Thats the ultimate endorsement. So the investment banker is out there. I was an elder in the church. People didnt know who we were but it was building the same way. You get to your outside voice to call out the answers to our monthly question to let guests know that their food is ready. Absolutely. He has in there five levels of initiative and freedoms. 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. They have a specific restaurant division. And then, as were going to market, Hypers trying to help us figure that out. Yeah, yeah, yeah. And I think rightfully so, in challenging me is, people keep telling you really good things about yourself, sometimes you start to believe them. I am lets see if I can quit that out there. 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.. Because at the end of the day, the acquirers going to make a very simple calculation. 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. And so, although we want to do this transaction, well only do it if you come along, Scott.. I would have lost everything. And I tell people this, If I can trust you but youre not very teachable, we can do a few things. First, he was one of those individuals in my life who could look at me and challenge me, which I wanted. Shed seen the lives that had changed. I said, Ill work with you for six months. What would you recommend other entrepreneurs read? It currently has 28 company-owned and five franchised fast casual locations across seven states. For these folks, life can be tough. So different people were looking at us for different reasons. 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 here's what's even more telling about the offer. And so, we use terms So we have four principles which guide us. The question, how good can we be, I can tell you, we can be a lot better. Tell me why. Immediately, change, its scary and the unknown. They were the ones who were going to make this happen, if it was going to happen. Yeah. What were you guys offered? And our communitys been so great to help us to go do that. Got it. So they let you use the resources that they bring to the table. And so theres really just four different stages. Thats why we have ambassadors and not cashiers. And our guests were telling us, Cant you open on Sunday? Maple Street Biscuit Company is a community store that serves breakfast, brunch, and lunch style. 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 see for us, its a little bit of a challenge because those things are important. Well the executive team had been working out for 10 months, so they all knew it and they all participated in there. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. Yeah, we were open a few days and I realized we need a whole lot more. And so I ended getting responsibilities for operations with HR. And that were doing life together and helping each other along. 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. How many employees did you have? The shareholders I had at the time certainly challenged me about why are you going seven hours away? 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? And that she believed in me enough Because the house is important to her. If people wanted to sort of learn more about you or the company, is there a website you want to point people to? 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.. Because weve seen it happen before. We got 100 days in. ensure everyone is living out our mission and our principles, and that the business is profitable. I mean if we doubled what we thought we would do in sales, is it really going to be, this is a great thing? What makes them unique and what drives us from people, from community leaders down to our elite team members, to even guests, all understood all that. 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. What are the seven levels, just real quick go from the bottom, up to the top. Youve worked in a big company for 30 years. What I can say now is, like Steve Jobs said in his very last public speech, it was college commencement before he passed away. Thats what we do. So different people looking at us for different reasons. That was a critical piece. That nobody will be cussing at them. And those community leaders, by how they served their guests, earned the right to be recognized. That said, we wanted it to be approachable food. And we were quite a Jacksonville story and I had to know, are we just a Jacksonville story, or can we go somewhere else? I didnt have time to deal with five different entities and go through there. They bring in the people that they know and they trust. And so I did a Zoom with the community leaders. And I could say the same thing. And we wanted to help them, as part of our mission. And as we took a look at that five year plan, we put two models for us to manage our growth and to fund it. I dont know that. Theres challenges, struggles from in their life. But you think words are important. And then based on what they thought the strength of the brand was, on top of that. Because being sustainable is from an environment perspective certainly. Theyre just hot dogs and fries but you go there, its The Varsity. And what were they playing out. So level one is, wait until told. I knew a gentleman there who was looking for an opportunity. So we went to Chattanooga, Tennessee. 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. If people around there, maybe we can win them over? They got their MBAs and so I got to work with all kinds of those in this turnaround process. And theyre going to go do it in a way to earn the right to do more good. Why do you think your pastor asked you if you struggle with pride? And it was going to be originally just Gus and I and three people. But make it easy to do right, hard to do wrong. And that was a crazy thing. I never look at it, I dont review it. Thats all we were going to hire was three people. And in that, they are the purveyors of theater and romance. Were at 30 community stores at the time. And Id say that she trusted me to go get it right. It was called Holler & Dash but when executives at Cracker Barrel saw the Strength of the Maple Street brand, they knew they could be better together. Those had good economics and so we had a couple of different individuals who did multiple sites like that, through this process. Then on the third store, I took an investor in with us, which funded stores three and four and five, to get us there. But they hadnt really moved on them in the last year. And then I would look at what they ordered and I would calculate based on the menu I had, how much they spent. So if not, you move down the scale. Its the most inclusive place. So their ambassadors, their job is to introduce the Maple Street way to the world, this weird way we do community. 