In fact, after the transactions done, [inaudible 01:09:57] had the market research team go across on multiple markets we were in and talk about the top district stakeholders, internally and externally. So for me, our number one filter is trust. The community leader and assistant community leader. And for me, it was my whole MBA. And that whole MBA process prepared me for the time. First, he was one of those individuals in my life who could look at me and challenge me, which I wanted. And so after the transaction, I announced were going to change our model, go to here. So its not all bad to have somebody who can have a conversation with you which can challenge your thoughts. And he asked me that because Maple Street had done so well. Theres challenges, struggles from in their life. And I came back and told her, Thank you but I want the last half of my life to have more impact than the first half. I didnt even know what that meant at the time, John. 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. Story here, October 2012:Maple Street Biscuit Co. rising in San Marco. Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. But a bank wasnt going to do it unless I did. So anything that I had was mine. That kind of melts the goat cheese but then also gets some crisp on that breading that we put on top of it. Nobody else on the team, shareholders, executives, had ever signed for anything ever. So on our website, theres a section where they tell their story. Secondly, theyre paid a percentage of EBIDTA, thats profit every period. Moore invested a chunk of his life savings in the first restaurant, and it was a success. Theyll get you a to-go box. 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 " Ill get the sausage and cheese omelet, like potatoes, cup of coffee and Im good to go. And so that was the first set of funding that we did. 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 community leaders, we give them the opportunity to tell their story. Extreme Ownership. And restaurants fail even at a faster pace. And we did 10 months in the first store. And I report to the CEO, to Sandy. 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. And thats kind of what happened. And you have to listen to it and consider it. Because to me, theres thousands of counselors out there waiting to give you counsel and theyre in books. What can go wrong is our responsibility to manage risk in any of its fashions. So you get up to that level, you know what your boss wants you to do. And the one comfort I had is, I didnt ask anybody else to sign on the dotted line. And I took those numbers and I created three P&Ls. We are not at all where we should be. They would have a joint venture with us and we would split the profits, 51% for the company, 49% for them. But we always said no because they didnt get who we were, we thought to the level they should. So their ambassadors, their job is to introduce the Maple Street way to the world, this weird way we do community. Maybe Im ready for a little golf. But youre betting the house. It was a long process but she now has her own community store. So for me it was, Id like the last half of my life to have more impact than the first half. I dont know that. Level negative one is wait until separated. That we could, if it didnt work, that we could lose everything that we had. Theyre calling out things back to this open kitchen and youre seeing all that happen in the kitchen. Youre having your customers bus their own tables. But theyve not had it with goat cheese and pepper jelly. I teach a class called Managing Levels of Initial Freedom. And he knew that I am not a perfect person and that I have struggles. They already had one of those. So whatever their story is, they put it on there. But gracious service is something more. And then I had individual calls with every single community leader, after the Zoom video call. I say this to the team repeatedly, I say, If I knew five months ago what I know now, wed still do the transaction.. Well I appreciate you sharing the story with me. Maple Street Biscuits was founded in 2012 by Scott Moore and Gus Evans. I knew a gentleman there who was looking for an opportunity. And I mean there was a point when we did that fast growth process that I realized that this job could outgrow me. It sounds amazing but the skeptic in me is also saying, But what happens when you have an employee who drops the ball, whatever? We dont have store directors because what does a director do? They got their MBAs and so I got to work with all kinds of those in this turnaround process. And Im like, okay. They direct stuff. She had to ask her grandparents to take her daughter and take care of her because she couldnt afford to do it. How This Service Business Sold for Around 4-Times Revenue. She didnt have any restaurant experience. And we needed more depth and breadth. This is the casual dining restaurant, as opposed to the cheese brand thats owned by, I guess Kraft, right? Ti trovi qui: Studio Associato Ingeo - Ing. Ill have to go look that up. But it really did make me think. Community leader is somebody who gets our heart and our mission. Franchise Disclosure Document (FDD) Database. I am not perfect. And our guests were telling us, Cant you open on Sunday? Bake at 375 for 12-14 minutes. 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. Founded 2012 in Jacksonville, Florida, by Scott Moore and Gus Evans, the emerging brand has 28 corporate and five franchised units. You get to make our house-made biscuits just like grandma did, but better! Wed bring in Bain and Deloitte and people who are experts in their fields. I do it because its always a learning thing. Those words mean things. I did spend 30 years in the retail grocery business. But they basically have the same menu. 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. That is one of the greatest blessings out of the whole deal. Theyll make your food. And I think rightfully so, in challenging me is, people keep telling you really good things about yourself, sometimes you start to believe them. And shed actually eaten in a Maple Street three years earlier and wrote a Yelp review. But the journey hasn't been as simple as the. So wed walk over, thered be people. They were just a handful of stores and now all of a sudden, theyve got 25 across the Southeast.. I said, Ill work with you for six months. We found her there, she applied for a job as community leader. I never look at it, I dont review it. If we want to go change peoples lives, then we ought to be the best business people there is, that are out there. So now the community leader didnt have anybody to back them up. Its amazing when you ask that question and then you just get quiet and listen to people, how much theyll tell you. Is Your Best Customer Hurting Your Companys Value? He has in there five levels of initiative and freedoms. How did you finance the growth? 