The Financial Accounting Standards Board (FASB), which sets U.S. GAAP standards, has clarified key language around its new revenue-recognition guidelines.
Could there be anything more soothing and perfectly timed than the current Applebee’s special offering $1 Long Island Iced Teas? The answer is no, and judging from my social feeds, this is one of the most effective and widely shared LTOs in recent memory. We all owe Applebee’s our deepest gratitude in this difficult time.
Ed Yancey considers Cleveland Avenue, a private equity firm created by former CEO of McDonald’s Don Thompson in Chicago, as an incubator for innovative restaurant concepts. Cleveland Avenue invested earlier this year in PizzaRev, a 40-plus-unit pizza chain in Los Angeles. “It’s a great concept, and we have the capability to expand its growth,” said Yancey, who sat down with Franchise Times Editor-in-Chief Beth Ewen at the Restaurant Finance & Development Conference in early November.
Quaker Steak and Lube was bought out of bankruptcy by TravelCenters of America about 18 months ago, and for several months newly promoted VP of Operations Bruce Lane has been working on relationships with franchisees and making the restaurants more profitable. Editor-in-Chief Beth Ewen sat down with Lane at the Restaurant Finance & Development Conference in Vegas to learn more about the growth plan.
It’s not every day that a Buddhist monk blesses your franchise, but that’s what happened last week at the first Anytime Fitness gym to open in Bangkok.
Arby’s Restaurant Group, Inc. and Buffalo Wild Wings, Inc. today announced that the companies have entered into a definitive merger agreement under which ARG will acquire BWLD for $157 per share in cash, in a transaction valued at approximately $2.9 billion, including BWW’s net debt.
Working with Amazon and DoorDash, IHOP is rolling out delivery in select cities in California, Texas, Oklahoma, Washington and Utah as it aims to bring pancakes to guests the company said don’t always have the time or desire to sit down in the restaurant.
Today it’s hard to believe that McDonald’s didn’t always exist as the original disrupter of the nation’s food scene, but a recent talk by author Lisa Napoli on the subject paints the picture that seems especially appropriate to share today, on the eve of our No. 1 food holiday.
It’s time for the founders of Amazing Lash Studio, Vietnamese immigrants Edward and Jessica Le, to exit their franchise and reap some of the rewards, says Heather Elrod, president and COO of the eyelash extension franchise now based in Scottsdale, Arizona. She announced earlier this month Amazing Lash is seeking strategic alternatives including a sale for the brand founded in 2010 in Houston, and now with more than 300 studios awarded and 160 of those open and operating.
How the various third-party delivery providers stack up is a big question in the restaurant space. According to a new cache of data from mystery shopping and survey firm SeeLevel HX, things are fairly even in an ever-changing segment of the industry.
Sales are mediocre, traffic is down but some internationally minded restaurant groups are not worried. That’s because while there are challenges in the U.S. market, there is an incredible amount of opportunity abroad.
Since its April 13 deal with GEM Hospitality to bring Tony Roma’s to West Palm Beach, Florida, the brand has added new franchisees in Tennessee, Colorado and Idaho, growth CEO Bradley Scher says is a direct result of the brand transformation undertaken in 2016 with a complete overhaul of the restaurant atmosphere, service platform and menu following extensive consumer research.
Chief financial officers do much more today than pay the bills and make sure payroll goes out on time, said a panel of CFOs who opened the Restaurant Finance & Development Conference Monday in Las Vegas. “The role has become much more strategic over the last 10 years,” said Tony Laday, CFO of Fogo de Chao.
Forget whatever you’re hearing about the tax bill, smaller-format locations or hot trends in M&A. There is one dominant trend in the restaurant world that everybody is paying attention to and it’s third-party delivery. This subject is everywhere on the agenda and in soda break conversations at the Restaurant Finance & Development Conference. It’s almost as inescapable of blue suits, which are clearly in the running for second place.
Securitization has been a hot topic for other industries in the past. But now, some of the biggest franchised brands are turning to securitization to finance their companies.
