We’ve recently been asked a lot to work as an objective third party to validate new models, speed of operations, new initiatives (from changes in positioning to new prototypes to what geographies to launch into), long-term strategic plans, and brand portfolios.  The value of a professional second opinion cannot be overstated. And no matter what, you will get a second opinion. If you don’t get a second opinion from an expert, you’ll get it from the market (and from critics). Expert, objective third-party validation can not only reduce the risk of any new initiatives but also contribute innovative ways for growth.

1. Why Get a Second Opinion
Before Launching
Important Initiatives
February 2024
AARONALLEN & associates
GLOBAL RESTAURANT CONSULTANTS

2. © 2024 Aaron Allen & Associates | www.aaronallen.com 2
We’ve recently been asked a lot to work as an objective third party to validate new models, speed of
operations, new initiatives (from changes in positioning to new prototypes to what geographies to launch
into), long-term strategic plans, and brand portfolios.
The value of a professional second opinion cannot be overstated. And no matter what, you will get a
second opinion.
Would you rather get an opinion from an expert on how to ensure the initiative is successful or wait
for the critics to laugh if it fails (and when it's too late to reverse course)?
By involving an expert, you'll get a fresh lens ensuring the strategies are resilient and forward-looking:
• What are we missing?
• Is the competition already thinking this way?
• Is this the right way to stay ahead?
• Are there potential drawbacks from this approach down the road that we haven’t anticipated?
• Will consumers like it just as much as the management team does?

3. © 2024 Aaron Allen & Associates | www.aaronallen.com 3
Internal teams are oftentimes so invested in an
initiative they can’t see the “what you don’t
know you don’t know” and having an industry
expert validate the path helps enrich the
planning and execution while reducing the
investment risk.
1
AN EXPERT CAN HELP YOUR CORPORATE STRATEGY WITH
“WHAT YOU DIDN’T KNOW YOU DIDN’T KNOW”
Knowledge
What You Know
What You Know
You Don’t Know
What You Don’t Know
You Don’t Know

4. © 2024 Aaron Allen & Associates | www.aaronallen.com 4
CONCEPT
VALIDATION
Ensures There Are No Mistakes Baked
Into the System as it Expands
If you are launching a new version of your
brand, a new format, or in a new
geography, it’s wise to get an industry
expert to help you take a second look:
§ Validation of Positioning for a
new concept
§ Recommendations to validate the
Business Case
§ Geospatial Analysis to validate a
geographic area
§ Validation of Drive-Thru design to
optimize speed of operations
§ Improvements to speed of operations by
Straightening Process Flows
2
Read more: https://aaronallen.com/blog/restaurant-profit-and-loss

5. © 2024 Aaron Allen & Associates | www.aaronallen.com 5
GET HELP CRAFTING A VISION OF THE FUTURE
There are cases when growth has been
fueled by incredible customer demand and
the approach has been opportunistic,
without much time to think about where the
company is headed. In those cases, it will
pay off to have an expert support with:
§ Brand differentiation
§ Crafting a strategy aligned with the
company’s values, mission, and heritage
§ Assessing operations to identify areas of
opportunity (avoid reproducing mistakes
as the system grows)
§ Strategies to achieve greater control and
consistency for operational performance
3
Read more: https://aaronallen.com/blog/restaurant-brand-positioning
2024 2025 2026 BEYOND

