And give her credit for being willing to sign up and to trust me to go do this. Another one is, gracious service. And then Javier, our CFO, helped us put the numbers to what that looked like. They like what weve done. 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. Nashville, TN 37204 (615) 678-8359 And we did that strategically, as that there are other people who kind of want to play in this space. So the investment banker is out there. It was never been my goal as how do we get there. So we werent trying to be everything to everybody. Or were they kind of locked into the Cracker Barrel conversation? Itll be so inspiring to read that. It was at that moment I knew that there was probably something more. Because being sustainable is from an environment perspective certainly. Every year its been a different community store with a different community leader. Were basically open seven in the morning until two in the afternoon. 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. How did you announce the acquisition of Maple Street to your team? And in retrospect, do you think you left is there a possibility you left money on the table by not doing the classic sort of playing the one off the other? And if I was going to be the CEO, I had to get myself ready. And pride is something I think a lot of people struggle with. MAKE And I dont want this to sound arrogant because I dont always have everything figured out, John. And theyre going to go do it in a way to earn the right to do more good. I mean for people who have been in one of your community locations. Because what we wanted to do, is to get out and be the market leader. I tell people, if youre going to build a restaurant, John, you would not build it the way we built it. Yeah. How This Service Business Sold for Around 4-Times Revenue. We call them family members internally, its because I tell them, I want them to understand were in this life together. To ensure the business could succeed without him, Zorgdrager implemented a four-step system to replace himself as the rainmaker of his company. And Scott, give me a sense of whats going on for you personally at the time. I call it food with an opinion. And so there was this modern twist that would make us a destination. I would have lost everything. But it really did make me think. It was a great Yelp review. And then it has a community leader still have half the day left to go enjoy the day. Nextkeyboard_arrow_right. 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. And then based on what they thought the strength of the brand was, on top of that. It sounds amazing but the skeptic in me is also saying, But what happens when you have an employee who drops the ball, whatever? And that has become one of our best performing stores now. So we have ambassadors that talk about Because we cant have a real wow experience but its going to be an uncomfortable experience if we dont explain it to you. We taught her how to run a community store. When the acquirer discovered her hands-on management style, they pulled out. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. Well I appreciate you sharing the story with me. So whatever their story is, they put it on there. And its good to have accountability. And they have a little spreadsheet where they would rate and rank the food. 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? When we designed this, we wanted to have a concept that was a destination, not just an option. Because when did you start Maple Street? One way to build the value of your brand and your business is to own the vocabulary used to describe it: Maple Street had an entire dictionary of words they used, which collectively rolled up into a brand and ultimately a culture which is what Cracker Barrel found hard to compete against. Manny Fernandez started HomeBuyingCenter.com in 2007, just as the real estate market started to wobble in the United States. Tears, some of them. We use a winter wheat artisan flour. Because businesses that lose money dont hang around very long. What were you guys offered? How did conversations go from there? And we realized if were going to go do this, we need the right partner to help us to do it. So different people were looking at us for different reasons. Every month it changes. Its got a little sweet, a little bit of heat and its almost like a sweet and sour chicken biscuit. 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. That we could, if it didnt work, that we could lose everything that we had. Find out how youre doing on all eight factors acquirers evaluate by getting your value builder score. Then on top of the chicken. So yeah, its been interesting because money is important at the end of the day but these folks get the mission so much, that if I dont start every conversation with these community leaders around our mission, theyre immediately like, Where you going?. We talk about gracious eyes. Is Your Best Customer Hurting Your Companys Value? creamy wild rice mushroom soup And I had a restaurateur come into our store and say, You know you cant do that. He said, If you did paper and plastic, yes you could do that. The company quickly took off after Crumpton landed a prominent blue-chip client. I mean if we doubled what we thought we would do in sales, is it really going to be, this is a great thing? And there was a lot of interest in the Maple Street brand. And even if were half of average, at least not lose money. Jump to Section Show And we needed more depth and breadth. 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. A lot of franchise's don't deliver, but this newly opened restaurant definitely does. And if our actions that we show grace to other people, if our actions match up to that, people start to connect those dots. That kind of melts the goat cheese but then also gets some crisp on that breading that we put on top of it. So from this little scrappy startup that was every nickel, dime and dollar just to earn the right to go do some more, to be in a position where we have no debt is such a freeing thing. Community leader is somebody who gets our heart and our mission. Safe place, nobodys allowed to holler at anybody, that includes me. I am not perfect. Welcome our guest into your community store, romance our food, help new guests through the Maple Street experience, and take guest orders. I remember the range that what we came to the deal with, Cracker Barrel was right in the middle of the dollar amount range. And that was always Sandys posture about it as well. And so we executed that plan. So what was the secret sauce that made you guys so much more profitable? So wed walk over, thered be people. This is where Piper said, You get the best prices when you get a strategic partner. That somebodys not looking to buy you as a risk asset. And so, in going through this, one of my objectives was, we have to keep running the business, growing the brand, executing our model, as well as going through this diligence. As a percentage of an annual compensation, what would it have been? 