At a recent franchise event, two brands presented nearly identical revenue numbers. One claimed 15% EBITDA margins. The other claimed 35% EBITDA margins. That's a massive difference. So who's right? In this episode of Franchise Secrets, I sit down with Kristin Brindley, multi-unit franchisee and seasoned entrepreneur, to break down: -Why EBITDA claims can be misleading -How franchisors actually make money -The retail vs wholesale pricing trap -Why industry research matters more than brand research -How to validate margins before investing -What serious buyers do that amateurs skip If you're evaluating a franchise opportunity, this conversation could save you six figures — or more. 👉 Before you buy a franchise, do your homework on the industry, not just the brand. Timestamps: 00:00 Why Industry Research Is So Important 02:04 Kristin Brindley's Origin Story (Cutco → 7 Franchises) 06:38 Built vs. Acquired: Growing to 7 Units Fast 13:22 AI, Automation & Virtual Assistants at Scale 20:17 Buying Criteria: What Makes a Business Attractive 31:29 "Systems, Not Heroics" — The Roll-Up Philosophy 39:05 15% vs 35% EBITDA — Who's Right? 40:44 The Retail vs Wholesale Margin Trap 49:44 Saving Hundreds of Thousands (Tax Strategy Breakdown) 54:16 From Franchisee to Portfolio CEO Connect with Erik Van Horn: 🌐 Website - https://franchisesecrets.com/ 📷 Instagram - https://www.instagram.com/erikvanhorn/ 👍 Facebook - https://www.facebook.com/erik.v.horn/ 💼 LinkedIn - https://www.linkedin.com/in/evanhorn/ Best Franchise Starter Playlist: https://youtube.com/playlist?list=PLEEithd54kMlgRgsBAo4LWNCMSOthnK0r&si=TD1z25-ie2d23rGm https://youtube.com/playlist?list=PLEEithd54kMle5_OUXiuLbc_UPBtz1vTE&si=uCOgDya1VnnCarDf https://youtube.com/playlist?list=PLEEithd54kMk2Kw07KwZGWgF8UTx9N5_T&si=ZldjBOqFanGE-JUL #Franchising #EBITDA #Acquisitions