And the question is okay, whats our growth story? The word ambassador. . You must be logged in to view this form. Then we talk about romancing the food, that we talk about it because we love it. But a bank wasnt going to do it unless I did. So they let you use the resources that they bring to the table. 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. With that said, this is one of the beauties of the way Cracker Barrel has partnered in its acquisition. But then I did a third P&L which was half of what the average was. They called it The Maple Street Biscuit Company and offered what they refer to as comfort food with a modern twist.. 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 both biscuit companies. But we ended up really being that wow P&L and earning the right to go do more. 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. We did it because there are people who part Maple Street, community leaders, who had the potential to bring in more capital and wanted to do a chance to get more return. So we want people to say this, John. Youre about to cancel your subscription. Meaning he thought you had too much of it, or not enough? And we could work through the lease, be done and move on. So we came up with a four leadership model that gave us depth and breadth to support a large, a fast growth pattern. What I know is, as much as the dollars are important, they were not the all important choice for us. Nextkeyboard_arrow_right. They liked what we had done. Yeah. 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. And we should execute our model relentlessly because we want to go change lives. creamy wild rice mushroom soup And theyre across the United States and theyve really filled out with the Cracker Barrel flip [inaudible 00:40:35] in a significant way. 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. And they saw in Maple Street a similar environment. And I think if supported by your actions, they have impact in peoples lives. It started with one pizzeria still located in Whitehall, Ohio and has expanded to 14 stores located in. I would have lost everything. Ill tell you, that what is built a fire under me. Was it important to you that you report directly to the CEO? But we always said no because they didnt get who we were, we thought to the level they should. And we needed more depth and breadth. I mean if we doubled what we thought we would do in sales, is it really going to be, this is a great thing? So people who cant keep the trust lose the right to be on the team. It was in turnaround all the time and we kept bringing in these consultants. And so what would the range be that they would typically quote? 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? So different people were looking at us for different reasons. We bake those fresh all day long. Its not our go to market strategy. Does it ever feel like, oh my gosh, Ive gone back, its Groundhog Day. What I had to be clear with them is, this is not telling Scott what you need to go do. I dont need to know that. So I was making sure we stayed the course. 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. But its our fresh made biscuit. This is drinking out of a fire hose. Because weve seen it happen before. We got 100 days in. And Id grab Zeke and Id say, Lets go to Paneras. And I just wanted to know if there were people there. And so I had a pretty good feeling of what it meant to not lose money and how to make that work in new stores. Words mean something. Life can be really tough. 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. And I report to the CEO, to Sandy. We talk about gracious eyes. And it was going to be originally just Gus and I and three people. Cracker Barrel didnt just buy a biscuit company. Getting that feedback. 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. Theres two things I talk to the team about all the time is, what can go wrong, how good can we be? It was about a year ago. The menu features items such as biscuits and gravy, fried chicken, and shrimp and grits. And I sent it back to them and said, Well, overwhelmingly this is what everybody says but Im not sure I can find a location on Maple Street for our location.. And so because now we went to seven days, that EBIDTA number went up. Maple Street Biscuit Company has targeted AUVs of $1.0+ million and targeted store-level EBITDA of 17%+ of net sales. And here's what's even more telling about the offer. And he never did. Lebanon, Tennessee-based Cracker Barrel is publicly traded and operates 660 restaurants in 45 states. We need to consider others, well come back and talk about that. 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. And if our actions that we show grace to other people, if our actions match up to that, people start to connect those dots. The restaurant is hosting a grand opening celebration from 7. Hire good people, teach them what right looks like, get out of their way, theyll do amazing things. And you can it, theres a maple table right at the front of the open kitchen, seeing the biscuits being made. Thats your 20% of your hours for breakfast, brunch lunch that youre going to get your business. And we are not perfect. 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. To in your own admission, most restaurants go bust in a few years. So youre into this conversation. And whats interesting is Cracker Barrel owned a biscuit company that sold for intents and purposes, a similar product. I didnt want to go anywhere. And so, yeah, is it perfect every time, all the time? Scott started the Maple Street Biscuit Company and sold it to Cracker Barrel for a cool $36 million. Extreme Ownership. And so, we use terms So we have four principles which guide us. Well, the answer comes down to how well you branded and differentiated your business. And now with our communities Ive had this conversation. Level four is act and advise immediately. Maple Street Biscuit Co. is now welcoming guests to its new location at Polaris Fashion Place, located at 1310 Polaris Pkwy. ensure everyone is living out our mission and our principles, and that the business is profitable. We knew we didnt put a sign up in the stores that we were building out. 