Three ways to own cash-flowing businesses. Most searchers run one. The other two are via franchising, screened out on the first pass. I think that's a mistake, and next Tuesday in San Francisco you can argue with me. One. Buy businesses outright, grow them, then sell them or hold them. Search was built for this. Two. Buy operating franchise units, often for less than they cost to build, and turn them around by following the playbook. Three. Find a promising emerging brand, partner with the franchisor, land a large multi-territory deal on good terms, and roll out units de novo. No seller, no multiple, nothing to inherit. I run a pre-seed franchise fund, so I have a dog in two of those fights. Oct 20, 5 pm. Fireside at 5:45 with Param Shah, who runs path one at Lynnfield, a long-term holdco buying profitable businesses and partnering with operators to run them. I'll be representing the franchising side of the conversation. So if you're a searcher, investor, or operator, there's something in it for you. Registrations approved as they come in: redacted Can't make it? All three deserve a thread. Cheers, Andy