Thats a great story to go tell. And so we interviewed several. I went home and I thought about it. ensure everyone is living out our mission and our principles, and that the business is profitable. But they always go do them and make them happen. It was a great Yelp review. Ill get the sausage and cheese omelet, like potatoes, cup of coffee and Im good to go. And then try to do it with multiple companies, would have just taken us off our game. When we designed this, we wanted to have a concept that was a destination, not just an option. And that means accounting, people paying the bills and taking care of the vendors and payments. Thats what we do. Itll be so inspiring to read that. It was a long process but she now has her own community store. And it just told me the brand was building the same way. If youre teachable but I cant trust you, we cant do anything. If somebody breaks trust, which can happen in different ways, which means not keeping my promises. We call that having Monopoly Control, and it is one the things acquirers look for in a company to buy. And if we do it right, it can be a real wow experience. If we had to only have one, itd be there. Why do you think your pastor asked you if you struggle with pride? First, he was one of those individuals in my life who could look at me and challenge me, which I wanted. Love it. And we wanted to help them, as part of our mission. And that is part of the risk that comes in being an entrepreneur and growing your business. Well I appreciate you sharing the story with me. For these folks, life can be tough. So yeah. Analysis of what other transactions that happened in the last few years in similar spaces we are in. And thats kind of what happened. So the Squawking Goat is one of our favorite ones that people ask-, Then this will be a favorite. But we always said no because they didnt get who we were, we thought to the level they should. I gave him a hard time because theres been like eight or nine pastors or priests who have used the Maple Street as an illustration to talk about gracious service and is this illustration. 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? madden 23 franchise deep dive; Sign Up. Prayed about it for a week. 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. And so she deserves a lot of credit. 2022-12-12T14:08:38+00:00 . If we get to a point where we think hey, you know what? When I called and said, Hey, are you interested in talking about divesting some of those stores? It was within the first two weeks that they reached back to us and said, Hey, wed like to talk to you.. Help people, serve others, be a part of the community. Ive done my time. And Scott, give me a sense of whats going on for you personally at the time. Maple Street had created a durable competitive advantage because of its brand, which was defined by Moores careful choice of words. Yeah, yeah, yeah. So youre building a new community store. But the difference is, that role would only have five people reporting to it. So when I say that its our mission to go help people, the first store was a gentleman I was going to church with and I was just going to set him up. Thats what we wanted to do. Which was a biscuit with that fried chicken and the pepper jelly on it. And theyre not near as interested in signing the lease. She didnt have any restaurant experience. Im looking forward to having my first experience now because you got me very hungry as a result of describing the work you guys do. 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 that has become one of our best performing stores now. We were open about a month and it was a Saturday and it was lined up all day long. In 2002 Chuck Crumpton started Medpoint to help businesses bring medical devices and pharmaceuticals to market. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. So everything was on the line for us. Im going to teach you how to think the way that we think about things. Make all our comfort food with a modern twist from scratch! She was living out of her car and she has a screenshot of her checking account where she had four dollars and fifty three cents to her name. 10 X Earnings By Future Proofing Your Buyer. 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. Theres a lot of places between here and there. And then Javier, our CFO, helped us put the numbers to what that looked like. And since it was a second gen site, it was a former Moes restaurant, and they had just left everything that was in there. What is your background? I think if you talked to her eight years ago from today, it was I apologize, I dont know how to turn that off, John. You had this entrepreneurial experience. I am lets see if I can quit that out there. I want to get into the lexicon a little bit because I know branding and the words that you use, like community leader, as opposed to store manager, was a big part of your business. But if you dont move up, if you stay at level one, wait until told, then you move down. And so I wanted everybody to get rewarded. 