Inside a $4.85M Trampoline Park Franchise in Texas
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Some of the hottest opportunities in this space, youth enrichment space, are the ones that offer the same service. The fact that they started in 2019 made this a pretty tough venture for them. It's not the easiest kind of business to run, to be an owner of. This person has done the kind of hard work, you know, and I think this market is not fully saturated, but it certainly seems like it's kind of maturing. Full set acquisitions and honors.

Another episode of Accumulation Monologues. We don't have 100% beer anymore. Thumbs down on just the Plus Inventory alone.

Hey everybody, welcome back to another episode of Acquisitions Anonymous. I'm Mills Snell, one of your co-hosts. Me, Heather are joined by a guest today, Connor Gross. Connor has been on the podcast before. He brings a great perspective when it comes to franchising and multi-unit businesses. He's got a deep background in it from a bunch of different sectors. And he brings a deal today that is a trampoline kind of family fun park in Texas.

We talk about franchisee dynamics. We talk about buy versus build on a business like this, where there is kind of some sunk cost and some upfit required for these types of spaces. They are transferable, but there is some switching costs associated with it. We talk about

the lending dynamic for a business like this, what type of buyer makes sense for this, some other things in this kind of segment, youth enrichment. Connor brings a great term today about basis biased. The sunk cost that a seller has in the franchise is known across the board. It's listed in the FDD. So there's a lot of new things that we cover on this. We've talked about some adjacent things and similar things before, but we cover some fresh ground with Connor.

Hope you enjoy. Stick around after a quick word from our sponsor. Are you ready to take a leap into business ownership, but you don't know where to start? Well, look no further than Acquisition Lab, the premier resource for entrepreneurs seeking to buy their dream business. Founded by Harvard MBA and acquisition expert Walker Dybul, the lab is your fast track to success in the search, diligence, and acquisition process. With hands-on support, world-class resources, and a community of like-minded entrepreneurs, Acquisition Lab gives you the tools and confidence to navigate every step of the journey.

Hey, everybody. Good morning. Welcome back to another episode of Acquisitions Anonymous.

Connor Gross is with us today. Connor, you've been on a couple of times and you always bring a great perspective, especially to the franchise world. For those of you who maybe haven't listened to previous episodes, give us a quick background on you, Connor, and how you got into the multi-unit space.

space? Sure. Yeah. I've been in franchising for about six years now, a little longer than that, if you don't count when I was working for another group. But I was working for a boutique fitness ownership group in franchising and then ended up partnering with those owners to open a home service franchise in 2019. And then in 2022, got into a separate franchise in the waste management space and have done some

acquisitions there. And that that led me down the road, you know, becoming a franchise consultant as well. So that's the bulk of what I do now is just helping people that are looking to get into franchising, but I don't know where to start. I just help them source opportunities, evaluate them, and then, you know, if necessary, get connected with lenders and other providers that can help. You've touched like all the great segments of franchising except food service, it sounds like. Is that is that calculated?

Somewhat. I think that food catches a lot of flack online without talking about the advantages of why food has been so successful and so scalable. In my mind, I think the scalability of food is paramount.

the main advantage of it. And it's just like, frankly, for me right now, like I don't have the capital to deploy to really get to that level of scale, but you're still and get that advantage, but you're still incurring like all of the disadvantages that come with the food business. And it's the same for most of the people that I work with, you know, that are looking to deploy between a hundred thousand and 5 million in capital. Um, so I just try to be aware about, you know, the lane, uh, where we can compete and win. And for me right now, that's not the food business.

We talked about a few episodes ago, I think it was like five locations of fazoles. So it's just it's amazing what's out there, you know, and especially in the franchising world, food or not. So you brought a you brought a deal today and I'll pull it up on the screen. We've talked about some of these before, but this one you're going to bring a really helpful perspective on. You want to read it, Connor?

Yeah, that sounds great. So the heading here says leading adventure park franchise, strong turnaround, prime market. I'll be interested to hear what strong turnaround means. So the asking price here is $4.85 million. They disclose about $2.7 million in gross revenue, $774K of cash flow.

$7,000 of inventory. They pay about $31,000 a month in rent, and they have $135,000 in FF&E. It's actually a lot lower than I would expect, and it's been established since 2019. So the description is, step into a high-profit adventure park franchise with a spacious 31,000-square-foot footprint.

