I am looking to better understand the dynamics of bringing on minority investors for a larger multi-unit acquisition, largely to satisfy franchisor-mandated net worth and liquidity requirements. I haven't seen much on here that specifically speaks to franchise investments, so I have a few specific questions: - Are there any well-known franchise investors operating in the space? Or do most self-funded search investors also consider franchise investments? - Do franchisors typically require minority investors (e.g., around 10% equity) to sign the franchise agreement and provide a franchisor-required personal guarantee? (I am specifically asking about franchisor guarantees, not SBA). - If a non-op minority partner refuses to sign a personal guarantee, what approaches or addendums have you successfully negotiated with franchisors to bypass this? I would imagine most prudent investors would refuse to sign a guarantee. - Hypothetically, would offering a ~4x step-up to an investor be considered sufficiently above market to make taking on franchisor guarantee risks worthwhile, if they cannot be successfully negotiated out with the franchisor? Thanks for any insights from the community on non-op investors and what is generally agreeable when dealing with the franchisor. Hopefully others find this useful.