The venue for the first YoungConference event – The Confidante Hotel – mirrors the same young and refreshing theme as the conference’s topics and faces. Located between hot South Beach and Miami’s hip art districts, The Confidante Hotel is a playful celebration of its retro-glam roots.
MIAMI, Oct. 26, 2019 /Franchisemoneymaker.com/ — Franchise YoungConference – an exclusive, new event series designed to propel franchises through the digital age – will launch in Miami on Nov. 4. Born as a movement by and for young or young-minded franchise professionals, YoungConference will focus on topics such as how to use virtual reality, artificial intelligence’s effect on the industry and new approaches to social media and influencer marketing.
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“Participants at the conference will walk away better equipped to navigate today’s digital market and be able to apply the innovations they learn to progress their consumer and franchise recruitment marketing, as well as operations,” said Zack Fishman, co-founder of Franchise YoungConference and Director of Innovation at Fishman Public Relations. “We’re creating an environment where younger franchise professionals have the platform to share innovative ideas and technologies among peers and learn how to implement them in their respective businesses.”
The venue for the first YoungConference event – The Confidante Hotel – mirrors the same young and refreshing theme as the conference’s topics and faces. Located between hot South Beach and Miami’s hip art districts, The Confidante Hotel is a playful celebration of its retro-glam roots.
Welcome the New Generation of Franchising
“The takeaways and experience at YoungConference will be unlike any other franchising event. It’ll spark creatively we’ve never seen before,” said Brad Fishman, CEO of Fishman Public Relations. “It’s time for us seasoned professionals in franchising to not only welcome the younger generation’s ideas and knowledge, but it’s pivotal to the future success of our industry.”
“People are asking how young attendees need to be. I say we’re not checking IDs at the door, and all young-minded are welcome, anyone with fresh ideas,” said Zack Fishman. “You’re the right age if you want to be part of the next generation of franchise greats.”
About Franchise YoungConference:
As its inaugural conference commences in Miami on Nov. 4, YoungConference is the first event series for today’s young franchising generation. With more annual events planned across multiple cities in the pipeline, YoungConference is developing into the place where new leaders will seed innovative franchising growth ideas for decades to come. Rather than be left behind, franchise executive teams, owners and employees will fold into the ongoing events to stay relevant and advance business practices. As technology is exponentially growing, YoungConference provides the platform for “rising star” franchise leaders to spark creative thought, as this generation will move the needle for what’s next and create what’s on the horizon. To learn more about Franchise YoungConference, visit https://franchiseyoungconference.com/.
Media Contact: Matt Siegler, Fishman Public Relations, [email protected] or 847.945.1300
DAVE & BUSTER’S INTRODUCES LIGHTLIFE MEATLESS BURGER – WHERE DOES MEATLESS TREND STAND?
BEYOND MEAT, Impossible Burger, LIGHTLIFE BURGER
By Roger Lipton
Beyond Meat and Impossible Foods have gotten most of the attention with their meatless burgers while large companies such as Tyson Foods are no doubt working feverishly to complete their competitive product development. The latest announcement in this area , today, is that Dave & Buster’s has introduced their Lightlife Burger, a plant based product with which we were admittedly not familiar. We wrote an article back on June 4th, provided at the end of this update. At that point, Beyond Meat stock (BYND) had more than quadrupled in the five weeks following its IPO at $25.00 per share. A lot has happened since June 4th. Burger King rolled out The Impossible Burger systemwide, Tim Horton tested it in Canada and has pulled it back, for whatever combination of reasons. McDonald’s announced on 9/27 that they are going to test a Beyond Meat product in Canada. A number of other public chains have introduced meatless beef and chicken products.
Beyond Meat stock (BYND) went from 104 when we wrote on June 4th to a high above $230 by the end of July, retreated steadily to $135 by the end of September, spiked briefly twenty points on the McDonald’s announcement at the end of September, and has slipped steadily to a new low of $118 today. At $118, the enterprise value is still $7.2 billion. According to Bloomberg, sales are projected at $261M in 2019 and $415M in 2020. EPS is projected at a loss of $0.26 of 2019 and a profit of $0.23 in 2020. I’ll make it easy for you. The stock is selling at over FIVE HUNDRED TIMES 2020 projected earnings per share.
Back to the Lightlife Burger: The nutritional content is about the same as the Impossible and Beyond Meat products. The calorie counts, compared to a regular burger are about the same, the fat content is about the same, there is no cholesterol (that’s good), the sodium content , at 540mg is more than five times that of a regular burger (that’s bad) and even more than the 400 mg of Impossible and Beyond. We called Dave & Buster’s (at Palisades Center) and they are charging $16.99 for the Lightlife product (with fries no doubt) versus $13.99 for the normal burger platter. That’s a 21 percent premium, an obviously material detriment. This is in our opinion, far from a game changer (no pun intended) for Dave & Buster’s.
The largest QSR exposure of the Impossible Burger has been at Burger King over the last several months. Prior to the systemwide rollout in August, BK stated that traffic was up 18.5% in a 29 day test in St.Louis. We can assure you that nothing like that is happening since the product has been rolled out systemwide, or management of Restaurant Brands stock would have let us know. Our guess is that BK comp sales are running no more than a couple of points better than prior trends.
In short: we stand by our previous conclusion, hereby restated. Our complete discussion of June 4th is provided below.
CONCLUSION – copied from 6/4/19
The unanswered question is: how large is the demand, at restaurants, for a product that costs more, has the same calorie count and fat content, has a lot more sodium (which creates high blood pressure), but has no cholesterol and contains useful elements such as Thiamin (which helps with nerve, muscle and heart function), B12 (helps with fatigue) and Zinc (for prostate health)?
