What happens when you combine the pioneering spirit of a dedicated leader with the strategic power of institutional capital? You unlock a framework for sustainable business growth that prioritizes trust, team alignment, and incredible pathways of opportunity.

In this episode of The Owl’s Edge, host Susan Black-Beth sits down with her close friend Omar Simmons, the founder and managing partner of Exaltare Capital Management. Omar shares how his foundational journey began in inner-city Boston, where the deep love of his single mother and the unbreakable bond of his sports peer group—the PCD crew—pushed him to become the first in his family to attend college, leading him directly to Princeton University and Harvard Business School.

They dive deep into Omar's real-world transition into franchising, where he received a battlefield promotion to CEO of a Planet Fitness franchise system amid the pandemic. Omar reveals the specific strategies he used to lead his team through unprecedented operational seasons.

This conversation explores the core mechanics of franchising as a relationship-driven influence game and celebrates how aligning values can build long-term enterprise.

KEY STRATEGIC TAKEAWAYS

• The Pioneering Spirit: Grounding your business journey in a strong support network enables leaders to navigate complex challenges with confidence.

• The Franchise Influence Game: Franchising operates on trust and collaboration rather than top-down employer control, because franchisees are independent partners.

• Scaling the Talent Pool: Utilizing dedicated accelerator models like the Franchise Ascension Initiative infuses fresh, innovative talent into the wider ecosystem.

ACTIONABLE INSIGHTS FOR OPERATORS

• Synchronize Your Growth Objectives: Establish clear definitions of value creation and explicit timeline expectations before entering partnerships with outside capital.

• Maximize Your Local Autonomy: Focus heavily on directly impacting your unit-level KPIs and nurturing your immediate team to drive organic system growth.

• Build Relationship Boundaries: Focus on generating a transparent partnership with your franchisor based on mutual trust rather than relying purely on the legal text of the franchise agreement.

ACTIONABLE INSIGHTS FOR INVESTORS

• Evaluate Leadership Judgment: Underwrite franchise transactions by looking past historical spreadsheets and deeply assessing the operational character and field experience of the team.

• Avoid Unrealistic Growth Pressures: Protect your asset by avoiding the temptation to microwave relationships or force overly aggressive expansion metrics that exceed infrastructure limits.

• Value the Operator’s Stake: Treat franchise owners as vital stakeholders who hold a valid, credible right to protect long-term enterprise value.

GUEST BIO

Omar Simmons is an entrepreneur, executive, and investor with over 30 years of experience across private equity and consumer brands. He is the founder and managing partner of Exaltare Capital Management and has operated successfully on both sides of the franchise desk, notably serving as a multi-unit Planet Fitness franchise CEO. Omar holds a degree from Princeton University and an MBA from Harvard Business School. Alongside his wife, Raynya, he co-founded the Franchise Ascension Initiative accelerator program with IFA to expand business ownership opportunities nationwide.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today.

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

Connect with Omar Simmons
https://exaltarecapital.com/omar-simmons-president/

What happens when a rapid expansion leads to a $100,000 loss in your first year? For Todd Recknagel, that was the moment he truly became a franchisee. Instead of selling a struggling business, he leaned into the "operational trenches," fixed the foundation, and turned a setback into a springboard for a massive career as both a brand leader and investor.

In this episode of The Owl’s Edge, host Susan Black-Beth sits down with Todd to break down the mechanics of "the developer model" and why scaling too fast is the most common trap in franchising. Todd shares the specific, high-stakes lessons he learned while managing three Blimpie locations—insights that now guide his multi-million dollar investments at 320 Capital Group.

Together, they dive into the "sandwich shop math" that every leader needs to master: managing labor hours, theoretical vs. actual inventory costs, and why you must have healthy unit economics before you even think about the next location. This is a conversation about the grit required to move from an operator with a job to a leader with a legacy.

KEY STRATEGIC TAKEAWAYS

• The "Fixer" Mindset: Why deciding to solve an operational problem rather than exiting is the ultimate turning point for any entrepreneur.

