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US Based, CMG Companies Honoured with Franchisee of the Year Award by IFA

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US Based, CMG Companies Honoured with Franchisee of the Year Award by IFA

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Plano, TX - CMG Companies led by Al Bhakta, Ron Parikh, and Nik Bhakta is a group of separate and independent entities with investments in the multi-unit and franchise space. They are primarily focused in the restaurant, hotel, retail, sports and real estate sectors.

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US Based, CMG companies Honoured with Franchisee - 12-Aug

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Nik Bhakta’s also involved in oversight for the company’s Sonic and Little Caesars franchise portfolios. He says, “Right now, I’ve been learning quite a bit in the hotel space. We have 300 or so restaurants, and I drew the straw of getting into the hotel side but still keep my operational skills sharp with restaurants”

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Nik Bhakta — Co-founder of CMG Companies

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG’s real…

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I’m going to share some of the lessons that I have learned as one of the Managing Directors with the Chalak Mitra Group of Companies. I believe that these core skills make me, and my colleagues better leaders and I hope it helps you as well.

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Nik Bhakta - CMG's Real Estate Development

A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG's real estate development and its hotel portfolio.

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Nik Bhakta - CMG's Real Estate Development A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG's real estate development and its hotel portfolio.

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CMG Fast-tracks Growth With Sonic, Little Caesars Roll-ups

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CMG Fast-tracks Growth With Sonic, Little Caesars Roll-ups

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Fireside Pies. A sandwich concept called Baker Brothers. The upscale Elephant Bar out of California. Tex-Mex brand Ruby Tequila’s. Craft cocktail spot Pepper Smash. From a glass-walled conference room overlooking the expansive Shops at Legacy development in Plano, Texas, Ron Parikh ticks off some of the brands CMG Companies exited before turning its attention to quick-service restaurants.

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Fireside Pies. A sandwich concept called Baker Brothers. The upscale Elephant Bar out of California. Tex-Mex brand Ruby Tequila's. Craft cocktail spot Pepper Smash. From a glass-walled conference room overlooking the expansive Shops at Legacy development in Plano, Texas, Ron Parikh ticks off some of the brands CMG Companies exited before turning its attention to quick-service restaurants.

"At one point I think we had seven or eight brands, maybe close to 10 brands at different stages," he says, ranging from QSR to polished dining. "Our big moment, we probably didn't know it, came when we exited some of these smaller concepts and brands where we were the franchisor. We figured out, learning from these experiences, it does take a lot of hard work, it does take a lot of time and effort and money and people to incubate a brand and grow and nurture it and get to a certain scale.

"That was an eye-opening process for us," continues Parikh, one of six principals at CMG. "That's when we figured out we could do better in QSR. And we have been doing better in QSR."

Better, indeed. Ranked No. 31 on the Franchise Times Restaurant 200 list, CMG Companies finished 2021 with $354 million in sales from its 196 KFCs and Taco Bells, 103 Sonics and 30 Genghis Grill units. (See the full ranking and analysis on pages 28-37.) Its newest portfolio group is Apricus QSR, formed earlier this year with the acquisition of 20 Little Caesars restaurants. The 63-year-old pizza chain is ripe for a roll-up, says CMG Principal Al Bhakta.

"It's a fragmented system. They've got a lot of five-unit owners," notes Bhakta. "From the outside looking in, it's a brand that could use a group like ours to help with consolidation."

CMG didn't write the playbook on restaurant consolidation but it's been executing on the strategy since 2010, a year after two other CMG principals, Pushpak Patel and Manish Patel, opened their first co-branded KFC/Taco Bell in Anna, Texas. That's when what was Chalak Mitra Group bought 33 distressed KFC, Taco Bell and Long John Silver's units, setting the stage to become the third-largest KFC franchisee in the U.S.

The CMG origin story, however, goes back even further.

The starting line

"The six of us are best friends," says Bhakta, referring to CMG's principals, who eschew C-suite titles and are equal partners. "We're waking up and working with our best friends every day."

The adventure began when Pushpak Patel and Manish Patel, friends since high school, created their Mitra group and made early investments in a Blimpie deli and a gas station. Along with another investor, Dr. Sanjay Patel, they later joined to help back the Chalak Group when it bought and became the franchisor of Genghis Grill. That, points out Parikh, is its own story.

Parikh, Bhakta and Bhakta's cousin, Nik Bhakta, formed Chalak while in college at the University of Texas at Dallas and were running a pool hall and a couple of game rooms. They got a call from Genghis Grill founder Jeff Sinelli, who was starting to franchise his Mongolian stir fry concept. They sold the pool hall and gaming business and "everything we had we put into the restaurant," says Parikh, opening their first Genghis Grill, in Dallas, in October 2002. Success, however, was far from immediate.

"The first dinner shift we opened up, there was not a single customer that walked through the door," remembers Parikh. "And we're just looking at each other and trying to figure out what did we get ourselves into."

