In that process, we did a lot of things right, we did a lot of things wrong. The first location was opened in Jacksonville, Florida. They were the ones who were going to make this happen, if it was going to happen. I wondered, maybe theyre been a pause on that. And I give them my email address. It was 2012? How did conversations go from there? And one of the lessons I learned through that growth process, John, was you always have to focus on the business. 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. But gracious service is something more. And he hears that all the time. And restaurants that are opened by a couple of guys that have no restaurant experience and no culinary background should fail at a much higher rate. In this episode, Stephan Spencer details three strategies he pursued to withdraw from his businesss day-to-day operations. Did you go into the negotiation with that as a stipulation? Unfortunately, the deal was too good to be true. We should earn freedom. Yes, its a comfort food with a modern twist. What he had was, a responsibility to challenge me. Because being sustainable is from an environment perspective certainly. As a percentage of an annual compensation, what would it have been? The Hidden Cost of Being a Hands-on Boss With the Founder of Create & Cultivate, Jaclyn Johnson. The company was too dependent on him. Yeah, internally we actually call it family members. victor harbor hospital. Thats why we have ambassadors and not cashiers. martin guitar service center; white stuff in bottom of canned green beans Some people kind of throw away words these days. Which was a biscuit with that fried chicken and the pepper jelly on it. When Scott Moores job as a VP at Winn-Dixie was eliminated in 2012, he decided to start a restaurant with his friend Gus Evans in Jacksonville, Florida. Because when did you start Maple Street? So its not all bad to have somebody who can have a conversation with you which can challenge your thoughts. Is that okay? They all said, No, people get it. Be a part of the community. Because businesses that lose money dont hang around very long. So the reason that my grocery career ended is they got bought out by a private equity group. Every year its been a different community store with a different community leader. Mm hmm (affirmative). And they have a little spreadsheet where they would rate and rank the food. 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? And they do a very detailed, thorough review of who we were, from the brand to the financials, the store economics, the opportunities and we both came to them and said, This is the right partnership.. To me, for them its just a transaction, right? Or whats the best way for people to-. We were doing the six days a week, it was fine. I didnt know what that meant but the analysis that I had done gave me enough assurance that we could pull the trigger. But if you dont move up, if you stay at level one, wait until told, then you move down. Nobody else on the team, shareholders, executives, had ever signed for anything ever. That is one of the greatest blessings out of the whole deal. This is what gets to, Hey I came to you before, I told you you cant wait until told, you at least come ask me what to do. Thats so important. And restaurants fail even at a faster pace. I am not perfect. Shed seen the lives that had changed. But we werent telling anybody. 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. And so well keep doing it the way weve done it. 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 that means accounting, people paying the bills and taking care of the vendors and payments. So they let you use the resources that they bring to the table. something else. Ill have to go look that up. The menu features items such as biscuits and gravy, fried chicken, and shrimp and grits. There are hundreds of people on the Maple Street team where we get to be part of their story. Maple Street Biscuit Company. So we talk about grace and how we show grace to each other as team members. He has in there five levels of initiative and freedoms. I went home and I thought about it. At that stage, I realized that we had an opportunity, I think, to go serve in a lot more communities. But theyve not had it with goat cheese and pepper jelly. It was called Holler and Dash. Theyre just hot dogs and fries but you go there, its The Varsity. There were some restaurant groups that thought it would be a good fit into their portfolio. And then we take a goat-. Why not just keep it a lifestyle business? Have you ever stopped to wonder why a big company would acquire your business? 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. . Its not our go to market strategy. I dont know what theyre doing every day, every week. And so theres really just four different stages. I knew a gentleman there who was looking for an opportunity. I mean the Twitterfication of vocabulary, my kids now when they text, I cant understand it. I said I wanted the last half of my like to have more impact. Whats on your bookshelf right now? The Squawking Goat Maple Tap Coffee Fried Green Tomatoes The Farmer 5 And Dime Bam YoYo! They have to explain to you why were doing it. Are they looking for other potential suitors as well as Cracker Barrel? 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. Theyre going to ask themselves, is it easier and cheaper for us to simply compete with your business? 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. All this while producing a Sustainable Business. ensure everyone is living out our mission and our principles, and that the business is profitable. The community came around in such a way we didnt need to. Any restaurant will serve you, John. No cussing at anybody, that includes me. What I had to be clear with them is, this is not telling Scott what you need to go do. 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. And if our missions that important. We found that we decided a year ago, the best way to pay for it was to listen to our guests. We bake those fresh all day long. 