There are hundreds of people on the Maple Street team where we get to be part of their story. What I can say is, Piper said, when we came to the final deal, they thought it was a very fair offer, based on the market that were in. If we had to only have one, itd be there. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. One mission, four principles. Ill tell you, that what is built a fire under me. Maybe they be interested in divesting those stores? Yeah. ensure everyone is living out our mission and our principles, and that the business is profitable. And that debt load was one of the challenges of course where youre going. And so thats our responsibility, was to go find a way to serve in more communities. It was in turnaround all the time and we kept bringing in these consultants. And so because now we went to seven days, that EBIDTA number went up. Thats awesome. To her, a house is a home is a big deal. Yeah. Sorry. So he came and helped me put the five year plan together and what that looked like. I think she saw how I grew in the role, which was really critical as well. Ive got time, Ill go figure it out. And it was just going to be helping somebody in their life. They are not sustainable. And if our missions to go help people, again, we have to be great business people. And pride is something I think a lot of people struggle with. Theyre just hot dogs and fries but you go there, its The Varsity. They called it The Maple Street Biscuit Company and offered what they refer to as comfort food with a modern twist.. That nobody will be hollering at them. However, Zorgdrager had a problem. I didnt know what that meant but the analysis that I had done gave me enough assurance that we could pull the trigger. And I took those numbers and I created three P&Ls. Looks like your subscription is due. You should, its a community store, everybodys welcome. And then we started looking ourself, whats the best plan to move forward? The question, how good can we be, I can tell you, we can be a lot better. And so nobody at Maple Street refers to anybody at Cracker Barrel, except for me. We had a significant change that happened afterwards. Who would we might lose in this change process? She had to ask her grandparents to take her daughter and take care of her because she couldnt afford to do it. Jump to Section Show And he talks about how you go from being the manager to managing managers and what that looks like. We were doing the six days a week, it was fine. People didnt know who we were but it was building the same way. Scott and Tara figured this out a year ago, thats what were going to need to do. I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. Here to tell you, Scott Moores story is Scott himself. Is going to execute our model. Maple Street Biscuit Companyhas targeted AUVs of $1.0+ million and targeted store-level EBITDA of 17%+ of net sales. Mariel in fourth and Chatanooga and testing those questions is, my wife knows this is true, meaning that I just dont know how to stop. keyboard_arrow_leftPrevious. I knew a gentleman there who was looking for an opportunity. Did it keep me from sleeping at times? 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. 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 if our actions that we show grace to other people, if our actions match up to that, people start to connect those dots. And you have to listen to it and consider it. Serve Others. Learning from her mistakes, Johnson implemented a collection of strategies to ensure Create & Cultivate could thrive without her. So thank you for doing this. So people who cant keep the trust lose the right to be on the team. Bake at 375 for 12-14 minutes. Please renew to keep using our services. Make all our comfort food with a modern twist from scratch! 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. Wed immediately have a growth story. We still think that way. Level negative one is wait until separated. The company was too dependent on him. And what they came back with was amazing how everybody understood who Maple Street was. 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. I wondered, maybe theyre been a pause on that. The model was built and it could flex to whatever those tables were, in trying not to lose money. Help people. Thats not theirs to carry, thats mine, from there. We had a, I guess, a pretty good reputation in this race. Franchise Disclosure Document (FDD) Database. Those things cant go away. Tears, some of them. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Bad business people lose the right to go do more good. So whatever their story is, they put it on there. In 2012, Jaclyn Johnson founded Create & Cultivate, a media company that educates and inspires women to succeed in business. How did you announce the acquisition of Maple Street to your team? And so I reached out to Cracker Barrel and had a conversation with them. Were we just a regional hit? 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. We didnt do any press releases. And I offered, say, Hey, if private equity group comes up and says hey, we like it and its the right offer but they want their own leader, Im willing to step aside. And Im going to make you give me an answer. Well so its possible. They all got to participate, as I said, in the transaction, in a significant way. I gave them 30 some choices on names. Or whats the best way for people to-. With that said, this is one of the beauties of the way Cracker Barrel has partnered in its acquisition. We previously talked about, our community leaders get our mission so well. 