Looks like your subscription is due. To ensure the business could succeed without him, Zorgdrager implemented a four-step system to replace himself as the rainmaker of his company. But whats really most exciting about that is, its not like we just had one community leader doing well. So wed actually been open only six days a week. What I had to be clear with them is, this is not telling Scott what you need to go do. And so we just asked our community to help and they did. And I confuse people with that sometimes, John. I am lets see if I can quit that out there. Youve been flirting with one another back and forth a little bit. I mean for people who have been in one of your community locations. Its been, in Atlanta, Georgia, its The Varsity. I was very cautious of going with an investment bank, a big investment bank like that. 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. No. They called it The Maple Street Biscuit Company and offered what they refer to as comfort food with a modern twist.. But when I go to peoples houses and I have dinner, I pick up my plates and I take them to the kitchen. And what they came back with was amazing how everybody understood who Maple Street was. Wow. And so because now we went to seven days, that EBIDTA number went up. 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. 518 customer reviews of Maple Street Biscuit Company. Cant you be there when I can get there?. I call it food with an opinion. 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. And the number one question that we ask of people is, tell me your story. But its our fresh made biscuit. And we wanted to do it. I went home and I thought about it. And we should execute our model relentlessly because we want to go change lives. We dont have store directors because what does a director do? The business snowballed as Zorgdrager onboarded most Fortune 500 giants in his space. To me, for them its just a transaction, right? So they let you use the resources that they bring to the table. Every year its been a different community store with a different community leader. Yes, John, thats the idea. Thats why we keep moving forward. Now I had talked to a few people ahead of time. He was working at the Volkswagen plant and didnt have restaurant experience but our model is designed that we go teach them. 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. This mission and its principles are the key to the brand's success. So its interesting, my pastor had asked me a few years ago, do you struggle with pride? 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 then level five is act and advise routinely. That the experiences he had prepared him to go do what they did at Apple. Yeah. It was about a year ago. Yum! Im like, We just have to stick with our model and execute it. Id lived there for seven years. I mean it cant all be rainbows and unicorns. And that means grace has its limits. 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. Any restaurant will take your order. We should earn freedom. And then there was the Loaded Goat, which had the biscuit with the fried chicken and the goat cheese. Youve worked in a big company for 30 years. And that means accounting, people paying the bills and taking care of the vendors and payments. Yeah. But I was so focused on what we were trying to do, I just didnt have time to sit down and worry about it, to be honest with you. Yeah, what impact has that had, or did that have on your decision making to sell? However, Zorgdrager had a problem. And we could work through the lease, be done and move on. And we have some promises that we make and one of these is, its a safe place. Toread a transcript of this episode,click here. And the one comfort I had is, I didnt ask anybody else to sign on the dotted line. Have fun making things like Iced Americanos and Caramel Toffee Crunch Lattes! The community leader and assistant community leader. 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. And thats why Yelp has, every year ranks the top 100 restaurants to eat at in the United States, based on guest reviews. Youre about to cancel your subscription. And she has been true to her word on that, for the four months weve been doing this together. So we want people to say this, John. 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. 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. Its the most inclusive place. Somebody was going to own the brand identity and the first to get to critical mass of course, is typically the one that does. And I will say this, that the one thing I dont know is how to stop. morton ranch junior high bell schedule. And give her credit for being willing to sign up and to trust me to go do this. That you werent going to report to some regional executive vice president in charge of distribution, or something like that? Theyll make your food. So thank you for doing this. I said, Man, I have to go to some other church. But he had heard that for years, these accolades. But you got no time and so it was finally around 1:30, you got a little bit of a break. They bring in the people that they know and they trust. So we dont have cashiers. And we talk about it like we love it and thats how we describe it when were talking to our guests. And he hears that all the time. We talked to Piper, Jeffrey and partnered with them to help us to start the conversations. Well hold each other to a high standard and accountable. I dont remember the number now, what it was. And they were pretty comfortable with weve been doing it on our own for years. Really quite a thing. Maple Street currently has 28 company-owned restaurants and five franchised fast-casual locations in seven states. How did conversations go from there? 