Dave and Buster’s has no publishing or distribution, which will both be bigger than retail for S&L for the foreseeable future. So I would conservatively multiply your valuation for 2 dozen locations by 3, but more realistically by 5. With 24 locations S&L could be enough of a brand to be a major international distributor. But I think they should focus on expanding retail faster. These cafes are popping up everywhere, and one just opened in Chicago before them, which is a bit disapplinting tbh. Roger should be all over the country 24/7 getting deals signed imo to get brick and mortar locations up and running and cement S&L as THE board game cafe chain asap.