a two or three tenant retail shopping center, maybe something has a nail salon, hair salon in it. Depending on the market you're in, that could be a couple $100,000 to buy. If you're in a tertiary town in the United States, if you're in a major metro, it could be a million, 2  million bucks. But the rent is commiserate with what you're paying. So if you can make an 8 or 10% return, a lot of banks will finance startup people as long they're looking in commercial at the quality of the tenant and what the lease is. So you could have no experience, but if you're going to rent to a Hertz rental car, a Starbucks, a McDonald's, even if you personally have like say a 750 credit score, it's decent. It's not a perfect credit score, but you're financeable. They're lending in commercial real estate based on the credit and the length of the leases, not necessarily on your own financials. And a lot of people don't realize that, and they think, "Oh, bank's never going to approve me because I've never done commercial real estate before. Well, nobody's ever done anything until they do it, right? So as long as you start small, banks will lend to people, you know, on smaller things, there's a ton of pros to being in commercial real estate compared to residential. There's less competition. It's easier to repeat deals because once you know one tenant's looking for something, then you can find the next thing they're looking for, and it's a small knit group. You know, if there's 3 million real estate agents in the United States, I would say across the entire country, maybe 10,000 of us are commercial real estate agents.   Keith Weinhold  8:05   Yeah.   Todd Drowlette  8:06   So if you get into commercial, once you get into that network of people with a deal with the tenants and the whatever, you know, if you're in, you're in. If you're out, you're out. That was a very long answer to a very short question.   Keith Weinhold  8:16   Well, some people even have one of the same hangups about residential real estate investing-they think just to buy income property takes an awful lot of money, not realizing you can start with a single-family home of less than 300k or even less than 200k still today and make a small down payment on it. And you know, Todd, I think one thing that refines commercial real estate for some people and piques interest among residential investors is one of the first things that they learn when they're finding out about commercial real estate investing is the triple net lease. Oftentimes, you see that abbreviated NNN out there, and how that can make things somewhat more hands off for that commercial real estate investor. So, can you tell us about triple net leases?   Todd Drowlette  9:00   I sure can. Number one, the funny thing about triple net leases: none of the three things the N's represent start with an N. So your triple nets are literally your real estate taxes, your insurance, and your commonary maintenance. None of which start with an N. Yet it's called N N N.   Keith Weinhold  9:14   It's kind of like reading, writing, and arithmetic. The 3r is what only one of them starts with an R. It's a terrible acronym, but yes.   Todd Drowlette  9:22   Exactly. So there's different types of triple net properties. So essentially, a triple net property, unlike most residential, where you're responsible, you get X amount of rent, and then out of that rent for your income, you're going to subtract out your school tax, your property tax, your property insurance, liability insurance, you know, snow plowing, lawn mowing, all that type of stuff, right? So triple net properties, you have absolute net properties, which is the best thing you can own from a landlord's perspective. Those are things that are called absolute ground leases or an absolute net lease. Typically, you'll see those in like many gas stations. Will be that a lot of McDonald's. Deals are that where essentially you own a piece of property, you buy a piece of property, and you go here. You have X amount of time to put your building up, do construction, get your approvals. You're going to pay me X per month in a ground rent. You build your own building, you own your own building, you're responsible for it, and I just own the dirt. And those are typically 10 to 20 year leases with options. The downside of a triple net ground lease is you can't depreciate anything because it's just ground, right? So you don't get the depreciation you get with other properties, but you have no risk other than the credit of the tenant. So if you're signing a lease with the United States Postal Service and it's the federal government, you know you're getting that. Those will trade typically about one percentage point higher than U.S. Treasuries because there's very, very little risk in it. But there is some risk, so as an investor, you need a little bit better return than the guarantee of a U.S. Treasury.   Todd Drowlette  10:54   Then you have roof and structure triple net properties, where basically, okay, the roof and the structure I'm responsible for as the landlord. Anything inside of that, or you're responsible for, and then the tenants pay the proportionate share of, like I said, the taxes, the snow plowing, whatever. If that's a multi-tenant building, then you run the risk. Oh, tenant moves out as the landlord, you got to pick up that percentage. If if you have a 10,000 foot building and someone's in 2000 feet and they move out, well, now you're responsible for 20% of that tax and CAM and insurance bill until you replace it with a new tenant. But typically, if you're investing in small strip centers, smaller office buildings, which people say office is dead, I've made a fortune in office. Office is not dead. You just have to own the right office in the right place. A lot of downtown offices are dead, where they're moving to the suburbs for drugs and a lot of other issues. But typically, you know, strip centers today, people are buying those for 8% returns to as much as 10, 12% and a lot of times they're vacancy. That's upside you can add into it as well. But again, these are all things that you can get into for a couple $100,000 down, and there's way more room for error than people think there is. As long as you have a professional that's looking at the lease for you before you buy it, you know you just want to make sure the guarantee is on the lease that you have corporate guarantees. But typically, if a bank will finance it, they're also looking at that. But it's not as scary as people think it is, and it's really a strong alternative to investing in single-family homes. Not that I'm knocking single-family homes. There's pros and cons to literally everything you do in life, as you know. 100.   Keith Weinhold  12:28   A triple net lease, where in commercial property the tenant covers three main expenses or nets: property taxes, insurance, and the maintenance and repairs. And in a lot of the situations, like Todd is describing, that really leaves landlords responsible for little more than the mortgage, really increasing the passivity here. And you know, tenants that are willing to shoulder a triple net lease, I don't think of them as taking on those extra costs for nothing. I think about it is in exchange, tenants typically pay lower rent then, and the tenant also gets more control over the property in a triple net arrangement.   Todd Drowlette  13:08   That's a generally safe thing to say, but I hate saying this. I can't believe I'm even saying this, but you know they say location, location, location. So it really depends on the market. The biggest mistake people make to go, oh, I get asked all the time, should I invest in land? I'm like, hell no, raw land. I go when I develop stuff, I have a use for it. Once I get the approvals, then I'll close and buy the land. Land banking stuff and just going and buying land and hoping it goes up in value. I have a number one rule that I always say to people, and it's anytime you can buy $1 for 50 cents, you buy it, but you don't buy property for $1 hoping it goes to $2 because there's no guarantee that that'll happen. In raw land, you know you have a guaranteed. You're paying taxes every year, so just paying taxes on something that's also not returning you anything is a terrible investment, in my opinion. You're speculating. If you want to speculate, just go to the casino, play roulette, pick black or red, and you have roughly a 50-50 shop minus the three greens, but there's a lot easier ways to make money than buying raw land. But shopping centers, triple net properties, there's definitely ways for people to get into that that are much lower risk, and they're not as scary as you'd think. And many banks will finance them.   Keith Weinhold  14:18   Now, if you had to buy one commercial asset today, what would that be? I know that might depend on some factors, but generally, I've got to say, industrial comes to mind for me as one of the hottest commercial real estate asset classes in quite a while.   Todd Drowlette  14:32   So I would pick two strategies. One would be high bay warehouse, whether it's specifically industrial or just warehouse, but things with high ceilings, open floor plans, like you know, a 20,000 foot warehouse, 30,000 feet, something in that range, that a lot of people want that type of use. Warehouse rents have been increasing way faster than office or retail rents have been in the same markets. And as things get more and more automated, you still need to ship stuff. You still need to. Stuff you still need to get things to people's houses, so with the whole AI boom and the crazy things that are happening, I think there's going to be a lot fewer people with jobs sooner than people realize. But I do think the warehouse is a good thing to be invested in, especially if it's on main streets. It could be retail, could be warehouse, could be whatever. The second thing I'll say that's very low risk are any businesses that Amazon can't compete with you for. So, a small strip center that's two or three tenants, that's a hair salon, a nail salon, service type business, retail tenants, because it's a turnover business. So, like nail salons, they're never going to come to your house and do your nails unless you're a billionaire, because they can make more money with people coming to them in back-to-back appointments. So any type of service business tenant that you can have, and typically nail salons, hair salons, they don't usually go out completely. Usually, if they don't want to do it anymore, they'll sell the business to somebody else, and you keep a tenant. From an ownership standpoint, there's very low turnover and having to pay new brokerage fees or do give tenant fit-ups or free rent to like get their business up and running. So I would either go high bay warehouse with loading docks like 18 foot, 20 foot or higher ceilings, open floor plans, overhead doors, 20, 30,000 square feet, or two or three tenant strip malls with high traffic counts, good suburban locations that have service type businesses. Those are your two. Would be very hard to lose as long as you don't overpay when you buy them.   Keith Weinhold  16:25   This is such an interesting thing to say when you think about a resilient business, something that can't easily be disrupted by AI or Amazon, which something like a nail salon would fit into. Tell us about some of those other types that might fit into a small retail center that are resilient that way.   Todd Drowlette  16:45   End caps, so any kind of like a Popeyes, a McDonald's, anything that's drive-through or food. Even you're starting to see, you know, the Tesla robots, and you're seeing more and more of that. However, people will still buy the food. So whether the employees are actually still in there, it's all robots. They still physically need a place that's close and convenient for people to drive to, or even the food delivery apps. Like a lot of the retail restaurants now are telling me 30, 40% of their orders are delivery through like Uber Eats and whatever. But those are great tenants to have because they're still making money, and as the world's changing, they're adapting. And I want tenants that adapt to the changing world. And honestly, they can afford to pay more. This is terrible. But from a strictly landlord perspective, the fewer employees they have, you don't have workers' comp claims, you don't have the insurance, you don't have all those things. The more you can afford to pay rent to landlords. So as the world's changing, those type of retail, small strip centers, end caps, fast food, QSR type food, quick serve retail. Those are definitely things that I would be considering if I was someone getting into this, and they're things that I also own. So I always recommend what I would do myself.   Keith Weinhold  17:55   Right, and with that commercial tenant, if they're serving fast food, yes, it's not like their customer has to physically show up there at that business for that business to thrive.   Todd Drowlette  18:06   And actually, if you have them as a tenant, because of the delivery, like with a drive-through, you're typically only working off one or two miles. But Uber Eats or these other meal services, they're now going out five, six, even seven miles in some places. So that actually means their sales could be higher. And another thing I didn't mention, but now I'm thinking, a lot of restaurant tenants will pay a percentage rent. So actually, as their sales go up, even though there's not more infrastructure, you know, strains from more customers coming in and out of your property, as they're doing the meal delivery, you're actually potentially be getting cut of that as a landlord with percentage rent, which is a thing that doesn't exist in residential real estate, obviously, there's multiple streams of income for triple net properties at times when you have percentage rent that doesn't exist in warehouse, where it's in retail. It doesn't exist in office, doesn't exist in warehouse, doesn't exist in residential. So that can be a nice bonus, and you see that with supermarkets, restaurants, different types of retailers pay percentage run.   Keith Weinhold  19:05   Okay, so in a sense, Todd, we've been talking about going against the flow, if you will, in being in businesses that are resilient toward disruption from AI or Amazon. But while we're talking about industrial real estate, warehouses do come to mind for me soon afterward, I think generations ago maybe industrial had the connotation of a dirty factory. But today, when I think about warehouses, I think about Amazon fulfillment centers or AI data centers. So, what is the business like for investing in those sort of warehouse deals, and how do those deals even get put together for these warehouse types.   Todd Drowlette  19:42   So you have two types. So you have people who do spec building. So there's guys that will go out and say, "Hey, I'm in the warehousing business, and they'll go through. They'll get approvals and they'll say they'll buy 10 acres, 20 acres, 30 acres, and they'll say, "Okay, we're going to." Put I'm making this up. 500,000 square feet of warehouse on this. They'll go get approved, but they basically will put up a spec building of 40,000 50,000 feet, and then they'll lease it. Depending how long it takes them to lease it, then they'll build the next one. Once you kind of have one building up, it's much easier to prelease. If you just have a piece of dirt and say, hey, I'm going to do a warehouse building here. Unless you have a direct in specifically with Amazon, and they're like, hey, we need to be in Skoda, New York, you know, at this exit within 10 miles of that. And it's like anything. Once you do something for someone once, they're working across the whole country. So if you're particularly good in a specific region as developer, they will often say, "Hey, find me a spot here, here, because they're in the business of getting open and running data centers. They don't care if you're making a profit on the real estate, and they're not set up to locally go through the approvals, know the politicians, know the process, that whole thing. So there's opportunities like that. If you don't know anyone from a hole in the wall, if you have a big piece of property and you start with whatever you're comfortable with to spec out a warehouse, 10,000 feet, 5000 feet. See how long it takes. Do you lease that in six months? Does it take three months? Does it take a year? And then you can kind of take some of the profits from that, either refinance, or if you have a construction loan, then build the next one, build the next one, and build the next one. You can kind of build out as the demand comes along.   Keith Weinhold  21:22   You're listening to Get Rich Education. We're talking to the star of the A and E show, the Real Estate Commission, Todd Drowlette. So much when we come back. He's going to update us on what's happening with office to residential conversions, how much higher interest rate pain is still going to surface in some of these deals, and a negotiation tactic or two that you can use for your own residential deals. I'm your host Keith Weinhold. Flock Homes helps you retire from real estate and landlording, whether it's one problem property or your whole portfolio, through a 721 exchange, deferring your capital gains tax and depreciation recapture. It's a strategy long used by the ultra wealthy. Now, mom and pop landlords can 721 the residential real estate request your initial valuation. See if your properties qualify at flockhomes.com/gre. That's flockehomes.com/gre. Let me ask you something: If you've worked hard to build wealth, is your money positioned to actually support your goals? A lot of accredited investors leave capital sitting in cash because it feels safe, but inflation and missed income opportunities can quietly erode its value. Freedom Family Investments offers freedom notes for investors seeking structured income backed by real estate. It's a straightforward approach built on real assets, not speculation. And full disclosure, I'm an investor myself. What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed, but with a track record of consistent, on-time investor payouts, they built real credibility.   Todd Drowlette  24:15   Well, I'll tell you about some of the pitfalls, and I'll tell you the huge opportunities. If you have office buildings that are vacant, you know, particularly in downtown municipalities like in Albany, New York, you know, our state capital in New York. Politicians and the government right now are creating a lot of incentives to convert those, where they're putting up grant and giving away millions of dollars to private developers that you don't have to repay. So there's a huge opportunity to have people take on a lot of the risk for you to do it. Some of the pitfalls people get into are you want to pick the right office building to do it for. So you want to a make sure that that office building either has on site parking garages or on site parking because I've seen people try to do it and that. Downtowns where there's no parking, and you can put a lot of money in a building with no parking. And if you're not in New York City, where people are used to, and you're competing against suburban apartments, that's a tough sell. So that's number one. Number two, for whatever reason, people really want in office buildings and downtown settings floor-to-ceiling windows. So you really want to pick office buildings that already have floor-to-ceiling windows because it can be very expensive. If you get over three floors, it can be very expensive to cut out windows and make them larger. And another, this is a huge money potential pitfall if you're not careful. Many municipalities and states have different codes for elevators for residential buildings than they have for office. It makes no sense to me, but office buildings. It has to do with fitting the elevator has to be large enough that you can get a stretcher if someone had a heart attack and needed to be wheeled out. Ah, for some reason, residential buildings require larger elevators, and if your shaft isn't big enough and your car isn't big enough. You could have a million dollars or more of an unexpected expense to either make the shaft bigger. Some buildings you can't even do it.   