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. They got their MBAs and so I got to work with all kinds of those in this turnaround process. But they hadnt really moved on them in the last year. Maple Street Biscuit Company is one of the fastest-growing breakfast concepts in the country. And Im like, okay. Looks like your subscription is due. And I tell people this, If I can trust you but youre not very teachable, we can do a few things. What Im excited to say is, we only lost one community leader out of that whole change process. I dont remember the number now, what it was. maple street biscuit franchise cost near missouri. It was called Holler and Dash. You take out the loan when you building it out and you start paying right away, while that stores ramping up and starting to earn, cash flow positive. We have a very lean team. Story here, October 2012:Maple Street Biscuit Co. rising in San Marco. I talked to all of them and weve had them come to the office and spend time and tour our stores. And in that, they are the purveyors of theater and romance. Please tell me thats gone. Then we talk about romancing the food, that we talk about it because we love it. We have had 25 plus entities reach out to us over the years, who wanted to invest in Maple Street, buy Maple Street, partner with them. Maple Street Biscuit is a restaurant chain that specializes in Southern comfort food. The community leader and assistant community leader. And so wed own those units together. He said he could look over the years and connect the dots. When you come into a Maple Street, now it is an unusual way. Maple Street currently has 28 company-owned restaurants and five franchised fast-casual locations in seven states. And so because now we went to seven days, that EBIDTA number went up. As it turned out, his timing was perfect as his site helped underwater homeowners unload their real estate. Cracker Barrel didnt just buy a biscuit company. Theyre both biscuit companies. And when you go there, you have to go to that restaurant. I might would have to go hire a CEO to run my company. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Yeah, what impact has that had, or did that have on your decision making to sell? And so, we use terms So we have four principles which guide us. He has in there five levels of initiative and freedoms. So its not all bad to have somebody who can have a conversation with you which can challenge your thoughts. So we came up with a four leadership model that gave us depth and breadth to support a large, a fast growth pattern. So it was really being driven by a multiple of the EBIDTA, or an earnings before interest, taxes, depreciation, and amortization. But some people looked at it and said, Hey, we could go sell a lot of franchises. So thats why some were interested in that idea. Build, Accelerate and Harvest the Value of Your Company, The one interview question Scott Moore uses to determine the fit of a potential hire, Why some employees broke down in tears when Moore shared the news of Cracker Barrels acquisition, The role of theater at a Maple Street location, A surprising way to discover the value of your business, The secrets behind Maple Streets outlandish profitability, How Moore got customers to clear their own dirty dishes, Moores favourite book about managing people. And so I did a Zoom with the community leaders. And so for us, those words communicate thats more than Im just managing something. But she had grown in her belief that I could go do this. Restaurant groups, private equity firms, investment banks. Thats where Piper was a value to us. How did you finance the growth? But you got no time and so it was finally around 1:30, you got a little bit of a break. And we had 13 total people, salary, hourly, complete. I dont get it. How do you come up with names for your dishes? Amazing. Find the right partner to help us fund it. In this industry, people many times live week to week. Its been, in Atlanta, Georgia, its The Varsity. And he talks about how you go from being the manager to managing managers and what that looks like. Theyre calling out things back to this open kitchen and youre seeing all that happen in the kitchen. Then a third. And the strength of the brand, they were shocked with and excited. But we always said no because they didnt get who we were, we thought to the level they should. By 2018, Johnson had grown Create & Cultivate to eight employees when an acquirer offered her a staggering $40 million. First, he was one of those individuals in my life who could look at me and challenge me, which I wanted. MAPLE STREET BISCUIT COMPANY - 68 Photos & 38 Reviews - 2061 Huguenot Rd, Richmond, VA - Yelp Restaurants Auto Services Maple Street Biscuit Company 38 reviews Claimed Breakfast & Brunch Edit Open 7:00 AM - 2:00 PM Hours updated 1 month ago See hours See all 68 photos Write a review Add photo Menu Popular dishes Sticky Maple 2 Photos 2 Reviews 4906 FM1463 Suite 700, Katy, TX 77494 I dont need to know that. And paid cash for it and Im filling it up. 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. A lot of guys that age would be like, Perfect. November, 2012, yeah. And so folks in that world theyd start life changing amounts. And its my job to protect the team. Help people, serve others, be a part of the community. And they said no, theyre not interested in divesting themselves. And that means accounting, people paying the bills and taking care of the vendors and payments. A second store worked well too. So yeah. Did you go into the negotiation with that as a stipulation? Absolutely. You get to your outside voice to call out the answers to our monthly question to let guests know that their food is ready. Were we just a regional hit? The goal is how can we go change peoples lives. Franchise Disclosure Document (FDD) Database. I dont think he had an opinion based on what hed seen in me either way. So youre going to need a knife and fork to eat it. How many people did you have when Cracker Barrel bought the business? Wed bring in Bain and Deloitte and people who are experts in their fields. Are you still on the hook with the bank for the debt that youve taken on from eight to 25 stores? 