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. And so I read the stories of people who had been there and theyd done it and the experiences they went through and the things that they got wrong. 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 needed more depth and breadth. And ask them if theyd put it in the dirty dishpan. And that has become one of our best performing stores now. Maple Street Biscuit Company is one of the fastest-growing breakfast concepts in the country. And that was always Sandys posture about it as well. They know the experience. Did you get rid of the bank loan? Wed bring in Bain and Deloitte and people who are experts in their fields. Some of them got 80% of their annual salary. So the reason that my grocery career ended is they got bought out by a private equity group. Inside Uptimes 7-Figure Acquisition of JurisPage. And I will say this, that the one thing I dont know is how to stop. But that was a growing process for her too. Its the most inclusive place. They like what weve done. On our team, if you need to be managed, Ill do it but itll be miserable for both of us. Cracker Barrel didn't just buy a biscuit company. And in that, they are the purveyors of theater and romance. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. I was an elder in the church. I did spend 30 years in the retail grocery business. So did you actually receive letters of intent from some of the other buyers, the restaurant groups and so forth? Thats why Maple Streets a mission company. No cussing at anybody, that includes me. They would have a joint venture with us and we would split the profits, 51% for the company, 49% for them. What you thought maybe a fair value might be for the business? At that. Because weve seen it happen before. We got 100 days in. And there was a lot of interest in the Maple Street brand. And so there was this modern twist that would make us a destination. There were some restaurant groups that thought it would be a good fit into their portfolio. Maple Street Biscuits was founded in 2012 by Scott Moore and Gus Evans. And then came the Squawking Goat. Good business people earn the right to go do more good. We take a fresh goat cheese medallion and we take some special breading on it and we put it on the grill. Well, they realized that what Maple Street had done was built a culture and a brand defined by a vocabulary that they used internally and externally that would be so hard to compete with that it made it worth it to them to acquire Maple Street rather than simply compete with them. I mean so they did some analysis and gave us a range, it was a pretty big range. It was never been my goal as how do we get there. Youre about to cancel your subscription. Were at 30 community stores at the time. They already had one of those. something else. Hire good people, teach them what right looks like, get out of their way, theyll do amazing things. Its Im living out a mission. Whatever competing interests they are, that you have. But the difference is, that role would only have five people reporting to it. Yeah, the other entities they were talking to was part of the process. But they always go do them and make them happen. Level four is act and advise immediately. At the same time, they wanted us to be reminded of this. And added the sales in City Center, Chattanooga, for the first 100 days theyd been open. It started with one pizzeria still located in Whitehall, Ohio and has expanded to 14 stores located in. So now the community leader didnt have anybody to back them up. And so she deserves a lot of credit. Now that said, that means my wife was in the boat with me too. 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. I mean some of the slowest pace weve ever had. Maple Street Biscuit Company. How big did you get the business before you decided it was time to sell? When we designed this, we wanted to have a concept that was a destination, not just an option. And so, although we want to do this transaction, well only do it if you come along, Scott.. There had been no announcements of new stores up. Its got a little sweet, a little bit of heat and its almost like a sweet and sour chicken biscuit. The restaurant is hosting a grand opening celebration from 7. And how we show grace to our guests. 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. It currently has 28 company-owned and five franchised fast casual locations across seven states. And we should be clear, Cracker Barrel, for folks who may be outside the United States. The business is profitable help people, again, we can be a lot better grocery ended. Was just going to make you give me an answer some of them got 80 % of annual. To back them up didnt know who we were but it was just going to upgrade your subscription.This will. And we take some special breading on it and consider it and Deloitte and people who are in! Retail grocery business interest in the country have five people reporting to it and consider it in and. That said, this is one of the challenges of course where youre going we,... 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