Keith Weinhold  26:08   Well, but if it was originally set up for-   Todd Drowlette  26:09   It doesn't make any sense either. This is new. If you have an office building that's 30 stories tall, people could have heart attacks in the middle of the day at the office. So how is that any different than if they're at home in an apartment and have a heart attack, so it doesn't make any sense to me why the code is different for the fire code. But in New York State, the fire code is different, and that can be astronomically expensive, or it can literally stop your project dead in the tracks if it just becomes cost prohibitive to do it.   Keith Weinhold  26:34   That's something that I never would have thought about. I generally like to see office to residential conversions revitalizing central business districts in our cities. You know, you talked about the parking before having less need for parking. If people can walk to work and where they work, that increases the walkability of an area. I like so many things about office to residential conversions, despite all the hardships and the pitfalls you have to avoid.   Todd Drowlette  27:01   Oh, they're great. You just want to make sure you're picking the right building. So my point is, if you have five or 10 vacant office buildings, mostly vacant office buildings, just make sure you're choosing the right one. And before you buy it, do your due diligence and go through with contractors and engineers and architects that understand all the codes and say, hey, the other positive thing that saves money in office conversions is most office buildings. If you have an elevator bank, typically have bathrooms directly across from the elevator bank, so water and sewer can be very expensive when you're running apartments. So having central lines going up through usually concrete floors can save you a ton of money in the design and the layout of how you place the units and do it around central bathrooms, but typically larger office buildings will have plumbing and sewer on different parts of the floor. So it just means you have to go less distance and it saves money. And a lot of office buildings, even older ones, have higher ceilings, which today is very desirable for apartments. So if you can have a building that has natural light, high ceilings, and you can get grant money to do it, that's definitely something people should look into. And even with a smaller building, I've seen people in New York people are converting 5000 foot office buildings into like five units. You know, there's money to be made. You just have to buy right. I always say, you know, if you can buy $1 for 50 cents. Buy it. Don't buy $1 and hope it goes to $2 A   Keith Weinhold  28:25   lot of these physical limitations, oftentimes in the office to residential conversion, and Todd in the residential world, oftentimes apartment buildings have been problematic. A lot of these syndicators have had their deals blow up because in 2022 or earlier they got five to seven year fixed rate debt. Those deals are coming due. The mortgage payments double, and a lot of times the operator just can't meet it, and it blows up. And apartment building values have been down about 30% nationally, largely for that reason, even though an apartment building owner gets a commercial loan, I still want to know from the commercial side and the commercial use type how much higher interest rate pain do you see that has surfaced and is still going to surface.   Todd Drowlette  29:17   So, I'll answer this by quoting my grandmother. She said, "Anytime you want to cook, whatever size pot you think you need, pick twice that size pot and start using that.   Keith Weinhold  29:29   Yeah.   Todd Drowlette  29:29   So I say the same thing when you're financing a deal or you're writing it out and seeing what your returns are. I always say to people, make sure that you have a big enough cushion in there for all the things you can never predict in commercial loans, there's a ton of guys that are about to lose their shirts, and you're starting to see it because, unfortunately, I don't know if it's true in residential real estate, but in commercial real estate, I've seen guys go from nothing to 50 million, 100 million, $200 million net worths, but I've also seen. Lose everything. So what happens in commercial real estate that you don't want to do is so many people say OPM, use other people's money, use other people's money, use other people's money, which is fine as a strategy. But what you don't want to do is cross collateralized loans. So if you have one property and then you go, oh, let me refinance that and then buy a next property and I'll refinance that and buy the next property, and then the bank's like, okay, we'll refinance that, but we're going to now tie all these properties together as one mortgage, or you're going to cross guarantee these properties. Right. The problem with that is, the people who do that strategy, if you started at that, you know, in 2021 when interest rates, you could get things at three and three quarters percent. Well, commercial loans are five-year loans typically, and they might have 20 or 20-five-year amortizations. So, unlike a residential mortgage that's a 15 or 20 or 30-year self-amortizing loan, they're not. At the end of five years, you have a balloon payment that you have to pay off. So, if interest rates are going down, that's amazing because if your tenants are the same, and even if your rents didn't change, and you bought something at 6% and now it's at 5% Your cash flow goes up significantly, and nothing happened other than your refinance. The problem is you have a ton of guys right now, guys, women, people that were financing stuff five years ago at three and three quarters, and now interest rates are hanging six and a quarter, six and a half, depending on the property, is might maybe seven. Same tenant, same everything. You're giving the keys back to the bank because you're broke now. Because all of a sudden you're financing, you squeeze too much out of the deal. I always say you can take on the in in or you can take on the out, but you can't have both. So when people are financing stuff, they just need to make sure. Like here's another thing I'll go off on. A lot of people will buy stuff with tax credits, and you see even with residential apartments, a lot of guys are financing that, selling people tax credits. Economies and things change and things move. If a deal is so tight that you need the tax credits to make the deal make sense, yeah, don't do the fricking deal because tax credits should be an added bonus. That's just, hey, that's a nice adding to the cushion. So many people have razor thin margins. They go, oh well, I do the tax credits. If I can get 70 cents on the dollar, this is how I make the money. I tell people I will have nothing to do with tax credit deals unless it's strictly a bonus. The deal has to stand on its own, and always assume in the course of five years interest rates could go up three points or down three points. Most people will not listen to me and will not do that. If you do that, you'll never get killed and you won't lose a property. It's super conservative, but there's enough money you can make, and if you buy it right, that's how you can afford to figure that spread in when you're financing something. But just so many people get greedy, and I just think back to my friend Bob Bear, who died. I met him when he was like 70-five. He was a billionaire, self-made, and he used to say to me, "It's not what you make; it's what you keep. And when people would ask how rich are you, he knew how rich he was. He would say, "I don't owe anybody in the world a dime.   Todd Drowlette  32:59   And to me, my entire strategy is I don't owe anybody in the world a dime. So I personally look at deals and say, out of my own cash flows, what can I buy? And instead of buying four properties a year, I might buy one property a year. But if I'm buying that and compounding my returns, I'm not paying interest to the banks. So it's just a different strategy. I sleep at night. I'm like the multimillionaire next door. I don't live extravagantly. I don't drive Ferraris and Rolls Royces. That's just not my thing. But I sleep at night and I have peace, which is important to me, knowing I don't owe anybody in the world a dime. But will I get as rich as the guy who's risking everything? No. But real estate to me is musical chairs, and the music always stops at some point. And there's never enough chairs for everybody. But if you're somebody who's in a cash position, which you're going to be going through in the next six months to a year, on the residential and commercial, I think there's going to be blood in the streets. And I think people who are sitting in cash are going to have like a once in a lifetime opportunity to buy things at a deep discount.   Keith Weinhold  34:02   Philosophically, we're different in one way. I use debt and leverage to grow larger, but ensuring that I do have enough income to cover the mortgage and all the operating expenses. But Todd, to your analogy about your grandmother in selecting a bigger pot than what she would need to cook whatever she's going to do, when it does come to debt, the last time I bought an apartment building myself, which wasn't recent, I could have chosen seven-year fixed-rate debt with a balloon at the end, or 10-year fixed-rate debt with a balloon at the end. The 10-year fixed-rate debt cost me one quarter of a percent more in mortgage rate, which dented my cash flow during the entire duration of that loan. But I did indeed choose that 10-year loan in order to have that much more certainty, and I sure am glad that that's what I did.   Todd Drowlette  34:54   That's always the game because it's people think that rich people know what you don't, or it's inside. Whatever I'm like. Number one, if you sit in a room with a bunch of rich people, yes, they will work against you if it benefits them to work together. But if it doesn't, you have egos and separate interests that are all competing. And there's always that thing of I know very very rich people who could buy and sell me 100 times over, and I also know that you don't know what you don't know, and the world has gotten so complicated, and financial markets are all intertwined globally. Anyone to be able to predict, it's like it's a crapshoot when you're like, okay, do I take seven years? Where do I think interest rates will be in seven years? It's hard to say where interest rates going to be tomorrow. You ask a banker tomorrow, they can't tell you. So it's like, what's your best educated guess of seven or 10 years? What's the better play? But I always go the conservative route.   Keith Weinhold  35:43   I think it's easier to predict the future direction of capital prices than it is interest rates. Myself,   Todd Drowlette  35:50   but I will say also, I am the exception. And if you have 100 other guests on here in the next year, well, 50-one more guests in here the next year, yeah, they would all say Todd's an idiot. That's terrible advice. If you want to get rich, literally leverage, leverage. Just do it intelligently, and I acknowledge that. I don't see the world the way other people do, but my end game is to be rich and comfortable, and to sleep at night with peace. And that's why I choose to do what I do, realizing I'm giving up. It's the you know what are you giving up to what do you gain benefit analysis, and I'm realizing I'm giving up some upside in my total potential net worth. But I like peace, and you know I had anxiety for years. I don't have it anymore, and I live my life to be as anxiety free as I can possibly be.   Keith Weinhold  36:34   That's interesting, and that certainly works for you, Todd. What's one negotiation tactic that you get from dealing with, well, let's say Decca or Centa million dollar commercial deals that our listeners could use the very next time that they buy a rental property.   Todd Drowlette  36:53   So the number one mistake I think people make is they assume what's motivating the other person, and they assume it's always price. So anytime I'm going to negotiate a deal from someone, whoever has the most information always wins, and whoever doesn't need the deal always wins. Yeah. So I want to know as much about that other person on the other side as I am. Are they going through a divorce? Are they desperate? Do they hate each other? Is it a partnership breakup? Did somebody inherit it and they live five states away and don't even know what this thing is worth that they have. So the number one thing from a negotiating standpoint is understand exactly who you're negotiating with and what's motivating them. From an actual tactic standpoint, just think logically through whatever the process is, and you can always go up. You can't go down. So the key is to offer as little as you can without insulting the person, so they don't even respond. So figure out what that fine line is, and before you go into the negotiation, know what your walk away number is. That's just the point you're not getting over. The fast way to lose in a negotiation is to get stuck in a bidding war. There's nothing I want so much that I'm going to overpay for it. So when people go, "Well, if somebody else is interested, I go then sell it to them. Yeah, I don't need it. Sell it to them. And then the other thing I'll say is, if you start the negotiation, this is the one piece. Say your number and shut up. So many people are scared of silence. And then, right, if the person doesn't immediately respond, they go, "Oh, well, I guess I offered you 500,000 I mean, I guess I could go 550. As soon as you talk after you give a number, you're negotiating against yourself. So throw the number, let it land wherever it lands, and do not talk until that person responds to you. That's like the number one mistake I see people do. They throw out a number, they get nervous with the silence, and then they immediately go up in their offer. That person could have been thinking, "Oh my God, did I forget to call back my whatever? And they're not even thinking about the number you just threw out. But people just assume, oh God, the number was too low, and then they negotiate against those. Do not do that.   Keith Weinhold  38:48   Risk the awkward silence. And yes, to your point about learning more about the other side, terms are often more important than price for sure. Well, Todd, you know a lot of commercial real estate content in mainstream media it tends to focus on these big institutional deals. But what has made your A and E show interesting, the Real Estate Commission, is what it's called. Is it focuses more on sort of leasing and this negotiation that we're just touching on there, and that's what makes you interesting. So tell us about what audiences can expect for season two of the Real Estate Commission on A and E.   Todd Drowlette  39:24   So, season two, you will 100% see real landlords, real brokers, real investors. You'll see real retailers. You'll see people relocating their offices in New York City. You'll see stuff in upstate New York. It's generally in the Northeast. In the first season, we helped a kitchen cabinet manufacturer relocate their suburban offices in Philadelphia. I sold a 50-unit HUD property that has a HAP contract you might be familiar with. That was crazy going through a bankruptcy foreclosure proceeding two year. That was crazy. Yeah, so you are going to. See more of that. It's a documentary. It's not a reality show, so you're watching the deal as it unfolds. Some things have happy endings. Some things have terrible endings, but they're real endings either way. So people will see a lot of that of deals happening in the Northeast. And if someone's listening and they're a business owner and they want to be part of the show, they can apply. We're announcing the casting will be open for about three weeks across the U.S. They can go to the realestatecommission.com/forward/tv and they can apply to be part of the show.   Keith Weinhold  40:32   Now, since you started this last year, I want to ask: Has this A and E exposure helped you generate more business and create traffic? I would really think so.   Todd Drowlette  40:42   Yeah, I wasn't sure. You know how because you never anything new. You never know, right? Like I put time and energy into it. It definitely did. Definitely, people start to notice you, which is a little weird. I was in a cell phone store, and they literally it was playing, and the guy's like, "Oh, it's you! Like, and then everybody who's walking in, he's like, "Hey, look, it's the guy on TV. He's right here. That was like kind of an awkward. Like, I'm like, "Okay, this is weird. Guy was excited, so that was fine. It's an adjustment of things, but it definitely has increased our overall visibility and people reaching out to do deals with us for sure.   Keith Weinhold  41:18   Is there any last resource you'd like to tell our audience about.   Todd Drowlette  41:21   I would just quickly announce the first season did so well. We're actually doing a spinoff show that'll also air on A and E called the Real Estate Commission New York that we're casting in upstate New York as well as New York City for brokers, agents, home sellers, home buyers that will actually document real buyers, real sellers, same thing. It'll follow our format, which I know there's a million shows on TV about real estate. Those are reality shows, not docu series. And I'll say, without going into the details, there's a very big difference between those two and what you're actually seeing on camera and what's happening. That will air in March of 2027, back to back with our show, I will make cameos in that. But I'm executive producing that show, so from your residential audience, that's a show they should tune into. I think they'll get a lot out of it.   Keith Weinhold  42:12   Congratulations! Your show has had so much success that it's setting the template for another show, and it has been most interesting since we first had you here last year to follow this along, Todd Drowlette. It's been a valuable chat. Thanks so much for coming back onto the show.   Todd Drowlette  42:28   I'd love to come back anytime, and thank you so much for having me on again. I appreciate it.   Keith Weinhold  42:38   Drowlette is spelled D R O W L E T T E. Todd and I talk a good bit off mic as well. In addition to the elevators, sometimes he emphasizes how cumbersome to impossible HVAC system compatibility is when you're doing office to residential building conversions. Too, you just never seem to hear about an easier than expected office to residential property conversion. It is most interesting and rare that Todd is not much of a leverage guy at all. Whereas in the vein of financially free beats debt free, I like to approach deals where the interest cost is lower than the expected opportunity cost. When it comes to negotiating, some of Todd's approach, you know, it's similar to what prominent hostage negotiator Chris Voss shared with you here on the show a few years ago. That silence is powerful in negotiating. In fact, if you feel like you need to say something to fill the silence. Use what Chris Voss calls the mirroring technique, and the mirroring technique that is simply repeating what the other party just said, kind of like a parrot would. For example, if you're trying to buy a property and the seller says that the best they can do is sell it to you for 550k and a delayed 90-day close. Reply with 550k and a 90-day close, and then listen to see if the seller comes down from there. Or instead, you can simply say nothing and just sit there with the silence like Todd recommended. The reason I like these particular negotiating techniques right here is that they're easy to remember and they're easy to do. You either remain silent or, per the mirroring technique, you just repeat the last words that the other party said. Thanks to Todd Drowlette today, you can check out the real estate commission on A and E Coming up here on the show soon. Back to residential, where for the first time ever on the show here we discuss what might be the greatest real estate cash flow strategy because it's becoming quite popular today. Until next week, I'm your host Keith Weinhold. Don't quit your daydream.   Speaker 1  45:08   Nothing on this show should be considered specific, personal, or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.   Keith Weinhold  45:36   The preceding program was brought to you by your home for wealth building getricheducation.com  

