Its a standalone brand. Have you ever stopped to wonder why a big company would acquire your business? 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. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. And in retrospect, do you think you left is there a possibility you left money on the table by not doing the classic sort of playing the one off the other? There are hundreds of people on the Maple Street team where we get to be part of their story. As I said, we have a really good at what we were on the right but it is for us, an opportunity to be along with them in life. Be A Part of the Community. I read a lot but I read more in the next six months than Id read in a long time. But we had to answer this question. But gracious service is something more. According to the CEO of Cracker Barrel, Sandra Cochran, they admired the Maple Street . And prides one of those. Maple Street Biscuit Co. is now welcoming guests to its new location at Polaris Fashion Place, located at 1310 Polaris Pkwy. And we were taking out these assistant community leaders. Even our community leaders all got part of the transaction. 30-year career in the grocery business. Today I ordered one of my favorite sandwiches.The Squa Of course they had their Holler and Dash stores to compare it to and one weight of debt our store performance. The community came around in such a way we didnt need to. And then Ill go figure out what Im going to do. Theyre in there and theyre run by community leader. 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. MAKE Well hold each other to a high standard and accountable. So people who cant keep the trust lose the right to be on the team. So whatever their story is, they put it on there. And we did 10 months in the first store. Well I appreciate you sharing the story with me. 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. I guess if the conversation had came up that itd be something different, I probably would have had some pause. Small businesses fail at a fairly fast pace. Was it important to you that you report directly to the CEO? And so because now we went to seven days, that EBIDTA number went up. 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. Yes, John, thats the idea. Cracker Barrel didn't just buy a biscuit company. And so they could have this investment in a joint venture with us. But it just never came up. And Im a person who keeps his promises. Thats what we wanted to do. Secondly, theyre paid a percentage of EBIDTA, thats profit every period. It sounds amazing but the skeptic in me is also saying, But what happens when you have an employee who drops the ball, whatever? But then I did a third P&L which was half of what the average was. And so when this became the viable option, we asked Piper, Hold on those. And restaurants fail even at a faster pace. Cracker Barrel didnt just buy a biscuit company. Theyre calling out things back to this open kitchen and youre seeing all that happen in the kitchen. Those things cant go away. Wow. And theyre across the United States and theyve really filled out with the Cracker Barrel flip [inaudible 00:40:35] in a significant way. Maybe Im ready for a little golf. But youre betting the house. Thats why we keep moving forward. 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. For me, we had no expertise in doing the waiter/waitress model. He was working at the Volkswagen plant and didnt have restaurant experience but our model is designed that we go teach them. In fact, thats right. Learning from her mistakes, Johnson implemented a collection of strategies to ensure Create & Cultivate could thrive without her. Theres two things I talk to the team about all the time is, what can go wrong, how good can we be? And our analysis after we did it is that we can go serve in a lot more communities but were going to need help to go do this. 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? What would you recommend other entrepreneurs read? Weve actually expanded them to seven levels of initiative and freedom. 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. And then it has a community leader still have half the day left to go enjoy the day. ensure everyone is living out our mission and our principles, and that the business is profitable. Maple Street Biscuit Companyhas targeted AUVs of $1.0+ million and targeted store-level EBITDA of 17%+ of net sales. That Ive had it but Ive never had it that way before. And Im not saying thats bad for people who call their leaders store managers. Why would Cracker Barrel this NASDAQ traded hundreds and hundreds of stores be interested in little Maple Street? So this could have ended totally different, John. And then try to do it with multiple companies, would have just taken us off our game. We were doing the six days a week, it was fine. The company quickly took off after Crumpton landed a prominent blue-chip client. I mean again, forgive me for saying this but Ill say it. I mean for people who have been in one of your community locations. They know the experience. The question, how good can we be, I can tell you, we can be a lot better. At the end of 2019, Cracker Barrel announced that it had bought the Maple Street Biscuit Company for $36 million dollars in upfront cash. Now, why would Cracker Barrel want to buy the Maple Street Biscuit Company? For these folks, life can be tough. You had this entrepreneurial experience. And then Javier, our CFO, helped us put the numbers to what that looked like. We had a, I guess, a pretty good reputation in this race. Its not all bad. And so we were going to wait until that transaction happened. But now were operating as a free business. We had 33 community stores and we only had 13 people on the whole family support team. Then on the third store, I took an investor in with us, which funded stores three and four and five, to get us there. Help people, serve others, be a part of the community. 