But she did say, theres another role were creating and you could post for that, raise your hand for that and if you get it, you can keep your compensation and which as an officer of a Fortune 100 company is fairly significant. So the Squawking Goat is one of our favorite ones that people ask-, Then this will be a favorite. As it turns out, the gamble paid off when the restaurant chain Cracker Barrel acquired Maple Street in November 2019 for $36 million in an all-cash transaction. What would you recommend other entrepreneurs read? Nobodys allowed to stay at level one, which is wait until told. Grace has its limit. And in this course, I teach my team, youre either moving up the levels or youre moving down the levels. But he also wanted the best for me and he wanted to be that person. So I told my partner, I said, Were going to spend 35 thousand and were going to remodel it in eight weeks. We did it because there are people who part Maple Street, community leaders, who had the potential to bring in more capital and wanted to do a chance to get more return. It was in turnaround all the time and we kept bringing in these consultants. Fresh Squeezed OJ NEW COMMUNITY STORES 2023 How big did you get the business before you decided it was time to sell? Maple Street Biscuit Company was launched in November of 2012 with a mission of helping people, serving others and being a part of the community. Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. Just because I was in human resources, I ended up working with the operations team and the marketing team and the real estate team. And so I wanted everybody to get rewarded. I think we still can do that better and were trying to find more and more vehicles which communicate to people and keep them connected. Well go through this process. Ive done my time. And its good to have accountability. Bake at 375 for 12-14 minutes. I didnt have restaurant background but experiences that God took me through for those 30 years in the grocery business prepared me for the day when I had to go do something on my own. Scott Moore, welcome to Built To Sell Radio. And so when it came time to even name Maple Street as a company, I sent out to all those 40 people a bunch of different names. I mean for people who have been in one of your community locations. And I tell it to the team this way. I went home and I thought about it. And on the weekends wed have to add multiple people out there, to be picking all those up, it would impact the store economics significantly. We have a few chartered stores, franchise stores that we have done. And they brought in their own executive team, which they should do. Cracker Barrel didn't just buy a biscuit company. I have a video that every new team member watches, where I make a promise that this will be a safe place. If people are coming to ask you what to do, after theyve been with you a while, they know whats supposed to be done, thats at least passive rebellion. I tell people, if youre going to build a restaurant, John, you would not build it the way we built it. Make all our comfort food with a modern twist from scratch! Adam Glickman started hawking Jumbo Brand Condoms from his dorm room in 1989 under the moniker a safe jumbo is a happy jumbo. His brand grew and upon graduation, hestarted Americas first retail condom shop in New York City. Shed seen the lives that had changed. Did it keep me from sleeping at times? If we want to go change peoples lives, then we ought to be the best business people there is, that are out there. And specifically, people who had maybe been on the journey that I He had seen me through that little journey. So were a mission driven company. They invested at least $50,000 into building-out and equipping the first Maple Street restaurant that opened in November 2012 at 2004 San Marco Blvd., where it continues to operate. By William Oncken called Managing Management Time. And we were quite a Jacksonville story and I had to know, are we just a Jacksonville story, or can we go somewhere else? But we wanted a menu that was built in such a way that if you liked what we had, you had to come to us to get it. One was, we did what we call these joint venture partnerships is that for individuals would bring capital to the table, basically 150 thousand dollars. And it came with when we opened up the first location, they should have failed. But the journey hasn't been as simple as the. Went from our eight to our 25 in 18 months. Yeah, yeah, yeah. And then I had individual calls with every single community leader, after the Zoom video call. Then on top of the chicken. Is that okay? They all said, No, people get it. At the same time, they wanted us to be reminded of this. A lot of franchise's don't deliver, but this newly opened restaurant definitely does. So level one is, wait until told. maple street biscuit franchise cost near missouri. We found that we decided a year ago, the best way to pay for it was to listen to our guests. David Trewern grew DT to $10 million in annual revenue before he sold it to STW Group for almost 10 times profit after tax, gettingmaximum value for his business because he started to