Key TakeawaysBig anchors (Chick-fil-A, In-N-Out, Costco, Walmart, Whole Foods, Bass Pro, etc.) spend millions on site selection; small investors can “ride their wave” by buying/ building nearby instead of guessing.Don't rely only on listed deals (Krexie, LoopNet), gut feel, or trailing comps; look forward to where development, permits, rooftops, and city plans (like Nashville Next) are headed.Anchors study traffic counts and speed, AM/PM side of the road, daytime population, growth trajectory, access (right-in/right-out, signals), and co‑tenancy—these same factors should guide your decisions.Case studies (Dickerson Pike, Rivergate Mall) show how land near future anchors can double in value within a few years once major campuses, stadiums, or redevelopments are announced.There is typically an 18–24 month opportunity window between anchor announcement and opening where pricing hasn't fully caught up—ideal time for most investors to buy nearby.Four main anchor types: QSR scouts, value big box, destination anchors, and redevelopment anchors; all can “make” a corridor and create demand for surrounding strip centers, pads, flex, and services.Watch for hard signals: actual closings and public incentives (TIFs, grants, PILOTs) that confirm big capital is committed to an area.Core principle: anchors don't just find good corners anymore; they create them—your job is to own real estate next door when they do.

Real expansion is happening in net lease right now with a focus on gas convenience, drive-thru coffee, fitness, and QSR. Tenants across all these categories are actively adding locations in 2026. But a public ticker on the door doesn't tell you who's actually on the hook if the tenant defaults and that answer changes everything about how you underwrite the deal.In this episode, Karly Iacono breaks down net lease tenant credit into three buckets every investor needs to underwrite differently:Bucket 1: The lease sits directly with a publicly rated parent. The credit is transparent and Wall Street prices it every day.Bucket 2: No public rating, no SEC filings but the lease still sits with a real corporate entity. Some of the strongest credits in net lease live here.Bucket 3: The one that catches investors off guard. The brand is publicly traded and expanding fast, but the franchisor is not your tenant. The franchisee is. And several of the biggest names in this bucket have stated explicitly they do not guarantee the lease.The takeaway: match your diligence to the credit, not the brand's fame and keep an eye on these expanding tenants.

Recorded live at the Retail Collective Summit, this keynote features Crystal Maggelet outlining her journey from a childhood trailer in Willard, Utah, to managing a multi-billion dollar diversified retail empire. Crystal delivers a masterclass in corporate survival, detailing her sudden appointment as CEO of FJM just three weeks into a massive, free-fall bankruptcy in 2008. She breaks down the strict operational discipline and strategic restructurings required to fully repay the company's massive obligations and successfully exit the crisis. The discussion maps out her subsequent focus on expanding Maverick, transforming it from a traditional fuel station into an experiential quick-service restaurant (QSR) powerhouse. She details how organic cash flow fueled their aggressive multi-state growth, culminating in the massive acquisition and total rebranding of 400 Kum & Go locations. Managing a diverse corporate portfolio spanning energy refineries, banking, hotels, and med spas, Crystal delivers the ultimate blueprint on decentralized executive leadership, corporate board structuring, and building a legacy rooted in employee profit-sharing and social impact.  

When you order coffee on your phone, you're experiencing the most successful app pattern in retail: the Starbucks flywheel. Skip the line, earn points, get personalized suggestions, repeat. Rob Tedesco has spent years helping restaurant brands replicate this formula at Dutch Bros, Shake Shack, Carl's Jr, and dozens more. But here's what surprised him: not every restaurant actually needs all four pieces of that engine.Join hosts Nick Paladino and Chuck Moxley as they explore why passwordless login is suddenly the number one priority for QSR apps everywhere. We also unpack a counterintuitive truth: robots are better at upselling than humans. A cashier forgets to ask about fries. An app never does. That algorithmic upsell catches sales humans miss.We dig into how Dutch Bros turned stickers into a collectible experience that hit number one in the App Store, and why the app had to feel as fun as the brand itself. Plus the uncomfortable truth about app security in QSR: these businesses are targets for credential stuffing attacks, and that affects how seriously they take authentication.Key Actionable Takeaways:Passwordless login removes the biggest friction point - Six-digit passcodes beat magic links and device fingerprinting because they're what customers already knowBuild for your frequency, not Starbucks' frequency - Texas Roadhouse doesn't need loyalty programs because they compete on value and hospitality, not habitsAlgorithmic personalization beats human memory every time - Let machines handle upsells; your employees will forget anywayWant more tips and strategies about creating frictionless digital experiences? Subscribe to our newsletter!https://www.thefrictionlessexperience.com/frictionless/Download the Five Step Site Speed Target Playbook: http://bluetriangle.com/playbookRob Tedesco's LinkedIn: https://www.linkedin.com/in/robertcharlestedesco/ Nick Paladino's LinkedIn: https://linkedin.com/in/npaladino Chuck Moxley's LinkedIn: https://www.linkedin.com/in/chuckmoxley/Chapters:(00:00) Introduction(02:20) The QSR flywheel explained (05:00) Starbucks blueprint vs Texas Roadhouse (08:55) App fatigue and Amazon exception(11:00) Passwordless login becoming standard(13:20) Device fingerprinting explained(14:30) Security threats in QSR(16:00) Why restaurants have apps(16:54) Dutch Bros sticker strategy(19:30) 10-second app design(20:00) Legacy POS complexity(22:00) Conclusion

Ari Paparo speaks with Grant Gudgel, Chief Marketing Officer at Locala, about adaptive advertising, AI-powered planning, location intelligence, omnichannel marketing, privacy, and how brands can improve campaign performance through localized insights. Takeaways Locala helps brands optimize campaigns using market-level insights instead of national averages. AI agents analyze local data to improve campaign planning and performance. The platform supports omnichannel activation across CTV, DOOH, mobile, audio, and more. Adaptive advertising enables brands to adjust budgets, messaging, and channels by market. Privacy and location intelligence remain central to Locala's long-term strategy. Chapters00:00 Introduction00:21 Grant Gudgel joins Locala as CMO00:37 What Locala does and its evolution01:30 Planning platform vs. traditional DSPs02:15 How brands optimize campaigns market by market03:37 Measuring campaign performance and learnings03:52 AI's role in campaign planning05:42 Solving complex retail and QSR marketing challenges07:08 What adaptive advertising means08:07 Location intelligence beyond retail09:30 Competitive analysis with location data09:58 Omnichannel planning with DOOH and CTV10:22 Privacy and location data11:05 Locala's goals at Cannes11:35 Competitive advantages and growth challenges12:21 Lightning round: Why Locala is a narwhal Learn more about your ad choices. Visit megaphone.fm/adchoices

