Most people think private equity “kills” franchise brands. But in this episode, Adam Lewin — CEO of Wonder, a holding company for franchisors and multi-site operators — explains why the truth is far more nuanced. Adam breaks down: How Wonder evaluates franchise acquisitions Why they refuse the typical “platform” roll-up model What emerging franchisors get wrong Why franchise hype cycles (Dave’s Hot Chicken, Seven Brew) are dangerous How wonder decides when to build corporate stores vs. franchise Why franchise failures are often due to founder psychology, not the model How PE actually models deals, prices risk, and thinks about growth The real reason Rourke can pay outrageous multiples Why the public misunderstands how PE influences the brands it buys If you care about franchising, small business, or private equity — this is a masterclass. 00:00 — What Wonder Actually Is 01:00 — Why Wonder Rejects the “Platform Play” 03:00 — How They Decide Which Brands to Buy 05:00 — Why Scaling Is Harder Than Founders Think 07:00 — The Hidden Challenges of Franchising 09:00 — The Founder Problem: Why Many Stagnate 11:00 — What “Differentiation” Actually Means in SMB 13:00 — Are Multi-Unit Franchisees a Risk? 15:00 — Wonder’s Long-Term Horizon (5–10 Year Holds) 17:00 — Are Hype Brands Like Dave’s/Seven Brew Overvalued? 20:00 — Why Unit Economics Matter More Than Hype 21:00 — Mistakes Every Emerging Franchisor Makes 23:00 — Why Hiring Franchisees Is Like Hiring Employees 25:00 — The Biggest Problem: Bad Early Franchisees 26:00 — Deep Dive: Why Wonder Bought Soccer Five 29:00 — How Soccer Five Actually Works 31:00 — Why Wonder Will Build Corporate Units for S5 33:00 — Why Franchising Is Attractive to PE 36:00 — What PE Gets Wrong About Franchising 39:00 — Growth at All Costs = System Failure 41:00 — How Rourke Pays Insane Multiples 43:00 — Why Rourke Can Hold Brands for 20+ Years 46:00 — Does Private Equity Ruin Franchises? 49:00 — Wonder vs. Traditional PE 51:00 — Where to Follow Wonder & Tucker’s Farm