Determined to grind it out with "hard work and perseverance," Parikh became a busboy and server, Nik Bhakta got behind the grill and Al Bhakta was the bartender. "Whatever tip money we made we put in the tip jar and then paid our utilities bill to survive," he says, and "slowly but surely, we began making money."

With their low-volume restaurant finally profitable, the Chalak team set its sights on a Genghis Grill in Addison, Texas, that, despite having higher sales, was losing money. With a fundraising round from friends and family, including their Mitra friends, they bought the location, turned it around and in late 2004 wound up purchasing the brand outright.

Today, Mongolian Concepts operates as one of CMG's eight portfolio companies, with about 70 units across its Genghis Grill, Flat Top Grill and BD's Mongolian Grill brands. If that's not enough, two bottles on display at CMG's headquarters further illustrate the breadth of its other investments.

"We all signed this when we hit 100 units in KFC," says Parikh, holding up an (empty) bottle of Cristal. Next to it on the shelf is a bottle of Glenmorangie Signet whisky, its box bearing the logos of the Barbados Royals and Rajasthan Royals, two cricket teams CMG has minority ownership in through its CM Sports portfolio.

"It's a passion play, for sure," says Al Bhakta of the sports platform. "We're all first- or second-generation immigrants. Pushpak and Manish, they both grew up playing." Passion, he's quick to note, is essential to everything CMG does, but over the years and through its aforementioned early ventures, the group refined its investment approach to help it become one of the largest restaurant franchisees in the U.S.

'We're deal junkies'

Is there a multi-unit or franchise component? Is it a tier one or tier two brand? Is there an opportunity to scale?

These, says Bhakta, are the guiding principles CMG uses to evaluate systems within which it can acquire a large number of units and continue to grow.

"Emerging brands are great," he says, "and we may miss out on the next Orangetheory, but they've got to have enough units on the ground for us to scale." Among tier one and two players, CMG wants brands that have "weathered the storm in multiple economic cycles" and come out stronger. Those principles, "allowed us not to get too squirrel-like, chasing the next deal. At heart, we're deal junkies, but we've disciplined ourselves now."

Mitra QSR, with its 157 KFCs, 38 co-branded KFC/Taco Bells, 10 Long John Silver's and one standalone Taco Bell, is CMG's largest portfolio company. The 33 stores included in the first acquisition "were going to go dark, they were going to shut them down," recalls Pushpak Patel, who leads Mitra QSR. "We saw an opportunity to turn them around and demonstrate our value" to franchisor Yum Brands.

Mitra QSR pushed the average unit volume to "north of $1.2, $1.3 million," and in 2012 acquired 120 more stores in what Patel says was "the largest divestiture KFC had done in its U.S. history." The transaction included 78 KFC units, 39 KFC/Taco Bell co-branded units and three KFC/Long John Silver's co-branded units across six states.

"That was a lot to bite and a lot to chew," continues Patel. "We wanted to make the stores as strong as possible and it took us a few years." Mitra QSR now posts AUVs that are 30 percent higher than the system average, which in 2021 was $1.3 million for single-brand KFCs.

Patel wants to build the portfolio to 450 stores through a combination of acquisitions and new builds but notes the COVID-19 pandemic brought a pause in development. He's also evaluating Yum's strategy of "decoupling" KFC and Taco Bell, something he's not sure he agrees with.

"We are really good KFC/Taco Bell franchisees, we understand both businesses very well," says Patel, and the two brands complement one another. "There's money in lunch, late afternoon and late night with Taco Bell, with the numbers for KFC much stronger at dinner. We'll see."

While Mitra QSR has an appetite to grow, Patel also wants to see what happens with the labor market and inflation over the next few quarters. "That's what keeps me up at night," he says. "There are some areas we just can't staff-there are no applications."

2020 and 2021 were "banner years" for CMG "like we've never seen before in the restaurant space," says Nik Bhakta. "Twenty, 30, 40 percent up in some stores." Sales have started to level off and "we've seen profitability go down with that as well," he continues, citing margin compression from rising cost of goods, inflation and the like.

"The margins have been squeezed. But like everything, it goes down, it'll come back up, it goes down, it'll come back up. You just have to withstand some of the storms that come through in between things."

CMG is in a strong financial position to weather any storms, say its principals, who are the majority equity owners across all its portfolios. It works with lenders specific to each brand or deal, says Parikh, who focuses on business development.

"We are able to find patient capital. We have bandwidth to grow portfolios without cross-collateralizing everything and also to make sure we do justice by the people that are looking at us to grow themselves professionally but also have families to support," he says. While they may be deal junkies, Parikh emphasizes discipline.

"We've never been the guys that are going to pay 7 or 8X multiples for a portfolio. We'd rather consolidate and create and add some value to it," he says, adding they've never paid a cash flow multiple of more than 4.5X.

CMG put its bandwidth to work starting in late 2020, forming Soar QSR and buying 96 Sonic units in 18 separate deals in 13 states. Two more acquisitions earlier this year brought the count to 103, scale that was a long time coming.