• The Unit Economics Rule: Scaling a sick unit only creates a sick system. Todd explains why your first three locations must be profitable and stable before moving into the developer model.

• Managing the Margins: A deep dive into the two largest levers in a franchise—labor efficiency and inventory control. If you can’t manage a food cost percentage, you can’t manage a brand.

• The Developer Model vs. The Operator Model: Understanding who this model is for (those who want to build systems) and why it works (leverage and professional management).

• PE with a Soul: Advice for Private Equity groups on why respecting the unit-level reality is the only way to ensure a successful exit.

ACTIONABLE INSIGHTS FOR OPERATORS

• Audit Your Hours: Look at labor not just as a cost, but as an efficiency metric. Are you overstaffed during lulls or understaffed during peaks?

• Master the First Three: Focus on making your first three units bulletproof before looking at your next territory.

ACTIONABLE INSIGHTS FOR INVESTORS

• Look at the Trenches: When evaluating a franchise investment, look past the high-level EBITDA and examine the unit-level labor and inventory management.

• The Operator’s Advantage: Prioritize partnerships with leaders who have "operator's soul"—those who have felt the weight of a personal guarantee and understand the daily reality of the staff.

GUEST BIO Todd Recknagel is a seasoned entrepreneur, CEO, and investor with over 30 years of experience in the franchising sector. After starting as a multi-unit Blimpie franchisee, Todd ascended to the franchisor side as CEO of Mr. Handyman, and has since partnered with premier private equity groups as a co-investor. Today, as a Managing Partner at 320 Capital Group, Todd utilizes his "front-line" experience to invest in middle-market franchise companies. He currently serves on the boards of PCRK Group (Massage Envy), Salon Freedom (Sola Salons), and Office Pride, where he continues to advocate for the power of healthy unit economics and strong leadership culture.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today.

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

Connect with Todd Recknagel
https://www.three20group.com/

The franchisors who scale sustainably aren't the ones who sell the most units. They're the ones who adjust pace when systems and processes are starting to break.

In this episode, Susan sits down with James Young, one of franchising's most quietly remarkable operators, for a conversation that pulls no punches on what actually builds an enduring franchise system and what happens when leaders stop paying attention to important signals.

James has lived both sides of the franchise-growth equation. He scaled a telecom franchise to 120 units in 15 months only to watch its parent company go bankrupt. That education sent him to Spring Green Enterprises, where he eventually became president, grew the business to over $120 million in systemwide sales, and helped architect one of the cleanest family succession stories in the industry while building one of the most sophisticated marketing and data engines in home services franchising.

The conversation covers what actually matters. James breaks down why unit level economics sound great in a diligence meeting but fall apart when franchisees lack the financial infrastructure to produce clean data, and why smart operators know the difference between awarding a franchise and selling one. That distinction, more than almost anything else, determines whether you're building something enduring or just collecting fees.

They also dig into the role of company-owned units as sources of innovation, the dangerous gap between the promise and reality of semi-absentee ownership, and why James is watching the family office space more closely than traditional PE when it comes to franchise investing longevity.

Key Themes

Why data quality matters and how it impacts growth, valuation, and decision-making

The difference between selling and awarding a franchise

How franchise fees and broker models can affect long-term unit success

Why company-owned units are key considerations for testing and protecting the system

The realities and risks behind semi-absentee ownership

How thoughtful succession planning supports long-term stability

FOR OPERATORS (Franchisors & Franchisees):

Why focusing on awarding the right partners is the key to growth

How to stay grounded in the financial realities of managing franchisees

Why you want to test and refine new ideas before scaling changes

FOR INVESTORS (Private Equity, Family Offices, Independent Sponsors):

Why you need to look beyond surface-level metrics and understand how the data is built

A key metric to evaluate growth with operator success

How investing in systems with strong foundations is better that fast expansion

Guest Bio:

James Young is a seasoned franchise executive with decades of experience across franchise development, operations, and multi-brand leadership. He has played a key role in scaling franchise systems within the home services space, including leadership positions with Spring-Green Lawn Care and Pet Butler.

