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? And paid cash for it and Im filling it up. 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. But does that mean it was always easy for her to process? Yes. 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? In 2017, 18 and 19, weve been in those top 100. Just because I was in human resources, I ended up working with the operations team and the marketing team and the real estate team. Be a part of the community. And then we have a house made pepper jelly that we take and we pour all over that. And he asked me that because Maple Street had done so well. Data analytics provider Zodiac was preparing to raise an A investment round for its customer lifetime value software when NIKE decided they wanted to buy the company. And he never did. Thats what we wanted to do. I mean some of the slowest pace weve ever had. And we did 10 months in the first store. So on our website, theres a section where they tell their story. Theyll be certain places, cities you go to. What were you guys offered? Were still, even though we have resources, those things that have made us successful to this point we wont change. We were doing the six days a week, it was fine. victor harbor hospital. And thats a lesson that my friend Scott Moore learned. So the Squawking Goat is one of our favorite ones that people ask-, Then this will be a favorite. They type that up and they can put it online. Theres a lot of places between here and there. Founded 2012 in Jacksonville, Florida, by Scott Moore and Gus Evans, the emerging brand has 28 corporate and five franchised units. Some of them got 80% of their annual salary. How do you . What are the seven levels, just real quick go from the bottom, up to the top. We call them family members internally, its because I tell them, I want them to understand were in this life together. It currently has 28 company-owned and five franchised fast casual locations across seven. The second store, I put up the dollars for it as well. Yeah, theirs was a multiple of EBIDTA. 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. Im the one person that can. I need to know that when they think the way we think, they know the goals to go, theyll get us there because they take initiative and freedom and they know who we are. Yeah. And if I was going to be the CEO, I had to get myself ready. This is the casual dining restaurant, as opposed to the cheese brand thats owned by, I guess Kraft, right? Well, the answer comes down to how well you branded and differentiated your business. Help people, serve others, be a part of the community. And so we started, we opened that community store and we started very slow. Scott Moore, welcome to Built To Sell Radio. And if enough people like our opinion, we have a compelling concept. Every month it changes. Yes, John, thats the idea. But they basically have the same menu. 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. And I tell it to the team this way. Manny Fernandez started HomeBuyingCenter.com in 2007, just as the real estate market started to wobble in the United States. We have a very lean team. Theres two things I talk to the team about all the time is, what can go wrong, how good can we be? 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. The model was built and it could flex to whatever those tables were, in trying not to lose money. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. Were we just a regional hit? 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. She had to ask her grandparents to take her daughter and take care of her because she couldnt afford to do it. And so the Squawking Goat ended up, but it was originally was whats called The Squawk On The Street. And we are not perfect. Its been, in Atlanta, Georgia, its The Varsity. And so because now we went to seven days, that EBIDTA number went up. So we did the fast casual, where you order at the counter. Ive done my time. Theyre going to come in and theyre going to work hard. By 2010, he was able to take a six-month sabbatical which ultimately lead to a salein 2010 with onlya six-month earnout. It was called Holler and Dash. Im just in awe and so grateful for you doing this. So for me, our number one filter is trust. And we wanted to help them, as part of our mission. And theyre across the United States and theyve really filled out with the Cracker Barrel flip [inaudible 00:40:35] in a significant way. What would you recommend other entrepreneurs read? 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. So its interesting, my pastor had asked me a few years ago, do you struggle with pride? To me, what does a store manager do? And we have some maple syrup in our biscuits and so some of the names had maple in there. 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. Yum! Nobodys allowed to stay at level one, which is wait until told. People that lean in get it. 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. Because we had been doing this on our own for years. We didnt do any press releases. That was a critical piece. Ill teach you how to run it. And so thats our responsibility, was to go find a way to serve in more communities. 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. 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. The question, how good can we be, I can tell you, we can be a lot better. But to answer the question as, we had did the first two stores as a proof of concept. But a bank wasnt going to do it unless I did. And so we interviewed several. And that were doing life together and helping each other along. They have to explain to you why were doing it. And then again, if enough people like our food with an opinion, then they have to come to us to get it. And so I ended getting responsibilities for operations with HR. Then we talk about romancing the food, that we talk about it because we love it. And then its all on the biscuit. 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? 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. Thats why you have an open kitchen. The cheapest item on the menu is Side of Mayo, which costs $0.38. Ive got to figure out whats going on. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. We call that having Monopoly Control, and it is one the things acquirers look for in a company to buy. And then try to do it with multiple companies, would have just taken us off our game. 