Approved by the franchisor in 2017 to start buying, Nik Bhakta, who leads the Sonic group, says they spent more than three years trying to acquire a larger portfolio. "We couldn't find anything so we just started looking for smaller acquisitions," with the first being four stores in Detroit, followed by a small handful in Lufkin, Texas.

"There's a lot of legacy franchisees within Sonic and their succession plan just isn't there. Their kids, grandkids may be doing something different and don't want to take over the Sonic business," says Bhakta.

Sonic traces its history back to 1953, when it started as Top Hat in Shawnee, Oklahoma. It's since grown to more than 3,500 restaurants and in 2018 was acquired by Inspire Brands in a $2.3-billion take-private deal. Most of Soar QSR's acquisitions have been family-owned businesses, but not all, notes Bhakta, describing a "unique deal" in Philadelphia.

"There was 10 stores, the previous franchisee had to shut them down-for whatever reason the brand forced them to shut down. They picked up the phone and called us and said hey, would you like to reopen these," says Bhakta.

"That was a complex deal where the SBA was involved, I think three or four different banks were involved, eight different landlords were involved and obviously Sonic corporate. And you have to get everyone's buy-in to go in there and reopen everything. We've got nine of the 10 stores open. The 10th one we're kind of on the fence about right now."

With the openings came full updates to Sonic's new brand image, plus technology upgrades, another nuance when taking over stores. "Sonic is very tech-heavy with the stall component," said Bhakta, meaning the drive-up ordering stall for food, "the app is very robust and obviously the drive-thru side of it.

"They're very tech dependent and we had to invest back into that, not only those but some other stores that we acquired along the way just because some of these stores just didn't make the upgrades."

Soar QSR has an active development agreement to build new Sonics, and it's balancing that growth with its newest restaurant brand, Little Caesars. Bhakta, who also heads up the Apricus QSR portfolio, says two units are under construction to go along with the 20 they acquired in Syracuse, New York, Kansas City and Baltimore.

CMG looked at Domino's, Papa John's and Pizza Hut, but Bhakta says when weighed against Little Caesars, the Detroit-based pizza chain had a distinct advantage: an emphasis on carryout.

"In the pizza world it's food, labor and miles, so that delivery component adds additional complexity to it," explains Bhakta, noting the other players are now working to incentivize customers to pick up their pizza-cue the Domino's $3 "tip" campaign-to minimize their reliance on delivery drivers.

Little Caesars, meanwhile, is the "value leader" with its Hot-n-Ready pizzas, says Bhakta, and has become more tech savvy with its digital ordering platform and Pizza Portal pickup option. Customer adoption of the Pizza Portal, which the brand introduced in 2018, is "good-it could be better," notes Bhakta, with the Hot-n-Ready option still the biggest seller at its stores.

He wants to hit 30 locations by the end of the year with a combination of new stores and acquisitions. "We feel there's a lot of opportunity to consolidate. There's 4,500 stores and 1,500 franchisees, so opportunity to consolidate and opportunity to grow in certain trade areas where we currently have stores."

Since shifting the focus to QSR "we're moving quicker, faster than ever before," says Bhakta, as Parikh notes there's plenty more to look forward to, including international development potential in both Sonic and Little Caesars.

"That entrepreneurial spirit is still there for us," says Parikh. "Plus, we don't know anything else to do."

What's in a name?

When naming a portfolio, CMG Companies principal Al Bhakta says the group aims to come up with words that are "uplifting or positive in nature." Let's take a look.

Mitra QSR (KFC/Taco Bell): An evolution of Pushpak Patel's and Manish Patel's first investment group, mitra is Hindi for "friend," and "we are a group of best friends in business together," says Bhakta.

Eclipse RTO (Rent-A-Center): The image of an eclipse is interesting, says Bhakta, "but also a very positive word in the context of eclipsing a goal as we entered into retail franchising."

Soar QSR (Sonic): This, says Bhakta, "is the group flying. Something soaring through the air is uplifting and positive."

Apricus QSR (Little Caesars): Caesar presumably spoke Latin, and apricus, says Bhakta, is a Latin word meaning "lots of sunshine or warmed by the sun."

Bolster Hardware (Ace Hardware): This group takes its name from a tool, the bolster chisel, says Bhakta, and also means "to support something or enhance it and that is what the bolster chisel tool does as well. Again, an uplifting and positive word."

CMG's Road to Scale

1989-2003: Pushpak Patel and Manish Patel meet at their Texas high school and become best friends. Both attend the University of Texas at Dallas and they later lay the groundwork for Mitra, investing in a Blimpie deli, a gas station and retail check cashing stores.

1999: Friends Ron Parikh, Al Bhakta and Nik Bhakta invest in a pool hall and some game rooms during college at the University of Texas at Dallas. This becomes the foundation for their Chalak restaurant group.

2002-2004: The Chalak team opens their first Genghis Grill, in Dallas. With an investment round from family and friends, including the Mitra team and Dr. Sanjay Patel, they buy another restaurant and then purchase 100 percent of the brand to become the franchisor of Genghis Grill.

2009: Pushpak Patel and Manish Patel open their first co-branded KFC/Taco Bell in Anna, Texas, under Mitra QSR. The Chalak team invests in Mitra.

