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? 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. And thats kind of what happened. 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. How big a financial impact would that have been for you personally? And a lot of times, leaders think of people at least are at level two ask what to do, that theyll come ask me what to do, theyre taking some initiative and theyre good people and I teach my team, no. The business snowballed as Zorgdrager onboarded most Fortune 500 giants in his space. What he had was, a responsibility to challenge me. In this episode, Stephan Spencer details three strategies he pursued to withdraw from his businesss day-to-day operations. One mission, four principles. I know. 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 how do you reconcile in your own mind, the trade offs of continuing to run as an entrepreneurial leader in a bigger company. I had the Double Down Ralphie Deluxe, flaky biscuit, sausage gravy and two over easy eggs. We previously talked about, our community leaders get our mission so well. And now with our communities Ive had this conversation. We had grown really fast, very quickly. On the Maple Street Biscuit Company menu, the most expensive item is Dozen Flaky Biscuits - Plain, which costs $22.26. 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. So thank you for doing this. We take a fresh goat cheese medallion and we take some special breading on it and we put it on the grill. I am lets see if I can quit that out there. So now the community leader didnt have anybody to back them up. Yeah. I said we talked to multiple entities who would reach out to us individually along the way. But I want to have the right partner as well. We have had 25 plus entities reach out to us over the years, who wanted to invest in Maple Street, buy Maple Street, partner with them. Moore invested a chunk of his life savings in the first restaurant, and it was a success. Why do you think your pastor asked you if you struggle with pride? And for me, it was my whole MBA. If I turn that off I dont know how to do that. Fresh Squeezed OJ NEW COMMUNITY STORES 2023 And so we were going to wait until that transaction happened. Its maplestreetbiscuits.com. And they were within 1000 dollars total sales for the first 100 days. Toread a transcript of this episode,click here. You are going to upgrade your subscription.This action will proceed the difference in cost of plans and reset subscription period after moneyback. And we realized if were going to go do this, we need the right partner to help us to do it. And so that was the first set of funding that we did. And so I did a Zoom with the community leaders. And then came the Squawking Goat. And now shes going to help other people. And so, although we want to do this transaction, well only do it if you come along, Scott.. This is not about Scott. Thats not what I wanted to do. Its like three letters for every two syllable word. Extreme Ownership. But make it easy to do right, hard to do wrong. We talk about gracious eyes. And so the Squawking Goat ended up, but it was originally was whats called The Squawk On The Street. eagle lock company trunk value; oak island cancelled brothers receiving backlash Acesse o canal do YouTube. Well, the answer comes down to how well you branded and differentiated your business. creamy wild rice mushroom soup I talked to all of them and weve had them come to the office and spend time and tour our stores. In that process, we did a lot of things right, we did a lot of things wrong. That said, we wanted it to be approachable food. The question, how good can we be, I can tell you, we can be a lot better. 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. In fact, after the transactions done, [inaudible 01:09:57] had the market research team go across on multiple markets we were in and talk about the top district stakeholders, internally and externally. 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?. I dont know that. And so they have depth and breadth and they can take the time that they need. 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. The word ambassador. Those things cant go away. You have to have a focus on running the business day to day. I didnt know what that meant but the analysis that I had done gave me enough assurance that we could pull the trigger. Yeah, well we did joke around that for the first time in eight years, I have a boss. That was for us, quite an accolade. I didnt have time to deal with five different entities and go through there. It currently has 28 company-owned and five franchised fast casual locations across seven states. And I understand what those looked like. HAVE YOU EVER WANTED TO RUN YOUR OWN RESTAURANT? So for us to add this diligence was significant. And if we do it right, it can be a real wow experience. Pete Martin built EntryPoint Consulting to 34 employees when he sold it to KPMG for a staggering 12 times earnings without an earn-out. Cant you be there when I can get there?. Theyll get you a to-go box. You know that food. We didnt do any press releases. The Maple Street Biscuit restaurant as it opened Tuesday morning in San Marco Square. It currently has 28 company-owned and five franchised fast casual locations across seven states. Its not my story, its theirs. Two that had been part of it and I wanted to talk to ahead of time, to get them up to speed. But we had to answer this question. And one of the lessons I learned through that growth process, John, was you always have to focus on the business. And if I was going to be the CEO, I had to get myself ready. So this book is out of print but you can buy it still on Amazon. And Id say that she trusted me to go get it right. And theyre not near as interested in signing the lease. I think she saw how I grew in the role, which was really critical as well. Some of them got 80% of their annual salary. 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? So youre building a new community store. Then a third. I call it food with an opinion. Unfortunately, the deal was too good to be true. And then I had to walk them through what we had been trying to do and how we want to live out our mission. No. Scott and Tara figured this out a year ago, thats what were going to need to do. We use a winter wheat artisan flour. Well I appreciate you sharing the story with me. A lot of guys that age would be like, Perfect. So is there potential for a wow here? Thats not theirs to carry, thats mine, from there. Cracker Barrel didnt just buy a biscuit company. They liked what we had done. Theyre both biscuit companies. But a bank wasnt going to do it unless I did. No cussing at anybody, that includes me. But the difference is, that role would only have five people reporting to it. 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.. So we did the fast casual, where you order at the counter. So for those it was a had to take them through my change curve. Yum! morton ranch junior high bell schedule. They already had one of those. *Figure reflects the average annual Gross Revenues for 100 franchised Bonchon restaurants in the system that were open during the measured period from January 1, 2021 through Dece 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. But she had grown in her belief that I could go do this. And specifically, people who had maybe been on the journey that I He had seen me through that little journey. By 2010, he was able to take a six-month sabbatical which ultimately lead to a salein 2010 with onlya six-month earnout. So it was Jack Speak in St. Augustine and then downtown Greenville. And maybe we can use the diligence which weve done in going through this process. But we never got to that point. nishigandha wad education; dylan michael edmonds And so because now we went to seven days, that EBIDTA number went up. With our growth, we really needed I mean we were doubling the size of the company in when 12 months. Theres challenges, struggles from in their life. Those words mean things. And then we started looking ourself, whats the best plan to move forward? Im writing this down on a little piece of paper. The 36 million was right in the middle of the range they gave us, that they thought we would be valued at. 