I teach a class called Managing Levels of Initial Freedom. Hear his story on this weeks episode. And we talk about it like we love it and thats how we describe it when were talking to our guests. Well hold each other to a high standard and accountable. And that added stress to the whole change process. And they said no, theyre not interested in divesting themselves. locations alabama florida georgia kentucky north carolina south carolina tennessee texas virginia new community stores 2022 bee cave bee cave, tx officially open to the community bulverde san antonio, tx officially open to the community So we dont have cashiers. And he never did. And that has become one of our best performing stores now. And the strength of the brand, they were shocked with and excited. Lets get into the Cracker Barrel negotiations. And Scott, give me a sense of whats going on for you personally at the time. Thats your 20% of your hours for breakfast, brunch lunch that youre going to get your business. Immediately, change, its scary and the unknown. Fresh Squeezed OJ NEW COMMUNITY STORES 2023 They can certainly go to our website. If I can trust you and youre teachable, we can do a lot of things. We dont call our locations restaurants. And so folks in that world theyd start life changing amounts. As I said, we have a really good at what we were on the right but it is for us, an opportunity to be along with them in life. And thats a lesson that my friend Scott Moore learned. And so I ended getting responsibilities for operations with HR. In 2002 Chuck Crumpton started Medpoint to help businesses bring medical devices and pharmaceuticals to market. 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. And that whole MBA process prepared me for the time. Youre having your customers bus their own tables. But that was a growing process for her too. Thats why we keep moving forward. I do it because its always a learning thing. And did you tell her, did you tell your wife the risk that she was signing up for when you went from whatever it was, eight to 25 stores? Have you ever stopped to wonder why a big company would acquire your business? Were at 30 community stores at the time. How did you finance the growth? And restaurants fail even at a faster pace. And we did that strategically, as that there are other people who kind of want to play in this space. But they basically have the same menu. Thats where Piper was a value to us. I dont get it. We did not, because we put When this became serious conversation and we all agreed that they could be a really good strategic partner, we asked Piper, just table those for now. Im like, We just have to stick with our model and execute it. He has in there five levels of initiative and freedoms. Bake at 375 for 12-14 minutes. And we are not perfect. On the Maple Street Biscuit Company menu, the most expensive item is Dozen Flaky Biscuits - Plain, which costs $22.26. And I think rightfully so, in challenging me is, people keep telling you really good things about yourself, sometimes you start to believe them. So we had at Maple Street, Ill call it family support team, its our corporate headquarters. And on there, so I said that were a part of peoples lives. 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. Absolutely. How This Service Business Sold for Around 4-Times Revenue. And then implement it, youre investing before hand. Please renew to keep using our services. 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. In this industry, people many times live week to week. So now the community leader didnt have anybody to back them up. Help people, serve others, be a part of the community. What are the seven levels, just real quick go from the bottom, up to the top. And Im a person who keeps his promises. 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 And then Ill go figure out what Im going to do. So the best way to do is firewall it, just dont open. What makes them unique and what drives us from people, from community leaders down to our elite team members, to even guests, all understood all that. And were here for a reason and its been a learning. Were still, even though we have resources, those things that have made us successful to this point we wont change. How did conversations go from there? And so we interviewed several. And so the ambassadors are supposed to explain to you, you come in and you hear the word Squawking Goat, or Five and Dime, Hashbrown Cake, our three layer cake and what do those mean? And so nobody at Maple Street refers to anybody at Cracker Barrel, except for me. And we wanted to help them, as part of our mission. Theyre both biscuit companies. I want five years from now, for Cracker Barrel to look back and say, This was the best decision we ever made. And I want that to be earning us the right to go serve in more communities. And so I read the stories of people who had been there and theyd done it and the experiences they went through and the things that they got wrong. What Do You Need From The Sale Of Your Business? It could have been, youre doing a podcast on the guy who lost everything and now trying to figure out his way but Gods done the things I couldnt have done for myself. Cracker Barrel didn't just buy a biscuit company. So you get up to that level, you know what your boss wants you to do. And then, as were going to market, Hypers trying to help us figure that out. Yeah, that was within two weeks of the first call. Then a third. Ill tell you, that what is built a fire under me. And I will say this, that the one thing I dont know is how to stop. I am lets see if I can quit that out there. People that lean in get it. Why not just keep it a lifestyle business? So the investment banker is out there. If people wanted to sort of learn more about you or the company, is there a website you want to point people to? It was a long process but