egular listeners of Acquiring Minds know that entrepreneurship through acquisition and franchises play well together.

There have been a number of interviews where an entrepreneur started with a single unit or small collection of units, then programmatically acquired a sizable portfolio.

Today's interview is a sterling example of the strategy.

Jack Foster and Jake McLaughlin developed a thesis around franchising, then automotive within that, then auto repair specifically, and finally the Meineke brand in particular.

Jack and Jake raised $2.8m from friends and family, expecting that would get them to 10 Meineke locations.

Instead, that single equity injection has taken them to 25 Meinekes — and in only 2.5 years.

‍The combination of cash flows from their acquisitions, sale-leasebacks, and debt (both seller and SBA) has allowed them to keep buying without diluting their ownership further.

Suffice it say, Jack and Jake's plan is working.

In addition to the structure of their acquisitions, we learn how they've been building.

Listen for the segment on culture change.

‍On variable compensation plans.

And their appreciation for the special magic of their chief operating officer, Joe.

Please enjoy this deep dive into building a portfolio in a legacy franchise — and doing it quickly — with Jake McLaughlin and Jack Foster.