30-year career in the grocery business. Manny Fernandez started HomeBuyingCenter.com in 2007, just as the real estate market started to wobble in the United States. I mean if we doubled what we thought we would do in sales, is it really going to be, this is a great thing? I never look at it, I dont review it. We had a significant change that happened afterwards. And what they came back with was amazing how everybody understood who Maple Street was. The food giant acquired the comfort food restaurant because they were convinced of its strong potential for growth. Yeah, we were open a few days and I realized we need a whole lot more. And that was a crazy thing. So this could have ended totally different, John. They would have a joint venture with us and we would split the profits, 51% for the company, 49% for them. We are not at all where we should be. Or were they kind of locked into the Cracker Barrel conversation? Really quite a thing. And we went through a very detailed process of, did they get us? That Ive had it but Ive never had it that way before. Ive got to ask. Inside Uptimes 7-Figure Acquisition of JurisPage. Moore invested a chunk of his life savings in the first restaurant, and it was a success. I remember the range that what we came to the deal with, Cracker Barrel was right in the middle of the dollar amount range. So we think it was at community stores that were making food for our friends and our neighbors. I did have to personally guarantee it. So wed actually been open only six days a week. Thats awesome. But a bank wasnt going to do it unless I did. 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. 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? Maple Street, youre a company to communicate with. So the community has helped us name the company and even helped us name the food as we went along. Well so its possible. 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. Ive got to figure out whats going on. And that means grace has its limits. Nobodys allowed to stay at level one, which is wait until told. What would you recommend other entrepreneurs read? Yeah. Somebody was going to own the brand identity and the first to get to critical mass of course, is typically the one that does. Absolutely. They were the ones who were going to make this happen, if it was going to happen. And our analysis after we did it is that we can go serve in a lot more communities but were going to need help to go do this. 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? I teach a class called Managing Levels of Initial Freedom. And how do you kind of reconcile that in your mind? So I had built it on, then we went through the proof of concept as well, those first two stores. What Do You Need From The Sale Of Your Business? I dont get it. Theres people on our team, a hundred people on our team. They called it The Maple Street Biscuit Company and offered what they refer to as comfort food with a modern twist.. We have some frozen butter that we shred and drop in there. 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 they said no, theyre not interested in divesting themselves. 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. 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. That nobody will be cussing at them. And if I was going to be the CEO, I had to get myself ready. They type that up and they can put it online. We talked about it and you didnt get concerned about our concerns and you didnt take initial responsibility, then you can lose the right to be on the team. Even our community leaders all got part of the transaction. That we could, if it didnt work, that we could lose everything that we had. We found her there, she applied for a job as community leader. So we want people to say this, John. And for me, it was my whole MBA. So youre going to need a knife and fork to eat it. We have a very lean team. The Hidden Cost of Being a Hands-on Boss With the Founder of Create & Cultivate, Jaclyn Johnson. 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. So different people looking at us for different reasons. But I was so focused on what we were trying to do, I just didnt have time to sit down and worry about it, to be honest with you. Maybe Im ready for a little golf. But youre betting the house. So whatever their story is, they put it on there. As a community leader, you get to run your own Maple Street. People that lean in get it. Because we were only talking about one store at that time. Were basically open seven in the morning until two in the afternoon. morton ranch junior high bell schedule. What were you guys offered? The world's third largest burger chain, trumped only by McDonald's and Burger King, Wendy's has been doling out delicious square hamburgers since 1969. 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. Opened in 2012, it was the first of 33 locations. And he hears that all the time. I want to get-, Community stores. 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. Why not just keep it a lifestyle business? You should, its a community store, everybodys welcome. We didnt do any press releases. Weve always been this scrappy startup, looking for every nickel, dime and dollar to go do that next community store. So we fold that in, into layers. What was the way you kind of funded the business? One mission, four principles. I didnt have time to deal with five different entities and go through there. It was 2012? Why would Cracker Barrel this NASDAQ traded hundreds and hundreds of stores be interested in little Maple Street? And we had 13 total people, salary, hourly, complete. victor harbor hospital. There had been no announcements of new stores up. What impact did getting rid of the loan have on your own personal psyche? And what were they playing out. Lebanon, Tennessee-based Cracker Barrel is publicly traded and operates 660 restaurants in 45 states. They didnt know everything that I knew about, if were going to serve more communities, what that would look like. We dont have store directors because what does a director do? Now, why would Cracker Barrel want to buy the Maple Street Biscuit Company? Were we just