Sequencing equity, debt, and comfort-first buys

Jack Foster & Jake McLaughlin raised $2.8m to buy 10 Meineke stores. That equity has taken them further than expected.

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Topics in Jack and Jake’s interview:

• Childhood friends turned business partners
• Leaving Goldman Sachs, KKR, and Baird for entrepreneurship
• Why they chose the franchise roll-up model
• Consolidating units within the Meineke system
• Applying a first-principles approach to an unfamiliar industry
• Paying royalties as the price of product-market fit
• Technician recruiting advantages of a strong franchise brand
• Why they passed on car washes and quick lube
• The real timeline of the EV threat to auto repair
• Buying real estate and using sale-leasebacks for growth capital

References and how to contact Jack and Jake:

• Jack Foster’s LinkedIn
• Jake McLaughlin’s LinkedIn
• Meineke

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Edited by Anton Rohozov and produced by Pam Cameron