Turnaround Artists: Buying Distressed Properties has its Rewards--And Risks

Turnaround Artists: Buying Distressed Properties has its Rewards--And Risks

By: Kerry Pipes | 8,206 Reads | 2 Shares
Featured in: Multi-Unit Franchisee Magazine: Issue 3, 2009
%3Cp%3EIt+seems+there+really+is+a+silver+lining+in+every+cloud.+And+the+recent+economic+downturn+has+deposited+a+little+of+that+silver+at+the+feet+of+some+multi-unit+franchisees+who+can+tolerate+risk+and+don%27t+mind+a+little+%22remodeling%22+work.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Today%2C+opportunities+abound+to+buy+distressed+franchise+units+from+other+troubled+or+bankrupt+franchisees--often+for+pennies+on+the+dollar.+If+they+have+the+stomach%2C+these+%22rescuers%22+can+snatch+up+these+units%2C+turn+them+around%2C+and+watch+the+dollars+flow+in.%3Cbr+%2F%3E+%3Cbr+%2F%3E+It%27s+a+strategy+that+contains+risks%2C+for+sure%2C+but+done+right+can+offer+serious+rewards.+Multi-unit+franchisees+like+John+Metz%2C+David+Ostrowe%2C+Don+Rottinghaus%2C+and+Lyndon+Johnson+all+know+firsthand+the+ins+and+outs+of+taking+over+distressed+properties--and+they%27re+not+always+successful.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22We%27ve+done+this+a+lot+and+I+love+the+opportunity%2C%22+says+Don+Rottinghaus%2C+a+multi-unit+franchisee+with+329+Subway+units+in+Kansas+and+Oklahoma.+He+estimates+that+during+the+last+two+decades+he%27s+purchased+between+75+and+100+troubled+units+from+other+operators+and+turned+them+around.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22A+lot+of+people+build+a+unit%2C+run+it+for+a+while%2C+lose+interest+or+let+it+get+run+down%2C+and+then+they+just+want+out%2C%22+he+says.+%22If+I+see+a+store+that%27s+doing%2C+say%2C+%245%2C000+a+week+in+sales%2C+and+all+of+the+other+factors+are+right%2C+I+know+I+can+rework+that+unit+and+get+it+to+%2412%2C000+a+week+in+sales.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+John+Metz+prowls+the+Florida+bankruptcy+disclosure+listings+looking+for+great+deals+%28or+steals%29.+Of+the+30+Denny%27s+restaurants+he+operates+in+the+Southeast%2C+25+were+acquired+as+distressed+properties.+Nearly+all+of+his+takeovers+have+been+bankruptcies.+%22We+specifically+look+to+buy+in+territories+where+there+are+distressed+properties%2C%22+says+Metz.+%22With+a+little+TLC%2C+we+can+make+them+healthy+again.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+David+Ostrowe+says+he+became+known+as+the+%22fix-it+guy%22+when+he+was+working+in+the+corporate+offices+of+Church%27s+Chicken+and+Taco+Bell+years+ago.+%22It+was+my+job+to+help+fix+distressed+units%2C+so+I+learned+a+lot+about+how+to+do+it.%22+Today%2C+as+a+multi-unit+franchisee+with+10+Burger+Kings%2C+he%27s+on+the+lookout+for+distressed+properties+to+buy.+He+stays+in+close+contact+with+lenders+in+his+area+and+has+his+finger+on+the+pulse+of+the+Burger+King+community+in+Oklahoma.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22I%27ve+purchased+a+half-dozen+units+out+of+bankruptcy+and+another+half-dozen+from+troubled+existing+owners%2C%22+says+Ostrowe.+%22It%27s+a+great+strategy+for+me.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Jeff+Rogers%2C+now+a+consultant%2C+was+CEO+of+the+Heartland+Food+Corp.%2C+a+company+that+once+purchased+120+Burger+King+restaurants+out+of+bankruptcy--all+at+once.