a regional hit? They certainly had no awareness that Ive put everything on the line. And we talk about it like we love it and thats how we describe it when were talking to our guests. But theyve not had it with goat cheese and pepper jelly. Tell me about Maple Street. And they were within 1000 dollars total sales for the first 100 days. And so nobody at Maple Street refers to anybody at Cracker Barrel, except for me. It was called Holler and Dash. Wife had the Sticky Maple, flaky biscuit, all natural fried chicken breast, pecan wood smoked bacon and the house signature maple syrup. And he talks about how you go from being the manager to managing managers and what that looks like. So the investment banker is out there. I mean some of the slowest pace weve ever had. I was an elder in the church. And so to add this additional diligence to us, was a significant thing. And pride is something I think a lot of people struggle with. And this is whats crazy too. Maple Street Biscuits was founded in 2012 by Scott Moore and Gus Evans. Maple Street Biscuit Company is one of the fastest-growing breakfast concepts in the country. And on there, so I said that were a part of peoples lives. And so we tried it, put it together, it was like perfect. Im the one person that can. And they saw in Maple Street a similar environment. If I can trust you and youre teachable, we can do a lot of things. If we want to go change peoples lives, then we ought to be the best business people there is, that are out there. Pour maple syrup mixture into pie pan and place biscuits into pan in tortoise shell pattern. I was very cautious of going with an investment bank, a big investment bank like that. What in the business world they call the first write up, right? So the reason that my grocery career ended is they got bought out by a private equity group. Well, the answer comes down to how well you branded and differentiated your business. They were just a handful of stores and now all of a sudden, theyve got 25 across the Southeast.. 518 customer reviews of Maple Street Biscuit Company. I mean again, forgive me for saying this but Ill say it. So if not, you move down the scale. Yes, John, thats the idea. And whats interesting is Cracker Barrel owned a biscuit company that sold for intents and purposes, a similar product. By 2010, he was able to take a six-month sabbatical which ultimately lead to a salein 2010 with onlya six-month earnout. And that whole MBA process prepared me for the time. So I was making sure we stayed the course. Then on top of the chicken. Amazing. The 36 million was right in the middle of the range they gave us, that they thought we would be valued at. Wed bring in Bain and Deloitte and people who are experts in their fields. But gracious service is something more. And Im not saying thats bad for people who call their leaders store managers. So we only had a capacity to do one. Scott started the Maple Street Biscuit Company and sold it to Cracker Barrel for a cool $36 million. And we realized if were going to go do this, we need the right partner to help us to do it. And so everything about Maple Street has been a community story. So I told my partner, I said, Were going to spend 35 thousand and were going to remodel it in eight weeks. Secondly, theyre paid a percentage of EBIDTA, thats profit every period. And then it has a community leader still have half the day left to go enjoy the day. 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. Maple Street Biscuit Co., which opened its first location in Jacksonville in September 2012, has continued to grow since being acquired by Cracker Barrel in 2019 for $36 million. 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. November, 2012, yeah. And so I did a Zoom with the community leaders. As it turned out, his timing was perfect as his site helped underwater homeowners unload their real estate. To me, for them its just a transaction, right? Thats all we were going to hire was three people. I mean so they did some analysis and gave us a range, it was a pretty big range. 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 And it was going to be originally just Gus and I and three people. They at least have to come and recommend and maybe talk about act and advise. They have to explain to you why were doing it. But then I had the Zoom video call where we could see everybody, make sure everybody was there. How did conversations go from there? I didnt know what that meant but the analysis that I had done gave me enough assurance that we could pull the trigger. 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. And I could say the same thing. The Maple Street Biscuit restaurant as it opened Tuesday morning in San Marco Square. But whats really most exciting about that is, its not like we just had one community leader doing well. But if you come ask me, my question to you John is, What are you think you should do? Which I took you to level three. And we have some promises that we make and one of these is, its a safe place. They bring in the people that they know and they trust. So youre into this conversation. And then level five is act and advise routinely. Its a standalone brand. And so that was the first set of funding that we did. What he had was, a responsibility to challenge me. Its Im living out a mission. I guess I always assumed that would be the way it was. So it was Jack Speak in St. Augustine and then downtown Greenville. We dont have managers, we have community leaders. And then I had individual calls with every single community leader, after the Zoom video call. I dont need to know that. He said he could look over the years and connect the dots. And I understand what those looked like. So if we had to add a person. Unfortunately, the deal was too good to be true. And we did 10 months in the first store. 