Entrepreneur.com Shows Regular Folk How to Fund A Franchise!
Want to own your own business but not sure where to get the cash? You’re not alone! A passionate, qualified, hard working person like yourself who wants to jump into franchising shouldn’t let money hold you back!
There are many great ways to pull together the resources you need to follow your dreams and Entreprenuer.com does a great job at weighing the pros and cons of each. The article outlines how five successful multi-unit franchisees paid for their franchise opportunity.
“There are many options — from straightforward friends-and family loans to complicated 401(k) investment techniques. Each comes with its own benefits and pitfalls, and, financial experts say, the best one for each person depends on their earning potential, current asset position, how much they have saved, their creditworthiness, and most important, their risk tolerance.”
– Daniel Bortz, Magazine Contributor – Entrepreneur.com
Read the article on Entrepreneur.com >>
Nation’s Restaurant News
Teriyaki Madness was featured in Nation’s Restaurant News in the April 2nd issue. Reporter Nora Caley wrote a franchise feature on succession planning and featured David Marsh, TMAD owner in Marina, California. The piece focused on how the next generation will need to take over franchises after the current generation retires.
Caley wrote that Baby boomers are retiring, or at least thinking about retiring, so someone will have to take over mechanisms for the eventual handover, franchise owners find that they also have to take care of a practical matter, which is training their successor to take over the franchise. For many, that means making sure their adult children are not only willing to take over the location but are prepared.
David Marsh discusses the best way to have the next generation take over a franchise location is to include them from day one. “The other way to have the next generation take over a franchise location is to have them in place from day one. David Marsh, a Teriyaki Madness franchisee who opened his location in Marina, Calif., said the unit is his son and daughter-in-law’s business, and he helps them when needed. “I provide a lot of support;’ he said. “They are basically managing, but I give advice from time to time.”
Check out the full PDF, here!
Session to focus on cost reduction strategies for revenue – RLC
Consolidated Concepts is hosting a breakout session during this year’s Restaurant Leadership Conference (RLC) that includes executive speakers from the industry’s hottest concepts. This year’s RLC is being held April 15-18 in Scottsdale, Ariz.
The session, Lean & Mean: Run Your Restaurant for Explosive Growth, will be held April 17 from 12:45 pm. – 1:30 p.m. in the Grand Sonoran E ballroom and features panelists Jason Morgan from Bellagreen and Original ChopShop, JJ Pledger of Twisted Root, Michael Haith of Teriyaki Madness, and JB Edwards of Abacus. It also includes Consolidated Concepts and Dining Alliance founder John Davie as moderator.
“We chose these speakers because they represent the hottest concepts in the industry right now,” Davie said. “Each of these operators have proven track records for growth success and have well-positioned their concepts for national development. We look forward to hosting this panel conversation and believe attendees will walk away with growth tactics they can quickly and easily implement.”
The conversation will focus on the current strategies successful multi-unit operators are using to minimize costs and maximize revenue. In addition, attendees will be given a list of the top three crucial technology tools that operators can use to help guide organizational structure. Specific areas of discussion include staffing, procurement, menus, pricing, marketing, and capital/financing.
Teriyaki Madness has been named to national lists as a hot concept for growth. In April, QSR Magazine also named Teriyaki Madness one of the 11 Restaurant Franchises on the Cusp of Greatness.
Read the Restaurant News story, here!
Teriyaki Madness was featured in QSR’s 11 Franchises on the Cusp of Greatness. Read what QSR had to say here, or keep reading below for a peak into the full story.
QSR – Fueled for Growth
We’re all looking for the next big thing. In the restaurant industry, concepts arrive daily and look the part. But getting there is another story. Restaurants that sped to 1,000-plus units that began from humble bases are tough to come by, and frankly, that kind of four-digital roller coaster isn’t for everybody. In this growth conversion, franchising remains a powerful tool for brands of all sizes and backgrounds to scale up. It might not be for every concept, but there’s no denying its value for many operators hoping to bring their brand to new audiences worldwide and in the U.S.
Denver-based Teriyaki Madness calls itself “the fastest growing Asian restaurant concept in the nation,” and landed on Entrepreneur Magazine’s Franchise 500 for the second year in a row this past year. The company credits this to average unit volumes of $1,096,047 and profits up to 26 percent. In mid-February, the company unveiled expansion plans for Los Angeles that call for 20-25 additional units through franchise partnerships and strategic development over the next five years.
The 41-unit company also has a similar deal in place for Miami. The company is directing expansion to the area. Teriyaki Madness expects to open more than 100 units in the next two years, and the company is a believer in transparency, and includes an Item 19 which shows every Profit & Loss statement for each of the Teriyaki Shops open two-plus years. Teriyaki Madness was founded in 2003 and currently has franchise agreements for nearly 150 location in the U.S. It landed on the top half of the Inc. 5000 list in 2017 with three-year sales growth of 171 percent.
The most successful people consistently practice daily habits day in and day out
The most successful people in this world do not reach success by doing the bare minimum and doing things like everyone else around them. The one thing they have in common is “doing the right things day in and day out.” Michael Haith, along with 39 other high achieving executives, is featured in Inc on what his secret is to getting ahead in business and in life.
Michael Haith, chairman and CEO of Teriyaki Madness, notes that the secret of staying ahead in business and in life is by studying the numbers.
“From the moment I wake up, I look at sales and social media reviews for each and every one of my franchisee’s shops. I’m specifically looking at the sales the day before. The result, ultimately, determines the entire management team’s mood that lets us know if we will be having a good day or a bad day. I know it sounds totally cliche, but after building franchisors for the last almost 20 years, as the franchisees go, so the does the franchisor.”
There are many other wise executives out there who give their own secrets to success. To name a few, these executives advise to make your bed, reconsider the impossible, say you’re sorry, clean up email, call someone important to you, inspire your team, exercise and meditate, and many more. Consider these secrets to success and you will most certainly achieve the success you desire.
Read full article here.