We do not expect the introduction of meatless products to restaurant menus to improve sales in any meaningful way. The new meatless products taste fine, by all reports, but we haven’t heard anyone say that they taste “better”, and help to justify a higher price. The long term health benefits as described just above are too subtle for most restaurant customers to care much about. Just look at the size, and the nutritional values, of the portions at Cheesecake Factory, Cracker Barrel, and almost everyone else. This, too, in terms of stock market excitement and restaurant industry focus, shall pass.
ENTIRE ARTICLE – AS OF 6/4/19
THE “IMPOSSIBLE BURGER” – HOW WILL IT IMPACT THE RESTAURANT INDUSTRY?
We have all been reading, for weeks now, about the huge potential for meatless food products. Beyond Meats (BYND) came public five weeks ago (5/1/19) at $25.00 per share and has gone up a cool four times in value. The total market value of BYND is about $6 billion, and the company is expected to generate (according to Bloomberg) $205M of sales in 2019 (up from $88M in 2018), then $335M in 2020. Profits are nonexistent, having lost $4.56/share in 2018, still expected to lose $0.40/share in 2019, then lose $0.18 in 2020. Safe to say that BYND common stock is trading several years ahead of the fundamentals. This is not unusual, however, when rapidly growing companies have caught investors’ fancy.
The other prominent supplier of plant based meat products is Impossible Foods, which has introduced a variety of products, including the widely promoted Impossible Burger. Impossible Foods is privately held, so we don’t know what their revenues and profits look like, but they recently raised $300 million and have reportedly raised a total approximating $750 million since the founding in 2011.
There have been couple of noteworthy announcements from public companies relating to meatless products. (1) A small company called Chanticleer Holdings (BURG), which operates several burger based concepts, announced on 5/8 (a week after BYND came public) a partnership with BYND, where Beyond Meat burgers will be offered at Chanticleer various brands. That day, May 8th, BURG stock ran from about $1.48/share to almost $3.00 per share, with almost 15 million shares trading. It closed that day at $1.94 and has drifted lower ever since to an all time low around $1.00 per share. (2) Restaurant Brands (QSR) announced on April 1st that their 59 Burger King restaurants in and around St.Louis were going to start serving the Impossible Burger. After reporting that the St.Louis test generated an 18% traffic gain in April, QSR announced on May 14th that they were introducing the Impossible Burger into three new markets, Miami FL, Columbus GA and Montgomery AL. While noone is suggesting that an 18% gain in traffic is to be expected, BMO analyst Peter Sklar wrote on 5/22 that Burger King’s same store sales could be increased by 450 basis points with a national rollout by yearend. For what it’s worth, QSR stock was trading around $65 on April 1st (with the first announcement), around $67 in mid May when the additional three markets was announced, at about $68 when BMO provided their expectation, and at about $65. today. To be sure, there are a lot of moving parts at QSR, other than Burger King, and apparently Tim Horton’s is not doing as well as expected right now. Again, for whatever its worth, and for whatever combination of reasons, CEO, Jose Cil sold $8.7M of his shares on May 28th, at $68.28 per share, about 17 percent of his holdings. This would probably not imply that the Impossible Burger was going to shake (or shock) the world at Burger King. Click Here to Learn about Franchising Your Business
THE MARKETPLACE VERDICT
Aside from the skyrocketing stock price of Beyond Meats, the marketplace verdict relative to Restaurant Brands and Chanticleer Holdings (an admittedly very small sample) is that the Impossible Burger is not a game changer. One obvious reason is that no single restaurant company will have an exclusive on meatless burgers. In fact: White Castle, TGI Fridays, Del Taco Restaurants, Carl’s Jr. and Red Robin Gourmet Burgers have all introduced Beyond Meat and Impossible Foods products over the past 18 months. We haven’t heard shockingly good sales or traffic numbers from any of these chains. If there is substantial long term demand, everyone will offer it and noone will have a competitive edge.
OUR LONGER TERM VIEW
It is unclear how many new customers will choose one restaurant over another based on a meatless alternative. It is already clear that the cost of goods per unit for the meatless product is higher, so the menu price will be higher as well. It is unclear to us how many consumers are prepared to pay more, especially when (1) the calorie count is the virtually the same and (2) the fat content is approximately the same. We will detail shortly more specifics about nutritional comparisons, but we believe that calorie count and fat content are the two nutritional elements that customers will care about, if they care at all. We have our doubts about how well educated, relative to nutritional considerations, the consuming public is. The average American is twenty five pounds heavier over the last thirty years, and there is a monstrous amount of fried chicken, french fried potatoes, and cheesecake consumed. Also, we are not aware that the addition of calorie counts to menus has changed consumer menu choices. Before we wrap up this discussion, here are more nutritional comparisons of the two products.
A quarter pound beef patty has 260 calories, the Impossible Burger 240. A patty has 22g grams of fat, the IB also 22g. A patty as 94 mg of cholesterol, an IB zero. A patty has 89mg of sodium (4% of the Daily Value), an IB has 370mg (16% DV)(not so good). A patty has no Thiamin, and the IB has 2350% of the DV (that’s good). A patty has no B12 and an IB has 130% of the DV (that’s good). A patty has no Zinc and the IB has 50% of the DV (that’s good).
CONCLUSION
The unanswered question is: how large is the demand, at restaurants, for a product that costs more, has the same calorie count and fat content, has a lot more sodium (which creates high blood pressure), but has no cholesterol and contains useful elements such as Thiamin (which helps with nerve, muscle and heart function), B12 (helps with fatigue) and Zinc (for prostate health)?