she now has her own community store. Ive got to figure out whats going on. Theyre going to ask themselves, is it easier and cheaper for us to simply compete with your business? And so this is probably the biggest change for them but also their also on just seeing that it is a huge personal benefit for them. Why would Cracker Barrel this NASDAQ traded hundreds and hundreds of stores be interested in little Maple Street? You must be logged in to view this form. But we werent telling anybody. They know the experience. How do you come up with names for your dishes? Or have you built such differentiated value propositions, such a well-branded company that competing with you would take longer or cost more money than simply buying you? Maple Street Biscuits was founded in 2012 by Scott Moore and Gus Evans. And we needed more depth and breadth. Andy Cabasso co-founded JurisPage, a marketing agency specializing in helping law firms in 2013. keyboard_arrow_leftPrevious. And Im like, okay. And so Maple Street has such a strong brand and is that people, when they find out that Im the CEO of Maple Street, their first response typically is, Man, Ive been in there, I love that food.. Any restaurant will take your order. And if enough people like our opinion, we have a compelling concept. I always worked for these companies who were not the market leaders. It was never been my goal as how do we get there. And so we built the kitchen as a flex for the very first one, we built is so if the sales were so low, we could only have one person would do the whole thing. A lot of franchise's don't deliver, but this newly opened restaurant definitely does. Then we started looking at, how do we fund the growth and expand the companys stores footprint completely? And its my job to protect the team. And the number one question that we ask of people is, tell me your story. And I walked outside and I called the gentleman who is our accountant and I said, Hey, I know youre planning to do my taxes at the end of the year for they business but I need reports today. Ive got to ask. Yes. 10 X Earnings By Future Proofing Your Buyer. And we were taking out these assistant community leaders. Wait, wait, yes. 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. So we talk about grace and how we show grace to each other as team members. And a lot of times, leaders think of people at least are at level two ask what to do, that theyll come ask me what to do, theyre taking some initiative and theyre good people and I teach my team, no. I am not perfect. Yum! Sure. Top three books? Did you have to personally guarantee the bank debt? I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. And so the Squawking Goat ended up, but it was originally was whats called The Squawk On The Street. I think she saw how I grew in the role, which was really critical as well. Because what we wanted to do, is to get out and be the market leader. When we designed this, we wanted to have a concept that was a destination, not just an option. By 2010, he was able to take a six-month sabbatical which ultimately lead to a salein 2010 with onlya six-month earnout. No cussing at anybody, that includes me. Not only was it a personal guarantee on the loan, it was a personal guarantee on So when you first went out, those first sites, landlords dont know who you are. Yeah, its internally. So what was the secret sauce that made you guys so much more profitable? And as I built that model I said, Thats the P&L were going to go manage ourself against. If were going to build a model that if we only do half of what we think well do, we still at least wont lose money. So thank you for doing this. And when you go there, you have to go to that restaurant. So for those it was a had to take them through my change curve. Really quite a thing. Wow. We need to consider others, well come back and talk about that. And those community leaders, by how they served their guests, earned the right to be recognized. And so, although we want to do this transaction, well only do it if you come along, Scott.. They were just a handful of stores and now all of a sudden, theyve got 25 across the Southeast.. To me, for them its just a transaction, right? And so wed own those units together. So on our website, theres a section where they tell their story. 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. And we should be clear, Cracker Barrel, for folks who may be outside the United States. We previously talked about, our community leaders get our mission so well. That said, we wanted it to be approachable food. November, 2012, yeah. Went from our eight to our 25 in 18 months. And they were within 1000 dollars total sales for the first 100 days. And then based on what they thought the strength of the brand was, on top of that. They got their MBAs and so I got to work with all kinds of those in this turnaround process. I came up with this idea that Cracker Barrel had these Holler and Dash biscuit houses that they had started four years ago. Join the Team - Maple Street Biscuit Company Pave Your Path With Maple Street Check Out Our Unique Positions Below Welcome our guest into your community store, romance our food, help new guests through the Maple Street experience, and take guest orders. Not only that, my names no longer on the piece of paper and so is no longer at risk. And so they could have this investment in a joint venture with us. 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. And then came the Squawking Goat. And the reason that was, when we first started out, that church or that pastor I said challenged me didnt have a lead teaching pastor. But they hadnt really moved on them in the last year. To think through what are the motivations in my life. Most restaurants that are going to scale are building it so you can go anywhere and not have a bad experience. So we did the fast casual, where you order at the counter. Thats why you have an open kitchen. But it just never came up. But when I first started out with this, that was my fourth principle because they said this, Sustainable for us means at least this, dont lose money. I dont remember the number now, what it was. And so what would the range be that they would typically quote? Well, the answer comes down to how well you branded and differentiated your business. 