Episode 167 with guest Mays Elansari, Marketing Director at Wasabi  The last in our mini-series on how marketing roles are changing, this episode is a little different as we hear directly from a senior marketer who has recently been looking for - and secured – an exciting new role. But the journey was not easy and we explore with refreshing honesty about what it feels like to suddenly find yourself without a role, reframing your mindset, treating yourself like a brand and how saying yes (to events, to LinkedIn, to new connections) creates visibility that ultimately led to not one but two new opportunities.    Joining Abby is Mays Elansari, Marketing Director at Wasabi, the sushi and bento brand with ambitious growth plans across the UK. A self-described generalist marketeer, Mays brings a wealth of experience across hospitality, QSR and FMCG, having held senior roles at Subway, Penhaligon's and Stonegate, and earlier in her career at BBDO and McCann Erickson.     Key takeaways  The scope of marketing leadership has never been broader… From commercial accountability and data and insight to AI, tech and creativity, the breadth and expectations of what a senior marketer is expected to own has expanded significantly.  The unicorn brief… Are hiring managers are holding out for candidates who tick every single box? Mays and Abby discuss why this risks recycling the same thinking and why transferable experience and fresh perspective are often more valuable than sector-specific credentials.  The power of mindset… Mays reflects openly about finding herself in unfamiliar territory for the first time in her career outside of her control but harnessing the power to control her own mindset.  We need to market ourselves… Mays made a deliberate decision to treat herself like a brand: defining her value, owning her narrative and showing up consistently.   Invest in your network before you need it… Building a genuine community of peers, mentors and industry contacts isn't a nice-to-have but how most senior marketing roles are actually filled.     00:00 — Welcome to the Whole Marketer Podcast  02:40 — What Is the Role of Marketing Leadership Today? 04:12 — How the Scope of Marketing Has Fundamentally Changed 05:49 — How the Senior Seat at the Table Is Shifting 07:24 — Why Senior Marketing Roles Are Disappearing 09:35 — The Unicorn Brief 12:56 — Are We Setting Marketing Leaders Up to Fail? 14:42 — The Case for Transferable Experience Over Sector Credentials 16:09 — Mays's First-Hand Experience of the Job Market 18:28 — Why Most Senior Roles Are Filled Through Relationships 19:34 — Why Your Circle Matters More Than You Think 22:16 — Finding Herself Out of Work for the First Time 24:31 — Saying Yes... How the Queen of Events Was Born 26:59 — Sharing the Journey and Why Vulnerability Matters 27:49 — The Emotional Reality Nobody Talks About Enough 29:33 — Finding the Job Search Strategy That Works for You 30:41 — Treat Yourself Like a Brand and Invest in Yourself Before You Need To 33:15 — Building Your Own Brand Positioning 34:17 — Let Go of What You Can't Control 35:24 — Career High and Grows 36:54 — Mays's Advice For Marketers of Tomorrow   Resources  The Whole Marketer 'Define your ideal role' resource – free download  https://thewholemarketer.com/resources/  The Whole Marketer 'Take the reins of your career' resource – free download  https://thewholemarketer.com/resources/     Host: https://www.linkedin.com/in/abigailcdixon/  Guest: https://www.linkedin.com/in/mayselansari/    About The Whole Marketer  The Whole Marketer podcast is here to support and empower the people behind brands and businesses with the latest technical tools, soft and leadership skills and personal understanding for a fulfilling marketing career and life as a whole.   Did you know The Whole Marketer is more than a podcast and book? We're your trusted partners for marketing capability and transformation, providing consultancy, training & workshops, speaking, coaching, mentoring and trusted advisory service.  Visit www.thewholemarketer.com to see how we support leaders to build successful and fulfilled marketing teams with the holistic skills to lead the long-term commercial agenda and deliver the true potential of marketing.    Contact hello@thewholemarketer.com to get in touch with Abby and the team 

Many people view their dogs as more than just pets — they see them as family members. So when they bring them to the groomer, they want to be sure they're well cared for. And many dog owners are willing to pay a premium for that kind of certainty.Ricardo Azevedo is the CEO of Woof Gang Bakery & Grooming, America's largest premium pet brand. Since joining in 2022, Ricardo has led the company from 150 locations to more than 330, adding five to eight new stores every month.  Prior to Woof Gang, Azevedo held senior leadership roles at Restaurant Brands International, where he worked across iconic brands, including Tim Hortons and Burger King. Today, we talk to Ricardo about how his QSR experience translated to the pet space, what it takes to scale a franchise brand sustainably, and why the grooming industry is ripe for a dominant national player.Highlights:A decade at RBI (2:15)Inside Woof Gang (5:14)The white space in grooming (6:55)Footprint, growth, and real estate (9:48)Building the infrastructure (13:26)Restaurants vs. services (17:07)Selecting franchisees (18:38)Protecting brand standards (21:49)The pet industry today (23:49)Goals for ‘26 into ‘27 (27:38)Links:Ricardo Azevedo LinkedInWoof Gang LinkedInWoof Gang WebsiteICR LinkedInICR TwitterICR WebsiteFeedback:If you have questions about the show, or have a topic in mind you'd like discussed in future episodes, email our producer, joe@lowerstreet.co

Send us Fan MailIn this episode of Your Future in Sales and Marketing, Ben Carnegie is joined by Nick Cook, General Manager of Marketing at Mad Mex, for a deep dive into a career shaped by agency creativity, automotive scale, and fast-moving QSR execution.Nick shares how his early days across multiple agencies - including Euro RSCG (now Havas), DDB, and Saatchi & Saatchi helped him develop a strong foundation in creative craft and brand thinking. While agency life built his appreciation for execution, it was his move client-side to Hyundai that gave him exposure to complex, global marketing environments, including dealer networks, cultural differences in Korean HQ structures, and the early evolution of EV adoption and performance branding.The conversation then shifts to his current role at Mad Mex, where he leads a broad generalist marketing function spanning product development, pricing, digital, and communications. Nick unpacks what it means to operate in a founder-led, franchise-driven QSR business where speed, clarity, and influence are essential.He also shares standout campaign stories, including collaborations with Liquid Death and Smith's Chips, as well as product innovation work like the launch of “Baja Fries” - a deliberately bold move designed to reinforce Mad Mex's edgy, flavour-first positioning.Throughout the episode, Nick reflects on leadership lessons from the Marketing Academy, the importance of vulnerability in team culture, and why great marketing leaders must focus on both strategy and the bravery of execution.A must-listen for marketers navigating agency-to-client transitions, or anyone working in fast-paced, competitive brand environments.

This week, Dave speaks with Tom Bingham, Director of Vertical Market Sales at LG Electronics.Tom shares how digital display technology is evolving from reliable screens into broader customer experience platforms across retail, QSR, grocery, C-store, stadiums, venues, and transportation environments.In this episode, Tom breaks down why in-store retail media is moving so quickly, how retailers are thinking about new surfaces and form factors, and why physical spaces now need to deliver connected, measurable, and meaningful customer experiences.The conversation also explores how AI, analytics, and data attribution are shaping the next phase of in-store content, advertising, and operations.Connect with Tom on LinkedInFollow Beyond the Shelf on LinkedInLearn More about It'sRapidGet the It'sRapid Creative Automation PlaybookTake It'sRapid's Creative Workflow Automation with AI surveyEmail us at sales@itsrapid.io to find out how to get your free AI Image AuditTheme music: "Happy" by Mixaud - https://mixaund.bandcamp.comProducer: Jake Musiker

Karly Iacono is a Senior Vice President at CBRE in Saddle Brook, NJ, and one of the most active voices in net lease investing. She's spent years building an investor education platform through her podcast Commercial Real Estate Now while closing deals across the full NNN spectrum — from QSR acquisitions to eight-figure corporate sale-leasebacks.In this episode, Kyle and Karly cover:What net lease actually means — and why every freestanding national brand you drive past is probably an investment propertyHow cap rates are set and why the 10-year treasury correlation is breaking downWhich tenants are compressing (Wawa, Sheets, 7-Eleven) and which are widening (CVS, drug stores)The $1 of rent = $16.60 in value math behind the corporate sale-leasebackWhy private equity uses sale-leasebacks as a standard M&A tool — and how smaller operators are starting to catch onThe most overrated NNN asset right now (spoiler: it's a car wash)What would actually shake the triple net market that no one is talking aboutWhy the 1031 market has come alive in 2025 and where that capital is coming fromWhether you're eyeing your first passive investment or you're already in the NNN space and want to sharpen your lens — this is the episode.

Dan Rowe, CEO and founder of Fransmart, and 35-plus-year-industry vet, joins QSR Uncut this week for a special episode exploring what it takes to grow, the state of concept creation, how franchising is evolving, and much more. We explore some of the stories behind CAVA, Five Guys, QDOBA, and what founders and emerging brands should look for before deciding it's time to expand. How is regulation affecting the industry? Where is the consumer taking us? How can founders check the right boxes? All that and more in this deep dive into the state of QSR.

This week on The Food Professor Podcast, co-hosts Michael LeBlanc and Dr. Sylvain Charlebois welcome two special guests for a wide-ranging, no-holds-barred interview: Axel Schwan, President of Tim Hortons Canada & U.S., and Duncan Fulton, Chief Corporate Officer of Restaurant Brands International (RBI). With Dunkin' Donuts announcing its return to Canada and Canadians passionately debating the future of their most iconic coffee brand, Axel and Duncan showed up ready to answer the tough questions. In a candid 40-minute conversation, Schwan and Fulton open up about Tim Hortons' "Back to Basics" strategy — the largest consumer research project in the company's history — and the quality overhaul that followed: freshly cracked eggs replacing frozen patties in breakfast sandwiches, 40% more apple in the apple fritter, more Venetian cream in the Boston cream, and the removal of artificial colours, flavours and preservatives across the menu. They share how Tim Hortons serves four million guests a day across 4,000 restaurants owned by 1,500 Canadian franchisees, why traffic is the one metric Axel watches daily, and how the brand is winning younger consumers with its Quenchers platform — including the imminent launch of Popping Quenchers — plus celebrity partnerships with Justin Bieber and Ryan Reynolds. The duo also tackles the controversy head-on: Is the wave of announcements — 400 restaurant renovations, 80 new builds, a national hiring campaign — a reaction to Dunkin's arrival? Fulton sets the record straight on the temporary foreign worker debate, noting roughly 4,000 of 110,000 restaurant team members are part of the program, and explains how AI is being deployed to improve the team member experience, from labour scheduling to order accuracy. A rapid-fire round covers everything from the biggest public misconception about Tim Hortons to the products Canadians want back, while Michael shares his own fun factoid: he helped invent Roll Up the Rim during his Dixie Cup days. But first, we start with the food and agriculture news of the week. Sobeys gets served as the Competition Bureau flexes its new Competition Act powers to investigate property controls in Canadian grocery. We break down Ottawa's newly published AI strategy and what it means for agriculture and food, where Canada's persistent data deficit threatens to undermine even the best intentions. Then, the screwworm fly resurfaces in Texas, prompting the Canadian Food Inspection Agency to take targeted action — and sending cattle futures and already-high beef prices climbing. Sylvain also reports from Delaware, where he keynoted a healthcare conference on food as medicine and discovered a surprising threat to American farmland: hundreds of AI data centres being built on fertile soil. About UsDr. Sylvain Charlebois is a Visiting Professor in Food Policy and Distribution at McGill University and a Professor in Food Distribution and Policy in the Faculty of Management at Dalhousie University in Halifax. He is also the Senior Director of the Agri-food Analytics Lab, also located at Dalhousie University.Known as “The Food Professor”, his current research interest lies in the broad area of food distribution, security and safety. He is one of the world's most cited scholars in food supply chain management, food value chains and traceability with over 775 published peer-reviewed journal articles. Dr. Charlebois is also an editor for the prestigious Trends in Food Science Technology journal. He co-hosts The Food Professor podcast, discussing issues in the food, foodservice, grocery and restaurant industries and which is the most listened Canadian management podcast in Canada. Every year since 2012, he has published the now highly anticipated Canadian Food Price Report, which provides an overview of food price trends for the coming year. Furthermore, his research has been featured in several newspapers and media groups, nationally as well as internationally. He has testified on several occasions before parliamentary committees on food policy-related issues as an expert witness. He has been asked to act as an advisor on food and agricultural policies in many Canadian provinces and other countries.With extensive experience collaborating with businesses, governments, and NGOs, Dr. Charlebois combines academic rigor with practical expertise, making him one of the most influential voices in the global agri-food landscape. His work continues to advance the understanding of food systems, fostering innovation and resilience in a rapidly evolving industry. In 2025, he received the prestigious Charles III medal recognizing his tremendous work in informing Canadians about food issues. Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail, The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast. He has been recognized by the National Retail Federation (NRF) as a global Top Retail Voice for 2025 and 2025, and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.

