rom his base in Asheville, today's guest was looking in western North Carolina to buy a business.

It's a less populous, somewhat rural region, so the options were few.

Which is part of the reason Gabe Willis was open-minded when he saw a 2-location bagel shop come across.

Like most of you, he had not wanted a restaurant business.

But the closer he looked, the more interesting Joey's Bagels became.

Joey's Bagels had brand equity. Devoted regulars. A following.

In fact, very similar to what recent guest Jackson Speaks saw in the restaurants he bought, Cowgirl Cafe and Pizza By the Sea.

And what Jarret Berke saw in Lou's Restaurant & Bakery in Hanover, New Hampshire.

Rafael Quinn saw it in Athen's Pizza down in Panama.

So the pattern is clear: restaurants with loyal customers can deliver that most valuable of all characteristics: enduring profitability.

Back to Gabe. Now despite his acquisition having brand equity, it's still quite a small business, with just under $300k in SDE.

And it's operationally complex. This is a business that is open 7 days a week, so 7 nights a week it needs thousands of tasty bagels baked overnight to be ready for the day ahead. And that's before the doors even open.

We spend a lot of time on what it's like to run what is essentially a bakery business.

And we spend a lot of time on Gabe's plans. See if you don't also get excited by the upside here.

Gabe acquired this pair of locations for $625k, but to spin up another 2 locations costs well under a third of that price.

And his original pair of locations are in a town of just 15,000 people. You can see a future here where there are a pair of Joey's Bagels in small towns throughout North Carolina and beyond.

OK, enough spoilers. Here's Gabe Willis, owner of Joey's Bagels.