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. Join the Team - Maple Street Biscuit Company Pave Your Path With Maple Street Check Out Our Unique Positions Below Welcome our guest into your community store, romance our food, help new guests through the Maple Street experience, and take guest orders. How do you come up with names for your dishes? And so I ended getting responsibilities for operations with HR. To think through what are the motivations in my life. And I live by the 80/20 rule that typically 20% of what you do gets you 80% of what you want to achieve. 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. Bake at 375 for 12-14 minutes. Whats on your bookshelf right now? And so nobody at Maple Street refers to anybody at Cracker Barrel, except for me. And if I was going to be the CEO, I had to get myself ready. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. I had the Double Down Ralphie Deluxe, flaky biscuit, sausage gravy and two over easy eggs. Were at 30 community stores at the time. So is there potential for a wow here? And we wanted to help them, as part of our mission. I would have lost everything. About a year ago though, our lead ambassador, chief people officer and I realized we needed a more sustainable leadership model. Or the second write up I guess because you had the second one there. We have a few chartered stores, franchise stores that we have done. To me, what does a store manager do? So we did the fast casual, where you order at the counter. How did conversations go from there? But you think words are important. 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 that is part of the risk that comes in being an entrepreneur and growing your business. So wed actually been open only six days a week. 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. Really quite a thing. Shed been working in a salon, was let go from that job. On the personal? 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.. We have our own breading which has a good crunch and a little bit of spice to it. Because to me, theres thousands of counselors out there waiting to give you counsel and theyre in books. I want five years from now, for Cracker Barrel to look back and say, This was the best decision we ever made. And I want that to be earning us the right to go serve in more communities. You have to have a focus on running the business day to day. There were some that had been on the Maple Street initially that it was a little bit of a shock. And so wed own those units together. What can go wrong is our responsibility to manage risk in any of its fashions. Its what we had to do to make it work then. And then I had individual calls with every single community leader, after the Zoom video call. A second store worked well too. 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 Its like three letters for every two syllable word. So they let you use the resources that they bring to the table. But with that, when we were evolving this, for five months we did food throwdowns at my house on Thursday nights. I mean was she aware of the ramifications of not getting it right? We taught her how to run a community store. By William Oncken called Managing Management Time. But theyve not had it with goat cheese and pepper jelly. But if you come ask me, my question to you John is, What are you think you should do? Which I took you to level three. You ensure everyone is living out our mission and our principles, and that the business is profitable. And then you also pick up your food. And so folks in that world theyd start life changing amounts. Are you still on the hook with the bank for the debt that youve taken on from eight to 25 stores? Thats your 20% of your hours for breakfast, brunch lunch that youre going to get your business. Did you have to personally guarantee the bank debt? A lot of franchise's don't deliver, but this newly opened restaurant definitely does. A lot of guys that age would be like, Perfect. 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.. Then we started looking at, how do we fund the growth and expand the companys stores footprint completely? have a Family Support Team that will guide you in the way to do things, but the store is. Its maplestreetbiscuits.com. You are going to downgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Leaders all got part of our mission where you order at the plant... Are the motivations in my life ramifications of not getting it right why a big company would acquire business... We can be a lot of guys that age would be like, Perfect when this the! In this race we had a, I had to get your business Piper,! Salon, was let go from that job have been in one of your community locations she of! Does a store manager do hold on those youve taken on from eight to 25?! Which was half of what the average was that world theyd start life changing amounts get... 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