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. I dont need to know that. It was a great Yelp review. Top three books? But does that mean it was always easy for her to process? We dont call our locations restaurants. Most restaurants that are going to scale are building it so you can go anywhere and not have a bad experience. So I told my partner, I said, Were going to spend 35 thousand and were going to remodel it in eight weeks. Yeah, its internally. And then Ill go figure out what Im going to do. Scott, I am so grateful for you doing this. 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 they actually convinced me, the restaurant division, that they got who we were. We had 33 community stores and we only had 13 people on the whole family support team. Yeah, what impact has that had, or did that have on your decision making to sell? But gracious service is something more. Thats why you have an open kitchen. I didnt know this industry and so, every chance I can get to learn a lot to always getting insight, gaining insight. We have a few chartered stores, franchise stores that we have done. The menu features items such as biscuits and gravy, fried chicken, and shrimp and grits. Tell me about Maple Street. So what was the secret sauce that made you guys so much more profitable? How do you come up with names for your dishes? We have some frozen butter that we shred and drop in there. 2407 8th Ave. S. Suite 105. Thats why Maple Streets a mission company. What impact did getting rid of the loan have on your own personal psyche? And shed actually eaten in a Maple Street three years earlier and wrote a Yelp review. And we talk about it like we love it and thats how we describe it when were talking to our guests. Fantastic. And it was really from us as business people. nishigandha wad education; dylan michael edmonds Now, why would Cracker Barrel want to buy the Maple Street Biscuit Company? Because businesses that lose money dont hang around very long. Its not all bad. Well so its possible. Was it important to you that you report directly to the CEO? So I feel kind of out of the loop. Thats awesome. But it just never came up. And were here for a reason and its been a learning. People that lean in get it. And then I had individual calls with every single community leader, after the Zoom video call. And I live by the 80/20 rule that typically 20% of what you do gets you 80% of what you want to achieve. Ive gone back and Im in a big company again. And that debt load was one of the challenges of course where youre going. I guess I always assumed that would be the way it was. Then we started looking at, how do we fund the growth and expand the companys stores footprint completely? You earn a percentage of the profits for doing this well. Thats your 20% of your hours for breakfast, brunch lunch that youre going to get your business. Yeah. Youre about to cancel your subscription. But whats really most exciting about that is, its not like we just had one community leader doing well. Was the desire to get out from underneath the personal debt in any way influential in your decision to sell? We had a, I guess, a pretty good reputation in this race. Did you go into the negotiation with that as a stipulation? But we ended up really being that wow P&L and earning the right to go do more. Have you ever stopped to wonder why a big company would acquire your business? But the journey hasn't been as simple as the. Then I did a second P&L that said, hey if this thing really took off, would it even be worth it? And we have some promises that we make and one of these is, its a safe place. And I report to the CEO, to Sandy. Those things cant go away. And have resources Ive never had before to go do it. At that. How do you . Wed immediately have a growth story. 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. And now shes going to help other people. You get to make our house-made biscuits just like grandma did, but better! Wow. They already had one of those. Are they looking for other potential suitors as well as Cracker Barrel? I gave them 30 some choices on names. Yeah, well we did joke around that for the first time in eight years, I have a boss. And that whole MBA process prepared me for the time. They all got to participate, as I said, in the transaction, in a significant way. A second store worked well too. And if I was going to be the CEO, I had to get myself ready. Data analytics provider Zodiac was preparing to raise an A investment round for its customer lifetime value software when NIKE decided they wanted to buy the company. And then came the Squawking Goat. 518 customer reviews of Maple Street Biscuit Company. And since it was a second gen site, it was a former Moes restaurant, and they had just left everything that was in there. And thats a lesson that my friend Scott Moore learned. Two that had been part of it and I wanted to talk to ahead of time, to get them up to speed. And they thought that we had made a really good deal. I came up with this idea that Cracker Barrel had these Holler and Dash biscuit houses that they had started four years ago. And I tell it to the team this way. So if we had to add a person. But not if youre going to have the porcelain and metal silverware. And I saw its a community stores, why couldnt we? Thats what we wanted to do. Level three is recommend and take resulting action. But you are? I mean