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? In this episode, Stephan Spencer details three strategies he pursued to withdraw from his businesss day-to-day operations. I dont remember the number now, what it was. They already had one of those. I want to get-, Community stores. Learning from her mistakes, Johnson implemented a collection of strategies to ensure Create & Cultivate could thrive without her. Yeah, yeah, yeah. And here's what's even more telling about the offer. But then I had the Zoom video call where we could see everybody, make sure everybody was there. And so we put in the plan that we were going to go from basically eight community stores to 25 community stores in an 18 month period across the Southeast of the United States. Every year its been a different community store with a different community leader. In that process, we did a lot of things right, we did a lot of things wrong. With Crackers Barrels resources, Holler & Dash could have invested more money at the biscuit business, but they realized what Maple Street had created was more than just hawking biscuits and building an equal brand would take longer than if they just bought the company. We were closed on Sundays. I guess what Im getting at is, is it a multiple of EBIDTA or a multiple of sales? Because businesses that lose money dont hang around very long. 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. And we needed more depth and breadth. That nobody will be hollering at them. I knew a gentleman there who was looking for an opportunity. Help people. And they actually convinced me, the restaurant division, that they got who we were. Maple Street Biscuit Company was founded by Scott Moore and Gus Evans in Jacksonville, FL in 2012. And thats kind of what happened. 30-year career in the grocery business. They would have a joint venture with us and we would split the profits, 51% for the company, 49% for them. But make it easy to do right, hard to do wrong. Love it. But I dont want to have to worry when they come here. Wife had the Sticky Maple, flaky biscuit, all natural fried chicken breast, pecan wood smoked bacon and the house signature maple syrup. They were the ones who were going to make this happen, if it was going to happen. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. They can certainly go to our website. So if not, you move down the scale. You must be logged in to view this form. Maple Street Biscuit Company is one of the fastest-growing breakfast concepts in the country. May, her attitude over the last couple of years, versus when we started out, shed grown in her belief in Maple Street and what it could do. They were just a handful of stores and now all of a sudden, theyve got 25 across the Southeast.. And the one comfort I had is, I didnt ask anybody else to sign on the dotted line. And I report to the CEO, to Sandy. And if people dont keep our promise that this is going to be a safe place, then Im the person that has to hold them accountable. But she did say, theres another role were creating and you could post for that, raise your hand for that and if you get it, you can keep your compensation and which as an officer of a Fortune 100 company is fairly significant. That we could, if it didnt work, that we could lose everything that we had. I mean it cant all be rainbows and unicorns. No. They at least have to come and recommend and maybe talk about act and advise. We were open about a month and it was a Saturday and it was lined up all day long. They already had one of those. It was never been my goal as how do we get there. You get freedom My team, my executive team, they go do good. But you got no time and so it was finally around 1:30, you got a little bit of a break. Moore invested a chunk of his life savings in the first restaurant, and it was a success. Pete Martin built EntryPoint Consulting to 34 employees when he sold it to KPMG for a staggering 12 times earnings without an earn-out. Yeah, what impact has that had, or did that have on your decision making to sell? 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?. Its Im living out a mission. Okay, thats fine. Yeah, its internally. Did it keep me from sleeping at times? And we had 13 total people, salary, hourly, complete. And then it has a community leader still have half the day left to go enjoy the day. Which I was excited because that meant we could continue to create our mission and that I could go do this with a lot more community leaders and serving a lot more communities. He has in there five levels of initiative and freedoms. Wed bring in Bain and Deloitte and people who are experts in their fields. Somebody was going to own the brand identity and the first to get to critical mass of course, is typically the one that does. Then I did a second P&L that said, hey if this thing really took off, would it even be worth it? 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. Then on the third store, I took an investor in with us, which funded stores three and four and five, to get us there. Them looking at potentially acquiring you guys? But then I did a third P&L which was half of what the average was. On October of that year, food and restaurant company Cracker Barrel acquired the Maple Street Biscuit Company in a generous $36 million deal. 4906 FM1463 Suite 700, Katy, TX 77494 Why not just keep it a lifestyle business? Ive got to ask. And so to get some of those locations required that I had to put my name to the line. And that means grace has its limits. And we were quite a Jacksonville story and I had to know, are we just a Jacksonville story, or can we go somewhere else? Is going to execute our model. What Im excited to say is, we only lost one community leader out of that whole change process. Then based on my takeaway, I need to make sure I create space in my life for people to challenge me and to have the ability to say no. And what were they playing out. And thats why we use the best quality of pod products. And Id say that she trusted me to go get it right. And our guests were telling us, Cant you open on Sunday? 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. If people around there, maybe we can win them over? Top three books? And so for where I live theres lots of different diners you can go to and I go to those. Any restaurant will take your order. And so nobody at Maple Street refers to anybody at Cracker Barrel, except for me. And so they have depth and breadth and they can take the time that they need. Restaurant groups, private equity firms, investment banks. At that stage, I realized that we had an opportunity, I think, to go serve in a lot more communities. I always worked for these companies who were not the market leaders. But you are? Adam Glickman started hawking Jumbo Brand Condoms from his dorm room in 1989 under the moniker a safe jumbo is a happy jumbo. His brand grew and upon graduation, hestarted Americas first retail condom shop in New York City. They manage stuff. We make that as a very attractive schedule for somebody in this industry. Thats your 20% of your hours for breakfast, brunch lunch that youre going to get your business. Level three is recommend and take resulting action. Weve always been this scrappy startup, looking for every nickel, dime and dollar to go do that next community store. What impact did getting rid of the loan have on your own personal psyche? 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