2010: Chalak Mitra Group buys 33 KFC, Taco Bell and Long John Silver's units in Kansas, Missouri, Illinois and Oklahoma. It also makes its first hotel investment; it now has hotels in the Hilton, Marriott and IHG systems under its CM7 Real Estate subsidiary.

2012: The group acquires 78 KFC units, 39 KFC/Taco Bell co-branded units and three KFC/Long John Silver's co-branded units across six states.

2014: Chalak Mitra Group becomes CMG Companies.

2020: CMG portfolio group Eclipse RTO acquires 99 corporate Rent-A-Center locations in California to become the system's largest franchisee. CMG's Soar QSR subsidiary acquires four Sonic units in Detroit to begin a roll-up play in that brand, now with 103 restaurants.

2022: CMG forms Apricus QSR, buying 20 Little Caesars units in two transactions. It also forms Bolster Hardware to acquire 21 Ace Hardware stores in Kentucky and Tennessee.

Rounding out with retail

CMG formed Bolster Hardware, its eighth portfolio company, and in June acquired 21 Ace Hardware stores in Kentucky and Tennessee as it further diversifies outside of restaurants. CMG bought 99 Rent-A-Center stores in California from corporate in late 2020 to become that brand's largest franchisee.

The creation of Eclipse RTO, CMG's Rent-A-Center portfolio, marked its entry into retail, and the company also signed a 10-store development deal. The move into Ace Hardware, said CMG Principal Al Bhakta, is a continuation of CMG's strategy to expand with tier one multi-unit brands that have "weathered the storm in multiple economic cycles" and emerged stronger. Ace, he noted, is approaching its 100th anniversary and continues to drive same-store sales growth. The company reported a 1.4 percent increase in U.S. retail same-store sales during the first quarter of 2022; Ace is ranked No. 4 on the Franchise Times Top 400.

The 21 stores CMG acquired operate as Potter's Ace Hardware, a family-owned business since 1946, said Bhakta. "They built a beautiful business, three generations of family that were involved," he said.

Bhakta sees a "pretty good prospect for growth" in the Ace system and said CMG has an "acquisition-first strategy" to identify more stores in markets where the group has other operations.

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CMG Fast-tracks Growth With Sonic, Little Caesars Roll-ups

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Fireside Pies. A sandwich concept called Baker Brothers. The upscale Elephant Bar out of California. Tex-Mex brand Ruby Tequila's. Craft cocktail spot Pepper Smash. From a glass-walled conference room overlooking the expansive Shops at Legacy development in Plano, Texas, Ron Parikh ticks off some of the brands CMG Companies exited before turning its attention to quick-service restaurants.

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Nik Bhakta - CMG’s Real Estate Development

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Nik Bhakta - CMG’s Real Estate Development

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG’s real estate development and its hotel portfolio.

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Nik Bhakta - CMG’s Real Estate Development - 27-July

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When not working, Nik Bhakta enjoys sports, and while he loves the NFL, he claims that he doesn’t have a favorite team. He is, however, a huge fan of the Los Angeles Lakers. Nik also enjoys playing with his two sons and checking out movies with his family.

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Nik Bhakta - Co-founder of CMG Companies

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Nik Bhakta - Co-founder of CMG Companies on Strikingly

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On coming to work each day, Nik Bhakta states, “I love what I do, and I think we’re building something special. We have hotels, a cricket team, retail outlets and restaurants, but more importantly, we have comradery. We don’t just work together. We all take vacations together, we hang out after work…it’s just really nice to work with your best friends.”

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Bio

is founding Principal of CMG Companies, currently oversees the company's Sonic and Little Caesar's portfolio along with oversight of CMG's real estate development and its hotel portfolio.

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Discover stories by Nik Bhakta on Vocal. Nik Bhakta is founding Principal of CMG Companies, currently oversees the company's Sonic and Little Caesar's portfolio along with oversight of CMG's real estate development and its hotel portfolio.

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Genghis Grill and Nik Bhakta: Kahnquering Growth, One Bowl at a Time

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Genghis Grill and Nik Bhakta: Kahnquering Growth, One Bowl at a Time

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Leveraging a more efficient unit prototype this Mongolian barbeque chain takes a steady approach to growing its business. Founded in Dallas in the late 1990s by Jeff Sinelli, Genghis Grill has, to borrow the company's favorite play on words, "Khanquered" the Mongolian barbecue niche.

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Genghis Grill: Kahnquering Growth, One Bowl at a Time

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This FE&S chain profile article takes a close look at how Genghis Grill is using a slimmed down prototype to drive slow and steady growth for this casual d

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International Franchise Association Names Franchisee of the Year Recipients

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International Franchise Association Names Franchisee of the Year Recipients

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The International Franchise Association (IFA) today announced 57 recipients of its Franchisee of the Year Awards, representing companies across all industries from communities around the country.