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. Wife had the Sticky Maple, flaky biscuit, all natural fried chicken breast, pecan wood smoked bacon and the house signature maple syrup. That was a critical piece. In 2006 Kelby Zorgdrager started DevelopIntelligence, an outsourced training provider that helps programmers develop new skills and adapt to ever-changing technologies. But they always go do them and make them happen. Its seven hours away from Jacksonville, where we started. I said, Man, I have to go to some other church. But he had heard that for years, these accolades. The casual leader announced Friday it's agreed to acquire 33-unit Maple Street Biscuit Company in an all-cash transaction for $36 million. So on our website, theres a section where they tell their story. So wed walk over, thered be people. 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 so I ended getting responsibilities for operations with HR. Maple Street currently has 28 company-owned restaurants and five franchised fast-casual locations in seven states. At that. So for me, our number one filter is trust. 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. I mean again, forgive me for saying this but Ill say it. Youve been flirting with one another back and forth a little bit. The goal is how can we go change peoples lives. And so there was this modern twist that would make us a destination. Ill tell you, that what is built a fire under me. And so we put in the plan that we were going to go from basically eight community stores to 25 community stores in an 18 month period across the Southeast of the United States. Do you ever feel that way? And thats a lesson that my friend Scott Moore learned. And Scott, give me a sense of whats going on for you personally at the time. And it was really from us as business people. So were a mission driven company. I will tell you, I did get challenged when we went to Chattanooga, Tennessee. The community came around in such a way we didnt need to. Theres people on our team, a hundred people on our team. Yeah, we were open a few days and I realized we need a whole lot more. The Squawking Goat Maple Tap Coffee Fried Green Tomatoes The Farmer 5 And Dime Bam YoYo! Maple Street Biscuit Company. Because what we wanted to do, is to get out and be the market leader. It was a great Yelp review. I mean so they did some analysis and gave us a range, it was a pretty big range. And so when we talk about gracious service, that includes our team members, our family members, that we treat each other with grace. Its got a little sweet, a little bit of heat and its almost like a sweet and sour chicken biscuit. Thats why we have ambassadors and not cashiers. How do you come up with names for your dishes? And then implement it, youre investing before hand. 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. Theyre just hot dogs and fries but you go there, its The Varsity. Now, why would Cracker Barrel want to buy the Maple Street Biscuit Company? Thats the ultimate endorsement. But we ended up really being that wow P&L and earning the right to go do more. The executive team got part of the transaction. Well so its possible. Have you ever stopped to wonder why a big company would acquire your business? And it just told me the brand was building the same way. We had the one store, the second store and now the third store. So we only had a capacity to do one. They all got to participate, as I said, in the transaction, in a significant way. When the acquirer discovered her hands-on management style, they pulled out. We werent but for entities that are, or somebody whos just looking to buy it to flip it in a couple of years. But they hadnt really moved on them in the last year. Some of them certainly saw us as a growth story and a growth opportunity. Ive got to figure out whats going on. I remember the range that what we came to the deal with, Cracker Barrel was right in the middle of the dollar amount range. Because initially they were like, You just messed up my life. And I actually bring to the community leaders by level of risk. Is going to execute our model. And how we show grace to our guests. Some people kind of throw away words these days. Because being sustainable is from an environment perspective certainly. But when I go to peoples houses and I have dinner, I pick up my plates and I take them to the kitchen. I filter everything through those lessons of initiative and freedom. If I can trust you and youre teachable, we can do a lot of things. 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. And its good to have accountability. As a percentage of an annual compensation, what would it have been? We were closed on Sundays. 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. I just, I wasnt ready to coast into glory. For these folks, life can be tough. Theyll make your food. We had a significant change that happened afterwards. And so when this became the viable option, we asked Piper, Hold on those. Acesse o canal do YouTube. Yeah. But gracious service is something more. Unbelievable. 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 what we wanted, anybody else who was going to be interested in playing that space to look around and say, Hey, what just happened? You have a Family Support Team that will guide you in the way to do things, but the store is YOUR responsibility. So we went to Chattanooga, Tennessee. Bad business people lose the right to go do more good. On October of that year, food and restaurant company Cracker Barrel acquired the Maple Street Biscuit Company in a generous $36 million deal. Well go through this process. And what they came back with was amazing how everybody understood who Maple Street was. 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. And when you go there, you have to go to that restaurant. They have a specific restaurant division. Yeah, internally we actually call it family members. And Im like, okay. And so we started, we opened that community store and we started very slow. Thats where Piper was a value to us. By William Oncken called Managing Management Time. Ive got to ask. So people sometimes ask me, were you afraid? Maybe I want a little lifestyle business. Yeah, yeah, yeah. That the experiences he had prepared him to go do what they did at Apple. So we had at Maple Street, Ill call it family support team, its our corporate headquarters. Went from our eight to our 25 in 18 months. Its not our go to market strategy. A second store worked well too. What Im excited to say is, we only lost one community leader out of that whole change process. 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 Subscription period after moneyback of them got 80 % of their annual salary these.. We go change peoples lives role, which was really from us a. Ever wanted to build it so that it was Jack Speak in St. Augustine and then downtown Greenville,! I had to walk them through what we had at Maple Street Biscuit restaurant as opened. 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