Multi-Brand Franchisee Vik Patel Adds Service Brands To Balance His Portfolio
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Multi-Brand Franchisee Vik Patel Adds Service Brands To Balance His Portfolio

Multi-Brand Franchisee Vik Patel Adds Service Brands To Balance His Portfolio

In the early days of his career in franchising, Vik Patel developed a core business philosophy of investing in his employees and connecting with them. “If you do right by people, good things happen,” he said. This management mantra has translated into nearly 250 franchise units employing 3,500 people under his Purple Square Management Company.

His service brand holdings include 64 Rent-A-Center, 30 Take 5 Oil Change, and 28 RimTyme stores. In 2023 he entered the healthcare space with the purchase of 6 America Family Care franchises in the Tampa area, with plans for 18 more in the region over the next 5 years, with half already in the works. His food brands include 100 Dunkin’/Baskin-Robbins, 45 Popeyes, and 2 Brass Tap locations, and work is under way on opening Smalls Sliders restaurants in Atlanta and Tampa.

It can be quite challenging operating so many businesses throughout the country. Unless we missed one, he operates franchises in 15 states across the U.S. (Alabama, Arizona, Florida, Georgia, Indiana, Kentucky, Louisiana, Mississippi, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, and Virginia).

While that’s quite a geographical spread, Patel says the common denominator is the people, and that building a chemistry and taking care of them is an important part of his company’s success. “We wouldn’t be here without all our wonderful teams,” he says.

Patel started in franchising with his wife, Sneha, who is CFO of Purple Square. To keep up with the continued growth of his portfolio, his practice has been to hire people with potential and promote from within.

Although he has experienced tremendous growth as a multi-brand franchisee, not everything has gone smoothly in his two decades in franchising. Like many other business owners, Patel was hurt by the recession in 2008 and was forced to make payroll from his own pocket. He learned from the situation and says he is better for it. One of those lessons was to look at diversifying into service brands to balance out his food sector holdings.

With so many of his brands in the food and restaurant industry at the time, Patel and his employees were forced to adapt on the fly and make the changes needed for the businesses to survive. He remains highly appreciative of their efforts during that period and says he has developed a greater understanding and respect for his employees’ time and flexibility.

As he scales his brands, Patel is able to help others along the way. He is passionate about giving back to the community, a trait he learned from his grandmother. He is actively involved with a children’s hospital and his daughters’ school.

Looking ahead, Patel, 46, aims to grow his business and double his revenue to become a $500 million company by expanding each of his brands and adding new ones along the way.

Patel was featured in the 2023 Q4 issue of Multi-Unit Franchisee magazine. Read the full profile here.

Published: May 14th, 2024

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