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International Franchise Association Names Franchisee of the Year - Nik Bhakta - 12-July

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Nik Bhakta - The initial franchise they signed up for was Genghis Grill’s program in 2001, opening their first store the following year. The friends fondly recall how their opening day went - from 4pm to 10pm, not a single customer walked through the door. But they didn’t give up, and in 2004 the company had grown to the point where they could buy the entire Genghis Grill brand. The franchisees were now the franchisors.

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Founder of CMG Companies, CMG Companies

Nik Bhakta is founding Principal of CMG Companies, currently oversees the company's Sonic and Little Caesar's portfolio along with oversight of CMG's real estate development and its hotel portfolio. He says, "Right now, I've been learning quite a bit in the hotel space. We have 300 or so restaurants.

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Founder of CMG Companies, CMG Companies Nik Bhakta is founding Principal of CMG Companies, currently oversees the company's Sonic and Little Caesar's portfolio along with oversight of CMG's real estate development and its hotel portfolio. He says, "Right now, I've been learning quite a bit in the hotel space.

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Nik Bhakta - Successful Entrepreneur in Texas, USA

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Nik Bhakta - Successful Entrepreneur in Texas, USA

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Nik Bhakta is a successful entrepreneur in Texas, USA. He is the founder of CMG Companies. Nik is a fan of business books, including those written by Sir Richard Branson. His favorite restaurant is Houston’s, and he can’t turn down a good cheeseburger.

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Principal Leadership of CMG’s Hotel Portfolio - Nik Bhakta

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Principal Leadership of CMG’s Hotel Portfolio - Nik Bhakta

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Nik Bhakta is the founding principal of CMG Companies. CMG is a dynamic business organization led by six energetic entrepreneurs. They make private equity investments with a focus on multi-unit and franchising. It’s a group of separate entities with investments in the multi-unit and franchise space, primarily in the restaurant, hotel, retail, sports, and real estate sectors.

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG's real estate development and its hotel portfolio. He's also involved in oversight for the company's Sonic and Little Caesars franchise portfolios.

He says, "Right now, I've been learning quite a bit in the hotel space. We have 300 or so restaurants, and I drew the straw of getting into the hotel side but still keep my operational skills sharp with restaurants" He continues, "I worked from an early age in my parents' hotels, doing everything from A to Z. Thankfully, these days, I'm more involved in portfolio management and acquisitions."

Nik Bhakta claims that the best part of his job is analyzing deals and traveling to view hotel properties. He states that since his home is not in Dallas where CMG Companies is headquarterd, it is advantageous to the group because it allows him to offer an outside perspective on things.

Nik's family came to New Mexico, where Nik grew up with his three sisters. After receiving his degree in education he says, "After working in education for a while, I felt that I needed a change. Around the same time, me and the guys visited a Genghis Grill together. I left a comment card stating our interest in franchising."

When the first of CMG's Genghis Grill was opened in 2001, the team struggled. Thankfully, through passion and perseverance, the restaurant was able to become profitable, opening up the ability to purchase other restaurants, and eventually, the entire Genghis Grill concept. In an effort to diversify and branch out, CMG began looking at the hotel industry. Currently, the company owns and operates several properties with more in development.

On coming to work each day, Nik states, "I love what I do, and I think we're building something special. We have hotels, a cricket team, retail outlets and restaurants, but more importantly, we have comradery. We don't just work together. We all take vacations together, we hang out after work...it's just really nice to work with your best friends."

When not working, Nik Bhakta enjoys sports, and while he loves the NFL, he claims that he doesn't have a favorite team. He is, however, a huge fan of the Los Angeles Lakers. Nik also enjoys playing with his two sons and checking out movies with his family.

A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG's real estate development and its hotel portfolio. He's also involved in oversight for the company's Sonic and Little Caesars franchise portfolios.

He says, "Right now, I've been learning quite a bit in the hotel space. We have 300 or so restaurants, and I drew the straw of getting into the hotel side but still keep my operational skills sharp with restaurants" He continues, "I worked from an early age in my parents' hotels, doing everything from A to Z. Thankfully, these days, I'm more involved in portfolio management and acquisitions."

Nik Bhakta claims that the best part of his job is analyzing deals and traveling to view hotel properties. He states that since his home is not in Dallas where CMG Companies is headquarterd, it is advantageous to the group because it allows him to offer an outside perspective on things.

Nik's family came to New Mexico, where Nik grew up with his three sisters. After receiving his degree in education he says, "After working in education for a while, I felt that I needed a change. Around the same time, me and the guys visited a Genghis Grill together. I left a comment card stating our interest in franchising."

When the first of CMG's Genghis Grill was opened in 2001, the team struggled. Thankfully, through passion and perseverance, the restaurant was able to become profitable, opening up the ability to purchase other restaurants, and eventually, the entire Genghis Grill concept. In an effort to diversify and branch out, CMG began looking at the hotel industry. Currently, the company owns and operates several properties with more in development.

On coming to work each day, Nik states, "I love what I do, and I think we're building something special. We have hotels, a cricket team, retail outlets and restaurants, but more importantly, we have comradery. We don't just work together. We all take vacations together, we hang out after work...it's just really nice to work with your best friends."

