How to Acquire 25 Franchise Units in 2.5 Years

But your. Your point is true. Like, they have a ton of power. We've just got to be good stewards of the Mein brand within our locations.

Great. So want to ask you to give us a sampling of some of the structures that you've used or ways that you've bought these subsequent acquisitions, because there's been a lot of variety there. I'll let you lead. Give us some examples of, of your how you bought, structured, subsequent acquisitions, please.

Is that Lisa Forest?

Yes. We've interacted with her. Brian Babcock as well. We have a great relationship with Brian. So We've used them to fund a number of our transactions.

And Jake, so, so like how so? And that's like a 90% LTV, like a self funded searcher might use or something like that.

Yeah, I forget what Wisconsin was not 100% loan of value. It may have been closer to nine.

That one was 90. So we've, we've had a handful of loans with them. A bunch of them have been paid off. One or two is still outstanding.

The Wisconsin acquisition Jake mentioned was, was business only, no real estate. We've also, and I think we were talking about the real estate debt earlier, we've used them in a handful of occasions to buy, buy a property and business. And then in some cases we've, we've sold the property, done a sale leaseback, signed a really long term lease.

So we've got site control and pay off that debt. We have typically found that when we do these sale leasebacks, the proceeds of selling the real estate is greater, in some cases significantly greater than the debt that we had to put on the real estate. And any net proceeds go into buying more Meineke locations.

That's been one way. We've been really disciplined with debt and with equity.

But let me, let me pause you really quick there, Jack. So, so to be clear, what I, if I just heard you correctly, in certain sale leaseback situations, you essentially get the business for not only for free, but actually capital is returned to you because you buy the business and then you do a sale leaseback which frees up the capital from the underlying real estate, which might be more than what…