The FDA's new Quality Management System Regulation (QMSR) officially became effective on February 2nd, 2026, replacing the legacy Quality System Regulation (QSR) framework that had been in place for nearly 30 years.Three months later, the reality is becoming clear for many manufacturers:QMSR is far more than a simple regulatory update.It represents a complete transformation in how the FDA expects companies to manage quality, risk, design controls, manufacturing, supplier oversight, and post-market surveillance.From Siloed Quality to Lifecycle ThinkingUnder the old QSR framework, companies often treated quality activities separately:Design controlsCAPAManufacturingSupplier managementPost-market surveillanceQMSR changes this mindset entirely.FDA now expects manufacturers to demonstrate integrated, risk-based quality management across the entire product lifecycle.This means:Design changes must connect to manufacturing validationSupplier issues must feed into risk managementPost-market surveillance must proactively identify trendsManagement reviews must show real decision-makingWhy Many Companies Were Not ReadyA major misconception across the industry was believing that ISO 13485 certification automatically meant QMSR readiness.But manufacturers are now discovering major gaps:Incomplete Design History Files (DHF)Weak risk integrationPoor documentation traceabilityReactive PMS systemsLimited management review evidenceFDA inspections are already reflecting these expectations.Inspectors are requesting:Internal audit reportsSupplier audit documentationManagement review recordsRisk-based decision evidenceThis level of transparency is new for many organizations.Real-World Challenges Manufacturers Are FacingOne of the biggest pain points is DHF restructuring.Companies with years of design changes are now being forced to reconstruct the logic behind historical decisions and organize fragmented information into a coherent, risk-based structure.Another major shift is Post-Market Surveillance.QMSR pushes manufacturers from reactive complaint handling toward proactive monitoring of known high-risk failure modes using trend analysis, registries, and real-world data.Management review processes are also under greater scrutiny.FDA now expects leadership teams to demonstrate how quality data drives actual strategic decisions.Best Practices for QMSR TransitionManufacturers preparing for QMSR should focus on:1. Cross-functional collaborationBreak down silos between QA, RA, Manufacturing, Design, and Supply Chain.2. Documentation mappingIdentify where critical design logic and risk decisions currently exist.3. Continuous risk managementImplement ongoing cross-functional risk review meetings.4. Stronger internal auditsMove beyond checklist auditing toward analytical risk-focused auditing.5. Meaningful management reviewsUse management review meetings to demonstrate active leadership involvement in quality decisions.Final ThoughtsQMSR is fundamentally changing the FDA's expectations.Companies that adapt early will build stronger systems, improve product quality, and reduce regulatory risk.Companies that delay may face:FDA 483 observationsWarning LettersProduct launch delaysIncreased remediation costsThe transition to QMSR is not simply a compliance project.It is a complete redesign of how medical device companies manage quality.Who is Monir El Azzouzi? Monir El Azzouzi is the founder and CEO of Easy Medical Device a Consulting firm that is supporting Medical Device manufacturers for any Quality and Regulatory affairs activities all over the world. Monir can help you to create your Quality Management System, Technical Documentation or he can also take care of your Clinical Evaluation, Clinical Investigation through his team or partners. Easy Medical Device can also become your Authorized Representative and Independent Importer Service provider for EU, UK and Switzerland. Monir has around 16 years of experience within the Medical Device industry working for small businesses and also big corporate companies. He has now supported around 100 clients to remain compliant on the market. His passion to the Medical Device filed pushed him to create educative contents like, blog, podcast, YouTube videos, LinkedIn Lives where he invites guests who are sharing educative information to his audience. Visit easymedicaldevice.com to know more.  If you need help implementing QMSR or preparing your teams for FDA inspections, contact: info@easymedicaldevice.com If you are located outside the EU/UK/Switzerland and need an Authorized Representative (and possibly an Importer), we can support you as well.LinkMathangi Srinivasan linkedin: https://www.linkedin.com/in/mathangiks/Social Media to followMonir El Azzouzi Linkedin: https://linkedin.com/in/melazzouziTwitter: https://twitter.com/elazzouzimPinterest: https://www.pinterest.com/easymedicaldeviceInstagram: https://www.instagram.com/easymedicaldeviceThis podcast is hosted by Podcastics, the easiest platform to create and publish your podcast.

In the final episode of our three‑part series recorded at Google Cloud NEXT in Las Vegas, produced in partnership with Kyndryl, we bring together leaders from travel, QSR, retail, payments and cloud services to explore how AI is being deployed at scale inside some of the world's most complex organisations. Host Russell Goldsmith spoke with: 1/ Alibek Datbayev, Engineering Manager AI Platforms, Booking.com 2/ David Faircloth, VP - Technology Architecture & Engineering, Wendy's 3/ Helder Ribeiro, Chief Digital Officer, Sonae MC 4/ Govindaraj Palanisamy, Principal Enterprise Architect, Data, AI & Innovation, Global Payments 5/ Jason McKay, Chief Solutions Officer, Rapidscale Alibek Datbayev, Engineering Manager for AI Platforms at Booking.com, shares how the company is building reliable agentic systems on top of Google's ecosystem, why Gemini's grounding in Maps and Search is uniquely powerful for travel, and how Booking.com is moving from prototypes to production with rigorous evaluation, governance and safety. He also highlights the next frontier: multi‑agent orchestration for end‑to‑end travel experiences. David Faircloth, VP of Technology Architecture & Engineering at Wendy's, explains how the company achieved 99.95% availability by focusing first on people, trust and organisational design before technology. David discusses Conway's Law, platform engineering, and why AI is “not the future, it's the present,” with success defined by frictionless crew experiences, reliable systems and better customer journeys. Helder Ribeiro, Chief Digital Officer at Sonae MC, describes how the retailer is building an AI‑driven migration factory to modernise infrastructure, reduce costs and accelerate product delivery. Helder outlines how AI is used across training, refactoring, spend optimisation and productivity, and why becoming an AI‑first company requires strong foundations, intentional design and a clear focus on speed, efficiency and customer experience. Govindaraj Palanisamy, Principal Enterprise Architect for Data, AI & Innovation at Global Payments, discusses how the company manages a vast, multi‑organisation database fleet and how AI agents will transform DBA workflows. He breaks down the three biggest barriers between pilot and production: trustworthy data, grounding, and governance - and explains why regulated industries must “shift governance left” to scale AI safely. Finally, Jason McKay, Chief Solutions Officer at RapidScale, closes the episode with a candid view on enterprise AI adoption. He highlights the gap between AI ambition and data reality, why day‑zero conversations are always about AI but day‑one conversations are always about data, and how organisations can move from optimism to operational readiness. A wide‑ranging, insight‑rich finale that captures the real state of enterprise AI in 2026.

In this episode, I sit down with Glenn Sandifer, a seasoned executive who has directly scaled programs generating $500 million in net revenue across industries, including QSR, consumer electronics, automotive, telecom, and integrated security. Glenn's philosophy is simple: sales is a service profession, not a quota machine. We dive into what it really looks like when a sales culture shifts from quota-chasing to servant leadership, why collapsing SDR, BDR, and AE roles into one is creating a bandwidth crisis, and how grace and loyalty are the most underrated tools in a leader's toolkit. In addition, Glenn opens up about the personal cost he paid before connecting the dots, and how his journey through divorce, therapy, and rebuilding led him to write How To Get Great Dating Outcomes in a Modern World. The parallels between leading a great sales team and building a healthy relationship might surprise you.   Connect with Glenn Sandifer: Book & Resources: www.tmgbookseries.com Business Inquiries: www.glennsandifer.com LinkedIn: @glennsandifer Instagram: @glenn_sandifer2 X: @glennsandifer   Connect with Dr. Nadia: LinkedIn: @‌drnadia Instagram: @‌iamdrnadia Website: www.thedoyenneagency.com Email: hello@thedoyenneagency.com   Interested in being a guest on the podcast? Apply here >

In this episode of Fast Casual Nation, host Paul Barron and co-host Cherryh Cansler are joined by Stacey Kane, Fractional CMO for Emerging Brands, to break down the trends reshaping the restaurant industry. The trio explores how major QSR brands like Starbucks, Dairy Queen, Taco Bell, and White Castle are deploying AI — from personalized beverage recommendations to drive-thru order-taking bots boasting 90% accuracy. They also dig into McDonald's bold move into craft sodas and energy drinks, the explosive growth of the dirty soda category across all dining segments, and the skepticism surrounding Jersey Mike's reported $12 billion IPO filing. If you're a restaurant operator or industry professional trying to separate signal from noise, this is the episode for you. #FastCasualNation #RestaurantTech #QSRtrends Become a supporter of this podcast: https://www.spreaker.com/podcast/fast-casual-nation--3598490/support. Get Your Podcast Now! Are you a hospitality or restaurant industry leader looking to amplify your voice and establish yourself as a thought leader? Look no further than SavorFM, the premier podcast platform designed exclusively for hospitality visionaries like you. Take the next step in your industry leadership journey – visit https://www.savor.fm/ Capital & Advisory: Are you a fast-casual restaurant startup or a technology innovator in the food service industry? Don't miss out on the opportunity to tap into decades of expertise. Reach out to Savor Capital & Advisory now to explore how their seasoned professionals can propel your business forward. Discover if you're eligible to leverage our unparalleled knowledge in food service branding and technology and take your venture to new heights. Don't wait – amplify your voice or supercharge your startup's growth today with Savor's ecosystem of industry-leading platforms and advisory services. Visit https://www.savor.fm/capital-advisory

In this episode of The Food Professor Podcast, hosts Michael LeBlanc and Dr. Sylvain Charlebois sit down with Trinh Tham, CEO of the Kevito Group, operator of Chatime and Bake Code—two of Canada's fastest-growing quick-service restaurant (QSR) brands. Tham shares a compelling leadership journey spanning grocery retail, luxury fashion, and now high-growth foodservice, offering a masterclass in brand building, cultural authenticity, and scaling modern food concepts. Tham explains how her career—rooted in marketing, e-commerce, and digital merchandising at leading organizations like Sobeys and Harry Rosen—prepared her to lead in an entrepreneurial environment. She discusses the intentional pivot into a purpose-driven role aligned with her cultural heritage, helping bring globally inspired Asian beverage and bakery concepts into the Canadian mainstream. Under her leadership, Chatime has grown to over 100 locations, capitalizing on the explosive popularity of bubble tea—a category she describes as still early in its growth curve in Canada. A central theme is the balance between authenticity and localization. Tham outlines how Kevito adapts global food trends for Canadian consumers while preserving the cultural DNA that gives these brands credibility. She also breaks down the operational realities of scaling a franchise system, including managing costs, driving unit economics, and maintaining consistency—all while innovating with new products and experiences. Her perspective on building versus managing a business—and her emphasis on relationships, creativity, and disciplined execution—offers valuable insights for food entrepreneurs and retail leaders alike. Before the interview, the hosts unpack the week's food and agriculture news. Key topics include shifting consumer attitudes toward sustainability amid economic pressure, rising food inflation (still among the highest in the G7), and new data identifying Canada's most and least expensive cities for grocery shopping. The episode also dives into global trade tensions impacting agri-food, including beef pricing pressures, supply chain dynamics, and potential import strategies to ease consumer costs. Additional discussion touches on farmland policy, grocery labour disruptions, and the ongoing complexity of food affordability. About UsDr. Sylvain Charlebois is a Visiting Professor in Food Policy and Distribution at McGill University and a Professor in Food Distribution and Policy in the Faculty of Management at Dalhousie University in Halifax. He is also the Senior Director of the Agri-food Analytics Lab, also located at Dalhousie University.Known as “The Food Professor”, his current research interest lies in the broad area of food distribution, security and safety. He is one of the world's most cited scholars in food supply chain management, food value chains and traceability with over 775 published peer-reviewed journal articles. Dr. Charlebois is also an editor for the prestigious Trends in Food Science Technology journal. He co-hosts The Food Professor podcast, discussing issues in the food, foodservice, grocery and restaurant industries and which is the most listened Canadian management podcast in Canada. Every year since 2012, he has published the now highly anticipated Canadian Food Price Report, which provides an overview of food price trends for the coming year. Furthermore, his research has been featured in several newspapers and media groups, nationally as well as internationally. He has testified on several occasions before parliamentary committees on food policy-related issues as an expert witness. He has been asked to act as an advisor on food and agricultural policies in many Canadian provinces and other countries.With extensive experience collaborating with businesses, governments, and NGOs, Dr. Charlebois combines academic rigor with practical expertise, making him one of the most influential voices in the global agri-food landscape. His work continues to advance the understanding of food systems, fostering innovation and resilience in a rapidly evolving industry. In 2025, he received the prestigious Charles III medal recognizing his tremendous work in informing Canadians about food issues. Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail, The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast. He has been recognized by the National Retail Federation (NRF) as a global Top Retail Voice for 2025 and 2025, and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.

This Omni Talk Retail Fast Five segment explores Burger King's nationwide hiring push and the momentum behind its Reclaim the Flame turnaround plan. Chris Walton, Jennifer Meyers, and John Benson discuss how leadership, remodels, operational upgrades, and franchise investments are helping Burger King regain relevance in the competitive QSR market. ⏩ Tune in for the full episode here: https://youtu.be/DuDBhMyLkoo #BurgerKing #ReclaimTheFlame #FastFood #QSR #RestaurantIndustry #FranchiseGrowth #TomCurtis #OmniTalk #BusinessNews #RetailTrends

In this Medtech Matters podcast episode of Mike on Medtech with Mike Drues, president of Vascular Sciences, we're discussing the FDA's recently implemented QMSR. It went into effect on February 2nd and replaced 21 CFR Part 820. The regulation incorporates ISO 13485:2016, which is expected to help align medical device regulations globally. In this podcast, we focus on what device manufacturers should be doing now and what can wait for a later time. During this conversation, the following questions are addressed:As most are already familiar with QMS and now QMSR, we'll dive deeper. Can you tell me if all sections of the QMSR listed in the QSR are required for all medical devices?Is a full QMS required to be in place in order to secure FDA clearance or approval?What about the sections of the QMSR? Are all of them equal in terms of importance? Are some sections more important than others?When do I need to have a QMS in place?What if I never intend to market my device? First, maybe provide an example of when that would be the case, and then address the first part.Should all QMS systems look the same?Are there differences with the QMSR with premarket vs. postmarket?How do you know the QMS is working? How can you be sure?What are the important takeaways from today's session?Listen to this discussion and see if you are compliant with the new QMSR. If you'd like to share thoughts, ask questions, or have a suggestion for a future topic for us to cover, please reach out to me at sfenske@rodmanmedia.com, and we'll see if your ideas/inquiries/suggestions align with a future episode.Send us Fan Mail For more medtech news and information, visit https://www.mpomag.com. 