Known for his practical, operator-first approach, James brings deep expertise in unit-level economics, franchise growth strategy, and building infrastructure that supports long-term success. His leadership focuses on aligning strategy with real-world execution, ensuring both franchisors and franchisees are positioned to grow sustainably.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today.

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

Connect with James Young

https://www.linkedin.com/in/jyoungfranexec/

What happens when you combine the discipline of a CFO with the people-first reality of franchise operations?

You get a leadership style that uses data as a tool for clarity, alignment, and real profitability.

In this episode, host Susan Black-Beth sits down with Stellar Service Brands CEO Jessica Wescott to talk about what it really looks like to step into the visionary seat while staying grounded in strong unit economics.

Drawing from their history working together, they explore how to scale with intention, lead with clarity, and keep franchisees at the center of every decision.

Jessica shares insights from her journey through brands like Fuzzy’s Taco Shop and Mooyah Burgers, Fries & Shakes, and how those experiences shaped her approach to leadership, blending analytical thinking with real empathy for operators in the field.

Together, they break down how to build systems that support growth, create alignment across brands, and use data in a way that empowers people at every level.

Key Themes:

• Why understanding the “why” behind the numbers strengthens leadership
• How a focus on unit economics drives long-term, sustainable growth
• What it takes to maintain brand consistency while honoring each brand’s unique identity
• How transparency with data builds trust and confidence across a franchise system

For Operators (Franchisors & Franchisees):

• Know your numbers and use them to guide confident decisions
• Communicate the vision clearly and consistently so your team can move with you

For Investors (Private Equity, Family Offices, Independent Sponsors):

• Look for leaders who connect financial performance to real-world operations
• Support thoughtful, well-paced growth backed by strong infrastructure

GUEST BIO

Jessica Wescott is the Chief Executive Officer of Stellar Service Brands, where she leads the strategic growth and operational improvements of a multi-brand home services platform. She previously served as the company’s Chief Operating Officer and Chief Financial Officer. Prior to Stellar, Ms. Wescott built an extensive career in franchising, holding key leadership and finance roles at brands like Fuzzy's Taco Shop and Mooyah Burgers, Fries and Shakes.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today.

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

Connect with Jessica Wescott

Jessica Wescott | LinkedIn

How can leaning into the human element of franchising actually lead to more disciplined growth and better investment returns?

Host Susan Black-Beth welcomes her pal Christina Russell, a leader who has navigated nearly every corner of the franchise world - from multi-unit franchisee to CEO of some of the industry's most influential service brands.

Christina shares how her journey through brands like Radiance Holdings, Pure Barre, and Camp Bow Wow taught her that while smart technology is helpful, it can never replace the high-touch, relational nature of service-based franchising.

Drawing from their collective decades of experience, Susan and Christina discuss the importance of risk mitigation - both in business and in life - and why the most successful leaders are those who stay grounded in their non-negotiables.

Key Themes Include:

• Why a brand’s mission doesn’t matter if the unit economics don't work.

• Why sitting in a room, breaking bread, and looking at KPI reports together creates a magical level of insight that Zoom calls and emails simply cannot replicate.

• Understanding why private equity firms often panic in the first year and why taking a beat to right the ship is better than rushing to install a new team.

• Worries, Wins, and Words: A simple, high-impact framework for executive listening that ensures leaders are hearing what is actually happening in the field.

Practical Insights:

For Operators (Franchisors & Franchisees)

• Identify Your Non-Negotiables: Be intentional about how your time is structured so your work doesn’t suck up the moments that matter most.

• Focus on Consistency: The health of a brand is found in its performance variance. Look for consistency in how units ramp up and perform across the entire system, not just the top 10%.

