Wingstop's private equity buyers diverted cash flow to avoid paying Swad's note
Antonio Swad · Wingstop: Antonio Swad. A Brilliant Idea — And a Nail-Biting Exit · Apr 6, 2026 · at 59:25
Antonio Swad describes how the buyers of Wingstop structured company spending to trigger a contractual 'available cash flow' clause and withhold seller note payments.
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“Instead of using the money to make the payment to me for the company that I built, they took the money and they built corporate stores with it, which was adding to the intrinsic value of the company. They were bonusing themselves. If it ever looked like at the end of the month, there was money left over, They made sure there was never any money left over.”
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