When not working, Nik Bhakta enjoys sports, and while he loves the NFL, he claims that he doesn't have a favorite team. He is, however, a huge fan of the Los Angeles Lakers. Nik also enjoys playing with his two sons and checking out movies with his family.

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG's real estate development and its hotel portfolio. He's also involved in oversight for the company's Sonic and Little Caesars franchise portfolios. He says, "Right now,...

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG’s real estate development and its hotel portfolio.

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Nik Bhakta - Principal of CMG Companies - 30-June-2022

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG’s real estate development and its hotel portfolio. He’s also involved in oversight for the company’s Sonic and Little Caesars franchise portfolios.

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A founding Principal, He says, "Right now, I've been learning quite a bit in the hotel space. We have 300 or so restaurants, and I drew the straw of getting into the hotel side but still keep my operational skills sharp with restaurants" He continues, "I worked from an early age in my parents' hotels, doing everything from A to Z. Thankfully, these days, I'm more involved in portfolio management and acquisitions."Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG's real estate development and its hotel portfolio. He's also involved in oversight for the company's Sonic and Little Caesars franchise portfolios.

Nik Bhakta claims that the best part of his job is analyzing deals and traveling to view hotel properties. He states that since his home is not in Dallas where CMG Companies is headquarterd, it is advantageous to the group because it allows him to offer an outside perspective on things.

Nik's family came to New Mexico, where Nik grew up with his three sisters. After receiving his degree in education he says, "After working in education for a while, I felt that I needed a change. Around the same time, me and the guys visited a Genghis Grill together. I left a comment card stating our interest in franchising."

When the first of CMG's Genghis Grill was opened in 2001, the team struggled. Thankfully, through passion and perseverance, the restaurant was able to become profitable, opening up the ability to purchase other restaurants, and eventually, the entire Genghis Grill concept. In an effort to diversify and branch out, CMG began looking at the hotel industry. Currently, the company owns and operates several properties with more in development.

On coming to work each day, Nik states, "I love what I do, and I think we're building something special. We have hotels, a cricket team, retail outlets and restaurants, but more importantly, we have comradery. We don't just work together. We all take vacations together, we hang out after work...it's just really nice to work with your best friends."

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A founding Principal, He says, "Right now, I've been learning quite a bit in the hotel space. We have 300 or so restaurants, and I drew the straw of getting into the hotel side but still keep my operational skills sharp with restaurants" He continues, "I worked from an early age in my parents' hotels, doing everything from A to Z.

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A founding Principal, Nik Bhakta has been with CMG Companies (CMG) since the company was founded, and he currently oversees CMG’s real estate development and its hotel portfolio. He’s also involved in oversight for the company’s Sonic and Little Caesars franchise portfolios.

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Nik Bhakta is founding Principal of CMG Companies, currently oversees the company's Sonic and Little Caesar's portfolio along with oversight of CMG's real estate development and its hotel portfolio.

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Dallas, Texas - US · Nik Bhakta is founding Principal of CMG Companies, currently oversees the company's Sonic and Little Caesar's portfolio along with oversight of CMG's real estate development and its hotel portfolio.

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Nik Bhakta and his CMG co-founder owns more than 360 restaurants and is a franchisor with multiple brands. However, their investment in SONIC has checked all the boxes for smart growth. According to Bhakta, they have plans to get into the QSR space, and SONIC was the brand that stood out the most.

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Nik Bhakta is among the principal Leadership of Hotel & RE Portfolio, the Leadership of Sonic Franchise Portfolio and Leadership of Little Caesars Franchise Portfolio.

About CMG Companies

CMG is a dynamic business organization led by six energetic entrepreneurs. They make private equity investments with a focus on multi-unit and franchising. It's a group of separate entities with investments in the multi-unit and franchise space, primarily in the restaurant, hotel, retail, sports, and real estate sectors. In terms of where to slot CMG from an investor type, they are unique in that they have owned and operated their businesses, invested their capital, and raised capital from institutional and smaller accredited investors. Besides their operational experience, they also raise private equity capital for strategic growth and acquisition initiatives in anticipation of future expansion.

Why Multi-Unit Entrepreneurs Invest in SONIC Drive-In

SONIC-America's Drive-In franchise among the fast-growing SQR brand. Digitalization has brought out innovative technology where menus are designed to maximize profitability all day long and wide-open territories in prime markets. That's why SONIC appeals to multi-unit investors.

Nik Bhakta and his CMG co-founder owns more than 360 restaurants and is a franchisor with multiple brands. However, their investment in SONIC has checked all the boxes for smart growth. According to Bhakta, they have plans to get into the QSR space, and SONIC was the brand that stood out the most. They researched and compared other burger concepts extensively, but SONIC appeared forward-thinking and innovative. They saw in it an opportunity compared to the rest.

