Austin Smith started his career helping build Savory Fund into a powerhouse that scaled concepts like Swig, Mo’Bettahs, and R&R Barbecue. After years of investing in food & beverage, he made the leap from investor to operator — taking a massive bet on Big Blue Swim School. Considering buying a franchise? Reach out: https://www.frandawgs.com/  If you’re a multi-unit owner considering selling your locations, get in touch: https://www.fdcapitalgroup.com/  In this episode, we dive into: How Savory Fund spotted Swig and scaled dirty soda into a national brand Lessons learned from franchising hits and misses (like passing on Crumbl) Why Austin shifted from private equity to owning 21 Big Blue Swim School territories The economics of swim schools, territory buildout costs, and why drowning prevention drives demand His growth strategy to build $7–10M EBITDA and decide whether to flip or hold long-term Whether you’re an operator, investor, or aspiring franchisee, Austin’s story offers a playbook on evaluating emerging brands and scaling brick-and-mortar businesses.   Chapters: 00:00 – Intro 01:10 – Getting started with Savory Fund and early food & beverage bets 05:00 – How Savory Fund discovered Swig and why dirty soda works 12:00 – Lessons from Crumbl and when to franchise vs. corporate-own 18:00 – Drive-through culture and why convenience brands win 26:00 – Austin’s move from investor to operator 32:00 – Discovering Big Blue Swim School 35:00 – Why swim schools are insulated from tech disruption 37:00 – Buying 21 territories across Utah, Arizona, Nevada, Colorado, and Idaho 49:00 – The cost of Big Blue buildouts and lessons on efficiency 53:00 – Psychology of space: why a “busy” feel matters 61:00 – Growth strategy: scaling to $7–10M EBITDA 64:00 – Long-term vision: flip or hold Big Blue Swim School 1:05:00 – Closing thoughts & where to follow Austin Links: 👉 Connect with Austin Smith on LinkedIn: https://www.linkedin.com/in/austin-c-smith-a1755548/