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Incredible job scaling the business. Close to 500 franchises in development, which should take about 3-5 years. About $2-2.5M in revenue per quarter, anticipates a ramp up to ~$4M next year. Lots of faith in CEO -- a passionate and excellent entrepreneur, who's really good at identifying concepts early, buying them cheaply, and building them out. Valuation not cheap, and that's keeping him out. If you can be patient, you'll be fine with current valuation. But it's already done incredibly well, so may need to base while it backfills the valuation.
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