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.. Did you go into the negotiation with that as a stipulation? Are they looking for other potential suitors as well as Cracker Barrel? Any retail shop you go to will serve you. I tell people, if youre going to build a restaurant, John, you would not build it the way we built it. So this book is out of print but you can buy it still on Amazon. That Ive had it but Ive never had it that way before. You get freedom My team, my executive team, they go do good. And I was in operations and then human resources. And how do you reconcile in your own mind, the trade offs of continuing to run as an entrepreneurial leader in a bigger company. Were open seven to two. And see for us, its a little bit of a challenge because those things are important. 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. The second store, I put up the dollars for it as well. Find the right partner to help us fund it. 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. When bonuses go up, its like okay, now I get it. Help people, serve others, be a part of the community. Ill get the sausage and cheese omelet, like potatoes, cup of coffee and Im good to go. And it just told me the brand was building the same way. Those things cant go away. Please confirm by clicking on the Cancel Subscriptionbutton below. We taught her how to run a community store. But if you dont move up, if you stay at level one, wait until told, then you move down. I did have to personally guarantee it. Did you have a sense before that conversation started, how a company like yours would be valued? Whats on your bookshelf right now? I didnt have time to deal with five different entities and go through there. They didnt know everything that I knew about, if were going to serve more communities, what that would look like. And he asked me that because Maple Street had done so well. And then try to do it with multiple companies, would have just taken us off our game. It was never been my goal as how do we get there. He has in there five levels of initiative and freedoms. And that added stress to the whole change process. And pride is something I think a lot of people struggle with. Do you ever feel that way? I wondered, maybe theyre been a pause on that. I was very cautious of going with an investment bank, a big investment bank like that. 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. So yeah, we dont have store managers. But now were operating as a free business. As a percentage of an annual compensation, what would it have been? And Im not saying thats bad for people who call their leaders store managers. 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 But whats really most exciting about that is, its not like we just had one community leader doing well. Did it keep me from sleeping at times? 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. maple street biscuit franchise cost near missouri. I said we talked to multiple entities who would reach out to us individually along the way. 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. And they thought that we had made a really good deal. I said, Ill work with you for six months. Some of them certainly saw us as a growth story and a growth opportunity. maple street biscuit franchise cost near missouri. 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. But does that mean it was always easy for her to process? 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. On the personal? And we were taking out these assistant community leaders. And I will say this, that the one thing I dont know is how to stop. Sandy, the CEO, is very committed to the mature brand, not putting their influence and fingerprint on this startup growth story brand. Yeah. I found we had to start communicating immediately, much more often and trying to get more detail. Certainly as I said, I had experiences that I call it my Maple Street MBA, is that the last company I was working for, worked for 10 years, we went through I think five CEOs in 10 years. Its maplestreetbiscuits.com. We only had two leaders in the store because thats what we could pay for. I didnt know what that meant but the analysis that I had done gave me enough assurance that we could pull the trigger. And some of those were depending to be a part of the conversation as well. Unfortunately, the deal was too good to be true. Love it. That we could, if it didnt work, that we could lose everything that we had. But again, remember I had done the analysis on what it the three PNLs. I mean if we get out 90 minutes after we close, so at 3:30, theyre going home. And so they could have this investment in a joint venture with us. They direct stuff. And so we tried it, put it together, it was like perfect. We had the one store, the second store and now the third store. 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? For me, we had no expertise in doing the waiter/waitress model. And they were within 1000 dollars total sales for the first 100 days. Im going to teach you how to think the way that we think about things. 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. They certainly had no awareness that Ive put everything on the line. First, he was one of those individuals in my life who could look at me and challenge me, which I wanted. Even our community leaders all got part of the transaction. The shareholders I had at the time certainly challenged me about why are you going seven hours away? So I told my partner, I said, Were going to spend 35 thousand and were going to remodel it in eight weeks. And thats why Yelp has, every year ranks the top 100 restaurants to eat at in the United States, based on guest reviews. They type that up and they can put it online. And its my job to protect the team. Prayed about it for a week. And Im a person who keeps his promises. And that means grace has its limits. 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. I think weve earned the right to think in an expansive way. I said, Do you know anybody that can help me with it? And he said, Yeah, me.. She had to ask her grandparents to take her daughter and take care of her because she couldnt afford to do it. We were taking out these assistant community leaders all got part of the open kitchen, the. Just Gus and I will say this, John, you would not build it the three.! A Biscuit company and sold it to Cracker Barrel for a cool $ 36 million important they... 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