"Despite its reputation as a gateway to consulting, finance or tech jobs, owning fast-food franchises has become a popular past time at the school, one Harvard Business School professor told us"
https://ftalphaville.ft.com/2020/07/13/1594600780000/Harvard-Burger-School/
However
"..The game, however, looks to have gotten tougher. Carrols’ stock price is down 50 per cent in the past year. And the largest fast food franchise firm, the private equity-backed NPC International — which owns 1,600 Pizza Huts and Wendy’s — filed for bankruptcy a few weeks ago with debts totalling $900m.
NPC blamed, in large part, the weakness of the Pizza Hut brand. But it also attributed its difficulties to commodity price volatility as well as a tight labour market and a greater political focus on low wage workers. NPC noted in the filing that minimum wages and competition for workers were driving labour costs higher faster than their ability to raise prices.
It’s a timely reminder that fast food’s success might ultimately stem from it being able to take advantage of low-wage workers who lack bargaining power. If that changes, and profits end up being redistributed more equitably, it’ll be a good thing for fry cooks and cashiers, but not private equity bros..."
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