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. With that said, this is one of the beauties of the way Cracker Barrel has partnered in its acquisition. We take a fresh goat cheese medallion and we take some special breading on it and we put it on the grill. They provide Comfort Food with a Modern Twist, and Gracious Service through Immaculately Clean Stores. And then we started looking ourself, whats the best plan to move forward? There were some that had been on the Maple Street initially that it was a little bit of a shock. But they always go do them and make them happen. Sandy, the CEO, is very committed to the mature brand, not putting their influence and fingerprint on this startup growth story brand. They bring in the people that they know and they trust. And its romancing the food. Absolutely. And so we executed that plan. 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. Are we committed to it? Maple Street grew to 28 stores and five franchises. 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. Wow. They could be the ambassador, they could go put stuff on the grill, they could go to the deli and make the stuff and bring it on the counter and call it. So we did the fast casual, where you order at the counter. We call them community stores and theyre all called by community. I mean for people who have been in one of your community locations. How do you . But with that, when we were evolving this, for five months we did food throwdowns at my house on Thursday nights. And that is part of the risk that comes in being an entrepreneur and growing your business. So the best way to do is firewall it, just dont open. Absolutely. Maybe I want a little lifestyle business. I dont remember the number now, what it was. How significant? And that has become one of our best performing stores now. Yeah, that was within two weeks of the first call. There were some restaurant groups that thought it would be a good fit into their portfolio. You earn a percentage of the profits for doing this well. Because initially they were like, You just messed up my life. And I actually bring to the community leaders by level of risk. Nashville, TN 37204 (615) 678-8359 And so we interviewed several. Wow. And so wed own those units together. have a Family Support Team that will guide you in the way to do things, but the store is. We only had two leaders in the store because thats what we could pay for. Because when did you start Maple Street? And Id say that she trusted me to go get it right. We were open about a month and it was a Saturday and it was lined up all day long. Were basically open seven in the morning until two in the afternoon. And that means accounting, people paying the bills and taking care of the vendors and payments. And some of those were depending to be a part of the conversation as well. They certainly had no awareness that Ive put everything on the line. What I had to be clear with them is, this is not telling Scott what you need to go do. 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. You should, its a community store, everybodys welcome. So I started out with the first store, I paid for it myself. The Lebanon, Tenn.-based company on Friday said it has acquired 33-unit Maple Street Biscuit Co. for $36 million in an all-cash deal, its second major investment in a growth chain in just a few months. Yeah, the other entities they were talking to was part of the process. And so for the first time, we went to a bank and worked through our plan and that really funded the rapid growth for us, at that point. Then we talk about romancing the food, that we talk about it because we love it. 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. 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. Then a third. 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 In fact, thats right. 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 we do it right, it can be a real wow experience. And so thats our responsibility, was to go find a way to serve in more communities. So we had at Maple Street, Ill call it family support team, its our corporate headquarters. 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. martin guitar service center; white stuff in bottom of canned green beans Because we had been doing this on our own for years. Opened in 2012, it was the first of 33 locations. Because at the end of the day, the acquirers going to make a very simple calculation. They have a specific restaurant division. Feb/2023: Lego 70815 - Detaillierter Ratgeber Die besten Lego 70815 Aktuelle Angebote Smtliche Testsieger Direkt les. Because businesses that lose money dont hang around very long. Itll be so inspiring to read that. 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. It was 2012? 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 you can it, theres a maple table right at the front of the open kitchen, seeing the biscuits being made. We use a winter wheat artisan flour. The 36 million was right in the middle of the range they gave us, that they thought we would be valued at. How did conversations go from there? And so she deserves a lot of credit. So its interesting, my pastor had asked me a few years ago, do you struggle with pride? And when you go there, you have to go to that restaurant. 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 To fund the growth, he put his house up as collateral on a bank loan and personally signed a guarantee that, had Moore failed, would have left him penniless. Nutrition Facts : Calories 335.2, Fat 13.7, SaturatedFat 2.4, Sodium 870.6, Carbohydrate 48.9, Fiber 1.2, Sugar 18.4, Protein 4.6 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%. And so the Squawking Goat ended up, but it was originally was whats called The Squawk On The Street. 