What if the future of restaurants isn't a single great brand, but a portfolio of great brands operating on a common platform? That's the question at the heart of Inspire Brands. Since 2018, the company has acquired Dunkin', Sonic Drive-In, Jimmy John's, and other iconic chains while building one of the world's largest franchise restaurant systems. As Inspire moves toward a potential IPO, the company is about to discover whether public investors believe in the same vision.

Starbucks Japan’s IPO highlights important questions in corporate strategy, strategic options, and capital allocation. The case shows how boards and executives can evaluate growth, ownership structure, market positioning, and long-term value creation.