look at the world through the eyes of his would-be acquirer. The model was built and it could flex to whatever those tables were, in trying not to lose money. And so when this became the viable option, we asked Piper, Hold on those. So people that move up or they move down the levels, I filter everything through that. They have to explain to you why were doing it. Masseys Pizza, Columbus' oldest pizzeria has been making the perfect pizza taste since 1949. warriors: come out to play board game; be quiet dark rock pro 4 vs noctua nh-d15; ridgeview road house cursed items; pan seared yellowfin tuna recipes Id lived there for seven years. And those community leaders, by how they served their guests, earned the right to be recognized. So he came and helped me put the five year plan together and what that looked like. And so I reached out to a guy who worked with me in the grocery business and said, I need to put this five year plan together. We talked to Piper, Jeffrey and partnered with them to help us to start the conversations. But I also thought if were a community store, we could go one step further and asked our guests to help us clean up after were done. And we wanted to help them, as part of our mission. Prayed about it for a week. Fantastic. And if our actions that we show grace to other people, if our actions match up to that, people start to connect those dots. I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. That you werent going to report to some regional executive vice president in charge of distribution, or something like that? We make that as a very attractive schedule for somebody in this industry. Because at the end of the day, the acquirers going to make a very simple calculation. This is the casual dining restaurant, as opposed to the cheese brand thats owned by, I guess Kraft, right? Weve been able to help her get her credit turned around, to have her own home. Big companies buy smaller ones when they realize that it would cost too much, or take too long to compete or they see an opportunity for growth. I teach a class called Managing Levels of Initial Freedom. Ill have to go look that up. And so thats our responsibility, was to go find a way to serve in more communities. Immediately, change, its scary and the unknown. All this while producing a Sustainable Business. And we did that strategically, as that there are other people who kind of want to play in this space. And that she believed in me enough Because the house is important to her. One is, if were just average, we just do what everybody as an average does, what would that look like based on our expected expenses for rent and insurance and all the things that would go into P&L. Really quite a thing. And restaurants that are opened by a couple of guys that have no restaurant experience and no culinary background should fail at a much higher rate. This is drinking out of a fire hose. I dont get it. So we came up with a four leadership model that gave us depth and breadth to support a large, a fast growth pattern. And so I ended getting responsibilities for operations with HR. Was the desire to get out from underneath the personal debt in any way influential in your decision to sell? Absolutely. I wondered, maybe theyre been a pause on that. How do you . Youve had it but you never had it that way before. So its interesting, my pastor had asked me a few years ago, do you struggle with pride? What were you guys offered? And so you come to there, its approachable. They have a specific restaurant division. But does that mean it was always easy for her to process? And it was going to be originally just Gus and I and three people. Theyll make your food. And as we took a look at that five year plan, we put two models for us to manage our growth and to fund it. They provide Comfort Food with a Modern Twist, and Gracious Service through Immaculately Clean Stores. For these folks, life can be tough. And added the sales in City Center, Chattanooga, for the first 100 days theyd been open. And give her credit for being willing to sign up and to trust me to go do this. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. And so when we talk about gracious service, that includes our team members, our family members, that we treat each other with grace. They manage stuff. Because we were only talking about one store at that time. The goal is how can we go change peoples lives. And what we wanted, anybody else who was going to be interested in playing that space to look around and say, Hey, what just happened? So youre building a new community store. Which was a biscuit with that fried chicken and the pepper jelly on it. Because what we wanted to do, is to get out and be the market leader. Level two is ask what to do. But they always go do them and make them happen. Be a part of the community. And that was always Sandys posture about it as well. But they said, hey I explained to them we were going to market and what our strategy was and they said, Hey, but wed like to talk to you. And we spent 10 months really getting to know each other. Yeah. 2022-12-12T14:08:38+00:00 . 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