What made you guys so much more profitable than a typical restaurant? Unfortunately, the deal was too good to be true. Does it ever feel like, oh my gosh, Ive gone back, its Groundhog Day. They got their MBAs and so I got to work with all kinds of those in this turnaround process. And have resources Ive never had before to go do it. That you werent going to report to some regional executive vice president in charge of distribution, or something like that? And so we executed that plan. And so we started, we opened that community store and we started very slow. And so she deserves a lot of credit. He was working at the Volkswagen plant and didnt have restaurant experience but our model is designed that we go teach them. If youre at level one, wait until told, Ill say, Hey, if you have nothing to do, or you dont know what to do, you come ask me what to do. Now a minute ago said you cant be there. Weve always been this scrappy startup, looking for every nickel, dime and dollar to go do that next community store. Restaurant groups, private equity firms, investment banks. Then based on my takeaway, I need to make sure I create space in my life for people to challenge me and to have the ability to say no. How to Sell a Consulting Business for 12 X EBITDA (Without an Earn-Out). Cant you be there when I can get there?. People didnt know who we were but it was building the same way. Were at 30 community stores at the time. Its the most inclusive place. It currently has 28 company-owned and five franchised fast casual locations across seven. Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. So people sometimes ask me, were you afraid? The original restaurant opened at 2004 San Marco Blvd. First, he was one of those individuals in my life who could look at me and challenge me, which I wanted. We have a few chartered stores, franchise stores that we have done. Externally we call them team members. And we did 10 months in the first store. I read a lot but I read more in the next six months than Id read in a long time. Looks like your subscription is due. MAKE Certainly as I said, I had experiences that I call it my Maple Street MBA, is that the last company I was working for, worked for 10 years, we went through I think five CEOs in 10 years. Most restaurants that are going to scale are building it so you can go anywhere and not have a bad experience. And we should execute our model relentlessly because we want to go change lives. We had grown really fast, very quickly. According to the CEO of Cracker Barrel, Sandra Cochran, they admired the Maple Street . And we did that strategically, as that there are other people who kind of want to play in this space. Maple Street Biscuit is a restaurant chain that specializes in Southern comfort food. And we went through a very detailed process of, did they get us? It was called Holler & Dash but when executives at Cracker Barrel saw the Strength of the Maple Street brand, they knew they could be better together. Were still, even though we have resources, those things that have made us successful to this point we wont change. We have one who is a community leader for us and we found her in South Florida. 518 customer reviews of Maple Street Biscuit Company. And Id say that she trusted me to go get it right. And then we started looking ourself, whats the best plan to move forward? So youre building a new community store. So for those it was a had to take them through my change curve. So it was really being driven by a multiple of the EBIDTA, or an earnings before interest, taxes, depreciation, and amortization. Whatever competing interests they are, that you have. I always worked for these companies who were not the market leaders. But you got no time and so it was finally around 1:30, you got a little bit of a break. Thats why you have an open kitchen. Whats the process look like? Now that said, that means my wife was in the boat with me too. Ill tell you, that what is built a fire under me. The executive team got part of the transaction. We take a fresh goat cheese medallion and we take some special breading on it and we put it on the grill. And one of the lessons I learned through that growth process, John, was you always have to focus on the business. And I offered, say, Hey, if private equity group comes up and says hey, we like it and its the right offer but they want their own leader, Im willing to step aside. In this episode, Stephan Spencer details three strategies he pursued to withdraw from his businesss day-to-day operations. Masseys Pizza, Columbus' oldest pizzeria has been making the perfect pizza taste since 1949. Yeah. Theyre calling out things back to this open kitchen and youre seeing all that happen in the kitchen. So youre going to need a knife and fork to eat it. Yeah, its internally. And then secondly is, because it had been such core that we were, I had to take them through the process to help them understand how this actually was going to make their life better. 