We do not expect the introduction of meatless products to restaurant menus to improve sales in any meaningful way. The new meatless products taste fine, by all reports, but we haven’t heard anyone say that they taste “better”, and help to justify a higher price. The long term health benefits as described just above are too subtle for most restaurant customers to care much about. Just look at the size, and the nutritional values, of the portions at Cheesecake Factory, Cracker Barrel, and almost everyone else. This, too, in terms of stock market excitement and restaurant industry focus, shall pass.
Roger Lipton
==========================
About Roger Lipton
Roger is an investment professional with over 4 decades of experience specializing in chain restaurants and retailers, as well as macro-economic and monetary developments. After earning a BSME from R.P.I. and MBA from Harvard, and working as an auditor with Price, Waterhouse, he began following the restaurant industry as well as the gold mining industry. While he originally followed companies such as Church’s Fried Chicken, Morrison’s Cafeterias and others, over the years he invested in companies such as Panera Bread and shorted companies such as Boston Chicken (as described in Chain Leader Magazine)
As a small business owner, time and cost savings are precious. Make sure you know what tools your business needs to function smoothly, and choose the most efficient, cost-effective equipment to meet those needs. Whether it’s a good phone system, up-to-date computers or a shredder to safely dispose of sensitive documents, your business is only as good as the equipment you rely on.
4 key resources small businesses need to succeed
(BPT) – SPONSORED
From small home offices to co-working spaces to hotels and airplanes — as a small business owner, you’ve likely learned that being flexible with your work environment is critical to establishing and growing your business. No matter the spaces you travel to and run your business from, there are a few important resources to have in place to ensure that your operations are productive, efficient and a step ahead of your customer’s needs.
Office-quality equipment at consumer prices
As a small business owner, time and cost savings are precious. Make sure you know what tools your business needs to function smoothly, and choose the most efficient, cost-effective equipment to meet those needs. Whether it’s a good phone system, up-to-date computers or a shredder to safely dispose of sensitive documents, your business is only as good as the equipment you rely on. For example, a great product to invest in is a high-quality, reliable cartridge-free printer, like the Epson® EcoTank® Monochrome Supertank printer. Print more and worry less with a printer that comes with an easy-to-fill supersized ink tank that holds enough ink to print up to 6,000 pages and has a fast first page out time. Available in-store at Office Depot and OfficeMax, the Epson EcoTank wireless SuperTank printers also allow you to use voice-activated printing via Amazon Alexa, Google Assistant and Siri, giving you the convenience to focus on what’s most important for your business.
Professional IT support
Build a tech support team that keeps your business running no matter where you are. You likely don’t have the time to run your business and be your own IT support help desk. With help from a 24/7 remote tech support team from Workonomy™ at Office Depot, you can have access anytime and anywhere to a dedicated experienced tech support team by chat or phone. There’s never a good time for computer problems, but with a reliable 24/7 tech support team that helps with everything from data recovery to virus scans, you can have confidence that your tech will be running smoothly and optimize your business for efficiency.
A method and a space for resetting
Just because you can bring the office with you wherever you go doesn’t mean you should. Make time to leave it all behind. Create a toolbox of activities that help you reset, relax and rejuvenate your thoughts so you can bring fresh ideas to your business. From a brisk walk or a podcast episode to a phone call with a friend, choose one or two activities that you can quickly call upon each day to reset your mind and passion.
A workplace that’s as flexible as you are
Whether you are traveling, meeting a new client, need some help with your laptop or just want a small space to call your own, a great resource to have on hand is a co-working space. Office Depot’s Workonomy™ Hub co-working service provides support and assistance to home-based and small businesses in select locations. From private offices and conference rooms to daily drop-in, there’s a space and a plan that fits your work style. You can also take advantage of services including tech support, storage, packing and shipping, and more. Check out the available services and locations near you at officedepot.com.
Being a business owner requires you to wear a lot of hats and sometimes work in unique and on-the-go places. Your environment doesn’t have to impact the output of your business. With the right equipment and tech support, outlet to relax, and a flexible co-working space, you can set your business up to run efficiently and give yourself more time to do what you’re most passionate about. Sponsored by Office Depot.
This post is to simply inform and alert any franchise CMO who inherits one of these troubling vendor relationships. If you don’t own control of your online assets, you’re going to have unfriendly challenges ahead of you. We’re currently on boarding several clients that are experiencing these challenges. Here are a few results that we’re seeing with brands that are transitioning from this arrangement.
The franchising community is complicated. With thousands of franchisees operating under thousands of corporate brands, breakdowns in communication are inevitable. As partners of these brands and franchisees, the franchise marketing community should be working to build trust and stability throughout the franchising network, not actively adding to the confusion.
Unfortunately, many franchise marketing vendors are misleading the franchising community. As some vendors put franchise websites on custom content management systems, they’re neglecting to tell these brands the consequences of this arrangement. Mainly, that franchise brands are unknowingly relinquishing ownership of their site and other web assets.
This arrangement might not seem like a big deal at the outset of an engagement. But when these brands decide to change course, it’s the brands that are left with the complicated transition — a transition that threatens long-term damage to not only their online presence, but the brand itself.
This post is to simply inform and alert any franchise CMO who inherits one of these troubling vendor relationships. If you don’t own control of your online assets, you’re going to have unfriendly challenges ahead of you. We’re currently on boarding several clients that are experiencing these challenges. Here are a few results that we’re seeing with brands that are transitioning from this arrangement.
* It’s your logo. They’re your words. But they aren’t your pages. Your site pages are being hosted and managed by a third-party business.
* When transitioning off the vendor-owned pages, if you don’t own your content (images, videos, etc.), you will be starting from scratch.
* Some vendors are including proprietary tracking code within your site structure. If not identified properly, this can cause significant issues during site transition.
* If you’re using a subdomain hosted on a separate IP address, you will not get the same SEO benefit, and will need to spend time pointing links to new subdirectory location pages.