Boasting a stellar gross profit margin and a strong turnaround, this gem offers untrapped growth potential through diverse income streams and synergy with a growing portfolio of child-focused brands. With season management in place, including a GM with over five years of tenure, this turnaround opportunity is primed for expansion. Contact us for more details on this exciting opportunity.

It says the reason for selling is other business interests and confirming that this is an established franchise. So we really don't have a lot to work with here, but I just think the space is really interesting and it'll be interesting to talk about this industry in general and who it may be a good fit for. It says too in the heading that this is in Texas, but they don't tell us anything else about where in Texas. Yeah, I'm curious about the turnaround part. Like, is it that they have already turned it around? Yeah.

I can't tell, you know. It seems like a poor word to use in the headline for any business that is being listed. I question, you know, anybody that would do that and then not tell us anything more about it. So it just leaves us with negative. I mean, the numbers don't suck. So I'm going to assume that this is on the back end of a turnaround, which is one thing. I mean, I think that the multiple is asking multiple is high and we could talk about that. But just on a sheer like revenue and

profitability basis. There's nothing about that that screams, you know, turn around to me. Maybe post COVID is maybe what they're hinting at. You know, it was shut down for a bit and now it's open maybe, but it was established in 2019. Okay. That there's a hint there. That's a bad, that would be a bad year to start this business. Yeah. You get your feet under you and then they get completely swept out. Yeah.

Yeah. Okay. Connor, are there, are there, you know, I think about in any business, especially when you're talking about franchising, kind of the franchise versus non-franchise dynamic and where the kind of pros and cons are. I am familiar with, I think just some of the names on the franchise side for these kind of family fun centers, trampoline parks, you know, these types of things. Are there, you know,

Are there big dominant players or is it majority mom and pop? Like, do you have any idea of the landscape for these? Yeah. So there are several big dominant players, some of which are franchises and some of which are not franchises. I'm not as familiar with the mom and pop side of things. I'm sure that there are. But I don't know as far as like how much market share the franchise versus non-franchise brands have in this space.

And I think in some industries it matters, right? Like, you know, where you have really, really big name recognition nationally, you know, especially maybe in services more than, and I mean, food also, but, um, you

We talked about two men in a truck before we hit record. There's some brand value there where you might be moving from California to North Carolina and you know the name and so you make the phone call. And it may be that trampoline parks and family fun centers, you do have some of that brand awareness and value versus a mom and pop. Yeah. And they mentioned in the description that this is a part of a growth of this.

they say a growing portfolio of child focused brands. And basically what that means to me is that they, it's a part of it. It's an umbrella company that owns multiple franchise brands, all in the child, you know, youth enrichment space. And so part of the value that they're proposing there is that there will be some kind of, you know, cross-selling synergy between those, even if you don't own those other franchises. We've talked about some of those in the past. I think we looked at a, like a swim franchise,

It was like a swim lesson, I think, or like, you know, teacher gets how to swim. And I think it was in like a strip mall, which I thought was fascinating that somebody installed pool in ground pools, you know, in a strip center. But what what is the landscape right now of, you know, youth enrichment? Like I've seen some soccer, you know, coaching ones, these family fun centers. What's out there kind of in this landscape?

Yeah, well, so the pool ones, some of those performed really, really well. And then they're getting crushed right now because basically when you build a pool in a leased space, the landlord knows that you've built a pool in their space and they know your switching cost of picking up that pool and taking it to another space. And they're using that to their advantage as these five to 10 year lease terms are coming due. So really just based on what I'm seeing right now, some of the

hottest opportunities in this space, youth enrichment space are the ones that offer the same service, whether that be swim lessons or soccer or whatever, but they have a creative solution to where they're not needing that facility and that expense. So, you know, in the swim lesson example, there are some, some cool brands that are again doing, it's the same business, but they're partnering with hotels and gyms and, you know, universities and places like that so that they don't have that same overhead. Yeah.