+Heartland+also+did+a+number+of+smaller+deals+of+10+to+30+units+at+a+time+over+the+years%2C+growing+to+248+units.+He%2C+like+Metz%2C+Ostrowe%2C+and+Rottinghaus%2C+had+a+specific+approach+he+followed+when+taking+over+a+bankrupt+or+troubled+franchise+unit.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22All+of+our+turnaround+successes+were+dependent+upon+making+the+right+choices+and+having+the+right+people+in+the+right+places%2C%22+says+Rogers.%3C%2Fp%3E%0D%0A%3Ch2%3EChallenges+abound%3C%2Fh2%3E%0D%0A%3Cp%3EWhile+it+may+not+be+as+complex+as+acquiring+a+Fortune+500+company%2C+taking+over+distressed+franchise+units+has+its+own+share+of+obstacles.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Rottinghaus+says+all+distressed+properties+can+be+explained+in+one+of+two+ways.+%22In+my+experience%2C+it%27s+either+a+poor+operator+or+a+bad+location.%22+In+the+case+of+a+poor+operator%2C+he+says+that+he+can+take+over+the+unit+and+turn+it+around+easily.+The+property+may+only+need+some+basic+aesthetic+work+such+as+a+good+clean-up+or+remodeling.+Otherwise%2C+he+says%2C+the+trouble+can+be+found+in+operations%2C+%22It%27s+just+having+processes+in+place%2C+creating+and+managing+a+healthy+cash+flow%2C+and+relying+on+systems+that+work.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+But+a+bad+location+can+be+difficult%2C+if+not+impossible%2C+to+overcome.+That%27s+why+Rottinghaus+says+he+will+sometimes+buy+a+distressed+Subway+at+a+%22C%22+location%2C+shutter+it%2C+and+quickly+move+it+to+an+%22A%22+location+nearby.+That+may+sound+like+more+trouble+than+it%27s+worth%2C+but+he+says+the+formula+works+and+he%27s+done+it+time+and+again.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22I+can+usually+get+a+decent+price+on+the+unit+because+it%27s+troubled+and+the+owner+wants+out%2C%22+he+says.+%22If+there%27s+a+great+site+nearby%2C+it%27s+worth+the+expense+for+me+to+move+there+because+I+know+the+current+location+is+not+working+and+I+can+double+revenue+and+make+up+the+difference+pretty+quickly+by+making+the+move.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Metz+says+one+of+the+first+rules+in+taking+over+distressed+properties+is+to+avoid+bad+locations+altogether%2C+for+example+areas+where+neighborhoods+have+declined+and%2For+other+commercial+businesses+have+packed+up+and+moved+out.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Ostrowe+agrees%2C+%22Some+spots+are+just+jinxed.+There%27s+a+location+I+know+that+has+been+five+different+concepts+in+the+past+five+years+and+they+have+all+failed.%22+He+estimates+that+he+walks+away+from+nine+out+of+every+10+distressed+deals+he+looks+at.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Rottinghaus+concurs%2C+adding+that+he+simply+walks+away+if+the+price+is+not+right.+%22I+always+say+we+will+buy+the+worst+of+the+worst+and+turn+them+around%2C+but+the+price+must+be+right.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Unlike+Metz%2C+Rottinghaus+avoids+bankruptcy+deals+and+prefers+to+work+directly+with+the+seller+before+the+business+reaches+bankruptcy.%3Cbr+%2F%3E+%3Cbr+%2F%3E+When+Metz+does+find+a+place+he%27d+like+to+take+over%2C+he+negotiates+the+deals+with+creditors+and+banks+and+says+he%27s+learned+to+be+thick-skinned.