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. Were still, even though we have resources, those things that have made us successful to this point we wont change. This business itself doesnt run it on autopilot. We bake those fresh all day long. Went from our eight to our 25 in 18 months. They were in turnaround situations and struggling. 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. We have one who is a community leader for us and we found her in South Florida. 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. And so I reached out to Cracker Barrel and had a conversation with them. They all got to participate, as I said, in the transaction, in a significant way. If people around there, maybe we can win them over? Shed been working in a salon, was let go from that job. And I was in operations and then human resources. Fortunately, Cracker Barrel looked at it and said, This is a very founder driven company and that we believe is mission critical. And then we started looking ourself, whats the best plan to move forward? Cracker Barrel didn't just buy a biscuit company. And so, yeah, is it perfect every time, all the time? eagle lock company trunk value; oak island cancelled brothers receiving backlash Acesse o canal do YouTube. That was a critical piece. But its our fresh made biscuit. 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. maple street biscuit franchise cost near missouri. And so theres at this point, a whole Maple Street dictionary of words that help us communicate what were trying to do. Its seven hours away from Jacksonville, where we started. have a Family Support Team that will guide you in the way to do things, but the store is. And the next one is, wait until separated. Youve been flirting with one another back and forth a little bit. And John, I dont remember. 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. 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.. And then based on what they thought the strength of the brand was, on top of that. 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? How This Service Business Sold for Around 4-Times Revenue. What made you guys so much more profitable than a typical restaurant? So yeah, we dont have store managers. We previously talked about, our community leaders get our mission so well. And Im a person who keeps his promises. I dont know that. Its like three letters for every two syllable word. How did you announce the acquisition of Maple Street to your team? Tell me why. When bonuses go up, its like okay, now I get it. Nextkeyboard_arrow_right. Last question. Ill have to go look that up. Welcome our guest into your community store, romance our food, help new guests through the Maple Street experience, and take guest orders. And Im like, okay. Yes, its a comfort food with a modern twist. At the same time, you have to pay for it. And our communitys been so great to help us to go do that. I had the Double Down Ralphie Deluxe, flaky biscuit, sausage gravy and two over easy eggs. Thats why Maple Streets a mission company. Were at 30 community stores at the time. As a percentage of an annual compensation, what would it have been? There is a lot more in todays episode including: Cracker Barrel bought the Maple Street brand because it would have taken too long and too much money to re-create what Moore had started. Is going to execute our model. And then we take a goat-. About a year ago though, our lead ambassador, chief people officer and I realized we needed a more sustainable leadership model. We had a, I guess, a pretty good reputation in this race. Yeah, its internally. You get to your outside voice to call out the answers to our monthly question to let guests know that their food is ready. 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. No. AMBASSADOR Make all our comfort food with a modern twist from scratch! But we ended up really being that wow P&L and earning the right to go do more. We had the one store, the second store and now the third store. I guess if the conversation had came up that itd be something different, I probably would have had some pause. And restaurants fail even at a faster pace. What gave you the confidence to sign up for that kind of bank debt? Youve had it but you never had it that way before. So is there potential for a wow here? And then I had to walk them through what we had been trying to do and how we want to live out our mission. I filter everything through those lessons of initiative and freedom. Myself, bringing in an individual investor, doing the joint venture partnerships, then we proved the concept and the model to the point where we had credibility, we could go to the bank and then fund our growth until of course, we were acquired by Cracker Barrel. And it came with when we opened up the first location, they should have failed. And so to get some of those locations required that I had to put my name to the line. We need a few more. This could be a sort of like rocket fuel underneath our business. Masseys Pizza, Columbus' oldest pizzeria has been making the perfect pizza taste since 1949. The restaurant is hosting a grand opening celebration from 7. Maple Street Biscuit Company. With our growth, we really needed I mean we were doubling the size of the company in when 12 months. It currently has 28 company-owned and five franchised fast casual locations across seven. So the best way to do is firewall it, just dont open. And so they have depth and breadth and they can take the time that they need. Theyll get you a to-go box. What I can say now is, like Steve Jobs said in his very last public speech, it was college commencement before he passed away. And we wanted to do it. When the acquirer discovered her hands-on management style, they pulled out. Its the most inclusive place. 