But, but yeah, and that's not to say that something like this can't work because this is a different business. I mean, this is just a warehouse, right? You could, you know, the switching cost isn't nearly what it would be the moving cost rather as a pool, because presumably you can pack all this equipment up and take it elsewhere. And location really doesn't matter as much. I don't know if y'all have been to any of these, but some of these are in

some sketchy parts of town. And because it's a destination that you're going, you're driving just for this, you don't need to be in a high traffic strip mall for that. So that's an interesting piece of this that I, you know, is important. Do they move very often though? I guess I'm thinking of the ones that are sort of established around me and I've never seen one of them move. You know, they've, they've stayed where they are. I,

You know, I think maybe once you've got the location established, it might be a little hard to move or a little scary to move because your customers might not be able to find you. But I get your point. Otherwise, it's not expensive to move. Yeah, I'm talking about that more of as a, you know, if you're negotiating with a landlord at the end of a lease, you know, but I don't know.

I have four kids and I am a membership holder of one of these. And the pricing strategy was so interesting. And my kids are between six and 11. I think we've had this membership for like four or five years. And we used to use it a lot more in the beginning. I told my wife, I'm pretty sure that, you know, even when our kids are in college, we somehow signed like a contract where we're never going to be able to get out of this thing because it was so cheap when they first opened.

But I think they just had to get to that critical mass. But I want to say it was like $10 per kid per month. And you could come every day for like two hours. But it costs like $12 per kid to come once, you know, kind of thing. And so...

We, my kids are homeschooled. So they would go meet other homeschool kids for like an outing and an activity on like a Tuesday at, you know, 1030 AM. And there's nobody in the place. These are like a godsend when it comes to, you need an outing with the kids, especially if it's raining, they host birthday parties. Like it seems like they do like maybe some school fundraisers. They've, you know, tried to find ways to get like the, you know, the roller skating rink used to be when I was growing up, like,

have a PTO night or whatever, raise some money and just try and get, you know, 200 people in the place. And it's really, it's really making some cashflow at that point. Yeah. My understanding of kind of like the sales funnel of this business is that they really drive events as a, first of all, cause that's a, they're high ticket. So you're getting more revenue up front, but yeah,

You know, if you can drive events, get people in the door for a birthday party, you know, they make you sign the liability waiver that also, you know, you have to enter your contact information, then you're in their funnel. And so if they can drive events, then that's where they try to drive you into memberships. And, you know, that is a key variable that we don't know here is how much of that revenue is membership recurring versus how much is non-recurring.

Because I think that where this business can get exciting is if you have enough of that recurring revenue to cover all or part of your operating costs. And then the high ticket non-recurring stuff is just, you know, is more or less gravy. That's where this gets exciting. Up until that point, though, it gets a little bit scary if you're relying on all of those birthday parties on Saturdays and, you know, you're burning cash the rest of the week. That's that I think would be a little bit a little bit scary.

Why do we think they're selling after only six years? I have my thoughts, but I think the fact that they started in 2019 made this a pretty tough venture for them.

And I do think some of what we're talking about, you know, how how much of the revenue is dependent on Saturdays and Sundays. You know, I think it's not the easiest kind of business to run to be an owner of. It's my guess. Yeah. And they mentioned down in the bottom, they have 37 employees, which I would think that you have a lot of like maybe, you know, high school and college age students who are bulking up staff.

on, you know, maybe Friday afternoon or on like a holiday weekend and then over like Saturdays and Sundays. But I'm thinking that the majority of the time, you know,

there's not a lot of activity. You know, the capacity utilization is very bulky on those kind of prime time. My son's first job was in one of these and he was a high school student. Yeah. I mean, I, you know, I think about it. If I had started this business in 2019, my guess, I don't know this for a fact, my guess is this costs somewhere between 2 million and 3.5 million to start. So they have been through the ringer from thinking that they were going to lose that amount of money to

to now thinking that somebody might pay them $4.9 million for it, and it makes $775K a year, I think if I owned that business, I would probably be looking at selling too, if that's what I thought I could get for it. Now, I don't think they're going to get that personally. Honestly, this description doesn't even read like something that's brokered. It looks like it is. But that may be the thing here, is they're just throwing this out here with a 6X multiple. Let's just see if anybody bites at it.

