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Testimonials

We have had the pleasure of partnering with Carty for many years. He has been a trusted advisor on issues such as acquisitions, valuations and financing, as well as executive compensation and retention. His knowledge, experience and network of contacts has proven invaluable to Tar Heel Capital.

Jim Furman Sr., CEO
Tar Heel Capital

Without Carty’s leadership & guidance the last 25 years I couldn’t have grown our company from three locations to now over 40 locations!

Matt Van Paepeghem

WenMarr Management Company

I’ve known Carty for 25 years as a competitor, advisor and representative on M & A transactions. Although I’ve completed hundreds of restaurant financing transactions in my career, when it came time to sell part of my Wendy’s business, my partner and I immediately hired Carty. The expertise required to sell a franchise business is much different than financing that business. Carty is tough, fair, and focused on finding ways to get a deal done. We’ve been on both sides of transactions with Carty. I’d rather have C Squared on my side of the table.

Hans Sohlen
30+ year Restaurant Financial Advisor and Wendy’s franchisee

Our family had been a franchisee of Wendy’s for nearly four decades when it came time for us to address the myriad of challenging decisions involving succession planning and generational transfer of the family business that our parents had built. Over the years, we had worked with Carty on several financing transactions, and we knew he would have some creative and value-added thoughts on how we might transition out of the operation of the business while keeping our father involved in some meaningful way. Carty worked closely with a well-known and much larger franchisee favored by the franchisor; he helped to deliver a premium valuation based on pro forma adjustments to our P&L’s while also keeping our dad involved with identifying and developing new sites to be owned jointly with our buyer. The transaction has turned into a true ‘win-win’ arrangement for both our family and the buyer. In fact, five years later, we still have a very strong relationship with our buyer that Carty introduced to us. We don’t think anyone in the restaurant industry could have delivered a better solution for us, and we proudly recommend Carty to any family business contemplating transition challenges or liquidity opportunities.

Sam Rubenstein
Manager S&M Holdings, LLC
President, Panacea Capital Advisors, Inc.

I’ve worked with Carty on numerous transactions.  In working Carty, you always know where you stand. I’m in a position to provide timely updates to our shareholders partially due to his collaboration on our goals and priorities. C Squared’s understanding of the industry, our brand, and the big picture, in addition to their attention to detail, makes them an ideal financial advisor, as evidenced by our many engagements with them.

Gary Miller, CFO
Carolina Restaurant Group
90 unit Wendy’s Franchisee

I’ve known Carty since 1987 when he financed my initial acquisition of four Wendy’s restaurants when I exited the McDonald’s business.  I’ve since relied on Carty’s advice and counsel as we’ve grown our business to almost 60 units.  Carty has assisted us in financing engagements, M&A advice, and on the hiring of a CFO.  He was also very helpful in assisting us in managing through the Wendy’s SO-III where we acquired additional locations in our core market. I would highly recommend Carty, and the C Squared team.  No one knows the QSR industry better.

Pickens Lindsay, CEO
Calhoun Management

Carty has been instrumental in Starboard’s growth. We’ve completed three transactions with Carty. On two of the transactions, he represented the other party, and on the third, he represented us. We prefer to utilize Carty and C Squared on our side of the table. Carty’s ability to understand both sides of the transaction has allowed each deal we’ve completed to accomplish a ‘win-win’ situation for the buyer and seller. We still have dinner with the seller of one group of Wendy’s six years after the deal was completed.  Carty’s understanding of the dynamics of the franchisor, franchisee, buyer, and seller is unmatched in our industry. We will utilize C Squared’s services in the future.

Andrew Levy, CEO
The Starboard Group
Wendy’s franchisee

When Boddie Noell elected to review liquidity and growth alternatives for the company’s Casual Dining Steakhouse, we retained Carty. We had worked with him previously on financing alternatives and a casual dining acquisition and we liked his approach. Carty managed a comprehensive process and ultimate sale of the company’s Texas Steakhouse chain under difficult market conditions and trends for the brand. We were quite pleased with the results. With the sale, BNE simplified our organization structure allowing us to better focus on our improving Hardee’s business. We value his counsel and would highly recommend Carty’s services.

