Portfolio

ABC today

The thesis

We did not arrive at building care by looking for a deal. We defined the characteristics of a business worth owning for a long time — recurring revenue, low capital intensity, a fragmented competitive field, and a franchise structure we know how to run — then found the market that fit all four.

Janitorial is the way into the building — not the ceiling. Commercial cleaning is the service a facility manager buys first and renews most reliably. But it is a fraction of what that same manager spends on the same building. Broadening from janitorial into facility services and facility management raises revenue per account without adding a single new customer relationship.

Franchising turns a fragmented trade into a system. Commercial janitorial is thousands of sub-scale, owner-operated companies with real local reputations, no brand, and no succession plan. A franchise model gives those operators standards, systems, and a brand to grow under — and gives the franchisor royalty-based recurring revenue that scales without scaling headcount.

It is the structure we know best. Franchisor economics are the most asset-light in the services sector: recurring royalties, minimal capital intensity, and growth that compounds through unit development rather than fixed investment.

Executing the thesis

1. 1

   Broaden the mandate from janitorial to facility services

   Janitorial remains the anchor, but the target is a facility management offering — the bundle of recurring building services the same customer is already buying from three or four separate vendors. This expands the revenue base of every existing account and repositions the brand for the customers we want next.

2. 2

   Prove the expanded model in the home market

   Salt Lake City is where the model gets built and validated. Before a system can be franchised outward with any integrity, the expanded service offering has to work in a real market — margins understood, delivery standardized, and the playbook documented well enough that an operator can run it.

3. 3

   Expand the brand through master franchises

   Growth comes through master franchising — granting qualified operators the rights to develop and support a full territory rather than a single unit. Master franchisees carry local development, which lets the brand extend into new geographies at franchisor economics.

4. 4

   Enter new markets by acquisition, then place a franchise partner

   Rather than opening a market cold, we acquire an established commercial janitorial company that already has crews, customers, and contracted revenue — then convert it to the Advanced Building Care brand and systems and pair it with a franchise partner who owns and operates that market. The acquisition solves the cold-start problem; the franchise partner supplies committed local ownership.

5. 5

   Compound through organic growth and add-ons

   Once a market is established, it grows on both tracks: organic account growth and service-line expansion inside existing buildings, plus add-on acquisitions of smaller local janitorial and building services companies that fold into the market operator.

What we are looking for

Commercial janitorial companies. Established owner-operated cleaning and building services companies with contracted commercial accounts — in the Salt Lake City metro as add-ons, and in target metros as the entry point into a new market. Because we are acquiring into an existing brand and system rather than building a standalone platform, size is not the primary filter.

Franchise and master franchise partners. Operators who want to own and run a market under an established brand — including master franchise rights to develop a full territory. The ideal partner has commercial services or multi-unit operating experience and wants ownership rather than a management role.

Start a confidential conversation

PMI today

Founded in 2008 and headquartered in Lehi, Utah, Property Management Inc. is one of the largest property management franchisors in the country, with more than 450 franchise locations across the United States and internationally. The system supports over 25,000 property owners and manages a portfolio of roughly 196,000 units representing more than $85 billion in assets.

PMI is built as a multi-vertical platform rather than a single-service brand. A franchisee can operate across five lines — residential, commercial, association and HOA management, multifamily, and short-term rental through the PMI Global Stays brand — which lets a single office build several recurring revenue streams from one infrastructure and one local market presence.

The brand has been named to Entrepreneur magazine's Franchise 500 for more than a decade of consecutive years, and recognized by Franchise Times among the largest brands in franchising.

System figures as published by PMI; rankings per Entrepreneur.

Jeremiah's role

Jeremiah Cundiff spent 13 years on the executive team at PMI. Much of what the system looks like today — the multi-vertical model, the operating infrastructure behind a distributed network of owner-operators, and the support platform that carries franchisees through growth — reflects work he helped develop over that tenure.

That is the experience Cundiff Capital is built on. Evaluating system health, understanding what actually drives franchisee performance, knowing where a stalled brand can be reaccelerated, and recognizing the difference between a unit-economics problem and an under-investment problem are judgments formed inside a franchise system over more than a decade — not from a spreadsheet.

The equity interest

Jeremiah holds a minority equity interest in PMI, acquired through the company's stock option plan during his tenure in executive leadership there.

It is a passive interest, not a Cundiff Capital acquisition. It is listed here because it reflects a period spent building a national franchise system with personal capital at stake in how it performed.