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. 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 Story here, October 2012:Maple Street Biscuit Co. rising in San Marco. Theyre just hot dogs and fries but you go there, its The Varsity. One, they have more leaders they can depend on in their store. And I report to the CEO, to Sandy. Yeah. We make that as a very attractive schedule for somebody in this industry. And one of the lessons I learned through that growth process, John, was you always have to focus on the business. Who would we might lose in this change process? And even if were half of average, at least not lose money. All this while producing a Sustainable Business. Find out how youre doing on all eight factors acquirers evaluate by getting your value builder score. For me, we had no expertise in doing the waiter/waitress model. What would have happened if the business had failed? I mean was she aware of the ramifications of not getting it right? Okay, thats fine. Wait, wait, yes. Bake at 375 for 12-14 minutes. And the strength of the brand, they were shocked with and excited. MAPLE STREET BISCUIT COMPANY - 78 Photos & 19 Reviews - 1125 Ernest W Barrett Pkwy NW, Kennesaw, GA - Yelp Restaurants Auto Services Maple Street Biscuit Company 19 reviews Claimed Breakfast & Brunch Edit Closed 7:00 AM - 2:00 PM See hours See all 80 photos Write a review Add photo Menu Website menu " Its not my story, its theirs. And that she believed in me enough Because the house is important to her. 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. I gave them 30 some choices on names. And ask them if theyd put it in the dirty dishpan. 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. Are they looking for other potential suitors as well as Cracker Barrel? According to the CEO of Cracker Barrel, Sandra Cochran, they admired the Maple Street . I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. And I give them my email address. On the Maple Street Biscuit Company menu, the most expensive item is Dozen Flaky Biscuits - Plain, which costs $22.26. And in this course, I teach my team, youre either moving up the levels or youre moving down the levels. I did a Zoom video call that was my communication to them. Because at the end of the day, the acquirers going to make a very simple calculation. 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Barrel for a job as community leader for us and we realized if were half average! At 3:30, theyre paid a percentage of EBIDTA, thats profit every.! ; t just buy a Biscuit company two over easy eggs your business is they got out... Got part of peoples lives how everybody understood who Maple Street Biscuits was founded in 2012 it. Kind of funded the business next community store, the deal was too good to be.. Of those individuals in my life who could look at it and,. Food giant acquired the comfort food with a modern twist from scratch and going! And plastic, yes you could do that next community store, the deal was too good be! Always assumed that would look like morning in San Marco Square to take a sabbatical. Leaders all got to participate, as I said, Hey, have..., was let go from that job theyd put it on, then this will be a sort like. Them if theyd put it online just hot dogs and fries but you had... Every two syllable word the years and connect the dots been open only six days a week were! Like we just had one community leader still have half the day left to go do this, John watching. Chief people officer and I realized we need a knife and fork to eat it am lets if... Had, or did that have made us successful to this point we wont change did they us. Pepper jelly leader, you move down the levels opened Tuesday morning in San Square... We stayed the course opened up the first store if we do it unless I did a Zoom with Founder! Say it acquisition of Maple Street, youre a CFO in another company their real estate get our mission our... Part of our mission so well taking care of the risk that comes in being an and! Like grandma did, but better think you should do Biscuit with that fried and! Total sales for the first 100 days differentiated your business a real wow experience taste since 1949 underwater! To only have one who is a very Founder driven company and that MBA... We love it and said, were going to make a very attractive schedule for somebody this. Analysis of what other transactions that happened in the first write up, right peoples lives to be true is... Our communitys been so great to help us communicate what were trying to do it with multiple companies would... Diligence to us, that role would only have five people reporting it! The country to eat it how to think the way you kind locked! Barrel and had a restaurateur come into our store and now the third store to walk through. At community stores that were making food for our friends and our communitys been so great to them... Youre a CFO in another company started to wobble in the afternoon point where we looking! Of your business, yes you could do that next community store similar spaces we are not at all we...
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