Craig Worthy, EVP and CFO
Boddie Noell Enterprises
330 unit Hardee’s Franchisee

I’ve known Carty for years and have worked with him on numerous transactions and in different capacities. As CEO of Arby’s, I worked with Carty on a franchisor sponsored program which was quite successful in assisting over 50 franchise groups. I subsequently completed a buy-side engagement on the acquisition and financing of my initial Burger King purchase of 42 stores in Atlanta. Since founding GPS, I‘ve also worked with Carty on numerous additional acquisitions as we’ve grown our Burger King business. He knows the numbers but most importantly how to get a deal done. We’ve been quite pleased with the opportunities Carty has presented as well as the quality and accuracy of the information and models. I welcome the opportunity to work with C Squared.

Tom Garrett, CEO, GPS Hospitality
230 unit Burger King and Popeye’s franchisee

When we decided to review liquidity alternatives for our growing quick casual brand, we interviewed numerous Investment Bankers to manage the process. Carty was completely focused on ensuring the shareholders of Salsarita’s received full value for the investment and sweat equity in the brand. Carty understood the process of selling the company before, during and after the Engagement was completed. I’ve since sought Carty’s advice and counsel as I developed and grown several other concepts. He not only understands the financial aspects of the restaurant business, he understands the restaurant business and franchising. I would highly recommend C Squared. The most difficult decision I’ve made in my career was hiring an Auburn graduate, asking him for help and paying him money. It was worth it.

Bruce “roll tide” Willette, former CEO
Salsarita’s, Inc.

I have known and worked with Carty for over 20 years as a lender, financial advisor, workout consultant, and most importantly, as an advisor on both the buy and sell side of transactions. We have utilized Carty’s services on 8-10 transactions during the past 20 years and he has always delivered exceptional results. With unmatched relationships with sellers, buyers, lenders, and our franchisor, Carty has always provided timely and insightful advice in closing deals. We have hired Carty to sell restaurants, buy restaurants, and to acquire financing. He also is a frequent advisor to our diverse board of directors on strategic initiatives. We would not pursue a transaction without his counsel.

Quint Graham, CEO
Carolina Restaurant Group
90 unit Wendy’s franchsee and Hall of Fame Member

As CFO of Belmont Capital, a multi-industry Family Office, I have engaged over 25 Investment Bankers in multiple Industries and disciplines over the past 15 years. We have never worked with a more accessible, focused, and tenacious professional than Carty. He once returned a call on December 30th from a remote region of Namibia because I sent him a request to speak before year end. Our firm’s only question in retaining Mr. Davis was his independence in representing our company’s interest due to ongoing work with our brand’s franchisor. He’s exceeded our expectations in every way as we’ve monetized our investment in our restaurants. We also never questioned his independence after executing our Engagement and we highly recommend Carty and C Squared to anyone contemplating a Restaurant Sale Engagement.

Chuck Morneau, CFO
Belmont Capital, LLC (e Lanes)
Wendy’s franchisee

I started working with Carty almost 8 years before I decided to sell my business. We initially contacted Carty after an unsuccessful attempt in selling our restaurants. Carty guided my team through several Burger King valuation and performance cycles, recommending the ideal time to eventually sell the family business. Carty found a well-capitalized buyer, willing to complete the transaction on an accelerated basis with a condensed due diligence process, which provided certainty of closure. It was time for me to retire and I did not want an extended sale period. Carty was understanding and respectful, and I could not have completed the sale without his advice and expertise. I cannot recommend Carty and C Squared more highly.

Sally Wilson
S & B Wilson, Inc.
35 year Burger King Franchisee