“I’m really just a burger guy, that’s what I want to eat,” says Bobby Flay, speaking this morning at the Restaurant Finance & Development Conference in Las Vegas. Cheeseburgers are what he craves after a long night in the kitchen and are at the core of Bobby’s Burger Palace, which is poised for rapid expansion following Flay’s announcement today that he’s going to start franchising and licensing the fast-casual concept.
The founders of Walk-On's, Culver's and Toppers revealed some alternative names for their brands, on a panel today at the Restaurant Finance & Development Conference.
During the second day of RFDC in Las Vegas, Stephen Polanski from Buxton spoke all about the changing world of shopping malls and what that means for the restaurant and retail brands that are heavily invested in malls or curious about which centers are worth expanding into in this era of changing consumer tastes.
For any boomers or Gen X-ers who love to hate on the “kids today,” the founder of Toppers Pizza has a few words for you: knock it off. “I meet so many 20-year-olds in my business, and these people can do anything. They are special people,” Scott Gittrich told me in an interview today at the Restaurant Finance & Development Conference.
Wingstop will continue its exclusive partnership with third-party delivery service DoorDash, said Charlie Morrison, CEO of the Dallas, Texas-based chicken wing franchise.
The Save Local Business Act, sponsored by Rep. Bradley Byrne (R-Ala.), passed by a vote of 242-181. No Republicans opposed the bill, and they were joined by eight Democrats: Reps. Ami Bera, Lou Correa, Jim Costa, Henry Cuellar, Stephanie Murphy, Scott Peters, Colin Peterson, and Kurt Schrader.
Regis Corporation, the franchisor behind Supercuts, Cost Cutters, Pro Cuts, Roosters and many others in the haircare industry, announced an industry-exclusive agreement with LSMx, a Buxton local store marketing application, to beef up its marketing for company and franchise salons.
BrightStar Care CEO and Co-Founder Shelly Sun—arguably one of the nicest people in all of franchising—was recently named 2017 Entrepreneur of the Year by her alma mater, Haslam College of Business.
Most speakers urge their audiences to turn off their phones and focus on the presentation, but not Philip Schram. “Take out your smartphone. Go on the photo app. Put it in selfie mode. Point the camera toward you,” he urged attendees at the IFA’s Emerging Franchisor Conference in Phoenix Tuesday morning.
Suppose you join a franchise system as COO and within a handful of weeks everyone resigns, cash dwindles and franchisees complain. If you're Peter Holt of The Joint Corp., you view it as an opportunity to re-build the culture from the ground up, he told the crowd at the IFA's Emerging Franchisor Conference today in Phoenix.
Tax reform is grinding along in D.C., and some key tax credits are at risk in a new plan.
The chicken tender-focused restaurant chain was bought by former Wingstop execs last year and has opened three locations since April.
Super 8 has partnered with Human Hug Project, an organization founded by combat veterans to bring awareness to PTSD and dole out hugs to at-risk veterans. With this partnership, the company is committing to help the founders, Ian Michael, Gino Greganti and his wife, to accomplish their goal of hugging veterans at every VA Medical Center in the United States.
I’ve never met Papa John’s founder John Schnatter, but his recent decisions as CEO have exposed the company and its shareholders to needless ire. There are a lot of valid external reasons that could be blamed for lowering future sales projections, but pointing to something as divisive as NFL players taking a knee is absurd.
The U.S. Small Business Administration is creating a directory of franchise systems eligible for government-backed loans, and at least some lenders are hailing the move as good for the process of speeding loans to franchisees.
Alaska Sales & Service has built a $12-million business as a National-Alamo car rental franchisee since 1967. Corpat has been in the game since 1986 and posts $47 million in annual sales. And Midwest Car boasts $90 million a year from a franchise started in 1968. All three received termination notices effective January 14, 2018, from their franchisor, known as NACRS or National-Alamo Car Rental System, which their attorneys say are without cause and so constitute an unlawful breach of contract.