could be a possibility. Right. A listing that is really more based on the seller's economics, uh, over the last few years, then the market value of the cashflow. And I think that's just something that is hard for so many buyers. They see so many listings that are overpriced from a financial perspective. Uh, maybe it makes sense from the seller's math, but it doesn't make sense from a buyer's math. And, uh, this is just one more example of that. You know, I

I don't know what the right multiple is, but to me, something like this, it's a four or below, right? It can't be, it certainly can't be above a four. Yeah, we see that a lot, I think, specifically in franchising. It's amplified that like basis bias because the basis in a franchise is disclosed in the FTD. So you can go and see how much it costs to start. And so a lot of, you know, franchisees have this, um,

Just their expectations are anchored as we're taking that number that it costs to start just marking it up, irrespective of how the business is performing financially. And that can make it really tricky to align on price and terms sometimes if those numbers are close. I never thought of that basis bias. And I didn't realize, you know, that's a different perspective in franchising. We can actually know it, whereas in everything else we don't necessarily.

Right. I'm thinking, too, that, you know, they took on some debt, you know, associated with the sunk cost of the trampolines. And it looks like, you know, I don't know if this is a stock photo or not, but there's like a ball pit or a foam pit and, you know, these kind of cages and stuff like that.

They probably borrowed some money for their upfront franchise fees and all that kind of stuff, but then also the equipment, this FF&E, which they're listing at $135,000. That seems low to me, but this picture doesn't make the place look that big, but they say 31,000 square feet. Yeah.

My thought is that they also are probably factoring for, you know, the basis bias, which I really like that term too. And then also, you know, I've got to pay down my debt and then I want to walk away with something. And so you start layering all those things on top of it. And, you know, it just feels a little, yeah, it feels a little thin. I want to go back because I think that you both hit on like the, you know, the staffing of this is a lot of high school and college age students, right?

Heather, I think you mentioned it sounds like a difficult business to run because of the Saturday revenue, and I get that. But I kind of have the opposite gut reaction to where this doesn't sound like as challenging of a business to run to me and to staff. I get that you're dealing with a lot of fragmentation as far as your staff is concerned, but-

I don't know, to me, Mills, you think it's easier to get somebody to say, hey, let's come jump on a trampoline. Then let's go roof a roof, a house in the middle. I was like, yeah, as you started to say that, I was thinking, you know, we we start at 5 a.m. right now and then it gets earlier in the summer. So, yeah. And, you know, we work six days a week and it's hard to get people to show up. So, yeah, I think I think I think you're right. I think there are some pros to this.

you would just kind of have to, we talk like, I feel like every episode we come back to buy our business fit. And I don't know that, I don't know that this is one of those things that you like, maybe if you own like a soccer franchise or something and you're used to, you know, what feels like perpetual demand in youth services, um, or kind of like youth enrichment, like you said, maybe you feel more comfortable with this. Um,

My question always, every single franchise that I come across is why hasn't an existing franchisee picked this up? Connor, you're in this space. Like, does that, I feel like that would just always be, not even in the back of my mind, but the forefront of my mind. Like somebody, five people have probably already passed on this and now I'm looking at it.

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Yeah, correct. And again, this could be what you would call in basketball a heat check where you've hit six shots in a row and you're going to throw one up and see if it goes in. Again, if they're asking 6X for that, that may be what this is. And the reality is that a lot of franchisees that have looked at this in past, it's because they don't think that it's worth 6X or they may just not have the capital to invest 6X in it. So that's what this could be.

It's just a pricing thing. But if not, then yeah, you would definitely, you always want to understand that to your point of why have the people who are, who know the business better than I do and who are a lot of times are in a better position to create value than I am because they already have a team, they already have infrastructure in place. Why have they passed over that? And yeah, you have to get the, you know, some clarity around that before you move forward with a franchise acquisition when you're not a franchisee. Yeah.

Is this the kind of franchise where you see multi-unit owners a lot? I mean, I know for sure in food you do, but is that still the case here where the, you know, the density might not be as much? These things may be further apart from each other?