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 he never did. Got it. And Id grab Zeke and Id say, Lets go to Paneras. And I just wanted to know if there were people there. We had a significant change that happened afterwards. But we werent telling anybody. And we talked about what this meant to them individually. Thats why Maple Streets a mission company. What I can say now is, like Steve Jobs said in his very last public speech, it was college commencement before he passed away. How many people did you have when Cracker Barrel bought the business? 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. This business itself doesnt run it on autopilot. One mission, four principles. Top three books? On top of that, we take an all natural chicken breast. 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. 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. 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. We taught her how to run a community store. They know the experience. And those community leaders, by how they served their guests, earned the right to be recognized. How big a financial impact would that have been for you personally? One of those principles, comfort food with a modern twist, weve had made consistently. 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. So level one is, wait until told. Cracker Barrel didn't just buy a biscuit company. Im writing this down on a little piece of paper. 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 this is whats crazy too. Well go through this process. 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 we are not perfect. Did you get rid of the bank loan? But they always go do them and make them happen. I found we had to start communicating immediately, much more often and trying to get more detail. And they saw in Maple Street a similar environment. 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. You had this entrepreneurial experience. So we came up with a four leadership model that gave us depth and breadth to support a large, a fast growth pattern. Then on the third store, I took an investor in with us, which funded stores three and four and five, to get us there. 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. Yeah. Because your people are not just driven by monetary benefits because you look at those change process, if you dont keep that mission core of who you are, its going to devalue the brand. But we had to answer this question. Because we were only talking about one store at that time. Performing this action will delete your account. And so I did a Zoom with the community leaders. If you want to see the stories of people who are part of Maple Street and what theyre doing, go to the website and youll hear where theyve told their stories. Two that had been part of it and I wanted to talk to ahead of time, to get them up to speed. I mean was she aware of the ramifications of not getting it right? And I think rightfully so, in challenging me is, people keep telling you really good things about yourself, sometimes you start to believe them. 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. Its amazing when you ask that question and then you just get quiet and listen to people, how much theyll tell you. That we could, if it didnt work, that we could lose everything that we had. Is going to execute our model. People didnt know who we were but it was building the same way. Tell me why. 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 Those words mean things. About a year ago though, our lead ambassador, chief people officer and I realized we needed a more sustainable leadership model. She didnt have any restaurant experience. In this episode, Stephan Spencer details three strategies he pursued to withdraw from his businesss day-to-day operations. There were some that had been on the Maple Street initially that it was a little bit of a shock. But we always said no because they didnt get who we were, we thought to the level they should. Serve others. And I currently had had 175 people on my team throughout the distributed organization. And for me, it was my whole MBA. And that were doing life together and helping each other along. And we went through a very detailed process of, did they get us? We call that having Monopoly Control, and it is one the things acquirers look for in a company to buy. They at least have to come and recommend and maybe talk about act and advise. Lebanon, Tennessee-based Cracker Barrel is publicly traded and operates 660 restaurants in 45 states. Thats where Piper was a value to us. Theyre just hot dogs and fries but you go there, its The Varsity. Pete Martin built EntryPoint Consulting to 34 employees when he sold it to KPMG for a staggering 12 times earnings without an earn-out. We take a fresh goat cheese medallion and we take some special breading on it and we put it on the grill. Ive done my time. Maybe Im ready for a little golf. But youre betting the house. 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. So yeah. Not only that, my names no longer on the piece of paper and so is no longer at risk. I guess what Im getting at is, is it a multiple of EBIDTA or a multiple of sales? 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 That is one of the greatest blessings out of the whole deal. So I was making sure we stayed the course. And so you come to there, its approachable. They liked what we had done. And I was in operations and then human resources. And I did offer, when the team and I said were going to go do this and the way we did it, everybody got to participate in some way. Tell me about Maple Street. Yeah, that was within two weeks of the first call. And Im a person who keeps his promises. Theyre calling out things back to this open kitchen and youre seeing all that happen in the kitchen. eagle lock company trunk value; oak island cancelled brothers receiving backlash Acesse o canal do YouTube. I remember the range that what we came to the deal with, Cracker Barrel was right in the middle of the dollar amount range. Them looking at potentially acquiring you guys? And so well keep doing it the way weve done it. 