* Lack of custom Content Management System (CMS) build out.
* Limitations with Conversion Rate Optimization (CRO) strategies.
Whether these imbalanced vendor-client relationships stem from a genuine misunderstanding or an unethical approach, it’s imperative that all franchise brands are aware of the potential pitfalls of the arrangement. I’d love to continue the discussion.
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ABOUT THE AUTHOR – Andrew Beckman
As Chairman of Location3, Andrew Beckman oversees strategic direction and business development initiatives in conjunction with the agency’s Executive Board. Andrew founded Location3 Media in 1999 as a direct response digital partner with a portfolio of services that included PPC management, SEO, local search marketing, display marketing, social media marketing, content strategy, website design & development, web analytics management and more. Since 1999, Location3 has evolved into a full service digital marketing agency that delivers enterprise-level strategy with local market activation.
Prior to founding Location3, Andrew was an international sales manager for DoubleClick, Inc. where he was charged with opening new sales offices, as well as training teams on U.S. search marketing strategies for the original AltaVista Search Engine. Andrew is an expert in local search marketing strategy and is a frequent presenter at industry conferences including SES, SMX, StreetFight Summit, ClickZ Live, PubCon, BIA Kelsey and more. Follow him on Twitter. ——————————————-
ABOUT LOCATION3
Location3 is a digital marketing agency that delivers enterprise-level strategy with local market activation.
As the premier digital marketing partner for franchise brands and multi-location businesses, we operate under the belief that Everything Is Local. That means using our digital expertise and proprietary technology to connect businesses with the customers who are searching for their solutions.
The U.S. Census Bureau’s 2012 Survey of Small Business Owners found that 2.52 million businesses in the United States (or 9.1%) are majority-owned by veterans. There are many resources available for veterans interested in starting or growing their business, including those from the U.S. Small Business Administration.
Dreaming of starting a new business? Remember these 5 things
(BPT) – If you’re dreaming about starting a business, or if you’re already a business owner looking to grow your business, chances are that you’ll need a loan at some point to help your vision become reality. And if you’re a veteran or active-duty servicemember, you already possess the skills and vital experience needed to make your business a success.
“From resourcefulness and determination to the ability to take smart risks, military experience teaches skills that translate well for business ownership,” said Tony Pica, vice president of business services at Navy Federal Credit Union.
The U.S. Census Bureau’s 2012 Survey of Small Business Owners found that 2.52 million businesses in the United States (or 9.1%) are majority-owned by veterans. There are many resources available for veterans interested in starting or growing their business, including those from the U.S. Small Business Administration.
What are lenders looking for? Here are five considerations to keep in mind before securing a loan for your business:
1. Do your market research and prepare a solid business plan.
Doing research on the industry and preparing a solid business plan is an important step to take when seeking financing for your company. If you can demonstrate to lenders that you’ve done your due diligence — created a detailed business plan, have a trusted team, know the demand for your product or service, and developed a sales strategy to show the viability of your business — you’ll be much more likely to convince them to take a chance on you and your company.
2. Review your overall financial profile.
“Your complete financial health demonstrates your creditworthiness to lenders, so it’s best to review your credit history before applying for a business loan,” Pica said. “You’ll also want to know the amount of money you need to borrow and what exactly it will be used for.”
Presenting your complete background, such as your education and experience, including whether you’ve worked at or managed a similar business in the past, can also make a big difference.
3. Be willing to invest some of your personal money.
Depending on the lending request, you might need to provide a cash injection or collateral. This may include your home, a vehicle, marketable securities or tangible inventory. The lender wants to make sure that you’re willing to put your own skin in the game. In many cases, a certain amount of capital may be required by law.
4. Expanding an existing business? Demonstrate evidence of continued success.
Lenders will want to see evidence of your past and projected cash flow as a result of expanding your existing company. If the loan is for a new business, you’ll need to show lenders your ability to repay it by providing a detailed explanation that includes projected expenses and income, based on solid research.
5. Partner with your trusted financial institution.
Once you’ve done your market research and developed a concrete business plan, talk to your trusted bank or credit union about the business lending products and services available to you.
For example, Navy Federal Credit Union Business Services provides more than just loans for equipment, vehicles and commercial real estate for its members. It provides a whole suite of options, such as business checking and savings accounts and business credit cards, as well as assistance with bill pay, payroll processing, insurance policies and retirement coverage for employees.
Financing your budding business can be a smooth process with these considerations in mind.
Often, leaders at small businesses with few employees feel protected from or less susceptible to fraud or unethical conduct because of the close-knit nature of their teams. But research shows unethical behavior is more widespread than they realize, and not confined to one type of business.
Small business: How ethics can help your bottom line
(BPT) – The last thing any company wants is a misstep that hurts the trust it has built with customers. This is especially true for smaller businesses, which may not have the resources to recover from a reputation setback. To prevent mistakes, bad decisions and wrongdoing, smaller businesses can take a proactive approach to developing ethical business leaders and business cultures. Experts say when businesses do that they can achieve benefits for their bottom line, their employees and the common good.
It can happen anywhere
Often, leaders at small businesses with few employees feel protected from or less susceptible to fraud or unethical conduct because of the close-knit nature of their teams. But research shows unethical behavior is more widespread than they realize, and not confined to one type of business. According to a 2017 Ethics and Compliance Initiative survey, nearly 47% of U.S. employees at companies of all sizes said they personally observed workplace conduct that “either violated organizational standards or the law.”
A 2018 Better Business Bureau survey found that 84% of consumers trust small businesses the most. That’s important for business owners to recognize, because the more trust a consumer puts in your company, the greater the ramifications when that trust is broken. This means business leaders have every incentive to develop strong ethical standards and cultures.