It's time to reveal our QSR Evolution Conference (with a special discount code for operators) and something new we're working on, an exclusive peer-to-peer restaurant group you can join and connect with fellow leaders, every day. The links: QSR Evolution Conference: https://www.qsrevolutionconference.com/QSR+: https://plus.qsrmagazine.com/

In this episode of the Pizza Marketplace Podcast, host Mandy Detwiler, editor of Pizza Marketplace, talks to Bryan Ketelhut, vice president of franchise and business development for Little Caesars.Ketelhut has been with the company for years and now heads up domestic franchising. He's also a former franchisee himself.Little Caesars is known for its streamlined operations. From a development perspective, that simplicity makes the brand more attractive to prospective franchisees compared to more complex QSR models."We focus on value, quality and convenience. That is our is our big messaging, right? We created Hot-N-Ready over 20 years ago, and we've always been a value brand. We cater to that value consumer," Ketelhut told Detwiler during the interview.The brand has its own supply chain with more than 20 distribution centers around the country."Having that controlling the distribution channel as well is very important to a lot of franchises. When we're able to purchase food products or equipment wise more in bulk, we're able to keep those costs lower for our for our partners," Ketelhut added.To listen to the podcast in its entirety, click the link above.

Queenie Lo, president, Spatial Design at global agency FutureBrand, joins QSR Uncut this week to talk about the next generation of store models and the growing importance of physical experiences as prices continue to rise. For over 15 years, Queenie has worked to design immersive and commercially successful experiences for brands, including McDonald's for the past decade. The company also works with a number of global names, including HMSHost, SSP, Selfridge's, Bloomingdale's, and IKEA. We get into how to scale without losing your identity, and what the real future of QSR design looks like.

In this episode of the Corner Booth Podcast, host Chris Tripoli sits down with Heather Neary, CEO of Taco John's, to discuss the secrets behind growing a successful quick-service restaurant (QSR) brand. Heather shares her inspiring career journey from working in a cheesesteak shop to leading major franchise organizations, offering valuable lessons for restaurant owners and franchise operators looking to scale their businesses. Heather dives deep into franchise management strategies, including how to select the right franchise partners, maintain brand standards, and foster collaboration for long-term success. She explains the importance of strong operational systems, profitability at the unit level, and how technology, such as AI-driven drive-thru solutions, can optimize labor and improve customer experience. Listeners will gain actionable insights on balancing value-driven menu options with premium offerings to attract diverse customer segments. The conversation also explores Taco John's brand refresh initiative, focusing on leveraging heritage, freshness, and nostalgia to stay relevant in today's competitive QSR market. Heather outlines how the company is pruning underperforming units, introducing cost-effective remodel programs, and using data analytics to enhance marketing and menu decisions. Whether you're a restaurant owner, franchisee, or industry professional, this episode delivers practical strategies for driving growth, improving operations, and building a strong brand identity.

Today, we are dropping another episode in our "chats" series, but expanding the audience set to include more folks. This episode is Founder Chats - hearing from those scaling the companies themselves.In this episode, we are talking with Max Denevich, Co-founder and CRO of LoyaltyPlant. Max is going to share with us to road he travelled, entering into this industry, his go to market strategies, scaling across geographic region - and much, much more.QuestionsBefore we talk about products and scale, tell us a bit about your path to this point. What experiences shaped the way you think about business and leadership before LoyaltyPlant?At what point did you realise you wanted to work with complex, traditional industries rather than consumer apps or “easy” tech?Why foodtech, and specifically Quick Service Restaurants? What made you believe this industry had deep structural problems worth solving with technology?What made you decide to join LoyaltyPlant, and what potential did you see that others might have missed?You're often referred to as a co-founder today. How did the transition happen from an executive role to shaping the company's future at that level?LoyaltyPlant was close to running out of investment at one point. What were the first decisions that fundamentally changed the company's trajectory?What were the key milestones that turned LoyaltyPlant from a struggling company into a global enterprise business, from the first major client to scaling across 30 countries?You've worked across the US, UK, MENA, Europe, and CIS. What did you learn about scaling the same product across very different markets, and what absolutely doesn't translate?You built new go-to-market strategies that now generate over 90% of new sales. What did you change compared to a classic SaaS sales playbook, and why did it work in enterprise QSR?Margins are shrinking, aggregators dominate, and costs are rising. What's actually happening on the ground right now in QSR and foodtech, and how should companies adapt?Tell us about a decision you got wrong. What did it cost the business, and what did it teach you as a leader?What advice would you give founders building B2B products for traditional industries today, especially around scale, partnerships, and staying relevant?SponsorsUnblockedBraingrid.TECH DomainsMezmoLinkshttps://loyaltyplant.com/https://www.linkedin.com/in/denevich/Support this podcast at — https://redcircle.com/codestory/donationsAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

FiiZ Drinks president Scott Ball joins the podcast to break down life operating in arguably QSR's craziest market there is today—beverages. From dirty sodas to energy drinks to more, FiiZ has expanded to more than 70 locations since its 2014 founding. And the goal now is to open 500-plus units over the next 10 years in the U.S., with another 100 being launched in Canada. In just 2024, the brand served more than 200 million ounces of soda. We get into the growth ahead, what the brand is looking for in partners, and what it's going to take to grapple with the biggest beverage leaders as consumers drive the category to new heights.

TalkLP Podcast Host Amber Bradley sits down with Greg Murphy, VP of Risk Management at United Pacific, and honestly… is there anything this guy can't do? How did Greg started out chasing shoplifters on the floor in the 80s and work his way up to running LP, HR, audit, safety, workers' comp AND risk management for one of the largest convenience store/QSR chains in the West?  Listen today to understand how to “think like a scientist” to truly shift your focus and possibly how you think!

Episode Overview:In this episode, Alex Rawlings speaks with Richard Fitzgerald of CapitalSpring, a private equity firm specializing in foodservice and multi-location consumer businesses. Richard shares insights into CapitalSpring's differentiated, sector-focused approach, how they've scaled over 20 years, and the recent $1B+ exit to Bain Capital. He also unpacks their latest fundraising success in a tough market and the importance of specialization in today's crowded PE landscape.Timestamps & Key Topics:00:00 – Introduction Overview of CapitalSpring's focus and two key topics: fundraising success and a $1B+ exit.00:54 – Richard's Background From investment banking to founding CapitalSpring in 2005 with a sector-specialist mindset.03:19 – Why Multi-Location Businesses? Opportunities found on Main Street—resilient, everyday consumer services often overlooked in PE.04:43 – Starting Small, Scaling Big CapitalSpring began with $3M; now 300 investments and $4B deployed across 100+ brands.06:30 – Specialization as a Differentiator Why generalist firms struggle, and how deep focus wins deals without being the highest bidder.08:55 – $1B+ Exit: Sizzling Platter to Bain Capital Growth from 400 to 800+ locations across multiple brands and markets, despite COVID headwinds.14:03 – Key Learning: Labor-Light Models Pandemic emphasized the value of operational efficiency and low labor reliance in QSR investments.15:27 – Fund VII: First Close Success How CapitalSpring raised in a tough market by showcasing portfolio resilience and a hybrid debt/equity model.17:44 – Hybrid Capital Strategy Flexibility to invest via debt, equity, or both—offering solutions to founders and mitigating risk for LPs.20:04 – Book Recommendation: Give and Take by Adam Grant The power of relationships in PE—not just financial modeling.21:57 – Connect with Richard Email: rfitzgerald@capitalspring.com | LinkedIn & website via CapitalSpring.Top Takeaways:Specialization is key in today's competitive PE environment.Hybrid investing (debt + equity) offers flexibility and downside protection.Operationally light, multi-unit businesses prove resilient—even in crises.Long-term success in PE depends on relationships, not just technical skills.Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

Is investing in Google's century bond a good idea? If you don't want to read any further, and just want the basic answer, for investors it's a terrible idea. On the other hand, for companies, universities or even governments, issuing a century bond is a great way to lock in low rates for a hundred years. As I said for investors, it's a terrible idea, here is an example. In 2020, the Austrian government issued a century bond that locked in a yield of 0.85%, which was a great deal for them. But for investors who purchased that bond, it is now trading for 30 cents on the euro. Another example of how things can change is back in 1997, J.C. Penney issued a 100-year bond. Back then no one would have imagined bankruptcy would occur just a little over 20 years later for the company. You may be wondering who would benefit from buying these bonds? Generally, it would be your insurers or pension funds. They both have long-dated liabilities, so long-term bonds give them comfort, knowing what the future cash flows will be. There will also likely be some hedge funds and high-risk investors that will want to trade the bonds as they will have a high amount of fluctuation based on interest rates. In fixed income investing, there is something called duration, which essentially looks at the number of years it takes to recoup a bond's true cost. The longer the duration, the more price volatility for the bond when it comes to interest rate moves. Ultimately, for the average investor I would say to stay away because predicting which way interest rates are heading can be very difficult game and it could destroy your investment returns.   Big expenses are coming for companies that invest in AI We have talked about this in the past couple years and now after the companies spent roughly $500 billion in 2025 it's estimated they will spend another $3 trillion by the end of the decade. As the companies spend more money on data centers, chips and other items for AI, their depreciation expense will rise each year, which will reduce their income. The big tech companies are kind of sneaky currently with depreciation. Many companies like railroads and other companies report depreciation as a standalone operating expense on their income statement. The reason depreciation is important for investors to understand is that eventually equipment becomes obsolete or worn out and must be replaced. But the big tech companies currently don't have to break out depreciation until 2028 after new rule changes take effect. Currently, they include depreciation in the cost of goods sold or sometimes in research and development or general and administrative expenses. This makes it very difficult for investors and analysts to understand the true numbers. The big tech companies defense is they currently include it in the footnotes. However, companies like Microsoft have as many as 15-20 footnotes, which are generally not seen by investors or analysts. Perhaps the big tech companies will continue to hold onto their lofty valuations for now, but at some point, the real earnings will come through, and the stocks could take a major beating. Don't blame the restaurant or the grocery store for the high price of meat I'm sure you've noticed that if you want to go out and have a good steak, you're probably going to spend somewhere in the neighborhood of $45-$50, depending on the restaurant and how big the steak is. There's a big shortage of cattle in the United States and the numbers are staggering. In January, there were only 86.2 million cattle and calves, which is down from a peak of more than 130 million in the mid 1970s. The number of people in the United States far surpasses the number of cattle and supply/demand being what it is, it is pushing the price of cattle to higher levels. The 86.2 million heads of cattle may sound like a lot, but when you look at the numbers it is the smallest herd since 1951 and that's when the population in the United States was 157 million. The population now stands around 344 million people, which is an increase of 119%. All things being equal, there should be around 188 million heads of cattle available. There are three main reasons why the price of meat is high and the number of cattle is low. We used to receive about 5% of our beef supply from Mexico, but a parasitic fly larvae called screwworm has destroyed that supply. Another problem is a lack of rain in Texas, which is the largest producer of our beef supply with 12.5 million cows. If ranchers don't get enough rain, they produce smaller herds because the cost of feed increases. You may be thinking there's a lot of cows in California as you drive up 15 and you are right because California is the fourth largest producing state for cows at 5 million, but 1.7 million of those cows are dairy cows. The third reason is simply being a rancher is hard work, and it is generally passed down from generation to generation. Most kids when they're growing up do not dream about working on a ranch in the hot sun in the dirt all day long. Also, with the price of land some ranchers realize they're better off selling the ranch for a big profit than continuing to work the land. Fortunately, many ranchers love what they do and despite the hard work continue to do it generation after generation. If you know any young kids that like riding horses, maybe they should consider going to work on a ranch and save all that college money?   Financial Planning: Do Commission-Free Annuities Make Annuities More Attractive? One of the primary downsides of annuities has always been the layers of fees that drag on returns, along with upfront commissions that create conflicts of interest in how they're recommended. Commission-free annuities attempt to address these concerns by eliminating the embedded commission and often lowering internal product expenses, which in theory should improve transparency and net performance. However, these products are typically sold by fee-based advisors who charge ongoing advisory fees, meaning that while the conflict of interest may be reduced, the cost savings inside the annuity can be offset by the advisor's separate fee. Even with improved pricing structures, the fundamental challenge remains, annuities generally offer lower expected long-term internal rates of return compared to investing directly in diversified market portfolios. While annuities provide guarantees such as downside protection and lifetime income, those guarantees come at a cost that often outweighs their benefit. In many cases, investors can generate greater long-term growth and higher income from a well-diversified portfolio. The returns may not be technically guaranteed, but it can still be done in a conservative and sustainable way.   Companies Discussed: Mattel, Inc. (MAT), DraftKings Inc. (DKNG), Ferrari N.V. (RACE) & Restaurant Brands International Inc. (QSR)

