Core Viewpoint - The article highlights the growing global competitiveness of Chinese franchise brands, with notable successes in both domestic and overseas markets, exemplified by Luckin Coffee's expansion into the U.S. market [2][3]. Group 1: Investment Strategies and Performance - Garnett Station Partners (GSP) has achieved a compound annual return of 33% since its inception in 2014, focusing on the trillion-dollar franchise and consumer services sector [3][4]. - GSP employs a strategy of acquiring small franchise stores at 3-6 times EBITDA, improving operations, and then selling them at 6-7 times EBITDA to private equity firms [3][4]. - GSP's investments have shown that average revenue per store is at the industry's top tier, with a minimum profit margin of 20% and a payback period for new stores not exceeding three years [3][4]. Group 2: Profitability Paths - GSP identifies four key profitability paths for its investments: 1. Increasing same-store sales by 4-5% through technology and management [4]. 2. Optimizing the income statement by controlling costs, labor, and rent to improve profit margins by 2% [4]. 3. New store development and acquisitions with a 20-40% return on invested capital [4]. 4. Achieving valuation multiple expansion by creating diversified and specialized enterprises [4]. Group 3: Franchise Business Model Insights - The franchise business model is characterized by a three-party dynamic involving buyers, sellers, and brand owners, which allows for win-win scenarios with minimal economic loss for brand owners [22]. - The average EBITDA margin for franchise stores is around 15-20%, with brand fees reducing net profit margins to single digits [15]. - GSP emphasizes the importance of scale in reducing risks associated with market fluctuations, such as changes in consumer traffic due to external factors [19][20]. Group 4: Market Trends and Future Outlook - The U.S. franchise market is substantial, with a market size exceeding one trillion dollars, and is expected to see significant value transfer from the baby boomer generation to new owners over the next 20 years [41]. - GSP aims to be the preferred partner for founders and entrepreneurs, helping them maximize enterprise value through strategic capital partnerships [41][42]. - The company focuses on industries with high fragmentation and organic growth potential, ensuring that their investments align with long-term market trends [39][40].

Core Insights - A surprising trend is emerging in Japan where a significant number of young people in their 20s are preparing for their "end of life" by writing wills, taking memorial photos, and planning their funerals [1][2][4] Group 1: The Trend of "End of Life" Preparation - Approximately 24.6% of respondents in a survey by TEAR are engaged in "end of life" preparations, with 26.8% of those being in their 20s, which is higher than the 60s age group [4][6] - "End of life" preparation includes organizing personal belongings, planning funerals, writing wills, and even taking memorial photos, reflecting a broader understanding of life and death among young people [4][6] Group 2: Motivations Behind the Trend - The interest in "end of life" preparations among young people is influenced by their experiences attending funerals of relatives, prompting them to consider what they would want to leave behind [6][13] - Japan's aging population and increasing death rates contribute to the normalization of discussions around death and funeral planning among younger generations [13][15] Group 3: Activities Involved in "End of Life" Preparation - Common activities among young people include writing wills, preparing messages for loved ones, and taking memorial photos, often approached with a light-hearted attitude [7][8] - Young individuals often use simple methods to document their wishes, such as notes or digital reminders, focusing on expressing sentiments rather than distributing wealth [8][9] - Digital solutions are also being utilized, such as setting up memorial accounts on social media or using dedicated apps to store messages for loved ones [10][12] Group 4: Cultural and Psychological Aspects - A significant portion of young people (59.6%) prefer simplified funeral arrangements, indicating a shift away from traditional large-scale ceremonies [15] - Engaging in "end of life" preparations allows young people to gain a sense of control over their lives amidst societal uncertainties, serving as a form of psychological organization [16][17] - The process of writing wills and messages encourages reflection on personal values and relationships, ultimately fostering a more meaningful approach to life [17][18]