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  • April 2020
  • Teaching Note
  • HBS Case Collection

Cambridge Franchise Partners

By: Richard S. Ruback, Royce Yudkoff and Ahron Rosenfeld
  • Format:Print
  • | Language:English
  • | Pages:12
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Abstract

Teaching Note for HBS No. 217-082. Cambridge Franchise Partners (CFP) was established by Matt Perelman and Alex Sloane (both HBS ’15) to pursue a roll-up strategy in the quick service restaurant (QSR) sector. Burger King (BK) approved CFP’s request to become a franchisee and presented it with the opportunity to acquire Carolina Quality (CQ), an operator of 23 BK restaurants. The owner of CQ had decided not to extend its contract with BK because it would have required remodeling the restaurants at a total cost of $8 million. CFP acquired 100% of CQ’s equity without making any cash payment to the seller, despite CQ’s corporate level EBITDA of $700,000.

Keywords

Roll-up; Franchise; Franchise Management; Small Firms Management; Franchise Ownership; Small Business; Management; Acquisition

Citation

Ruback, Richard S., Royce Yudkoff, and Ahron Rosenfeld. "Cambridge Franchise Partners." Harvard Business School Teaching Note 220-082, April 2020.
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About The Authors

Richard S. Ruback

Finance
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Royce G. Yudkoff

Finance
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More from the Authors
  • Lupoli Companies: Riverwalk - Making an Impact By: Richard S. Ruback, Marco Di Maggio, Dave Habeeb and Ruth Page
  • Managing Pain in the Midst of an Opioid Epidemic By: Joshua D. Coval, Richard S. Ruback and Christopher Diak
  • Entrepreneurship Through Acquisition: Brian's Journey By: Richard S. Ruback, Royce Yudkoff and Sarah Livick-Moses
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