In this episode of Fast Casual Nation, hosts Paul Barron and Cherryh Cansler sit down with Lawrence Brown, Chief Development Officer at Rita's Italian Ice & Frozen Custard, to explore how one of America's largest specialty dessert franchises is scaling smart — from its iconic first-day-of-spring tradition and drive-through expansion strategy to franchisee unit economics, community-driven marketing, and what makes the ideal Rita's franchise partner in today's competitive QSR landscape.#FastCasualNation #FranchiseDevelopment #RitasItalianIceBecome a supporter of this podcast: https://www.spreaker.com/podcast/fast-casual-nation--3598490/support.Get Your Podcast Now! Are you a hospitality or restaurant industry leader looking to amplify your voice and establish yourself as a thought leader? Look no further than SavorFM, the premier podcast platform designed exclusively for hospitality visionaries like you. Take the next step in your industry leadership journey – visit https://www.savor.fm/Capital & Advisory: Are you a fast-casual restaurant startup or a technology innovator in the food service industry? Don't miss out on the opportunity to tap into decades of expertise. Reach out to Savor Capital & Advisory now to explore how their seasoned professionals can propel your business forward. Discover if you're eligible to leverage our unparalleled knowledge in food service branding and technology and take your venture to new heights.Don't wait – amplify your voice or supercharge your startup's growth today with Savor's ecosystem of industry-leading platforms and advisory services. Visit https://www.savor.fm/capital-advisory

In this episode of Next in Media, I sit down live at the Kochava Summit in Sandpoint, Idaho, with Charles Manning, founder and CEO of Kochava. We go deep on one of the most pressing questions facing the industry right now: how profound is the shift to agentic advertising and AI-driven workflows? Charles argues it is not a decade-long evolution like programmatic was. It is breathtakingly faster, and the companies that understand how to use their first-party data as a competitive kernel, rather than leaking it to the walled gardens, are the ones that will come out ahead. He draws a compelling analogy: if programmatic changed the auction, AI is about to change the workflow.We also dig into Kochava's CTV journey, from its mobile app roots to building measurement tools adopted by LG, Samsung, Vizio, and Roku, and how the view-and-do combo between the TV screen and the mobile device is creating powerful new outcome-based measurement opportunities for brands. Charles breaks down what holding companies should fear (and fix), why the ad tech supply chain is due for serious consolidation, and why he predicts a wave of take-privates and roll-ups followed by a bonanza of public offerings over the next two years. He also introduces Station One, Kochava's integrative AI hub that acts like a Slack for AI workflows, designed to help teams transform how they work without giving up control of their data. Key Highlights:⚡ AI vs. Programmatic: Charles explains why the shift to agentic advertising is moving breathtakingly faster than programmatic did. While programmatic took over a decade to fully reshape the auction, AI is set to transform the entire workflow within the next 16 months.

In this episode of CEO to CEO: Behind the Counter, we hand the mics over to A&W Restaurants' CEO Betsy Schmandt and Kilwins' CEO Brian Britton. They discuss life overseeing two of the country's most-iconic foodservice brands, what it's taking to win over customers with experience and service, and how restaurant leaders can inspire growth and performance from the top down.As always, CEO to CEO provides a candid dive into life directing a quick-service chain. There's no editor. No filter. Just real and actionable insight to take to your operation and career.For more episodes of QSR's CEO to CEO series, visit here.

Tomás Gilbert, Director, Strategic Market Insights at Curion, joins QSR Uncut to break down his adventures as a qualitative researcher in the restaurant space. We get into what's driving traffic, what food trends are landing on menus, why beverages are hot, why menu optimization is becoming widespread, and much more. There's a reason in-market research is a growing methodology in QSR.This episode was brought to you by our partners at Curion. 

On this week's Extra Serving, NRN editor in chief Sam Oches and executive editor Alicia Kelso discuss the latest restaurant industry news, including Chipotle's negative sales year, Taco Bell's ongoing dominance, and the incredible growth in snacks. First up is Chipotle, which last week reported that its same-store sales declined 1.7% in 2025. CEO Scott Boatwright introduced a “Recipe for Growth” plan that has five steps to get the brand back in black, but the company also issued guidance for the year that shows it expects sales to be flat. Sam and Alicia discuss the unsurprising results and whether they think Chipotle's plan for growth — which includes increased usage of limited-time offers and demonstrating the brand's value proposition — will help reverse its fortunes. Next up is Yum Brands, which had mostly good results: Taco Bell continues to dominate in the QSR category, with its same-store sales up 7% in the latest quarter and evidence that it's taking market share from just about every other corner of the restaurant industry. Meanwhile, KFC enjoyed 1% growth — signs, perhaps, that its turnaround plan is working. Sam and Alicia discuss those positive results, but also dig into the myriad issues over at Pizza Hut, which saw sales decline last year and plans to close 250 units in the first half of this year. Finally, the editors turn their attention to snacks, which are enjoying a renaissance across the restaurant space and could drive continued disruption at brands big and small.For more on these stories:Chipotle unveils plan to ‘accelerate growth' after another negative quarterTaco Bell is taking market share from just about everywherePizza Hut is closing 250 U.S. locations in the first half of 2026

The restaurant industry faces a critical "fork in the road" in 2026 as pricing power runs out and brands pivot to value-driven strategies. Bloomberg Intelligence analyst Michael Halen joins Restaurant Mastermind hosts Paul Barron and Anna Tauzin to discuss the K-shaped recovery, casual dining's surprising renaissance led by Chili's viral marketing execution, and the intensifying QSR value wars between McDonald's, Taco Bell, and others. With economic tailwinds from lower gas prices and potential tax reforms, plus shifting consumer discovery patterns favoring TikTok over Google among Gen Z, the conversation reveals why success in 2026 will depend on mastering fundamentals: exceptional operations, smart marketing, and authentic value perception rather than technological silver bullets.#RestaurantIndustry #FoodService #HospitalityTrendsGet Your Podcast Now! Are you a hospitality or restaurant industry leader looking to amplify your voice and establish yourself as a thought leader? Look no further than SavorFM, the premier podcast platform designed exclusively for hospitality visionaries like you. Take the next step in your industry leadership journey – visit https://www.savor.fm/ Capital & Advisory: Are you a fast-casual restaurant startup or a technology innovator in the food service industry? Don't miss out on the opportunity to tap into decades of expertise. Reach out to Savor Capital & Advisory now to explore how their seasoned professionals can propel your business forward. Discover if you're eligible to leverage our unparalleled knowledge in food service branding and technology and take your venture to new heights.Don't wait – amplify your voice or supercharge your startup's growth today with Savor's ecosystem of industry-leading platforms and advisory services. Visit https://www.savor.fm/capital-advisory

This episode explores the transition from the Quality System Regulation (QSR) to the Quality Management System Regulation (QMSR) and the foundational elements required for medical device compliance. Host Etienne Nichols and guest Mike Drues discuss the philosophy of building a usable system rather than a "museum of SOPs," emphasizing that the standard list of QMS sections should be viewed as a starting point rather than an exhaustive checklist.The conversation examines the critical differences between 510(k), De Novo, and PMA pathways regarding manufacturing requirements. While a 510(k) submission may not strictly require detailed manufacturing information at the time of filing, Mike explains why companies must remain audit-ready from the moment they register their establishment with the FDA. The discussion clarifies the timing of registration and the "radar" companies enter once they become commercially active.Finally, the dialogue focuses on a "triage" approach for resource-constrained startups. By prioritizing Design Controls and Risk Management during early development, teams can remain compliant and ethical without over-investing in post-market systems, such as complaint handling, before they have a product on the market. Mike warns against the dangers of "copy-and-paste" quality systems, urging manufacturers to use professional judgment to tailor their processes to their specific technology.Key Timestamps00:00 - Introduction to QMS requirements and guest Mike Drues.03:45 - The core sections of a QMS according to the Quality System Regulation.05:12 - Why the QSR list is a starting point, not a stopping point.08:20 - Regulatory vs. Ethical vs. Economical: The three legs of the medical device stool.10:30 - Do you need a full QMS for 510(k) vs. PMA submissions?13:15 - Understanding the timing and strategy for FDA Establishment Registration.15:40 - The Triage Approach: Which QMS sections matter most during early development?19:00 - The dangers of boilerplate SOPs and non-specific quality manuals.Quotes"This is a starting point. This is not a stopping point... Use your own good judgment." — Mike Drues"The goal is not really to build a museum of SOPs; the goal is a quality management system that teams will actually use." — Etienne NicholsTakeawaysPrioritize the Big Four: During the development phase, focus your limited resources on Design Controls, Risk Management, Document Control, and Supplier Quality Management.Understand Pathway Nuances: While 510(k) submissions don't require manufacturing details, you must be fully compliant and ready for inspection once your establishment is registered and the product is launched.Avoid Boilerplate SOPs: Quality systems must be specific to your organization. Including irrelevant device types or procedures in...

Ash Patel interviews Paul Frank, a rare combination of longtime developer, broker, and mentor, about what it really takes to survive and succeed in commercial real estate over multiple decades. Paul shares how being thrown into large QSR development projects in the 1980s shaped his risk discipline, why entitlement and municipal processes have become significantly harder in recent years, and how siloed brokerage models limit brokers' real understanding of the full real estate lifecycle. He also breaks down common development and financing mistakes, including DSCR traps, prepayment penalties, and why many “developers” lack the operational depth to underwrite and execute deals properly. The conversation closes with lessons on relationship-driven dealmaking, mentorship, and why discipline—not deal volume or door count—is the real long-term advantage in CRE. Paul FrankCurrent role: Developer, Broker, and Founder, PDF USABased in: CaliforniaSay hi to them at: www.pdf-usa.com IG paulfrankpdf www.linkedin.com/in/paulfrankpdf Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

For decades, medical device manufacturers in the US relied on 21 CFR 820 (QSR) — a system known for being procedural and checklist-oriented.But starting February 2nd, 2026, FDA will implement QMSR, changing not only the regulation structure but also the inspection philosophy.QMSR does not eliminate Part 820. Instead, FDA is amending it to incorporate ISO 13485:2016 by reference, bringing the US closer to the global quality language used across Europe, Canada, Japan, and beyond.Why FDA is doing thisFDA's move is driven by three key goals:Harmonization (reduce duplicated systems and audits)Modern quality thinking (move from “procedures” to “system effectiveness and risk”)Inspection efficiency (more end-to-end audits)What inspections may look like under QMSRInstead of jumping between SOPs, inspections may follow real flows like:Complaint → Risk Management → CAPA → Design Change → Supplier ImpactThe focus becomes traceability, consistency, and risk-based justification.What companies should do nowTo be QMSR-ready, companies should:Build an ISO 13485-style process mapMake risk visible everywhere, not only in product developmentImprove CAPA triage and effectiveness checksStrengthen design controls (especially software development & V&V)Train teams on the new “why/how” inspection styleWho is Monir El Azzouzi? Monir El Azzouzi is the founder and CEO of Easy Medical Device a Consulting firm that is supporting Medical Device manufacturers for any Quality and Regulatory affairs activities all over the world. Monir can help you to create your Quality Management System, Technical Documentation or he can also take care of your Clinical Evaluation, Clinical Investigation through his team or partners. Easy Medical Device can also become your Authorized Representative and Independent Importer Service provider for EU, UK and Switzerland. Monir has around 16 years of experience within the Medical Device industry working for small businesses and also big corporate companies. He has now supported around 100 clients to remain compliant on the market. His passion to the Medical Device filed pushed him to create educative contents like, blog, podcast, YouTube videos, LinkedIn Lives where he invites guests who are sharing educative information to his audience. Visit easymedicaldevice.com to know more. 

Joe Blanton, founder & CEO of Stone Restaurant Real Estate, joins QSR editorial director Danny Klein for a trip around the market. We look at how site selection is trending, what kind of properties operators are finding to build in today, and much more during one of the more-dynamic cost periods on record. No matter what's happening in this industry, it always starts with location.