It is with the caveat that these are expensive to open, you know, so really who I think this makes sense for and Mills, you're spot on because a lot of the people that I know that have gotten into these kinds of franchises have come from, you know, there were and still are like a lot of like school franchises or early childhood education franchises that are also in the youth space. They're also online.

pretty expensive to build out. And so that archetype of an individual, that is who I've seen gravitate towards this. But that's the thing, Heather, about multi-unit is if there's somebody that has $3 million of capital, for example,

That person, if they were looking to get into a franchise that costs like, you know, 600,000 to start or whatever, that's where they would be looking at like, hey, maybe taking that 3 million, five or six units and they're going multi-unit or in something like this, they would say,

I'm going to take the same amount of capital and only do one unit. I actually like that for that kind of an individual because if you have, let's say all things considered and it's like, okay, I could open four franchises that are going to make 200K a year or one that's going to make 800K a year.

Even if the financials are the exact same, I like the idea of driving more of that profitability out of the same four walls, all things considered. I'm thinking too about the buy versus build dynamic here. The franchisor of this particular franchise would probably not let you go open one up a mile down the road, but you

you could go to another franchise, you know, and as another system and probably open one up, assuming that it's not saturated, but I don't think that it's kind of unique and proprietary enough that you're going to be prohibited from finding another, you know, option. Um, how do you think Connor about the kind of buy versus build for something like this, where they, they do have kind of like a restaurant, you know, they've got a lot of up, up front kind of upfit related costs. Um,

we don't really know about their lease i don't think they said anything about when it expires but you got to think if they're six years in um you know they hopefully they've already had a renewal and they have like five to ten more years left on the lease

I honestly think the buy versus build calculus comes down to how that revenue is split between memberships and the non-recurring stuff. Because if it's already to a point that it's like, you know, they have enough membership revenue coming in to outrun all or part of their operating costs. I mean, to me, that is the key inflection point in a business like this. So I do think that there's value and, you know, in paying to acquire something that's already past that inflection point and there's value

goodwill to be had there. If it's not, that's where I think that you would call into question, hey, am I really, is this worth $2 million, $3 million plus really in goodwill over what it would cost to go out and start this on my own? The other thing I think about with these is there's, I think I watched it in some of the premium fitness

where they came in, you know, they spent the money opening the stores. They did the hard work of growing the membership base, which is all membership, you know, for like the orange theories and the, you know, the different spin ones and the like all the different, you know, now I think a lot of them are like,

Is it Hotworks is one of the big ones right now that's like a yoga and sauna type place. We have one that just got announced. But they do the hard work of getting the membership up. And then an aggregator comes along and is like, I'll pay you for the last three years of the installed base that you've created.

And I'm mindful of like where these concepts are in kind of their life cycle. This person has done the kind of hard work, you know, and I think this market is not fully saturated, but it certainly seems like it's kind of maturing. These aren't, you know, this isn't 10 years ago when nobody had heard of a trampoline park like this before. How do you think about, Connor, like the maturity of people?

the kind of brand and the maturity of the concept unit count of number of franchisees and like where, where that, you know, you don't want to be the first franchisee and you probably are, you know,

it's probably a highly competitive market if you're the, you know, the 500th unit, you know, that's being open. How do you think about all that? Yeah. I don't, this is my thoughts on it. I don't know if this is a, you know, right or wrong, but my thoughts on like understanding saturation is probably more marketing oriented than how a lot of people think about it. Cause like, I think that it's very easy to think about saturation anecdotally and say, okay, if I'm looking at, you know, this roofing business, it's like, well, you know, the,

The goalie on my son's soccer team, his dad owns a roofing business. And then my, you know, my sister's, you know, cousin's spouse owns a roofing business. Therefore, the roofing business is saturated. I just think it's a lot better to look at it from a marketing standpoint and say, OK, if I'm looking at getting into the trampoline business.

If a lot of my digital marketing is going to be oriented towards getting events and that's what starts the sales funnel, how much does it cost? Like how much is my lead cost? What's my conversion rate going to be? Therefore, what's my CAC to get an event? How much is that going to be? And just do the economics check out to be able to start that flywheel, presumably that it keeps rolling and rolls into membership. And that's that virtuous cycle. That's more of how I think about saturation and something like this, just rather than how many are there out there. Does that make sense? Yeah.