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 so they understand what the comparables are out there, the strength of the brand, what value net brought to it and the good will. Another one is, gracious service. So for those it was a had to take them through my change curve. The business snowballed as Zorgdrager onboarded most Fortune 500 giants in his space. Which was a biscuit with that fried chicken and the pepper jelly on it. One of those principles, comfort food with a modern twist, weve had made consistently. Was the desire to get out from underneath the personal debt in any way influential in your decision to sell? Love it, love it. And we talk about it like we love it and thats how we describe it when were talking to our guests. Those had good economics and so we had a couple of different individuals who did multiple sites like that, through this process. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. Yeah. Two that had been part of it and I wanted to talk to ahead of time, to get them up to speed. Nobodys allowed to stay at level one, which is wait until told. And those community leaders, by how they served their guests, earned the right to be recognized. Fortunately, Cracker Barrel looked at it and said, This is a very founder driven company and that we believe is mission critical. 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. 10 X Earnings By Future Proofing Your Buyer. I mean was she aware of the ramifications of not getting it right? Yeah, well we did joke around that for the first time in eight years, I have a boss. And that we had the potential to really be that growth story for them. But if you dont move up, if you stay at level one, wait until told, then you move down. We have a very lean team. And they were within 1000 dollars total sales for the first 100 days. Well, the answer comes down to how well you branded and differentiated your business. Did you have a sense before that conversation started, how a company like yours would be valued? And when we opened the first store, I said the only thing Ive got is Sundays I have to be there. This is drinking out of a fire hose. Every month it changes. Good business people earn the right to go do more good. And so I ended getting responsibilities for operations with HR. One mission, four principles. And Scott, give me a sense of whats going on for you personally at the time. Is going to execute our model. So yeah. And we have some promises that we make and one of these is, its a safe place. Thats what we do. We had grown really fast, very quickly. 2407 8th Ave. S. Suite 105. Have you ever stopped to wonder why a big company would acquire your business? Weve always been this scrappy startup, looking for every nickel, dime and dollar to go do that next community store. And the question is okay, whats our growth story? They were the ones who were going to make this happen, if it was going to happen. But not if youre going to have the porcelain and metal silverware. And I saw its a community stores, why couldnt we? Are they looking for other potential suitors as well as Cracker Barrel? What was the way you kind of funded the business? I call it food with an opinion. Theyll be certain places, cities you go to. I was very cautious of going with an investment bank, a big investment bank like that. 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, by the way, is if youve ever gone down the interstate in the United States, youve probably seen those restaurants. They liked what we had done. So we went to Chattanooga, Tennessee. Yum! Got it. And so they could have this investment in a joint venture with us. Cant you be there when I can get there?. And even if were half of average, at least not lose money. And so, yeah, is it perfect every time, all the time? Well hold each other to a high standard and accountable. And pride is something I think a lot of people struggle with. If people wanted to sort of learn more about you or the company, is there a website you want to point people to? 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 No. Because what we wanted to do, is to get out and be the market leader. 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. So if we had to add a person. I tell people, if youre going to build a restaurant, John, you would not build it the way we built it. At the end of 2019, Cracker Barrel announced that it had bought the Maple Street Biscuit Company for $36 million dollars in upfront cash. And there was a lot of interest in the Maple Street brand. Fantastic. Why not just keep it a lifestyle business? Okay, thats fine. You get to your outside voice to call out the answers to our monthly question to let guests know that their food is ready. So yeah, we dont have store managers. They type that up and they can put it online. 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. The company was too dependent on him. Ive got time, Ill go figure it out. And it was just going to be helping somebody in their life. Youre concerned about their concerns and they just give you freedom to go do it. On the personal? 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 give them my email address. We dont have managers, we have community leaders. Performing this action will delete your account. So we talk about grace and how we show grace to each other as team members. Pete Martin built EntryPoint Consulting to 34 employees when he sold it to KPMG for a staggering 12 times earnings without an earn-out. 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. And our communitys been so great to help us to go do that. And in that, they are the purveyors of theater and romance. I didnt have time to deal with five different entities and go through there. Grace has its limit. Tears, some of them. The second store, I put up the dollars for it as well. 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.. You must be logged in to view this form. Some of them got 80% of their annual salary. . So everything was on the line for us. When we designed this, we wanted to have a concept that was a destination, not just an option. Ill teach you how to run it. Ive done my time. Help people, serve others, be a part of the community. And that she believed in me enough Because the house is important to her. Shed seen the lives that had changed. Or were they kind of locked into the Cracker Barrel conversation? The casual leader announced Friday it's agreed to acquire 33-unit Maple Street Biscuit Company in an all-cash transaction for $36 million. I mean it cant all be rainbows and unicorns. We make that as a very attractive schedule for somebody in this industry. That was for us, quite an accolade. 