Empowering businesses
One university is looking to empower smaller businesses through a new open-access website. The University of St. Thomas recently launched the Business Ethics Resource Center (BERC), with U.S. Bank as the founding sponsor. The BERC is part of the university’s Center for Ethics in Practice in the Opus College of Business and provides resources for small and midsized businesses, focusing on ways they can develop ethical leaders and cultures.
Resources include videos, articles, toolkits, example plans and other multimedia assets that can help companies promote ethical conduct as part of their core mission. The BERC is designed to help time-strapped business leaders develop and sustain a strong ethical culture within their organizations and realize the inherent benefits that come along with that.
The benefits of ethics
While it’s difficult to determine the true cost of developing an ethical culture within your organization, it’s clear there are several tangible benefits. For starters, practicing ethics can help you avoid costly legal issues while enhancing your company’s reputation. It will also help you build customer loyalty, with 80% of customers saying they are more loyal to a company with good ethics, according to a recent survey from Salesforce. The same qualities that attract customers will also increase your ability to attract and retain outstanding employees. When you’re able to establish ethical standards as the foundation of your company values, you foster a more positive, meaningful work culture for your employees.
Promoting ethical conduct and compliance doesn’t have to be expensive. By utilizing the resources available and cementing strong ethical standards as a critical part of company values, businesses can establish an ethical company culture that benefits everyone involved.
Many Veterans find their transition to be very challenging because they’re used to either preparing for a mission or executing one. They return home only to find that they no longer have that focus or a team around them.
Franchise opportunities for Veterans abound.
What’s Your Next Mission? By Rich Vaill
VP, Business Banker | Marine Corps Veteran | Veterans employment advocate
I used to meet with my Platoon Sergeant on a regular basis to ensure we were on the same page and to discuss any challenges. One morning, we sat down to talk about a young Marine who continually got into trouble. Although I thought the Marine was intelligent and had potential, his mistakes and poor judgement left me unsure as to how to approach the problem.
My Platoon Sergeant suggested that we place him in charge of our publications and resource section. Puzzled, I asked, “You want to reward his mistakes with a new responsibility?” He explained that while he was also troubled by the Marine’s decisions, he recognized the young man’s potential and wanted to provide him with this new challenge.
It was a great decision, as the Marine embraced the role, improved the overall effectiveness of the section and became a top performer. We promoted him to Corporal a few months later.
Many Veterans find their transition to be very challenging because they’re used to either preparing for a mission or executing one. They return home only to find that they no longer have that focus or a team around them. It can make for a tough time, so it’s important that Veterans find another mission to embrace. I was lucky enough to discover my passion for helping my fellow Veterans find employment on which to focus my attention.
I was chatting about this with a friend, and we came to the conclusion that everyone needs a “next” mission. It’s certainly not just for those who have served in the military. Everyone can benefit from having a daily and/or long-term purpose.
It might be something as simple as helping your kids through Algebra, more extensive like becoming involved in a local charity or assuming a new role within your company. Either way, it’s something that demands your attention and, hopefully, yields a positive result.
Whether it’s a personal objective like helping a family member, a new challenge in your career or starting a business, a new mission gives you renewed focus and a chance to thrive.
“When you discover your mission, you will feel its demand. It will fill you with enthusiasm and a burning desire to get to work on it.” – W. Clement Stone
————————————- About the Author
Rich Vaill works with Professional Service businesses and Veteran entrepreneurs who are:
* Worried about rising costs and decreasing cash flow
* Unsure about how much working capital they should have on hand
* Frustrated with the amount of time it takes to perform simple banking operations
At my core, I’m a Marine. As a Marine in Business Banking, I focus on what’s important to my clients and I get it done.
Specialties:
Escrow | 1031 Exchanges | Cash Flow Optimization | Credit Solutions | SBA Loans
Founder of LinkedIn group, “Jobs for Veterans”
President – New Jersey Chapter of the National Marine Corps Business Network
I may be contacted at 973 699-5616 (c)
When a loved passes, many issues arise regarding assets IE: succession and the distribution of acquired wealth. This includes all personal property, real estate and in many cases, a business. Usually a trusted family member was assigned the task as “executor” of a Will. However, what happens if that person is mishandeling the process through negligence, incompetence or for personal gain. Today our guest contributor; Spencer Lauterbach, Esq, addresses the problem and the solution. Take this advice when planning your business succession plan you put in place
If a loved one has recently passed away and you believe his or her executor is mismanaging the deceased’s assets in some way, you may wish to have him or her removed from the position. If you are looking to remove an executor, here are some of the questions you may have:
What does an executor do?
Executors bear a lot of responsibility. First, they will open probate and identify the deceased’s assets. An executor will then notify all beneficiaries, pay off the deceased’s remaining debts, distribute assets amongst heirs, and finally close out the estate. Executors are essentially responsible for ensuring the administration process goes swiftly, smoothly, and according to plan.
What is a valid reason to remove an executor from the position?
* He or she is ineligible for any reason
* He or she is incompetent or has become incapacitated
* He or she is unqualified
* He or she is purposefully or negligently mismanaging the estate
How can an executor behave irresponsibly?
There are several ways in which an executor can either behave negligently or break the law. Executors must obey the following rules:
* Never sign a will on behalf of the deceased
* Never change provisions in a will
* Never carry out a will before its creator is deceased
* Never deter, coerce, or prevent beneficiaries from contesting a will
* Never sell the deceased’s assets for less than fair market value without the beneficiaries’ consent
How can I remove an executor?
Fortunately, those who believe an executor is mismanaging assets have legal options to get the irresponsible executor removed. Rather obviously, talking is a solid first option. You should not have to get involved in a nasty legal situation with a relative if you can simply voice your concerns and move on. However, if you have already tried, or are unable to communicate with this person for any reason, you may petition the court to remove the executor. Once you do, you and the current executor will attend a hearing, where a courtroom will listen to both sides of the story. From here, the court will decide whether to remove the current executor and appoint a new one.