During the pandemic outbreak, Bhakta saw the potential for SONIC growth, although other brands in the QSR segment had to change their business models to survive radically. He considers it a time to engage in the restaurant business as SONIC was one of the only brands where sales continued to increase. Their drive-in business model positioned them exceptionally well for this unprecedented event. Considering the car as the dining room, they have a drive-thru and an order-ahead app that has significantly increased sales. The mobile order-ahead app was launched last year and has been a game-changer in the industry. It allows the complete customization that SONIC is known for, decreases wait times, and enables customers to choose when and where to pick up their food.

Conclusion

With the success that Nik Bhakta is experiencing with SONIC restaurants, there's no surprise that he's looking forward to making multiple investments in more locations going forward. According to him, they'll continue investing in SONIC and opening more locations. With lots of open territories, SONIC will enter markets that other brands won't.

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Nik Bhakta is among the principal Leadership of Hotel & RE Portfolio, the Leadership of Sonic Franchise Portfolio and Leadership of Little Caesars Franchise Portfolio. CMG is a dynamic business organization led by six energetic entrepreneurs. They make private equity investments with a focus on multi-unit and franchising.

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International Franchise Association Names Franchisee of the Year Recipients - Nik Bhakta

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International Franchise Association Names Franchisee of the Year Recipients - Nik Bhakta

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The International Franchise Association (IFA) today announced 57 recipients of its Franchisee of the Year Awards, representing companies across all industries from communities around the country. Honored at IFA’s 62nd Annual Convention in San Diego, Calif., the award recognizes outstanding franchise establishment owner-operators.

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Recognizes 57 individuals for being an outstanding owner-operator, exemplifying excellence in community, workforce, diversity, and veterans

SAN DIEGO – The International Franchise Association (IFA) today announced 57 recipients of its Franchisee of the Year Awards, representing companies across all industries from communities around the country. Honored at IFA’s 62nd Annual Convention in San Diego, Calif., the award recognizes outstanding franchise establishment owner-operators.

“Franchisee of the Year Awards are the highest honors presented to individual franchisees,” said Matthew Haller, President and CEO of the International Franchise Association. “These local business owners represent some of the best entrepreneurs in the country, and we are proud to recognize their contributions to their communities, their employees, and all those they serve.”

The Franchisee of the Year Award, sponsored by IFA’s partner Paychex, recognizes leading franchisees who exemplify at least one of IFA’s “Open for Opportunity” core pillars: Community, Workforce, Diversity, Equity, and Inclusion, and Veterans.

A recent IFA study showed that franchising helped lead U.S. economic recovery in 2021, with exceptional job and business growth across all franchising sectors. The industry on average provides higher wages, better benefits, and more leave than non-franchised businesses, as well as greater opportunities to underserved communities and aspiring entrepreneurs, according to Oxford Economics research.

Haller continued, “Franchising has led our nation’s economic recovery over the past year, and these entrepreneurs have played a tremendous role in the growth we have seen in the business model and all it has done for the individuals it supports. The future of franchising is bright, largely in thanks to hardworking entrepreneurs like those we are recognizing today.”

The full list of recipients is listed below:

Franchisee Name

Franchisee Company Name

Parent Company Name

Al Bhakta, Nik Bhakta and Ron Parikh

CMG Companies

Multi-Unit, Multi-Brand Owners

Alex Tyler

Goldfish Swim School of St. Charles & Glen Ellyn

Goldfish Swim School Franchising, LLC

Amy Strozier

Goldfish Swim School - Dayton

Goldfish Swim School Franchising, LLC

Amy Wise

DoodyCalls of Houston

DoodyCalls, Authority Brands, LLC

Andrew Ray

NEXTCARE HOLDING dba BrightStar Care Mesa Gilbert

BrightStar Franchising, LLC

Bernardo DeJesus

Mike’s Hop, Inc.

IHOP, Dine Brands Global

Bobby Mounts

PJ’s Coffee of New Orleans - Ruston, LA

PJ's Coffee, Ballard Brands, LLC

Capricia Turner

Mosquito Squad of Greater Indy

Mosquito Squad, Authority Brands, LLC

Captain Mark and Kathy Furlan

Dream Vacations

Dream Vacations

Claire Lamarche and Jean-François Joyal

UniglassPlus/Ziebart Carleton Place

Ziebart International Corporation

Clinton Brown

Brown Family Enterprises

Grease Monkey International, LLC, FullSpeed Automotive

Dana Schuchardt

Goldfish Swim School - Park Ridge & Gilbert

Goldfish Swim School Franchising, LLC

Dustin Baker

Assisted Living Locators East Valley

Assisted Living Locators

George Saldana

Mister Sparky of San Antonio

Mister Sparky, Authority Brands, LLC

Grady Hinchman

Altitude Trampoline Park

Altitude Trampoline Park

Greg Flynn

Flynn Restaurant Group

Applebee's, Dine Brands Global

Haynes Chidsey

Four S LLC (Sola Salons)

Sola Franchise LLC

Jacob, Matthew and Michael Lethbridge

Kitchen Tune-Up Fredericksburg & Stafford

Kitchen Tune-Up, Home Franchise Concepts, Inc.

Javier Gomez

Gomez Restaurants Inc.