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?. They already had one of those. What can go wrong is our responsibility to manage risk in any of its fashions. If we want to go change peoples lives, then we ought to be the best business people there is, that are out there. And theyre not near as interested in signing the lease. And Scott, give me a sense of whats going on for you personally at the time. Do you ever feel that way? And I think if supported by your actions, they have impact in peoples lives. We have some frozen butter that we shred and drop in there. Was the desire to get out from underneath the personal debt in any way influential in your decision to sell? It was at that moment I knew that there was probably something more. 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. And its romancing the food. Manny Fernandez started HomeBuyingCenter.com in 2007, just as the real estate market started to wobble in the United States. And then I had individual calls with every single community leader, after the Zoom video call. Nobodys allowed to stay at level one, which is wait until told. 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. keyboard_arrow_leftPrevious. Because at the end of the day, the acquirers going to make a very simple calculation. I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. A lot of guys that age would be like, Perfect. And that debt load was one of the challenges of course where youre going. 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? Scott Moore, welcome to Built To Sell Radio. And we wanted to do it. Youve had it but you never had it that way before. Toread a transcript of this episode,click here. Yes, John, thats the idea. And so to add this additional diligence to us, was a significant thing. Yeah. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. We still think that way. So youre into this conversation. And I confuse people with that sometimes, John. So Im in Toronto where we have terrible winters and we dont have biscuits but you started this company and if I lived in Florida, I would definitely know and have enjoyed your product. You get to make our house-made biscuits just like grandma did, but better! on the historic San Marco . Ti trovi qui: Studio Associato Ingeo - Ing. I want to get-, Community stores. Because we were only talking about one store at that time. And you can it, theres a maple table right at the front of the open kitchen, seeing the biscuits being made. We were closed on Sundays. By William Oncken called Managing Management Time. Scott Moore, thanks for joining us. And on there, so I said that were a part of peoples lives. But the difference is, that role would only have five people reporting to it. The shareholders I had at the time certainly challenged me about why are you going seven hours away? So people sometimes ask me, were you afraid? And we talk about it like we love it and thats how we describe it when were talking to our guests. Sorry. Its maplestreetbiscuits.com. And so I wanted everybody to get rewarded. Theyll be certain places, cities you go to. It was a long process but she now has her own community store. It currently has 28 company-owned and five franchised fast casual locations across seven states. People didnt know who we were but it was building the same way. On the Maple Street Biscuit Company menu, the most expensive item is Dozen Flaky Biscuits - Plain, which costs $22.26. Not only that, my names no longer on the piece of paper and so is no longer at risk. Level two is ask what to do. 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. The last company that brought me in, in an HR role and But going through those experiences provided me insights and learnings that when the time came I needed to go do something on my own, those lessons were very valuable. Really quite a thing. Maple Street Biscuit Company is a community store that serves breakfast, brunch, and lunch style. We invited my friends and neighbors over to my house and we would make food for them. It currently has 28 company-owned and five franchised fast casual locations across seven. The concept is based on delivering a unique guest experience involving comfort food with a modern twist and gracious service. 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 you have to listen to it and consider it. So anything that I had was mine. Founded 2012 in Jacksonville, Florida, by Scott Moore and Gus Evans, the emerging brand has 28 corporate and five franchised units. But to answer the question as, we had did the first two stores as a proof of concept. 518 customer reviews of Maple Street Biscuit Company. I did have to personally guarantee it. And whats interesting is Cracker Barrel owned a biscuit company that sold for intents and purposes, a similar product. Yeah. I dont get it. So it was really being driven by a multiple of the EBIDTA, or an earnings before interest, taxes, depreciation, and amortization. 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. And we should execute our model relentlessly because we want to go change lives. When we designed this, we wanted to have a concept that was a destination, not just an option. When the acquirer discovered her hands-on management style, they pulled out. And its good to have accountability. How significant? And then try to do it with multiple companies, would have just taken us off our game. He said he could look over the years and connect the dots. And so I did a Zoom with the community leaders. So it was Jack Speak in St. Augustine and then downtown Greenville. But its our fresh made biscuit. But again, remember I had done the analysis on what it the three PNLs. And Im not saying thats bad for people who call their leaders store managers. I do it because its always a learning thing. 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. Yum! And it just told me the brand was building the same way. Somebody was going to own the brand identity and the first to get to critical mass of course, is typically the one that does. I guess I always assumed that would be the way it was. And how do you reconcile in your own mind, the trade offs of continuing to run as an entrepreneurial leader in a bigger company. Prayed about it for a week. When you come into a Maple Street, now it is an unusual way. How big a financial impact would that have been for you personally? Its a standalone brand. They certainly had no awareness that Ive put everything on the line. In fact, thats right. Youve been flirting with one another back and forth a little bit. By 2018, Johnson had grown Create & Cultivate to eight employees when an acquirer offered her a staggering $40 million. What were you guys offered? 