independent restaurant consolidation

91% of full-service restaurants in America are independently owned. 1-4 locations, Mom-and-Pop, neighborhood spots. 71% of all revenue — $370B of $522 billion total — is generated from those same independent businesses. As PE (Private Equity) Guy Johnny Hilbrant Partridge would say -- that's substantial!

In every other fragmented sector, consolidation has already happened: dentistry, veterinary clinics, home services, car washes. Someone figured out that buying independents, adding shared services, and running them better at scale can create enormous value. Independent restaurants? Almost untouched by institutional capital.

Why? Because most financial buyers have no idea how to run a restaurant. And most restaurant people have no interest in dealing with financial buyers.

The few who are willing and able to bridge that gap are sitting on one of the most interesting opportunities in small business today.