+%22I%27ve+flown+across+the+country+before+to+make+an+offer+only+to+be+thrown+out+of+their+office%2C%22+he+says.+But+they+usually+call+him+back+and+the+deals+go+through+at+or+close+to+his+original+offer.+%22You+definitely+have+to+be+comfortable+with+rejection.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Ostrowe+knows+a+thing+or+two+about+dealing+with+the+high+emotions+that+are+often+generated+when+taking+over+distressed+properties.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22When+you%27re+trying+to+take+over+a+business+that%27s+in+bankruptcy%2C%22+he+says%2C+%22people+are+mad.%22+He+says+sometimes+the+seller+will+go+to+remarkable+lengths+to+see+the+new+buyer+fail.+%22That+validates+his+failure.+I%27ve+seen+them+sour+the+employees%2C+taint+the+food%2C+or+just+spread+a+bad+word+about+the+new+owner.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Existing+employees--and+their+attitudes--are+a+critical+part+of+a+new+owner%27s+turnaround+challenge%2C+says+Rogers.+%22When+we+began+the+rescue+of+a+unit+we+acquired%2C+we+were+looking+to+build+a+workplace+culture+of+trust%2C+recognition+of+profitability+goals%2C+and+a+strategy+that+could+be+understood+by+all.%22+And+there%27s+no+room+for+discrimination+or+harassment+of+any+kind%2C+he+adds.%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22Inventory+and+cash+controls+were+stepped+up+immediately+after+we+took+control%2C%22+says+Rogers.+%22A+system+of+rules+and+regulations+gets+out+a+clear+message+of+our+operating+process.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Ostrowe+agrees.+%22We+bring+in+our+own+cash+register+system+on+day+one.+I+want+to+know+exactly+where+the+cash+is%2C%22+he+says.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Rottinghaus+says+that%27s+a+good+idea+and+points+to+one+struggling+unit+he+took+over.+%22The+operator+had+been+stealing+cash+right+off+the+top%2C+so+as+soon+as+we+took+over+we+were+already+making+more+money%21%22%3C%2Fp%3E%0D%0A%3Ch2%3EReturn+on+investment%3C%2Fh2%3E%0D%0A%3Cp%3ETaking+over+distressed+properties+can+be+a+tough+business%2C+but+the+payoff+can+be+well+worth+the+investment+of+time+and+money.%3Cbr+%2F%3E+%3Cbr+%2F%3E+When+you+take+over+an+existing+business%2C+says+Ostrowe%2C+%22You+already+have+plumbing%2C+electricity%2C+heating+and+AC%2C+equipment%2C+and+furniture.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+In+most+takeovers%2C+however%2C+at+least+some+remodeling+is+imperative.+%22One+of+the+first+things+we+do+is+give+the+place+a+little+facelift%2C%22+says+Metz.+%22We+may+have+to+fix+leaky+roofs%2C+update+equipment%2C+change+the+d%26eacute%3Bcor%2C+do+some+landscaping%2C+and+add+some+new+signs.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+Ostrowe+agrees%2C+adding+that%2C+%22For+us%2C+it%27s+important+to+keep+the+unit+open+throughout+the+takeover+and+remodel+process.+Fix+things+as+you+go.+It+shows+customers+that+you+are+changing+things+right+before+their+eyes.%22+He+also+says+a+%22dark+unit%22+is+ripe+for+vandalism+or+theft.%3Cbr+%2F%3E+%3Cbr+%2F%3E+The+hard+numbers+for+Ostrowe+are+attractive.+%22An+average+new+build+BK+for+me+is+going+to+run+around+%241.1+million%2C%22+he+says.+%22I+can+almost+always+get+into+an+existing+unit+for+much+less.%22+Even+a+unit+in+dire+straits+has+its+own+attractions.