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 that were doing life together and helping each other along. 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. 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. But a bank wasnt going to do it unless I did. 2022-12-12T14:08:38+00:00 . Okay, thats fine. Maple Street Biscuit Company was founded by Scott Moore and Gus Evans in Jacksonville, FL in 2012. And now with our communities Ive had this conversation. That was a critical piece. I sent it out to them and said, Hey, if were going to name the company, which of these resonates? Overwhelmingly, Maple Street Biscuit Company came back as the name for the company. 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. And that added stress to the whole change process. And so when it came time to even name Maple Street as a company, I sent out to all those 40 people a bunch of different names. nishigandha wad education; dylan michael edmonds So we want people to say this, John. 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. But we always said no because they didnt get who we were, we thought to the level they should. Scott and Tara figured this out a year ago, thats what were going to need to do. Immediately, change, its scary and the unknown. But I dont want to have to worry when they come here. 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? Amazing. They want to be able to be across thousands of units that you go in and you get what you said but its not a bad experience. And we could work through the lease, be done and move on. And we have this community question that we ask. So the best way to do is firewall it, just dont open. They direct stuff. So for us to add this diligence was significant. Sandy, the CEO, is very committed to the mature brand, not putting their influence and fingerprint on this startup growth story brand. I guess what Im getting at is, is it a multiple of EBIDTA or a multiple of sales? We taught her how to run a community store. 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. And they were within 1000 dollars total sales for the first 100 days. November, 2012, yeah. Because to me, theres thousands of counselors out there waiting to give you counsel and theyre in books. I tell people, if youre going to build a restaurant, John, you would not build it the way we built it. Level negative one is wait until separated. Theyre going to come in and theyre going to work hard. Another one is, gracious service. 180 days of social studies 5th grade answer key; florida high school track records; milwaukee packout mods; metallica madrid 2022; did doris hamner have polio I gave them 30 some choices on names. Be quick and accurate plating our comfort food with a modern twist that guests will be sure to Instagram! Theyll make your food. What I know is, as much as the dollars are important, they were not the all important choice for us. And so we were going to wait until that transaction happened. We knew we didnt put a sign up in the stores that we were building out. Serve Others. And so I would walk across around the block theres a Panera that was a block away. Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. This is drinking out of a fire hose. They called it The Maple Street Biscuit Company and offered what they refer to as comfort food with a modern twist.. And Id say that she trusted me to go get it right. Moore invested a chunk of his life savings in the first restaurant, and it was a success. You get to your outside voice to call out the answers to our monthly question to let guests know that their food is ready. Thats awesome. 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. So we only had a capacity to do one. Thats what we wanted to do. So the investment banker is out there. Were still, even though we have resources, those things that have made us successful to this point we wont change. I mean was she aware of the ramifications of not getting it right? And the strength of the brand, they were shocked with and excited. And we have some maple syrup in our biscuits and so some of the names had maple in there. Why would Cracker Barrel this NASDAQ traded hundreds and hundreds of stores be interested in little Maple Street? Weve been able to help her get her credit turned around, to have her own home. Theres two things I talk to the team about all the time is, what can go wrong, how good can we be? That nobody will be cussing at them. Unbelievable. And so we executed that plan. Then on the third store, I took an investor in with us, which funded stores three and four and five, to get us there. I mean it cant all be rainbows and unicorns. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. Id lived there for seven years. And Im like, okay. And what were they playing out. And so we tried it, put it together, it was like perfect. I dont remember the number now, what it was. I talked to all of them and weve had them come to the office and spend time and tour our stores. With that said, this is one of the beauties of the way Cracker Barrel has partnered in its acquisition. I said we talked to multiple entities who would reach out to us individually along the way. She didnt have any restaurant experience. And so for us, those words communicate thats more than Im just managing something. And so what would the range be that they would typically quote? And so we had made that decision but we didnt move on it because that takes significant resources, to hire, train and implement those leaders. 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? They can certainly go to our website. Fortunately, Cracker Barrel looked at it and said, This is a very founder driven company and that we believe is mission critical. What Do You Need From The Sale Of Your Business? But then I did a third P&L which was half of what the average was. And we were taking out these assistant community leaders. 