Yeah, absolutely. Yeah, because it's like that idea of like – just because it's familiar to me, just because I feel like I see a lot of them doesn't necessarily mean that there is saturation there. Right. Yeah. That'd be my thought. Heather –

I feel like we always like, you know, climax up to this point in the podcast where we're like, and then Heather, what could you borrow to buy a business like this? And then I ruin it, right? We build energy throughout the episode. And you bring the lender in and it's just downhill from there. Yeah. This, you know, this,

So 774,000 of cash flow. Now, they didn't call it EBITDA. They didn't call it SDE. So I'm not sure. But I want to make sure there's maintenance capex coming out of that number first as a lender. So maybe it's a slightly lower number when we figure out what the cost of maintaining and replacing all this equipment is every year.

And then I want to lend about three and a half times of that comfortably, maybe a little more. If we're at a really low rate bank, the rate will matter a little bit. But general rule of thumb right now on where rates are is about 3.5 times adjusted EBITDA. So if you're going to pay over five times, which is what they're asking, and I don't think you are going to do that, but if you did that, that means you're going to have to have

one and a half to two times EBITDA in equity. So then your math becomes, can I grow this or can I do something to make the return on that equity worthwhile? That's kind of the simple math, the way a lender thinks about it is, what's

What's the ceiling on the leverage here? So when you pay more than that, you're paying with equity and you've got to get a good return on that equity to make this make sense. How do lenders think about the difference, like what we've talked about in this case with the revenue, how much of it is recurring versus non-recurring? How do lenders think about that or do they? Yeah.

They absolutely care about it too. So they're going to always ask that question and they're going to want to understand. Now they will think differently. Like they like contractually recurring revenue better than reoccurring revenue, which, you know, the memberships, they, you know, depends on the kind of analysis and data that a seller can produce, how much weight they'll put into that, but they would certainly get their arms around that and understand it. And,

And, you know, the more stable the cash flow appears to be because of something like that, the lower the DSCR, the debt service coverage ratio, they might tolerate. So, for example, in a project-based business where, you know, there's nothing reoccurring, they might want 1.5 or more DSCR, a big cushion.

And for a business with more reoccurring or recurring revenue, they might go as low as 1.25 DSCR. So they will set the leverage sometimes based on that, but they have to get really comfortable with the revenue visibility. Not just, you know, here's one answer to it. They have to probably ask a lot more questions to reduce the DSCR that they would tolerate. What about the lease, Heather, and how that plays for the SBA? Yeah.

Yeah. So the, there used to be a rule and they removed it now, now it's at the bank's discretion, but the rule was you had to have the same term on your lease as the term on your loan, which is 10 years for business acquisition. You could use options for renewal, but that was the rule. And then you had to get an exception to it if it was anything less than that.

This is the kind of business where the bank would probably want that. Right. They want the five year term and the five year options because they don't want a borrower with a loan still outstanding that suddenly has to move. This is what they would they would consider this location dependent. All right. Are you guys thumbs up or thumbs down on this one?

Thumbs up on everything but the price. I think if they were, I would be very interested in this business if it was a multiple that we thought was reasonable because I think I like the business overall. I think it sounds kind of fun. And like I said, I like the fact that they're driving a significant amount of cash flow within four walls, but not to the tune of 6X that cash flow. Yeah.

Thumbs up. I'm going to go thumbs down on the new term that I just learned today, basis bias, because I don't believe the seller is going to be reasonable on the price. So I don't want to waste my time. Otherwise, I might be interested. I'm thumbs down just because, Connor, to your point, this business is like the complete inverse of mine. It's a totally different staff.

It's a different kind of value proposition to them. It's kind of the inverse hours, you know, so like I can't burn the candle at both ends. I've just got to double down with early mornings and less weekends. So, well, this is this was a great one, Connor. I appreciate you bringing it and you brought some really good insights. How can people find you? What's the best way to connect with you?

Yeah, you can go to my website is connorgross.com and join my newsletter. We've got some awesome stuff coming out and then find me on Twitter, LinkedIn, pretty much anywhere else. Feel free to reach out to me if I can help. If people are thinking about a franchise, like those are conversations that you have on a day-to-day basis. Certainly. Yeah, just anybody that wants, is interested in learning more about the franchise world or, yeah, just struggling with where to start, that is where I come in.

Yeah. Well, thanks, everybody. Thanks, Connor. It was a great episode and we'll see you next time.