Capriotti's Sandwich Shop, Inc.

Jen Burlington

Massage Heights, San Antonio, TX

Massage Heights

Jeremy and Brandi Shelton

Detail Garage of Fredericksburg, VA

Detail Garage, LLC

Jeremy Aydell

Sport Clips Haircuts

Sport Clips, Inc.

Jerome Philips

A Place At Home - South Portland

A Place At Home

John Alexander

STOP Restoration Charlotte North

STOP Restoration, Authority Brands, LLC

John Barber

SpeedPro of Norcross GA

SpeedPro

Jose and Monica Pina

Mr. Rooter Plumbing of the Inland Empire

Mr. Rooter Plumbing, Neighborly

Keresa Richardson

Benjamin Franklin Plumbing-Dallas

Benjamin Franklin Plumbing, Authority Brands, LLC

Kit Pelletier, Cameron Pelletier and Tyler Olinger

Tint World 079

TINT WORLD®

Krista Rhymes, Ashley Keever and Matthew Miller

2 Chicks and a Magnet Inc

Chicken Salad Chick

Laura and Carter Dalton

GNC

GNC Holdings LLC

Lisa Marie Swiatkowski

BrightStar Care of Venice & Port Charlotte

BrightStar Franchising, LLC

Matt Mays

Office Pride of Louisville-Jeffersontown

Office Pride Commercial Cleaning Services

Michael Doty

DIY DETAIL LLC

Detail Garage, LLC

Mike Weintz

Weintz Cleaning Inc DBA The Cleaning Authority

The Cleaning Authority, Authority Brands, LLC

Morris Smith

STOP Restoration Of Fort Worth

STOP Restoration, Authority Brands, LLC

Nathan Bruen-O

Handyman Connection of Eden Prairie

Handyman Connection

Neil McMillan

Express Employment Professionals

Express Services, Inc.

Out West Restaurant Group

A licensed franchisee of Outback Steakhouse

Outback Steakhouse, Bloomin' Brands, Inc.

Pamela Resser

British Swim School Bay Area

British Swim School, Buzz Franchise Brands

Radhika Dontaraju and Girish Rao

Dogtopia of Olathe, Kansas

Dogtopia

Richard and Lynn Yoerk

Express Employment Professionals

Express Services, Inc.

Salem Najjar

SERVE Hospitality Group

Tropical Smoothie Cafe

Sarah and Sean Toney

Any Lab Test Now

Any Lab Test Now Franchising, Inc.

Scott Payne

Goldfish Swim School - Multi Unit

Goldfish Swim School Franchising, LLC

Shannon Sevor

GYMGUYZ Silicon Valley, CA

GYMGUYZ

Stan Gray

FASTSIGNS of Torrance & FASTSIGNS of Long Beach

FASTSIGNS International, Propelled Brands

Stephanie Moseley

Marco's Pizza

Marco's Franchising, LLC

Steve Sarrantonio

SpeeDee Oil Change of Pineville

SpeeDee Worldwide, LLC, FullSpeed Automotive

Steve Shortland

DES Employment Group

DES Employment Group

Steven Brown

Grand Welcome of Nashville & Austin

Grand Welcome Franchising LLC

Steven Nickels and Ted Panebianco

College H.U.N.K.S. Hauling Junk and Moving of Long Island, NY

College Hunks Hauling Junk

Tanya Lee

Woofie's Reston-Herndon

Woofie's

Tiffiny Consoli

Pool Scouts of The Greater Triangle

Pool Scouts, Buzz Franchise Brands

Todd & Ryan Kletz

One Hour Heating & Air Conditioning of Virginia Beach, VA

One Hour Heating & Air Conditioning, Authority Brands, LLC

Todd A. Krause

Silversun Cleaning LLC dba The Cleaning Authority

The Cleaning Authority, Authority Brands, LLC

Tony Patania

COIT Cleaning & Restoration of Charlotte, NC

COIT Cleaning & Restoration

Tricia Lee Golomb

Payroll Vault of Pembroke Pines, FL

Payroll Vault Franchising, LLC

Yonas Hagos

Smoothie King DLH Group

Smoothie King Franchises, Inc.

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About the International Franchise Association:

Celebrating over 60 years of excellence, education, and advocacy, the International Franchise Association (IFA) is the world’s oldest and largest organization representing franchising worldwide. IFA works through its government relations and public policy, media relations, and educational programs to protect, enhance and promote franchising and the approximately 775,000 franchise establishments that support nearly 8.2 million direct jobs, $787.7 billion of economic output for the U.S. economy, and almost 3 percent of the Gross Domestic Product (GDP). IFA members include franchise companies in over 300 different business format categories, individual franchisees, and companies that support the industry in marketing, law, technology, and business development.

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International Franchise Association Names Franchisee of the Year Recipients

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The International Franchise Association (IFA) today announced 57 recipients of its Franchisee of the Year Awards, representing companies across all industries from communities around the country. Honored at IFA’s 62nd Annual Convention in San Diego, Calif., the award recognizes outstanding franchise…