Additionally, you may file a civil lawsuit against the executor as well, especially if you can prove he or she acted maliciously or dishonestly when carrying out his or her duties as executor. If you have suffered significant damages and can prove it was because of an irresponsible executor, there is a very good chance you can recover some of those damages through a lawsuit.
About the author: Spencer Lauterbach, Esq.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.
Burger Village Is Going International!
24 Sep, 2019
We’ve been waiting for the right time to announce this, but we just simply can’t contain our excitement any longer. Burger Village is OFFICIALLY GOING INTERNATIONAL. That’s right, our new Canadian location will be opening soon, and our northern neighbours seem to be just as excited as we are. Our food is organic, all-natural, and provided by local farmer families that give our customers the quality & great tasting food that they’ve come to expect. There is a lot for Canadians to be happy about. From the Toronto Raptors winning the NBA Championship, having a thriving national infrastructure, to having some of the most beautiful and natural landscapes in the world. Now we are proud to say you can add Burger Village to that list!
Why Is Organic Such A Great Choice To Make?
If not just for yourself, choosing to eat organic foods is also a great way to help protect our environment. Our farmer families treat their animals with love and dignity. Those farmer families then provide those animal products to our locations and give our customers some of the freshest tasting food they’ve ever had. Burger Village is slowly but surely continuing to grow our brand and provide our customers with more of the great food they’ve come to expect from us.
Our customers love our food because they know what they’re eating is REALLY GOOD and made with REAL & CLEAN INGREDIENTS. Everything we make is:
We take pride in the fact that every animal product we use is obtained in a natural & humane way. This ultimately results in our customers enjoying food that is much more delectable, nutritious, and ecological than most other restaurants. This practice also helps to promote & support our farmer families who are ultimately the backbone behind our success.
What Separates Us From The Rest? We Just Care More!
Our newest Burger Village location here in Canada will be an eco-friendly establishment. It will also be constructed using reclaimed wood and biodegradable materials. Did we also mention that our beer selection will come from LOCAL BREWERIES? We also pride ourselves on having gluten-free options and being a peanut-free establishment that is inclusive to all of our customers. Burger Village is a healthier alternative to most similar restaurants because we care more about our customers and the quality of the food that we sell those customers.
Burger Village is rapidly growing and constantly looking to spread the word about organic food and all of the benefits that come along with it. We’re going to spread that message one customer and one burger at a time. Slowly but surely we are hoping to branch out to even more locations near you (including more in Canada after our new location officially opens). Are you as excited as we are? We sure hope so; and if you are excited, let us know on social media! You can follow us on Twitter @burgervillageny or on Facebook @burgervillageny.
Franchising Opportunities Are Still Available!
Burger Village has teamed with franchise industry expert, Gary Occhiogrosso, the founder of Franchise Growth Solutions, LLC, to expand the turnkey Burger Village fast casual QSR (quick service restaurant) business model from eleven (11) in 2019 to twenty-five (25) locations by 2022. Burger Village franchises are currently available in most territories nationwide.
Mr. Occhiogrosso has over 30 years’ experience in franchise development and sales and was integral to the success of nationally recognized brands including Ranch *1, Desert Moon Fresh Mexican Grille, and brands found under the multi-brand franchisor, TRUFOODS, LLC.
For information on owning your own Burger Village franchise, please contact Gary Occhiogrosso at 917.991.2465 or via email at [email protected] or log on to our franchising opportunities website at: http://www.burgervillagefranchise.com
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ABOUT BURGER VILLAGE
Burger Village is an all-natural, hormone-free burger concept that uses fresh and organic ingredients to create nutrition-rich meals for active consumers who want to eat well when dining out. From six locations in New York and five in California, Burger Village has grown into a recognized lifestyle brand that combines the growing trend toward clean and healthy dining with a socially responsible business model.
ABOUT FRANCHISE GROWTH SOLUTIONS, LLC
Franchise Growth Solutions, LLC is a strategic planning, franchise development and sales organization offering franchise sales, brand concept and development, strategic planning, real estate and architectural development, vendor management, lead generation, and advertising, marketing, and PR including social media. Franchise Growth Solutions’ proven “Coach, Mentor & Grow®” system puts both franchisors and potential franchisees on the fast track to growth. Membership in Franchise Growth Solutions’ client portfolio is by recommendation only.
For more information on the Burger Village fast-casual restaurant concept, please visit burgervillage.com.
For information on owning your own Burger Village franchise, please contact Gary Occhiogrosso at 917.991.2465 or via email at [email protected] or log on to our franchising opportunities website at: http://www.burgervillagefranchise.com
Today the changing landscape in the restaurant business is not only a food driven event. It’s also being moved by all the other elements connected to the overall restaurant experience, such as convenience, payment method, dine-in options and delivery options. The way Baby Boomers steered America into fast food Drive Thru lanes, Millenials are swiping, tapping, and clicking the food service industry into a mash-up of digital convenience and real life communal eating experiences that are now addressed by the Virtual Food Hall.
An Innovation In Urban Dining – A Closer Look At The Virtual Food Hall By Gary Occhiogrosso
Originally published in Forbes.com
As a New Yorker, I’ve come to realize we are privy to numerous changes in the restaurant and franchise business long before people in many other parts of the country. One such change is the innovation of the “Virtual Food Hall”. With the advent of online ordering, third party order and delivery platforms such as Grub Hub, Seamless and Door Dash as well as the need to optimize occupancy cost in cities like New York, the Virtual Food Hall is taking a position in the already vigorous fight for the dining dollar.