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. I say this to the team repeatedly, I say, If I knew five months ago what I know now, wed still do the transaction.. And he had earned the right, to really make me think about what drives me and what are the qualities that could put me at risk in life? Yes, John, thats the idea. And so I would walk across around the block theres a Panera that was a block away. So did you actually receive letters of intent from some of the other buyers, the restaurant groups and so forth? Fantastic. And then try to do it with multiple companies, would have just taken us off our game. Was it important to you that you report directly to the CEO? They manage stuff. So thank you for doing this. And you can it, theres a maple table right at the front of the open kitchen, seeing the biscuits being made. 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. And so we tried it, put it together, it was like perfect. Please renew to keep using our services. People that lean in get it. Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. So is there potential for a wow here? For these folks, life can be tough. We had 33 community stores and we only had 13 people on the whole family support team. I never look at it, I dont review it. And it was really from us as business people. I mean was she aware of the ramifications of not getting it right? Externally we call them team members. Wed immediately have a growth story. To in your own admission, most restaurants go bust in a few years. 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. I found we had to start communicating immediately, much more often and trying to get more detail. Fresh Squeezed OJ NEW COMMUNITY STORES 2023 One of those principles, comfort food with a modern twist, weve had made consistently. And so when we talk about gracious service, that includes our team members, our family members, that we treat each other with grace. Serve Others. earn a percentage of the profits for doing this well. So this could have ended totally different, John. And so nobody at Maple Street refers to anybody at Cracker Barrel, except for me. And so they understand what the comparables are out there, the strength of the brand, what value net brought to it and the good will. We make that as a very attractive schedule for somebody in this industry. They provide Comfort Food with a Modern Twist, and Gracious Service through Immaculately Clean Stores. And we were quite a Jacksonville story and I had to know, are we just a Jacksonville story, or can we go somewhere else? And then we have a house made pepper jelly that we take and we pour all over that. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. Or the second write up I guess because you had the second one there. We talked to Piper, Jeffrey and partnered with them to help us to start the conversations. What in the business world they call the first write up, right? I did have to personally guarantee it. But then I had the Zoom video call where we could see everybody, make sure everybody was there. But they always go do them and make them happen. But we ended up really being that wow P&L and earning the right to go do more. Well so its possible. Two that had been part of it and I wanted to talk to ahead of time, to get them up to speed. Im writing this down on a little piece of paper. Youre about to cancel your subscription. We had a, I guess, a pretty good reputation in this race. And so thats our responsibility, was to go find a way to serve in more communities. Its amazing when you ask that question and then you just get quiet and listen to people, how much theyll tell you. So more important than what price we got at the end of the day, for me, was the right partner that was going to let us go live out our mission in more ways. Scott Moore, thanks for joining us. Lets get into the Cracker Barrel negotiations. Why do you think your pastor asked you if you struggle with pride? Yum! And thats why we use the best quality of pod products. 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. I went home and I thought about it. He was working at the Volkswagen plant and didnt have restaurant experience but our model is designed that we go teach them. Performing this action will delete your account. Who would we might lose in this change process? So we talk about grace and how we show grace to each other as team members. So we dont have cashiers. And I mean there was a point when we did that fast growth process that I realized that this job could outgrow me. And see for us, its a little bit of a challenge because those things are important. Its a standalone brand. And we have this community question that we ask. They were just a handful of stores and now all of a sudden, theyve got 25 across the Southeast.. But again, remember I had done the analysis on what it the three PNLs. Be a part of the community. Im worried for you, man. And every one of these stories with a community store has been about how do we get to be a part of somebodys lives in serving those communities? Level three is recommend and take resulting action. Thats why we have ambassadors and not cashiers. Got it. You have a Family Support Team that will guide you in the way to do things, but the store is YOUR responsibility. According to the CEO of Cracker Barrel, Sandra Cochran, they admired the Maple Street . Acesse o canal do YouTube. That was for us, quite an accolade. I didnt have time to deal with five different entities and go through there. The menu features items such as biscuits and gravy, fried chicken, and shrimp and grits. Wow. Yeah. And I said, Youre a CFO in another company. And he goes, No, I can go help you. And he had been watching our story all along. However, Zorgdrager had a problem. Are they looking for other potential suitors as well as Cracker Barrel? And so, yeah, is it perfect every time, all the time? Some of them certainly saw us as a growth story and a growth opportunity. 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. Now it is an unusual way with five different entities and go through.... Goal as how do we get there and tour our stores landed prominent. 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