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? She had to ask her grandparents to take her daughter and take care of her because she couldnt afford to do it. And we got to know her and she got to know us and we thought we could go do something. 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 That Ive had it but Ive never had it that way before. Opened in 2012, it was the first of 33 locations. Which goes to the way a restaurant should Two guys with no restaurant experience. We were open about a month and it was a Saturday and it was lined up all day long. And then I had individual calls with every single community leader, after the Zoom video call. Youre concerned about their concerns and they just give you freedom to go do 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. And then based on what they thought the strength of the brand was, on top of that. So we fold that in, into layers. Any retail shop you go to will serve you. 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. The company quickly took off after Crumpton landed a prominent blue-chip client. what was their reaction when you told them? The menu features items such as biscuits and gravy, fried chicken, and shrimp and grits. So different people looking at us for different reasons. A second store worked well too. Theres two things I talk to the team about all the time is, what can go wrong, how good can we be? So he came and helped me put the five year plan together and what that looked like. And in that, they are the purveyors of theater and romance. I did a Zoom video call that was my communication to them. So people who cant keep the trust lose the right to be on the team. I said, Ill work with you for six months. 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. something else. Sure. Theres a lot of places between here and there. Eventually a guest came in and said, Hey, can I get pepper jelly with my Loaded Goat? We said sure. 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. There are hundreds of people on the Maple Street team where we get to be part of their story. Because businesses that lose money dont hang around very long. I knew a gentleman there who was looking for an opportunity. And so to add this additional diligence to us, was a significant thing. And then implement it, youre investing before hand. So I started out with the first store, I paid for it myself. Weve always been this scrappy startup, looking for every nickel, dime and dollar to go do that next community store. 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. 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. But it really did make me think. We were closed on Sundays. 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. They got their MBAs and so I got to work with all kinds of those in this turnaround process. But the difference is, that role would only have five people reporting to it. But gracious service is something more. Why not just keep it a lifestyle business? Immediately, change, its scary and the unknown. What I know is, as much as the dollars are important, they were not the all important choice for us. The goal is how can we go change peoples lives. 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 he knew that I am not a perfect person and that I have struggles. Because at the end of the day, the acquirers going to make a very simple calculation. We need a few more. It was a long process but she now has her own community store. And that added stress to the whole change process. On our team, if you need to be managed, Ill do it but itll be miserable for both of us. What made you guys so much more profitable than a typical restaurant? Find the right partner to help us fund it. 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.. Im going to teach you how to think the way that we think about things. Yeah, we were open a few days and I realized we need a whole lot more. Maple Street Biscuit is a restaurant chain that specializes in Southern comfort food. And so when we talk about gracious service, that includes our team members, our family members, that we treat each other with grace. 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. Were still, even though we have resources, those things that have made us successful to this point we wont change. Im just in awe and so grateful for you doing this. It currently has 28 company-owned and five franchised fast casual locations across seven. So community leaders, we give them the opportunity to tell their story. Love it, love it. But I dont want to have to worry when they come here. And how we show grace to our guests. You have to have a focus on running the business day to day. In this industry, people many times live week to week. 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 I wanted everybody to get rewarded. In fact, thats right. So people sometimes ask me, were you afraid? 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?. 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. And were here for a reason and its been a learning. And that was a crazy thing. 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 So I think that parts good. 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. earn a percentage of the profits for doing this well. We dont call our locations restaurants. And Im going to make you give me an answer. We have some frozen butter that we shred and drop in there. Like we just have to come and recommend and maybe talk about act and advise didnt know we! Much theyll tell you now, what it was a little piece of paper so people who have for. 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