I had the pleasure of interviewing Brian Berger on the topic of Virtual Food Halls. Mr. Berger is a founding partner of New York City based JBH Advisory, a firm that supports restaurateurs and retail brand owners with concept development, start-up planning, processes, and training. Mr. Berger and his team launched the first Virtual Food Hall in New York, Sous Vide Kitchen in 2017. I asked Brian to give us his insights into the Virtual Food Hall business model. He was gracious enough to explain the concept and answer my questions.
What is a Sous Vide Kitchen – Virtual Food Hall?
We coined the term Virtual Food Hall to represent the style of service and ordering offered at Sous Vide Kitchen. In a Virtual Food Hall guests order from our multiple brands using our self-order kiosk, pay in one single transaction, and receive their meal all in less than six minutes.
How is a Virtual Food Hall different from a Urban Food Hall or Food Court?
A traditional urban food hall has large open spaces where guests can enjoy a variety of cuisines in a hip atmosphere. Traditional urban food halls have a long history of success in Europe and metropolitan areas, with a recent explosion in U.S. cities. Traditional food halls have been gaining momentum for years. They present advantages and disadvantages for both guests and operators. On the plus side, guests can try multiple restaurants in one location, and operators can reduce their overhead cost by utilizing the shared physical infrastructure. However, this experience can be challenging for those looking to try multiple options or order and pay for a group with different tastes, as that would require each guest to wait in a separate line, pay and receive their meal at a different time. The Traditional Food Hall model is not ideal for groups wishing to dine together. We wanted to create an experience that would allow guests a more convenient way to enjoy items from multiple concepts and dine with others.
Another term I hear is “Ghost Kitchen.” What is a Ghost Kitchen, and how are they different from Virtual Food Halls?
A Ghost Kitchen is a foodservice operation meant for delivery only. In other words, these businesses have no dining room or storefront. In many cases, you cannot even carry out from these businesses. One major disadvantage from a guest perspective is that they do not have any visibility as to the location or condition of the restaurant. While we enjoy the operational efficiencies of a ghost kitchen, we offer guests the ability to come to the food hall, if they choose. We offer diners the ability to order delivery, or pick up, or enjoy their meal in a spacious seating area where guests can relax and enjoy.
When and why did you first come up with the idea of a Virtual Food Hall ?
We launched our first fast-casual restaurant, BONMi (Vietnamese Inspired Baguettes & Bowls), in 2011 in Washington, DC. Our goal was to create an innovative model for production which centered on the Sous Vide cooking method to overcome the increasing challenges the industry faces (labor, food safety, consistency, capital expenses) and produce consistent, healthy, safe and delicious food. We tested the concept in various formats: standalone restaurant, campuses/food court, high-end supermarkets, and food trucks. We learned from these tests and evolved our processes to cement operations prior to scaling. Our eight years of fast-casual operations experience blended with our advisory firm’s client work made us acutely aware of several trends that were developing. The first was an increased awareness of the origin of food, food safety, and reduction of waste. Through the utilization of proteins prepared using the sous vide method of cooking, we can offer our guests the safest food possible while maintaining the nutritional integrity of each item. The use of ready to serve pre-cut vegetables allows us to operate in a zero-waste environment since we obtain 100% yield on every product that we purchase and allow our produce vendor to repurpose the parts of the product that we may not utilize.
Can the Virtual Food Hall compete in the fast-growing Third-Party Delivery business?
Yes. We noticed an increase in meals consumed outside of the restaurant. In years past, delivery was a small arm of the business typically accounting for no more than ten percent of total sales; however, in recent years, the demand to enjoy meals outside of the restaurant has continued to grow. Acting as the sales arm of a brand, companies like Seamless/GrubHub, Meal Pal, Ritual, Fooda, Cater 2 Me, and Zero Cater continue to change the way guests order and receive meals. The expectation is that guests will receive the same quality of food and level of service that one would receive in the restaurant; as a result we have evolved our menus, processes, and strategies to ensure that we serve our meals in a variety of platforms; In-Store, Delivery, Catering, Off-Site Catering/Pop-ups, and third party pick up.
When we opened our BONMi in New York in April of 2017, we selected a larger sized store (2,500 Square Feet). Our strategy was based on our ability to utilize the store for testing our delivery only, virtual concepts and provide a New York City hub for catering, pop-ups, and delivery. With the success of our operational model, combined with the realization that a high proportion of guests dollars are spent outside of the brick and mortar store, we began to develop and launch additional concepts through third-party delivery services and catering, one step at a time. The first concept operating out of the BONMi kitchen is Pulled & Chopped BBQ. This concept immediately received excellent reviews, and we were able to increase sales without adding any additional overhead expenses. After seeing this success, we continued to create concepts and offer them through delivery and catering channels. The next concept to launch was SVK Greens & Grains followed by Mediterranean Pure Foods, then Eso Latin. At this point, we were operating four delivery, only concepts out of the kitchen, while the storefront remained BONMi.
Why did you marry the Virtual Food Hall idea to the Ghost Kitchen Concept?
We knew we had to find a way to offer the same variety of concepts to our guests in the store while maintaining the efficient production model that we were operating for our delivery-only concepts. That’s where the idea to utilize the self-order kiosk came into play. We determined that the growing popularity of this trend would be the best way to showcase our brands and allow our guests to order from multiple concepts easily. We had each ingredient and all the signature dishes photographed to present a glorious high-resolution display. Guests are now able to browse through the offerings within each menu easily, see the allergen and ingredients of each dish, put everything in one cart, pay at the kiosk and receive a text when their order is completed. Since opening our food hall, we have continued to increase our collection of brands and have added Vindy Indian Inspired Eats to our current offering. We have other concepts currently in development and can see this model featuring eight to ten various menus.