+Last+October%2C+Ostrowe+took+over+a+closed+Burger+King+unit+that+had+been+housing+homeless+people.+He+says+it+had+been+stripped+of+anything+of+value.+He+was+able+to+take+it+down+to+the+foundation%2C+and+build+it+back+up+for+about+%24585%2C000.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Once+Metz+takes+over+a+distressed+unit%2C+he+evaluates+employees+and+separates+the+wheat+from+the+chaff.+It%27s+when+he+implements+what+he+calls+his+%22special+sauce.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+%22We+immediately+set+up+our+generous+bonus+program+for+managers%3A+10+percent+of+sales+and+company+car+to+drive.%22+He+says+this+drives+increased+performance.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Rottinghaus+also+believes+the+human+factor+is+significant+when+rebooting+a+unit.+%22We+always+try+to+bring+a+fresh%2C+positive+attitude+to+the+unit+after+takeover.+Get+started+on+the+right+foot.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+That%27s+critical%2C+agrees+Ostrowe.+%22Most+existing+employees+are+waiting+to+see+how+you%27re+going+to+operate.+We+try+to+be+fair+with+them+and+explain+how+this+change+is+going+to+be+good+for+everybody.%22+He+says+the+problem+employees+make+themselves+known+quickly+and+are+dealt+with+accordingly.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Despite+the+enormous+potential+upside+in+taking+over+distressed+units%2C+it+doesn%27t+always+have+a+fairy-tale+ending.+Says+Metz%2C+%22There+have+been+a+couple+of+units+we%27ve+taken+over+that+we+just+haven%27t+been+able+to+fully+turn+around.+Everything+is+in+place+and+it+should+work%2C+but+it+just+hasn%27t.%22%3Cbr+%2F%3E+%3Cbr+%2F%3E+But+he+says+he%27s+not+giving+up+on+them.+%22Our+cost+of+entry+was+so+low%2C+that+we+can+afford+to+keep+working+on+them.+With+a+little+TLC+I%27m+sure+we+can+bring+them+around.%22%3C%2Fp%3E%0D%0A%3Ch2%3ELegal+Analysis%3C%2Fh2%3E%0D%0A%3Cp%3EThinking+of+taking+over+an+underperforming+unit%3F+Franchise+attorney+Lane+Fisher%2C+of+Fisher+%26amp%3B+Zucker+in+Philadelphia%2C+says+you%27d+better+consider+the+following+to+avoid+legal+potholes.%3C%2Fp%3E%0D%0A%3Cul%3E%0D%0A%3Cli%3EVacancy.+Find+out+how+long+the+unit+has+been+closed.+There%27s+a+big+difference+between+a+unit+that%27s+been+closed+for+a+few+weeks+and+one+that%27s+been+shuttered+for+several+months+or+years.+Each+has+its+own%2C+unique+challenges.%3C%2Fli%3E%0D%0A%3Cli%3ECrime.+Were+there+any+crime+or+law+enforcement-related+issues+at+the+unit%3F+Ask+questions+about+the+neighborhood%2C+obtain+police+reports%2C+and+make+every+effort+to+analyze+any+crime+activity+at+the+business+and+in+the+area.+Think+due+diligence.%3C%2Fli%3E%0D%0A%3Cli%3EHealth.+Likewise%2C+check+with+public+health+officials+concerning+any+health-+or+food-related+citations.+In+addition+to+overcoming+a+past+reputation+for+poor+food+quality+and%2For+health+concerns%2C+you+may+have+to+deal+with+liability+issues.%3C%2Fli%3E%0D%0A%3Cli%3ETrademarks.+Beware+of+potential+trademark+infringement.+For+example%2C+says+Fisher%2C+if+you+take+over+a+former+Pizza+Hut+with+its+signature+red+roof%2C+you%27ll+likely+have+to+scrap+the+property%2C+or+at+least+have+the+roof+changed--or+risk+hearing+from+Pizza+Hut%27s+legal+counsel.%3C%2Fli%3E%0D%0A%3Cli%3ELiens.+Research+any+pre-existing+liens.