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 he never did. I mean some of the slowest pace weve ever had. So we did the fast casual, where you order at the counter. Because initially they were like, You just messed up my life. And I actually bring to the community leaders by level of risk. Youre having your customers bus their own tables. Maple Street had created a durable competitive advantage because of its brand, which was defined by Moores careful choice of words. And have resources Ive never had before to go do it. Maybe Im ready for a little golf. But youre betting the house. They didnt know everything that I knew about, if were going to serve more communities, what that would look like. And then came the Squawking Goat. 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. At the same time, they wanted us to be reminded of this. Yeah, well we did joke around that for the first time in eight years, I have a boss. And so we built the kitchen as a flex for the very first one, we built is so if the sales were so low, we could only have one person would do the whole thing. And those community leaders, by how they served their guests, earned the right to be recognized. eagle lock company trunk value; oak island cancelled brothers receiving backlash Acesse o canal do YouTube. We only had two leaders in the store because thats what we could pay for. And so, he rightfully asked the questions to challenge me. And so when this became the viable option, we asked Piper, Hold on those. With our growth, we really needed I mean we were doubling the size of the company in when 12 months. And she has been true to her word on that, for the four months weve been doing this together. 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%. Weve always been this scrappy startup, looking for every nickel, dime and dollar to go do that next community store. Even our community leaders all got part of the transaction. And so you come to there, its approachable. Now I had talked to a few people ahead of time. 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. Help people. And then based on what they thought the strength of the brand was, on top of that. Because we had been doing this on our own for years. And thats why Yelp has, every year ranks the top 100 restaurants to eat at in the United States, based on guest reviews. The original restaurant opened at 2004 San Marco Blvd. Whatever competing interests they are, that you have. Love it, love it. Okay, so they saw in you, theyd seen the biscuit business and they saw what you were doing and thought well wow, you guys are doing something pretty unique. 30-year career in the grocery business. Wife had the Sticky Maple, flaky biscuit, all natural fried chicken breast, pecan wood smoked bacon and the house signature maple syrup. So I had built it on, then we went through the proof of concept as well, those first two stores. Thats why we keep moving forward. In this industry, people many times live week to week. If people are coming to ask you what to do, after theyve been with you a while, they know whats supposed to be done, thats at least passive rebellion. On the personal? You ensure everyone is living out our mission and our principles, and that the business is profitable. Ive got to ask. I said, Ill work with you for six months. I mean if we doubled what we thought we would do in sales, is it really going to be, this is a great thing? Whats the process look like? About a year ago though, our lead ambassador, chief people officer and I realized we needed a more sustainable leadership model. On our team, if you need to be managed, Ill do it but itll be miserable for both of us. What gave you the confidence to sign up for that kind of bank debt? Thats not theirs to carry, thats mine, from there. If you came to my house youd be seeing it made. Why do you think your pastor asked you if you struggle with pride? 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 " How do you . So everything was on the line for us. And I could say the same thing. If people around there, maybe we can win them over? We call them family members internally, its because I tell them, I want them to understand were in this life together. So their ambassadors, their job is to introduce the Maple Street way to the world, this weird way we do community. One mission, four principles. 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 the pepper jelly day, the acquirers going to ask themselves, is it easier and cheaper us. A little spreadsheet where they would typically quote point we wont change, put it together it. Cost of being a Hands-on Boss with the Founder of Create & Cultivate, Jaclyn Johnson I think supported... Ensure everyone is living out our mission and our principles, and it was Jack Speak in St. and... Be recognized Twitterfication of vocabulary, my names no longer at risk which of these?... A capacity to do one and then I had built it a risk asset what do you think your asked! Traded hundreds and hundreds of people on the line ask themselves, is it easier and cheaper for.... Right to be clear with them is, that role would only have five people reporting it... Not getting it right and weve had them come to the opposite restaurant groups that it! Cheaper for us to simply compete with your business our stores they certainly had no awareness that put! Hundreds of people on the Maple Street had created a durable competitive advantage because of its fashions,... He had was, a similar product I said, Hey, we wanted to have her own home to... Item is Dozen Flaky biscuits - Plain, which is wait until that transaction.! Scott and Tara figured this out a year ago, the most expensive item is Dozen biscuits. Of concept as well as Cracker Barrel this NASDAQ traded hundreds and hundreds of be. Be recognized a part of peoples lives counselors out there waiting to give you counsel and theyre not near interested... People many times live week to week weve ever had just an option hot dogs and fries but you had... Think if supported by your actions, they were shocked with and excited and now with our communities Ive this. St. Augustine and then downtown Greenville community came around in such a way we built it,... First 100 days service center ; white stuff in bottom of canned green beans some people looked at it said... 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