The concept could certainly live online only – however, our brick and mortar food halls are a great space where guests can enjoy their meal, socialize, or work remotely.
What are the advantages to the guest using a Virtual Food Hall?
Guests love having many options at their fingertips. Order, pay and enjoy the experience. The ability to easily identify ingredients or allergens within each dish is a significant advantage. With thousands of possible combinations, guests are inclined to visit multiple times per week without the risk of menu fatigue. We have noticed a bit of a trend with our SVK Greens and Grains as our highest volume concept at the beginning of the week and Pulled & Chopped BBQ as the most popular concept at the week’s end. Since there is something for everyone to enjoy, and multiple dietary constraints are satisfied, it is an excellent option for groups with a variety of preferences. Utilizing the sous vide method of cooking as the thread to bind our concepts together gives guests the peace of mind that items that we serve within our food hall are carefully selected contain clean ingredients with minimal processing.
For some guests, the idea of ordering through a kiosk without any human interaction can be intimidating. We eliminate that fear by staffing our food hall with a “kiosk concierge,” one employee who helps to oversee the dining room and as well as assist guest who may be apprehensive through their ordering process. We are in the business of creating repeat guests, so we find that spending a few moments with a guest the first time they come in will give them the confidence to return and order without assistance again and again. We consider Sous Vide Kitchen to be High Tech & High Touch.
What are the advantages and disadvantages to the Operator?
From an operator’s perspective, there are only advantages:
* Reduction of Labor
Operators love serving several concepts within one shared production line, utilizing the same staffing levels that they would for one brand. Through our menu engineering and production processes, we have created an innovative system, which allows less staff to produce a consistent, high-quality menu. Additionally, we do not need highly skilled culinarians – our process enables us to hire based on hospitality attitude.
* Platform Flexibility
We can accommodate what the market is requesting; food when you want it, how you want it, delivered through a variety of platforms (in-store, delivery, pop-ups, catering & delivery). Retail concepts can easily be rotated with minimal challenges.
* Lower Cost of Entry
We do not require ventilation and have minimal equipment requirements, making it a perfect concept for host environments such as transportation hubs, business & industry, campuses, healthcare facilities, and more. Costs can vary greatly depending on the area of the country, and the size of the food hall; however, we have found that buildout costs are fifty percent less than that of a traditional restaurant. Our concept’s space requirements are as small as 300 Square Feet and may go to over 2,500 Square Feet.
Are Virtual Food Halls unique to urban centers with a concentration of daytime workers?
In general, Fast Casual restaurants do peak business during lunch hours; however, we do see guests picking up meals on their way home from work. Since our menu offering is very diverse, including a half chicken, ribs, and salmon, there is a great demand for delivery in the evening as well. There is potential to increase the take-out offerings and allow guests the option to pick up items to heat at home, allowing for the “semi home-cooked” experience. We are confident that this concept will thrive in any market from the inner city to suburban markets where other fast-casual options may be limited.
Do Virtual Food Halls offer delivery? If so, do Operators handle that on their own or use a third-party ordering platform?
Currently, we see that approximately sixty percent of our sales are consumed outside of the restaurant, including take-out, delivery, and catering. Our delivery method is a bit of a hybrid model as we do employ a team of delivery personnel, but also utilize delivery from third-party vendors to help during times of peak volume. We use third-party ordering platforms as the marketing arm of our brands; they help to introduce our concepts to diners – which we then will convert to repeat guests who order directly through our channels.
Where do you see this going in the next five years, and why?
We see this model as the future of foodservice as it addresses every major challenge facing the restaurant business, including rising wage costs, concern about food safety, the demand for customizable meals that cater to a variety of eating preferences, as well as the ability to serve guests through a variety of channels including dine-in, delivery, catering, or pick up.
External factors such as rising minimum wage and increased paid sick and vacation time for hourly employees cause us to believe that the traditional restaurant model is not sustainable. Rising wage costs will continue to force restaurants to make difficult decisions regarding staffing; in many cases, a reduction in staffing can lead to a decrease in quality. However, as a result of the production model developed by Sous Vide Kitchen, we can produce consistent quality and deliver guests the offering of six restaurants with the staff that would typically serve one brand. Our model revolutionizes operations to meet modern demands. The precision temperature control of sous-vide cooking means it safer than traditional cooking methods, as we can bring food to precise temperatures while maintaining the nutritional integrity of each item.
Our self-order kiosk allows guest the ability to select from a signature dish or select each ingredient to building their bowl, allowing for the ultimate customizable experience. Our streamlined and inexpensive buildout makes this an ideal offering not only as a standalone food hall but especially desirable within a host environment where space may be limited. The quality and flexibility of our offerings offer limitless opportunities for growth within stadiums, arenas, office buildings, higher education, and healthcare facilities.
Closing Thoughts
To summarize my interview with Brian and after touring Sous Vide Kitchen; my takeaway is that the Virtual Food Hall model delivers many unique benefits not found in a brick and mortar restaurant, traditional urban food halls, or simple ghost kitchens. Virtual Food Halls enhance the guest experience with more choice, accuracy of ordering, speed of service and a dine -in option. For the restaurant operator it translates to lower buildout costs, more channels for distribution, and the ability to quickly address lagging menu items. If a particular concept or menu isn’t producing enough sales and profits, the operator can change the menu and pivot concepts. By creating a single kitchen that operates multiple concepts and sharing ingredients, restaurant operators can quickly benefit from economies of scale from one single location.
AN INTERVIEW WITH Mr. Brian Berger
Mr. Berger is a founding partner of JBH. He is an industry expert with extensive knowledge in food service management, healthcare support services, concept development, contractual agreements and negotiations, operational and financial analysis.