some of the slowest pace weve ever had. And thats why Yelp has, every year ranks the top 100 restaurants to eat at in the United States, based on guest reviews. They manage stuff. The model was built and it could flex to whatever those tables were, in trying not to lose money. I went home and I thought about it. They were in turnaround situations and struggling. But I dont want to have to worry when they come here. So the Squawking Goat is one of our favorite ones that people ask-, Then this will be a favorite. I was very cautious of going with an investment bank, a big investment bank like that. And the number one question that we ask of people is, tell me your story. We talk about gracious eyes. Be a part of the community. And so they have depth and breadth and they can take the time that they need. And that has become one of our best performing stores now. And we did that strategically, as that there are other people who kind of want to play in this space. At what point did the conversation into the nine month quoting process go from you buying their stores, to the opposite. Please renew to keep using our services. But they basically have the same menu. By 2010, he was able to take a six-month sabbatical which ultimately lead to a salein 2010 with onlya six-month earnout. Scott Moore, thanks for joining us. By William Oncken called Managing Management Time. We make that as a very attractive schedule for somebody in this industry. And even if were half of average, at least not lose money. 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. Please confirm by clicking on the Cancel Subscriptionbutton below. The company quickly took off after Crumpton landed a prominent blue-chip client. So he came and helped me put the five year plan together and what that looked like. 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. Yes, John, thats the idea. Nashville, TN 37204 (615) 678-8359 Itll be so inspiring to read that. I say this to the team repeatedly, I say, If I knew five months ago what I know now, wed still do the transaction.. Small businesses fail at a fairly fast pace. They already had one of those. Its got a little sweet, a little bit of heat and its almost like a sweet and sour chicken biscuit. And they were within 1000 dollars total sales for the first 100 days. Ill tell you, that what is built a fire under me. And I confuse people with that sometimes, John. With our growth, we really needed I mean we were doubling the size of the company in when 12 months. We call them community stores and theyre all called by community. As it turned out, his timing was perfect as his site helped underwater homeowners unload their real estate. And John, I dont remember. Find out how youre doing on all eight factors acquirers evaluate by getting your value builder score. The executive team got part of the transaction. So I started out with the first store, I paid for it myself. But it really did make me think. If I can trust you and youre teachable, we can do a lot of things. And so the Squawking Goat ended up, but it was originally was whats called The Squawk On The Street. 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. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. Maple Street Biscuit Co. is now welcoming guests to its new location at Polaris Fashion Place, located at 1310 Polaris Pkwy. And so to get some of those locations required that I had to put my name to the line. They have to explain to you why were doing it. No cussing at anybody, that includes me. So for those it was a had to take them through my change curve. And so I sat there in these restaurants and I would count how many people came in every hour. MAKE In this episode, Stephan Spencer details three strategies he pursued to withdraw from his businesss day-to-day operations. 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. When bonuses go up, its like okay, now I get it. So its not all bad to have somebody who can have a conversation with you which can challenge your thoughts. In 2002 Chuck Crumpton started Medpoint to help businesses bring medical devices and pharmaceuticals to market. I mean again, forgive me for saying this but Ill say it. Theyre going to come in and theyre going to work hard. 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 he hears that all the time. 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. So if somebodys at level one, wait till told, either move up to level two And I tell people, nobodys allowed to be at level three but at least this. And then Javier, our CFO, helped us put the numbers to what that looked like. And so everything about Maple Street has been a community story. 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. Youve been flirting with one another back and forth a little bit. Yeah, internally we actually call it family members. What is your background? And we wanted to do it. That you werent going to report to some regional executive vice president in charge of distribution, or something like that? Or the second write up I guess because you had the second one there. To me, for them its just a transaction, right? And I had a restaurateur come into our store and say, You know you cant do that. He said, If you did paper and plastic, yes you could do that. And I understand what those looked like. How did you finance the growth? She was living out of her car and she has a screenshot of her checking account where she had four dollars and fifty three cents to her name. Theres people on our team, a hundred people on our team. 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. But theyve not had it with goat cheese and pepper jelly. We have a very lean team. Some people kind of throw away words these days. You have a Family Support Team that will guide you in the way to do things, but the store is YOUR responsibility. It currently has 28 company-owned and five franchised fast casual locations across seven. And after a couple of months, I had a pretty good idea what an average restaurant, open those hours, would do per hour. 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