+For+example%2C+with+restaurants%2C+there+could+be+liens+against+some+or+all+of+the+equipment.+Do+your+homework+and+work+with+these+creditors+before+you+make+the+deal.%3C%2Fli%3E%0D%0A%3Cli%3ECritical+vendors.+If+the+unit+you%27re+considering+has+equipment+that+will+need+servicing+or+maintenance%2C+check+with+those+providers+before+you+buy.+They+may+have+had+some+bad+experiences+with+the+previous+owners+and--especially+if+there+is+only+one+authorized+repair+vendor--resolve+any+old+issues+and+get+on+good+terms+with+them.%3C%2Fli%3E%0D%0A%3Cli%3EADA+compliance.+If+you%27re+considering+an+older+property%2C+chances+are+you+may+be+facing+some+renovations+to+comply+with+the+Americans+with+Disabilities+Act+%28ADA%29.+You%27ll+be+looking+at+things+like+adding+wheelchair-accessible+ramps+and+equipping+bathrooms+for+handicapped+individuals.%3C%2Fli%3E%0D%0A%3Cli%3EAlcohol.+A+liquor+license+could+pose+another+obstacle.+Find+out+if+you+can+take+over+the+existing+license+or+if+there+will+be+any+difficulties+in+obtaining+a+new+one.%3C%2Fli%3E%0D%0A%3Cli%3EAsset+sale+or+stock+sale.+Are+you+buying+the+assets+of+the+business+or+the+stock+of+the+company%3F+If+you+buy+the+stock%2C+you+inherit+all+of+the+corporation%27s+liabilities.+Generally%2C+it+is+easier+to+avoid+being+responsible+for+the+prior+business%27s+liabilities+if+you+purchase+the+assets.+Minimizing+the+risk+of+%22successor+liability%22+should+always+be+a+consideration+at+the+forefront+of+any+purchase+of+a+distressed+property.%3C%2Fli%3E%0D%0A%3Cli%3ETransfer+of+leases.+Always+review+the+leases+carefully+to+determine+if+the+seller+has+the+authority+to+assign+the+lease+without+the+lessor%27s+consent.+You+don%27t+want+to+purchase+a+business+and+take+an+assignment+of+the+lease+only+to+find+out+that+the+landlord+or+equipment+lessor+considers+the+assignment+to+be+a+default+under+the+lease.%3C%2Fli%3E%0D%0A%3Cli%3EEnforcement+of+the+agreement+against+the+seller+may+be+difficult.+In+the+agreement+of+sale%2C+the+seller+will+make+promises+about+the+business+and+will+undertake+to+perform+certain+obligations.+Recognize+that+the+buyer+may+not+be+able+to+fulfill+these+obligations+because+of+poor+financial+condition.+This+is+especially+true+in+the+case+of+a+corporate+seller.+Take+steps+to+protect+and+secure+the+seller%27s+performance+of+their+obligations.+These+steps+may+take+the+form+of+an+escrow+agreement%2C+a+personal+guaranty+of+the+seller%27s+owner%2C+or+a+number+of+other+mechanisms.+It+doesn%27t+matter+what+the+seller+promises+if+you+can%27t+enforce+the+promise.%3C%2Fli%3E%0D%0A%3C%2Ful%3E%0D%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E%0D%0A%3Ch2%3EDoor+%231+or+Door+%232%3F%3C%2Fh2%3E%0D%0A%3Cp%3EDistressed+franchise+units+for+sale+typically+come+in+one+of+two+forms%3A+bankruptcy%2C+or+an+existing+owner+scrambling+to+get+out.+There+are+some+distinct+differences+between+the+two+that+buyers+should+know.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Bankruptcy+usually+results+when+all+else+has+failed.+Everyone+is+unhappy+%28previous+unit+owner+who%27s+lost+his+shirt%2C+the+employees+who+have+lost+their+jobs%2C+vendors+and+creditors+who+are+owed+or+have+lost+money%2C+and+finally%2C+the+bank+or+financial+institution+left+holding+the+bag%29.+As+a+result%2C+the+bank+is+eager+to+unload+the+assets.