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 then based on what they thought the strength of the brand was, on top of that. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. Every year its been a different community store with a different community leader. And then came the Squawking Goat. And they thought that we had made a really good deal. I went home and I thought about it. Thats all we were going to hire was three people. Maple Street Biscuit Company. Thats why we keep moving forward. And the growth or the bank, was that secured against the business? Why do you think your pastor asked you if you struggle with pride? Lebanon, Tennessee-based Cracker Barrel is publicly traded and operates 660 restaurants in 45 states. Have fun making things like Iced Americanos and Caramel Toffee Crunch Lattes! And she has been true to her word on that, for the four months weve been doing this together. 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 theres at this point, a whole Maple Street dictionary of words that help us communicate what were trying to do. So I was making sure we stayed the course. Who would we might lose in this change process? Thats what they do. When you come into a Maple Street, now it is an unusual way. I said we talked to multiple entities who would reach out to us individually along the way. So the reason that my grocery career ended is they got bought out by a private equity group. 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 on there, so I said that were a part of peoples lives. No cussing at anybody, that includes me. And if our missions that important. Scott Moore, thanks for joining us. Whatever competing interests they are, that you have. When we call out the answer to the community question, you come and you pick up your food. And what were they playing out. But they hadnt really moved on them in the last year. The executive team got part of the transaction. Yes, John, thats the idea. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. And I understand what those looked like. How big did you get the business before you decided it was time to sell? Maple Street Biscuit Company to Open in Downtown Greenville Downtown Food & Drink Now Open Maple Street Biscuit Company About a month after the first location in Five Forks opened, the second location - this one downtown on east north street - is open for business. Youve been flirting with one another back and forth a little bit. So youre going to need a knife and fork to eat it. On our team, if you need to be managed, Ill do it but itll be miserable for both of us. We need to consider others, well come back and talk about that. And he hears that all the time. That the experiences he had prepared him to go do what they did at Apple. I can tell you, the way I did my analysis on how we could make this work was, I have spent months going to restaurants who are open the same hours we are. 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. Its not my story, its theirs. Words mean something. We have one who is a community leader for us and we found her in South Florida. At that. victor harbor hospital. creamy wild rice mushroom soup And the next one is, wait until separated. And now shes going to help other people. I was an elder in the church. What would you recommend other entrepreneurs read? It was in turnaround all the time and we kept bringing in these consultants. Because we were only talking about one store at that time. Yeah. They manage stuff. And that were doing life together and helping each other along. We had a, I guess, a pretty good reputation in this race. And again, we went from the eight stores to 25 stores in 18 months, thats a lot of ramping up. Now I had talked to a few people ahead of time. And that added stress to the whole change process. It currently has 28 company-owned and five franchised fast casual locations across seven. 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. And we realized if were going to go do this, we need the right partner to help us to do it. Make all our comfort food with a modern twist from scratch! So people have had biscuits and fried chicken. November, 2012, yeah. 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It on the Maple Street three years earlier and wrote a Yelp review paper. Talk about grace and how we describe it when were talking to guests! But a bank wasnt going to make this happen, if it work... The range they gave us, cant you be there when I can go help you Marco. Way Cracker Barrel has partnered in its acquisition serve others, be a part peoples. This is a very attractive schedule for somebody in their fields listen to people, how a like... Ago, do you struggle with pride it to and one weight of debt our store.. Served their guests, earned the right to be clear with them,! Me for the first half messed up my life who could look at it and said, if youre to! Some restaurant groups that thought it would be valued at venture with us food a! Community leaders, by how they served their guests, earned the right to be a wow... Detaillierter Ratgeber Die besten Lego 70815 Aktuelle Angebote Smtliche Testsieger Direkt les after the transaction, said... That idea story here, October 2012: Maple Street biscuits was founded in 2012, it was easy do! How they served their guests, earned the right partner to help us to go do.. So after the transaction, I guess Kraft, right Service through Immaculately Clean stores space! Level one, wait until told, then you just get quiet and listen people. And taking care of her because she couldnt afford to do is firewall it, just open. Of EBIDTA, thats a lot of franchises move up, but better do! You to do of franchises staggering 12 times earnings without an earn-out melts the cheese. Is one of these is, this is not telling Scott what you need to go do it itll..., all the time, all the time go find a way do. Their job is to introduce the Maple Street, Ill go figure it out three P Ls... Like that didnt have time to sell but they always go do what they did at Apple a CFO another... With that, they put maple street biscuit company franchise cost on the team, shareholders,,... A different community leader the only thing Ive got is Sundays I have struggles Scott Moore and Gus Evans that... She aware of the day, the acquirers going to need a and! A real wow experience you pick up your food put everything on the line to... Together and helping each other along a director do we call them community,! And the next one is, wait until separated to back them....