The commercial real estate recovery everyone expected in 2025 did not arrive. Instead, investors are being forced to rethink risk, cash flow, and capital allocation heading into 2026.   In this episode of the Espace Montreal Podcast, Axel Monsaingeon speaks with Marie-Claire Laflamme-Sanders, Senior Vice President and Practice Lead within Avison Young's Québec Capital Markets Team, about why net lease real estate has become one of the most resilient investment strategies in today's uncertain market. Drawing on insights from the Toronto Real Estate Forum and active transactions across Canada, Marie-Claire explains how investors are pricing stability, why single-tenant assets are back in favor, and how net leases function as a hybrid between real estate and corporate bonds.   The conversation also covers the return of interest in office real estate, the rise of sale-leaseback transactions as companies unlock capital, and why Montreal continues to attract both private and institutional investors despite ongoing political and economic headwinds. This episode offers a grounded, real-world look at how sophisticated investors are protecting cash flow and positioning portfolios for the next phase of the cycle.   Topics & Timestamps

Starbucks' strategy pivot to “turn coffee houses into living rooms” and get back to its “third place” was one of the biggest topics of 2025 and promises to grab headlines in 2026. The decision offers abundant lessons for QSRs, as Pete Champion, managing partner at brand experience agency I-AM, shares with QSR editorial director Danny Klein on this episode of QSR Uncut. Pete brings over 20 years' experience in brand environments, having worked with industry giants including Starbucks, Costa Coffee and KFC. We get into how hospitality and QSR brands transform their physical spaces to connect with customers on a deeper, more human level. And why this could make all the difference for one of the most recognizable retail brands in the world.

Lucy, Andrew, and Ben bring you: A look at how widespread societal immiseration is impacting the LTO in the QSR space, and finding out we're closer than we thought to urine harvesting from drunk chimpanzees. *** Outro: The Mistery With Me - Jo Bisso *** Support our show and get exclusive bonus episodes by subscribing on Patreon: www.patreon.com/BoontaVista *** Email the show at mailbag@boontavista.com! Call in and leave us a question or a message on 1800-317-515 to be answered on the show! *** Twitter: twitter.com/boontavista Website: boontavista.com Twitch: twitch.tv/boontavista

Smashburger founder Tom Ryan and CEO Jim Sullivan join Fast Casual Nation to reveal their bold strategy to reclaim the brand's position in the better burger category. Discover how their new "Belief is in the bite" philosophy, innovative $4.99 value platform, and surprise Big Dog success are driving a comeback story. Plus, learn about their aggressive five-year plan to grow from 200 to over 1,000 locations through strategic franchising and non-traditional venues. This conversation explores menu innovation, operational excellence, and why they believe the QSR guys can't compete on quality and fast casual brands can't compete on their price.~This episode is brought to you by KRAFT Philadelphia Cream Cheese~Visit https://bit.ly/Kraft-FCNSmashburger #FastCasual #RestaurantIndustry00:00 – Intro and guests01:20 – Smashburger's new flavor-focused rebrand04:20 – CEO Jim Sullivan and Tom Ryan join06:10 – Smashburger history and product philosophy07:05 – Rebuilding brand identity and premium position08:10 – Fast innovation: LTOs and Big Dogs09:20 – Value platform at $4.9910:15 – Premium lineup and loaded sides12:00 – “Belief is in the bite” brand strategy13:20 – New logo, colors and store identity17:15 – Growth goals and expansion plansGet Your Podcast Now! Are you a hospitality or restaurant industry leader looking to amplify your voice and establish yourself as a thought leader? Look no further than SavorFM, the premier podcast platform designed exclusively for hospitality visionaries like you. Take the next step in your industry leadership journey – visit https://www.savor.fm/Capital & Advisory: Are you a fast-casual restaurant startup or a technology innovator in the food service industry? Don't miss out on the opportunity to tap into decades of expertise. Reach out to Savor Capital & Advisory now to explore how their seasoned professionals can propel your business forward. Discover if you're eligible to leverage our unparalleled knowledge in food service branding and technology and take your venture to new heights.Don't wait – amplify your voice or supercharge your startup's growth today with Savor's ecosystem of industry-leading platforms and advisory services. Visit https://www.savor.fm/capital-advisory

Dr. Yuan Li, Director of Medical Business at DQS and a former medical device auditor with deep expertise across orthopaedic manufacturing and regulatory systems.In this episode, we discuss the sweeping regulatory transition coming to the U.S. with the introduction of the Quality Management System Regulation (QMSR), which formally aligns 21 CFR Part 820 with ISO 13485. Yuan unpacks what this shift means for U.S.-based manufacturers, why FDA is phasing out the QSR audit model and why contract manufacturers and software-based device firms are particularly vulnerable if they delay planning.We also explore the growing use of AI in QMS platforms, the pitfalls of template-driven compliance, and why “regulatory fatigue” is no excuse when patients' lives are at stake. From post-market surveillance strategies to paperless QMS migrations and the validation grey zone, Yuan offers pragmatic, deeply informed advice for those navigating FDA audits, ISO certification and international expansionTimestamps[00:02:36] Why QMSR is a Big Deal for U.S. Manufacturers[00:04:09] Key Differences Between 21 CFR 820 and ISO 13485[00:05:09] Why Companies Wait Too Long to Comply[00:07:19] Impact on Contract Manufacturers and Supply Chains[00:08:36] Do You Really Need ISO 13485 Certification?[00:10:18] AI-Generated QMS Systems: Useful or Risky?[00:11:52] Most Memorable Audit Story: Iterative Design Gone Wrong[00:14:46] How to Spot Proactive vs Reactive Post-Market Surveillance[00:17:03] Why Software Companies Struggle with The Regulatory Mindset[00:20:57] What Validation Really Means Under ISO 13485Connect with Yuan - ⁠https://www.linkedin.com/in/yuan-li-phd-3bb14013/Learn more about DQS - ⁠https://www.dqsglobal.com/en/Get in touch with Karandeep Badwal - ⁠⁠https://www.linkedin.com/in/karandeepbadwal/ ⁠⁠Follow Karandeep on YouTube - ⁠⁠https://www.youtube.com/@KarandeepBadwal⁠⁠Subscribe to the Podcast

Founded in 2007 by Tony Lamb, Kona Ice launched its first Kona Entertainment Vehicle in Florence, Kentucky. Today, the brand has grown to more than 1,900 trucks and nearly 3,000 points of sale, serving 49 states. The brand has also given back more than $200 million to local communities. Lamb joins QSR editorial director Danny Klein on this episode of QSR Uncut to share the journey, how the company is evolving toward new concepts and more trucks, and why it continues to rack up awards for its unique franchise opportunity. 

Mike Perry, founder and chief creative officer at hospitality, food and beverage brand agency Tavern, joins QSR editorial director Danny Klein to discuss how restaurants can endure in today's weary consumer environment. Why is brand identity mission critical? What missteps are some classic chains making with design and marketing? We explore the industry, from Starbucks to Cracker Barrel to Sizzler, and more, laying the roadmap for reinvention, and what's to come. Perry's 15-plus year career spans roles at TikTok and NBC Sports, and he's worked with brands such as Burger King and Budweiser. Note: This episode contains explicit language.

Keith Benjamin, co-founder of Uptown Hospitality Group in Charleston, tells the story of how throwing massive Penn State tailgates set him on a 20-year path from NYC bartender to operator of six concepts—while raising three kids under five. After buying small equity stakes in New York bars and becoming an operating partner at 29, he felt pulled to Charleston and went all-in on a $5M buildout of Uptown Social, a 10,000 sq. ft. sports bar and nightlife hub inside a 1915 building. He recalls surviving COVID—shutting down 48 hours after his wedding—then creating Bodega, a New York-style breakfast sandwich brand that grew from a parking-lot pop-up to multiple locations. Uptown Hospitality later added Share House, the upscale tavern By the Way (with partners from Southern Charm), and The Waverly, a wedding venue. Through rapid growth, thin margins, seasonality, and crushing liquor liability laws, Keith stays centered on preparation, service, and his belief that restaurants and bars are the emotional backbone of a community—and that operators carry that responsibility on their shoulders. 10 Takeaways Hospitality people “run into the fire.” You're either wired for the chaos and unpredictability of restaurant ownership or it will spit you out. Preparation beats the playbook. Every shift changes at minute one; the only constant is how ready your team is for the unexpected. Tailgates were the training ground. Running $40K-per-season Penn State tailgates taught Keith energy management, leadership, and crowd control. From golden handcuffs to ownership. High-earning NYC bartending could have trapped him, but he insisted on a path to management and equity. Charleston was the “chips all in” leap. With no collateral, Keith borrowed from friends and family to take on a 25-year lease and rebuild a 1915 building. COVID nearly crushed the dream—but sparked Bodega. Forced shutdowns led to launching a breakfast-sandwich concept that quickly exploded in popularity. Growth exposed growing pains. Opening multiple concepts while having three young kids humbled him and revealed how thin the margins can be. Food-heavy concepts are a different math. Booze-driven venues thrive; a full-service breakfast-and-lunch model did not, leading to a fast pivot to QSR. Liquor liability laws threaten the industry. South Carolina's rules once assigned 100% blame to anyone who served one drink to someone later in a wreck, pushing insurance premiums into the stratosphere. Service and community are the lasting moats. With heavy competition and rising closures, the only real differentiator is how you make people feel—because restaurants are the heart of every community.

In this episode of Smart Franchising, Dan Rowe sits down with Chris Gannon, founder of Bolay Fresh Bold Kitchen and son of Outback Steakhouse co-founder Tim Gannon, to explore the critical question: should you franchise your restaurant concept? With 22 locations across Florida, Bolay Fresh Bold Kitchen represents a "better for you" fast-casual concept focused on scratch-made, chef-driven bowls with craveable flavors. Chris shares invaluable lessons from his restaurant DNA—including working his way up from busser at Outback despite being the founder's son, his experience at PDQ, and the challenges of maintaining quality and consistency while scaling. The conversation dives deep into operational realities that prospective franchisees need to understand: the complexity of scratch cooking, the relentless focus required for training, the critical importance of site selection (with unique tips like consulting local police officers who truly know communities), and why "the best site you'll ever select is the one you say no to."Chris reveals Bolay Fresh Bold Kitchen's growth strategy of seeking experienced multi-unit, multi-brand operators (MUMBOs) as franchise partners—not traditional QSR franchisees or first-timers—who understand that building top-line sales through hospitality and quality drives bottom-line success. He emphasizes that successful franchising requires treating partners like marriages, maintaining culture at scale, and resisting the temptation to cut food quality for margin optimization. Dan and Chris discuss industry challenges including skyrocketing build costs, the over-saturated restaurant market, the need to master off-premise channels, and why strong unit economics are non-negotiable in today's environment. For anyone considering franchising—whether as a franchisor or franchisee—this conversation offers hard-earned wisdom on site selection, people selection, maintaining standards across multiple units, and the fundamental trade-offs between corporate growth versus franchise partnership models.

In the next episode of QSR magazine's CEO to CEO series, where we have two leading executives turn the mic on each other, Cheba Hut's Marc Torres and Toppers Pizza's Adam Oldenburg share how they rose through the ranks of their respective brands and what they're seeing in the marketplace today. They swap candid stories on leadership, operations, and much more in our longest episode yet. 

What Does It Take to Scale from Two Gyms to 100+ Stores Across America?n this episode of Retail Retold, Chris Ressa welcomes franchise powerhouse Kal Gullipali — the man who turned two Orange Theory studios into a 100-unit empire spanning Marco's Pizza, Dave's Hot Chicken, European Wax Center, and more. From Wall Street to wellness centers to hot chicken, Kal's story is a masterclass in bold moves, smart capital, and relentless growth.Kal reveals how selling his first franchise lit the spark for scale — and how COVID became the ultimate wake-up call to diversify. Today, his group operates across multiple states, building new stores, buying portfolios, and driving more than $35–40 million in annual growth. He breaks down the numbers, the strategy, and the mindset it takes to play at this level.This episode dives into what it really takes to win in franchising: sharp site selection, patient capital, and powerful partnerships. Kal also calls out a coming shift in the fast-casual world — the return of true customer service — as brands rediscover that speed means nothing without hospitality.What You'll Hear:How Kal built a 100+ unit, multi-brand portfolio in under a decadeWhy diversification saved his business modelThe real economics behind scaling franchisesWhy the next big franchise trend is a return to the human touchChapters00:00 – Meet Kal GullipaliFrom Wall Street to Main Street — how a former Merrill Lynch analyst became a franchise powerhouse.02:00 – The First Franchise BetWhy Kal's first leap into Orange Theory Fitness changed everything.04:00 – From Two Gyms to a Hundred UnitsThe mindset, capital, and partnerships behind explosive growth.06:00 – Lessons from Selling and ScalingHow selling early wins funded a smarter, more diversified empire.07:45 – Enter the Pizza and Hot Chicken GameWhy COVID turned Kal into a believer in delivery-driven, resilient brands.09:30 – Building vs. BuyingThe strategy behind mixing acquisitions with ground-up new builds.10:30 – Why Dave's Hot Chicken Took OffHigh AUVs, hot branding, and a cult following—Kal breaks down the magic formula.13:00 – The Numbers Behind the EmpireA candid look at performance, diversification, and what drives profitability.15:00 – The Power of People and ProcessInside Kal's shared-services model and how he scales culture across brands.18:00 – The Franchise Trend No One's Talking AboutWhy customer service—not tech—will define the next era of QSR success.