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. We call them family members internally, its because I tell them, I want them to understand were in this life together. They would have a joint venture with us and we would split the profits, 51% for the company, 49% for them. Who would we might lose in this change process? You had this entrepreneurial experience. We werent but for entities that are, or somebody whos just looking to buy it to flip it in a couple of years. Im worried for you, man. If I can trust you and youre teachable, we can do a lot of things. Yeah, that was within two weeks of the first call. The menu features items such as biscuits and gravy, fried chicken, and shrimp and grits. And so, we use terms So we have four principles which guide us. Help people, serve others, be a part of the community. I dont remember the number now, what it was. I mean if we doubled what we thought we would do in sales, is it really going to be, this is a great thing? victor harbor hospital. When we designed this, we wanted to have a concept that was a destination, not just an option. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. Lets get into the Cracker Barrel negotiations. And then again, if enough people like our food with an opinion, then they have to come to us to get it. And that added stress to the whole change process. And whats interesting is Cracker Barrel owned a biscuit company that sold for intents and purposes, a similar product. So the best way to do is firewall it, just dont open. As it turned out, his timing was perfect as his site helped underwater homeowners unload their real estate. earn a percentage of the profits for doing this well. Well the executive team had been working out for 10 months, so they all knew it and they all participated in there. And were here for a reason and its been a learning. Then we talk about romancing the food, that we talk about it because we love it. maple street biscuit franchise cost near missouri. Just because I was in human resources, I ended up working with the operations team and the marketing team and the real estate team. So thank you for doing this. The question, how good can we be, I can tell you, we can be a lot better. And that has become one of our best performing stores now. You have a Family Support Team that will guide you in the way to do things, but the store is YOUR responsibility. We need to consider others, well come back and talk about that. And in that, they are the purveyors of theater and romance. We invited my friends and neighbors over to my house and we would make food for them. And then based on what they thought the strength of the brand was, on top of that. So they let you use the resources that they bring to the table. I found we had to start communicating immediately, much more often and trying to get more detail. And they do a very detailed, thorough review of who we were, from the brand to the financials, the store economics, the opportunities and we both came to them and said, This is the right partnership.. And so for where I live theres lots of different diners you can go to and I go to those. And added the sales in City Center, Chattanooga, for the first 100 days theyd been open. Sorry. Founded 2012 in Jacksonville, Florida, by Scott Moore and Gus Evans, the emerging brand has 28 corporate and five franchised units. Or whats the best way for people to-. Emboldened by their early results, Moore wrote a business plan for a massive expansion, which called for building 25 locations across the southeastern United States in just 18 months. Maple Street grew to 28 stores and five franchises. I sent it out to them and said, Hey, if were going to name the company, which of these resonates? Overwhelmingly, Maple Street Biscuit Company came back as the name for the company. Secondly, theyre paid a percentage of EBIDTA, thats profit every period. We were doing the six days a week, it was fine. Maple Street Biscuit Company FIND A LOCATION FIND A LOCATION FIND A LOCATION We're More Than A Biscuit CHECK OUT OUR MENU Locations Order Online Our Menu Help People. Its like three letters for every two syllable word. Its got a little sweet, a little bit of heat and its almost like a sweet and sour chicken biscuit. Im just in awe and so grateful for you doing this. 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. Its just my experiences again, taught me some things I wanted to do, some things I didnt want to do. I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. Andy Cabasso co-founded JurisPage, a marketing agency specializing in helping law firms in 2013. Safe place, nobodys allowed to holler at anybody, that includes me. And he asked me that because Maple Street had done so well. And the conversations turns to them looking at potentially acquiring you. And I currently had had 175 people on my team throughout the distributed organization. Please tell me thats gone. Because we had been doing this on our own for years. So anything that I had was mine. Theyll make your food. So youre into this conversation. Is that chef Amanda Freitag, whos on Chopped Food Networks show, came into our store and tried it and actually called and they put us on TV about Squawking Goat. And they actually convinced me, the restaurant division, that they got who we were. They have to explain to you why were doing it. To and one weight of debt our store performance were you afraid still, even we. Can do a lot better than Id read in a couple of years, its Day. Intents and purposes, a marketing agency specializing in helping law firms in 2013 they bring to opposite! Its just my experiences again, if were going to scale are it. People didnt know who we were doing the six days a week, it was around. And so grateful for you doing this on our own for years to have a bad experience have principles. Point we wont change nickel, dime and dollar to go change lives been this scrappy startup, for... 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