Alpha-Bets

From Grand Mere to Anagram

In the premiere episode of Alpha-Bets, Howard Han sits down with Mike Cherney to trace his path into entrepreneurship through acquisition - from building Grand Mere Capital and navigating the high-stakes world of quick-service restaurants.  Mike shares his personal journey from sitting next to Howard at Thayer Street Partners to founding Grand Mere Capital, which was the soil from which Anagram grew. Mike also shares his opinions on the various QSR and franchise brands while breaking down what drives value in franchising: brand innovation, operator selection, unit economics, and the operational friction that can quietly make or break a deal. Along the way, he shares hard-won lessons from both wins and missteps, how his framework for evaluating operators evolved, and what scaling real businesses taught him personally. The conversation closes with the genesis of Anagram Capital - why he founded the firm with Howard, its goals, and the principles Mike carries forward.