+Swoop+in+at+the+right+time+and+you+can+make+the+deal%2C+and+fast.+But%2C+as+John+Metz+points+out%2C+%22You+still+may+have+to+bid+against+other+buyers.%22+Buying+out+of+bankruptcy+can+also+be+a+more+tidy+procedure+from+a+legal+standpoint+than+buying+from+a+distressed+owner.%3Cbr+%2F%3E+%3Cbr+%2F%3E+Existing+owners+often+try+to+sell+as+a+last+resort+to+avoid+bankruptcy.+It+can+be+a+simple+process%2C+but+beware+of+the+unit%27s+financial+situation%3A+who+is+owed%2C+and+how+much.+Due+diligence+is+essential.+Often+under+this+scenario%2C+the+unit+remains+open+and+employees+are+cautiously+positive+about+potential+changes+for+the+better.+The+seller+is+often+just+glad+to+get+out+and+the+buyer+can+look+like+a+real+hero.%3C%2Fp%3E%0D%0A%3Ch2%3EChecklist+for+Success%3C%2Fh2%3E%0D%0A%3Cp%3EThink+you+have+what+it+takes+to+buy+a+distressed+property+and+turn+it+around%3F+Multi-unit+franchisees+John+Metz+%28Denny%27s%29%2C+David+Ostrowe+%28Burger+King%29%2C+Don+Rottinghaus+%28Subway%29%2C+and+Lyndon+Johnson+%28Church%27s+Chicken%29+gave+us+some+insight+into+how+they+evaluate+deals.+Review+this+checklist+before+you+get+started.%3C%2Fp%3E%0D%0A%3Col%3E%0D%0A%3Cli%3EMystery+shop+the+unit.+There%27s+no+better+way+to+get+a+sense+of+what%27s+right%2C+and+what%27s+wrong%2C+with+the+place.%3C%2Fli%3E%0D%0A%3Cli%3ELook+at+the+market.+%22Does+the+brand+have+relevance+and+a+customer+base+in+that+market%3F%22+asks+Johnson.+Do+the+demographics+still+match+up+with+the+product%3F%3C%2Fli%3E%0D%0A%3Cli%3EIs+it+in+your+%22zone+of+expertise%22%3F+Stay+in+your+field+of+knowledge.+%22I+know+I+can%27t+cut+hair%2C%22+says+Ostrowe%2C+%22so+I+don%27t+look+at+hair+salons.%22%3C%2Fli%3E%0D%0A%3Cli%3EHow+old+is+the+unit%3F+%22This+is+a+long-term+decision+and+you+may+be+in+for+some+serious+renovations%2C%22+says+Johnson.+Unfortunately%2C+sometimes+you+won%27t+know+the+hidden+costs+until+after+the+purchase.%3C%2Fli%3E%0D%0A%3Cli%3EProceed+with+caution.+%22I+once+had+a+guy+try+to+sell+me+a+unit+with+a+burned-out+kitchen%2C%22+says+Rottinghaus.%3C%2Fli%3E%0D%0A%3Cli%3EReview+the+unit%27s+customer+surveys.+You+can+pick+up+critical+data+here.%3C%2Fli%3E%0D%0A%3Cli%3EHow+involved+was+the+previous+owner%2Foperator%3F+%22Did+he+live+in+the+area+or+manage+from+afar%3F%22+asks+Ostrowe.%3C%2Fli%3E%0D%0A%3Cli%3EReview+financials+and+sales+information+whenever+and+wherever+you+can.+%22When+considering+taking+over+a+poor+performer%2C+the+first+thing+I+want+to+know+is+what+are+their+sales%3F%22+says+Ostrowe.%3C%2Fli%3E%0D%0A%3Cli%3EDon%27t+over-leverage+or+bite+off+more+than+you+can+chew.+It%27s+going+to+take+money%2C+people%2C+and+time+to+turn+a+distressed+store+around.+%22We+only+do+one+turnaround+unit+at+a+time%2C%22+says+Metz.%3C%2Fli%3E%0D%0A%3Cli%3EDon%27t+be+afraid+to+walk+away+from+the+deal.+Stick+to+your+price.+%22Determine+what+you+will+pay+and+don%27t+budge%2C%22+says+Johnson.%3C%2Fli%3E%0D%0A%3Cli%3EKeep+all+deals+in+perspective.+%22Don%27t+drink+your+own+Kool-Aid%2C%22+says+Ostrowe.+%22None+of+us+is+invincible.%22+Retain+a+healthy+dose+of+humility.%3C%2Fli%3E%0D%0A%3C%2Fol%3E%0D%0A%3Cp%3E%26nbsp%3B%3C%2Fp%3E
Published: September 28th, 2009

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Multi-Unit Franchisee Magazine: Issue 3, 2009
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