‘The kids’ first solid food was baked potato,’ jokes Sally Myers, half of the husband-and-wife pair who have grown their Sizzler empire to 23 stores. Sally got an early start, learning from her father in the booth where he always held a seat open so a guest, busboy or VIP could join them. Today their firm, BMW Management, is the ultimate driven machine.
Dominic Flis cannot pinpoint one particular day that was the best ever for his family’s Little Rock, Arkansas-based Burger King operation. But naming the worst day ever is painfully easy: There are two. “The day my Mom passed away and the day my Dad passed away,” he says, in 2007 and 2009, respectively.
Close your eyes and bring yourself on a virtual journey to your last eye exam. After filling out the insurance paperwork, an assistant brings you down a hall and into a dimly lit room with the big machine front and center.
Campus dining is no longer bland pasta, iceberg lettuce and ranch dressing. A wide range of franchise brands cater to on- and off-campus student populations, and great food is becoming a draw for prospective students.
If you can’t prove a ‘kick’ in revenue from your remodel program, don’t expect franchisees to buy in. But a 6 to 7 percent increase in sales is likely to attract operators and financiers alike.
The future is officially here, and it’s smothered in mozzarella cheese. Domino’s Pizza and Ford, through a home-state partnership in Ann Arbor, Michigan, have teamed up on a live-action research project that’s resulted in the world’s first pizza deliveries made by fully autonomous cars.
Will Dean, CEO and founder of the extreme Tough Mudder endurance events, is broadening his portfolio beyond the now-infamous obstacles such as Arctic Enema and Electroshock Therapy—which are basically what they sound like, but safe enough to insure—into the cutthroat world of franchised fitness.
When Carty Davis works with clients of C Squared Advisors, the investment banker and franchise advisory firm he co-founded in August 2016, he’s not spouting abstract theories. Rather, he’s employing practical know-how based on decades in the restaurant business—and especially 15 years in the barbershop.
“The moment I saw it I fell in love with it, because no one wants to clean their fryers,” declares Lauren Wanco, a franchisee since May for Filta Environmental Kitchen Solutions in Las Vegas, a mobile service that handles the dirtiest of restaurant jobs.
There must be some great kindergarten teachers out there because we’ve all learned how to share really well. We share our rides, our boats and even our homes through various portals.
Focus became the name of the game for Matt Rusconi, a Moe’s Southwest Grill operator with 14 stores who believes in ‘rewarding versus threatening’ employees
One diehard Houston Astros or Los Angeles Dodgers fan will win a free Pro Image Sports franchise to bring the largest sports fan gift shop to their town. The company will waive its $30,000 franchise fee to a dedicated fan of the winning World Series team.
Arby’s has signed development agreements to build 25 new restaurants in the Chicagoland area over the next five years, including the downtown area, creating nearly 700 jobs in the process. The company has made the Windy City a priority growth market for the brand, seeking to triple its footprint in the metro.
Who knew food on demand could be so funny? But when you combine franchised restaurants and independents with the future, there’s lots of fodder. Cartoonist Dave Allred inked three ideas we thought readers of our Food On Demand e-newsletter would identify with.
Scott Crane joined Dallas-based Rave Restaurant Group as CEO in January, after the parent company of Pie Five Pizza and Pizza Inn had turned in some tough quarters and the former CEO was gone.
Agold rush of sorts is emerging in one franchising sector. Or perhaps “silver rush” is a more appropriate term.
‘You don’t come to me for a deal. It has to be fair,’ declares Jerry Thissen, the founder of National Franchise Sales, who over 40 years and with 26 employees has built the firm into the largest franchise brokerage outfit in the country.
In his life as a franchise attorney, Peter Lagarias says, “things often don’t resolve for on and on and on.” By contrast, results are immediate from Rotaplast International’s work, in which teams of doctors, nurses and Rotary volunteers travel to foreign lands and repair cleft palates and lips for children whose families can’t afford the surgery.
Life’s many attachments and entanglements have a way of tying a person’s life down to a single geographic location. Dreaming of winters in Key West? Tell that to your operations manager expecting you down at the store. Summers at the cabin? Don’t forget about that site selection tour already on the docket.