For Investors (Private Equity, Family Offices, Independent Sponsors)

• Ask About the Fails: When vetting a brand, ask what the biggest franchisee failure was. If the franchisor only blames the franchisee, it’s a red flag.

• Respect the Analog Process: Encourage your executive teams to get into the field. The most important decisions roll up from the people who are actually sitting in the offices and operating the units.

GUEST BIO

Christina Russell is a board director and former multi-brand franchise CEO with more than 20 years of experience scaling consumer services platforms and leading private-equity-backed growth strategies. She currently serves on the board of Scenthound and the board of the International Franchise Association Foundation.

Ms. Russell was previously Co-Founder and Chief Executive Officer of Radiance Holdings, a private-equity-backed beauty and wellness platform built in partnership with PNC Riverarch and successfully sold to TSG Consumer Partners. She has also served as CEO of Sola Salon Studios and Pure Barre and as President of Camp Bow Wow.

Ms. Russell holds an MBA from the University of South Florida and is a Certified Franchise Executive.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today. @AuspiciousOwlGroup

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

Connect with Christina Russell

https://www.linkedin.com/in/christinakayrussell/

Learn More About IFA Foundation’s Franchise Ascension Initiative:

https://pages.franchise.org/ifa-franchise-ascension-initiative/

How can a franchisee maintain the same level of quality and connection when scaling from a single location to being a multi-unit, multi-brand operator (MUMBO)?

In this episode of Owl’s Edge podcast, host Susan Black-Beth sits down with Mitch Cohen, a franchise veteran who has lived the journey from the inside for nearly forty years. From his start as a Baskin Robbins franchisee to scaling into multi-unit, multi-brand operations with brands like Dunkin’ and Jersey Mike’s, Mitch shares the hard-earned wisdom of what it takes to grow.

Susan and Mitch discuss the reality of operational excellence, why the guest doesn’t care how many stores you own, and why your biggest investment must always be in your people.

Key Themes Include:

• Why walking the floor is the most important data point for a multi-unit operator

• How to ensure the guest experience remains consistent whether you own one store or fifty

• Learn the 1% difference that separates a surviving system from a thriving one

• Why investment in people and training precede the desire for rapid expansion

Practical Insights for Success

For Operators (Franchisors & Franchisees)

• Focus on Local Store Marketing: The most successful operators are those who are deeply involved in their local communities and build relationships at the neighborhood level.

• Shift from Managing to Leading: You have to move from being the one doing the work to the one empowering and training others to do the work at a high level.

For Investors (Private Equity, Family Offices, Independent Sponsors)

• Look for Operator-Led Expertise: When evaluating a brand, seek out advisors who have lived it and understand the nuances of unit-level economics and franchisee relations.

• Assess the Health of the Support System: Ensure the franchisor is reinvesting in the tools and training necessary for multi-unit operators to succeed.

ABOUT MITCH COHEN:

Mitch Cohen is someone who has lived the franchise journey from the inside for nearly four decades. Mitch began as a Baskin-Robbins franchisee, eventually becoming one of the first operators to scale into a multi-unit, multi-brand Dunkin’ and Baskin-Robbins franchisee in New York. Today Mitch operates Jersey Mike’s locations on Long Island, is developing Sola Salon Suites, and is a founding partner at PerforMax Franchisee Advisors, where he and his business partners support brands and franchisees in building healthier systems. Mitch serves on the board of the International Franchise Association and is the Chairman of the 2026 Multi-Unit Franchise Conference.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today. @AuspiciousOwlGroup

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

Connect with Mitch Cohen on LinkedIn

Mitch Cohen | LinkedIn

Do you want a practical competitive advantage for your franchise system? This is a mini masterclass from host Susan Black-Beth who shares actionable steps for anyone working in the franchise world to gain that edge.

After interviewing industry leaders Doc Cohen, Liberty Bernal, Greg Nathan, and Mike Isakson, Susan identified four recurring themes that transcend different backgrounds and roles.