6. © 2024 Aaron Allen & Associates | www.aaronallen.com 6
DUE DILIGENCE AS A SECOND OPINION
FOR AN ACQUISITION
4
U.S. RESTAURANT M&A PICKING UP IN 2023
FULL SERVICE
Garnett Station
Partner (ND)
QSR
SPB Hospitality
(Merger)
Area 15
Ventures (ND)
Area 15
Ventures (ND)
Meritage
(25 units)
TECHNOLOGY
Chowly
(ND)
FAST CASUAL
1000 Degrees
Pizza (ND)
PG Growth
Opp. (ND)
Main Juice
Company (ND)
SBE Hosp.
(ND)
Innovative
(ND)
Darden
($715m)
UrbanPiper
(ND)
Source: Aaron Allen & Associates
*Notes: Selected transactions from Jan-Dec 2023
www.aaronallen.com
© 2024 Aaron Allen
OTHERS
Flynn
[Australia]
Southpaw
(40 units)
High Bluff
(81 units)
Xperience
(ND)
IPO
($318m raise) ($43m raise)
ItsaCheckmate
(ND)
SSCP Mgmt.
($15m+liabilities)
Mohari
($550m)
DC Burger,
others (90 units)
ARB
($225m)
Roark
($8.95b+earnout)
FAT Brands
($30m)
Bain Capital
(ND)
Pearl St.
Equity (ND)
Rreal Tacos
(ND)
Salted
(ND)
FSC
(ND)
Tasty D’Lites
(17 units)
N. Hershman
(ND) ($70m raise)
COFFEE, BREAKFAST
& SNACKS
FRANCHISEES
M&A activity surged back in the
restaurant industry in the U.S. in
2023. There were a number of
acquisitions evenly distributed across
segments, from snacks to fast casual
to full-service and QSR. There was
also a lot of activity among
franchisees for QSR brands (including
some bankruptcies).
If you are evaluating a foodservice
acquisition target, we recommend
you don’t skip due diligence. Without
exception, the process reveals new
perspective and insight across
functional areas (from the efficacy of
marketing and brand strength to how
the P&L may change under different
scenarios) that will contribute to
improved business strength and
performance during the holding
period.
Read more: https://aaronallen.com/restaurant-mergers-and-acquisitions

7. © 2024 Aaron Allen & Associates | www.aaronallen.com 7
VALIDATE GROWTH STRATEGIES IN NEW GEOGRAPHIES
5
While in mature markets like the USA
Limited-Service restaurants dominate
the landscape, in most Latin American
countries Full-Service captures the
largest share of sales.
And while for much of the landscape
there are common trends, there still are
differences in the pace of growth for
emerging categories, evolving
purchasing behavior, and the
competition in expanding markets.
Seismic shifts are rearranging
segments, redefining guests’
expectations around the quality and
speed of restaurant experiences, and
revolutionizing how meals are ordered,
prepared, and delivered. CEOs around
the world can learn from what’s worked
in other markets and how to best adapt
growth strategies for each geography.
FULL-SERVICE STILL DOMINATES FOODSERVICE IN MOST
COUNTRIES OF LATIN AMERICA
Source: Aaron Allen & Associates based on industry sources
Notes: The data for this chart is redacted or partial, full information is provided to clients
0% 100%
Argentina
Brazil
Chile
Colombia
Mexico
Peru
USA
Share in Foodservice Sales (2023)
Country #4
Country #5
Country #6
Full-Service Limited-Service Others
Read more: https://aaronallen.com/blog/industria-de-restaurantes-america-latina

8. © 2024 Aaron Allen & Associates | www.aaronallen.com 8
READY FOR ANSWERS?
If you have been growing like your hair is on fire but you need help to answer where should the
company be in five years — never mind in ten years, we can help.
If you are looking at new paths for revenue, like a new concept, a new format, or a new geography, a
second opinion (from an industry expert) will payoff with added clarity and innovative ways to succeed.
Our firm is honored to have helped some of the most successful foodservice businesses globally answer
the tough questions, and would be delighted to put that experience to work for you.
https://aaronallen.com/contact
Start a Conversation

9. Aaron Allen Capital Partners (AACP) is an investment group focused on
funding the future of foodservice™. A consortium of esteemed restaurant
industry executives, investors, and family offices, we are combining resources
to solve some of the biggest pain-points for the foodservice industry globally.
We back high-growth-potential restaurant companies and foodservice
technology enterprises and find a home where smart money can realize top-
quartile returns while helping the industry advance.
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