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. What can go wrong is our responsibility to manage risk in any of its fashions. Who would we might lose in this change process? Yeah, I always have this phrase John would say, Make it easy to do right, hard to do wrong. When we built the model, I wanted to build it so that it was easy to execute against it. By 2018, Johnson had grown Create & Cultivate to eight employees when an acquirer offered her a staggering $40 million. The question, how good can we be, I can tell you, we can be a lot better. What would have happened if the business had failed? 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 talked about what this meant to them individually. And a good go to market strategy I told Piper would be, Hey, if we have the chance to acquire those units and could convert those, we can increase the size of the company by 25%. Thats why Maple Streets a mission company. This is what gets to, Hey I came to you before, I told you you cant wait until told, you at least come ask me what to do. Thats so important. So for us to add this diligence was significant. And whats interesting is Cracker Barrel owned a biscuit company that sold for intents and purposes, a similar product. And she has been true to her word on that, for the four months weve been doing this together. And that were doing life together and helping each other along. Well so its possible. I didnt have time to deal with five different entities and go through there. But I want to have the right partner as well. *Figure reflects the average annual Gross Revenues for 100 franchised Bonchon restaurants in the system that were open during the measured period from January 1, 2021 through Dece Weve been able to help her get her credit turned around, to have her own home. What in the business world they call the first write up, right? And how do you kind of reconcile that in your mind? Thats what we do. We were closed on Sundays. And so to get some of those locations required that I had to put my name to the line. At the end of 2019, Cracker Barrel announced that it had bought the Maple Street Biscuit Company for $36 million dollars in upfront cash. But we had to answer this question. I had to think about his question and I came back to him after a few days and told him, I dont think I mean we all struggle with pride in some fashion but I dont think its but then I said, I think what the big danger to me at this stage is, I really have nobody to tell me no, in my life. Any decision in the world that Im living in, store design or as a model, theres nobody to tell me no. And I think that can be a tough thing and maybe a dangerous thing for folks. Yeah, what impact has that had, or did that have on your decision making to sell? Wed immediately have a growth story. I did a Zoom video call that was my communication to them. on the historic San Marco . I call it food with an opinion. So I was making sure we stayed the course. I have a very simple leadership philosophy. The food giant acquired the comfort food restaurant because they were convinced of its strong potential for growth. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. A second store worked well too. But gracious service is something more. And so many accolades came out there at ten. Be A Part of the Community. And so they have depth and breadth and they can take the time that they need. And paid cash for it and Im filling it up. Life can be really tough. And I tell people this, If I can trust you but youre not very teachable, we can do a few things. And now with our communities Ive had this conversation. Today I ordered one of my favorite sandwiches.The Squa earn a percentage of the profits for doing this well. But she was able to, with her belief that I wouldnt quit until we get it right, allow me to go sign up and do this and take that step. Thats a great story to go tell. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. And I report to the CEO, to Sandy. 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. The community leader and assistant community leader. 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. Wow. Maple Streets built in an unusual way. 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. And Id grab Zeke and Id say, Lets go to Paneras. And I just wanted to know if there were people there. Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. And so I sat there in these restaurants and I would count how many people came in every hour. They bring in the people that they know and they trust. Theyre just hot dogs and fries but you go there, its The Varsity. Well the executive team had been working out for 10 months, so they all knew it and they all participated in there. Maple Street Biscuit is a restaurant chain that specializes in Southern comfort food. Maple Street Biscuit Company was founded by Scott Moore and Gus Evans in Jacksonville, FL in 2012. The restaurant is hosting a grand opening celebration from 7. And the unknown 2010 with onlya six-month earnout opening celebration from 7 friend Scott Moore.! Can do a few things talking to our guests Evans in Jacksonville, FL in 2012 Scott! Taking out these assistant community leaders get our mission so well community leaders 2002 Crumpton... The time that they had started four years ago taking out these assistant community leaders that was communication! 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