Whether you are a private equity investor, a franchisor, or a multi-unit operator, Susan shares these insights as a compass for navigating the complexities of the franchise relationship.

She breaks down why the most successful transitions in franchising require more than just financial capital—they require a deep understanding of human behavior, the fragility of culture, and the necessity of trust.

Key Themes:

• Why trust is the ultimate multiplier for speed and success in your franchise system

• Learn the value of being kind vs being nice as a business owner

• How to actually describe your business culture. Hint: It’s NOT what is written on a mission statement

• Why you can’t grow your franchise without appropriate support systems

Practical Insights for Success

• Why learning that behind every role in the franchise world is a human being and how they actually make you successful.

• The importance of having important industry discussions beyond the closed doors of a boardroom

• Learn why true franchise success is driven by the strength and trust in the partnership.

HOST BIO

Susan Black-Beth is the founder and managing partner of Auspicious Owl Group. With over 30 years of experience in the franchise industry, she has served as a franchisor, a franchisee, and a private equity operating partner. Susan is a past chair of the International Franchise Association (IFA) and is dedicated to solving the "translation problem" between capital and operations. Through The Owl’s Edge, she brings her unique perspective as a "translation bridge" to help franchise stakeholders influence better outcomes and build lasting legacy brands.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway!

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today @AuspiciousOwlGroup

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn

https://www.linkedin.com/in/susan-e-blackbeth/

How can Private Equity investors move past the spreadsheet and better understand the real-life stakes of their franchise partners?

In this episode of Owl’s Edge Podcast, host Susan Black-Beth sits down with industry veteran Michael Isakson, the former President and COO of ServiceMaster Franchise Services Group.

Having led a system of 5,000 units across 34 countries, Mike explains why the most successful business transitions to private equity require more than just financial capital. They require relationship capital.

Drawing from Mike’s experience overseeing $2 Billion in revenue and Susan’s 30 years in the franchise industry, they explore how to keep the core values of a franchise brand alive when big checks and big decisions start moving from individuals to public boards to private equity groups.

Key Themes Include:

• Why recognizing that a franchisee’s investment represents real-life sacrifices, like selling a beloved motorcycle, is the foundation for mutual respect.

• How the focused environment of private equity can create immense wealth for families while requiring a heightened level of servant leadership.

• Why engagement - measured through conference attendance, awards, and participation - is a critical leading indicator of a franchise system’s long-term health.

Practical Insights for Success

For Operators (Franchisors & Franchisees)

• Success comes to those who engage. Don't just pay your fees; attend the conferences, win the awards, and involve yourself in the community to maximize your investment.

• Recognize that private equity ownership brings a specific discipline to data that can be used to improve unit-level profitability.

For Investors (Private Equity, Family Offices, Independent Sponsors)

• Understand that the capital provided by a franchisee often represents their life savings or a significant personal sacrifice.

• Don't just look at the spreadsheet. Start a discussion on how to weigh and measure franchisee engagement as a primary performance indicator.

Guest Bio: Michael Isakson is the former President and CEO of ServiceMaster Franchise Services Group, where he oversaw iconic brands including ServiceMaster Clean, Merry Maids, Furniture Medic, and Ameritech. During his tenure, he led a system of 5,000 franchisees generating $2 billion in annual revenue across 34 countries. A past Chairman of the International Franchise Association (IFA), Mike has served as a private equity operating partner, a board member, and an investor. He is a recipient of the IFA’s Hall of Fame Award and is widely regarded as a champion of servant leadership within the global franchise community.

Support Owl’s Edge Podcast:

Hit the subscribe button, follow the show, and leave a comment with your biggest takeaway! @AuspiciousOwlGroup

If you know a franchise owner/operator or an investor who is seeking their business “Edge,” share this episode with them today.

Show Notes:

Follow Auspicious Owl Group on LinkedIn

https://www.linkedin.com/company/auspicious-owl-group/

Connect with Susan Black-Beth on LinkedIn
https://www.linkedin.com/in/susan-e-blackbeth/