Never Sell a Deal You Wouldn’t Sign Yourself, NRD’s COO Says
Susan Beth, COO of NRD Capital who accepted a Franchise Times Dealmakers award today, shared a new “two-fer” video promotion for Ruby Tuesday.
Susan Beth brings an operator’s mindset to her COO role at NRD Capital, winner of a Franchise Times Dealmakers award at a gala luncheon today, for the private equity firm’s acquisition of Ruby Tuesday last December. So her advice for other dealmakers is no surprise: Never sell a deal to someone that you wouldn't sign yourself.
“I’ve signed franchise deals,” Beth said on an Art of the Deal panel at the luncheon, a highlight of the Franchise Times Finance & Growth Conference. She grew up in her family’s Super Wash franchise, becoming chief operating officer before leaving to join Atlanta-based NRD in 2015.
Ruby Tuesday was a public company when NRD took it private, and Beth said one of the biggest challenges was getting people formerly at a publicly held company to think like every dollar they spent, invested or saved was their own. That wasn't the mindset that prevailed.
Beth wasn’t ready to reveal strategies for turning around Ruby Tuesday just yet, other than to say she knows it “needs love” in many areas and she and her team will give that attention. She says she is certain about one thing: They will not begin to refranchise the brand until it’s fixed. A new and humorous ad campaign, shown nearby, is one new offering from Ruby Tuesday.
Andy Wiederhorn, CEO of FAT Brands, and Raj Patel of the Hari Group also shared deal-making insights on the panel. Wiederhorn of FAT Brands accepted the Deal of the Year award, and NRD Capital, The Hari Group and seven more received Dealmakers awards in the sixth annual Franchise Times Dealmakers project.
The Franchise Times Finance & Growth Conference continues through Wednesday noon at the Mirage Hotel in Las Vegas.