With one of the best restaurant operators in the U.S. as our partner, we have raised money from investors to acquire franchise restaurants that throw off substantial cash flows. Our goal may be to acquire a franchise in a leveraged buy-out; build a franchise and its value and sell it in 5-8 years; or simply operate the restaurants profitably, pay investors annual distributions of 9% or more, and perhaps sell the individual restaurants at a later date.

We have been very cautious the last 23 months as many franchises are in trouble. We have made no acquisitions out of concern for the economy and its effect on restaurant sales. We have focused on improving our operations and our connection with the communities in which we operate.