Kal started out slinging pizzas at Little Caesars and ended up running one of the most diverse and fast-growing franchise portfolios in the country. In this episode, he joins Alex Smereczniak to unpack the full journey—how he went from investment banking to buying butcher shops and pizzerias, to opening OrangeTheory gyms, and now scaling some of the hottest brands in franchising like Dave’s Hot Chicken, Marco’s Pizza, and Pop-Up Bagels. You’ll hear: Why Kal’s franchise diligence looks more like equity research The exact capital structures he uses to finance 7- and 8-figure rollups How he thinks about brand selection, from tech-forward ops to red flags What every operator needs to know before going from 2 to 20 to 100+ units If you're serious about scaling in franchising, this episode is a masterclass in how to think—and build—like a multi-unit powerhouse. Learn more about starting your own franchise empire at franzy.com